Results 241-260 of 34,031 for speaker:Pearse Doherty
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)
Pearse Doherty: The partner is going to submit its report as part of the overall review. Mr. Wickham mentioned that one of the partners will not have its report until the start of next year. Does each report have to be peer-reviewed?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)
Pearse Doherty: Is it correct that the NSAI is carrying out the review?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)
Pearse Doherty: Part of the research programme. Also, people are feeding their individual reports to GSI.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)
Pearse Doherty: I am just trying to get a sense of the timeframe. One of the research partners is not going to have its report ready until the first quarter of next year. That feeds into GSI, which then feeds into the NSAI review.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)
Pearse Doherty: When are we likely to have the standard peer-reviewed and a decision taken on the new standard?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)
Pearse Doherty: Is Mr. Wickham expecting text to emerge but not the full change to the standard or the completed article?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)
Pearse Doherty: Is it Mr. Wickham’s view that there will be text emerging on foundations, pyrrhotite and sulphate attack before the end of the year?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)
Pearse Doherty: Hypothetically, if text emerges indicating that pyrrhotite is the main issue and that it will continue to attack foundations, how long will it take for the scheme to be adapted, altered or brought up to speed with what will be the current evidence?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)
Pearse Doherty: Mr. Wickham stated that a text would emerge but that it would not be the full review. Is it fair to say that the full review will be issued later in 2025?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)
Pearse Doherty: Yes, so other than the full revision. I want to ask about the triggering of the legislative mechanism. According to what we have heard, the full review will not be done until later in 2025. Does the legislation say it is on the back of a full review or is it on the basis of partial information but allows them to make a determination on issues such as foundations and pyrrhotite?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)
Pearse Doherty: On the Central Bank and how financial institutions carry the value of these homes on their balance sheets, and, indeed, the Department of Finance because it references the European Union (Consumer Mortgage Credit Agreements) Regulations 2016, which provide that lenders are required to carry the appropriate valuations and methodology to carry out those evaluations for immovable property and...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)
Pearse Doherty: Has the Central Bank sought assurances from the banks that they have done that?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)
Pearse Doherty: If it the case that they are writing down the value of the property that underpins them then what happens to the status of the loan when repayments are being made in full, given that the value of the collateral has collapsed?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)
Pearse Doherty: Is it classified as a non-performing loan if the payments are made in full yet the failure of the property that underpins it has collapsed, possibly even to zero?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)
Pearse Doherty: It is still classified as performing but they will have to reserve additional capital for it.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)
Pearse Doherty: Just because of the valuation.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)
Pearse Doherty: Therefore, given the scale of this, when these homes are remediated and rebuilt then it is a big win for the banks because they will be able to release quite a bit of capital. Is that not the case?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)
Pearse Doherty: Yes, and some of these properties may not have mortgages. Given the years during which we know this issue has materialised - and it is not an issue that goes back 40 or 50 years - which is the lifetime of a standard mortgage, is the Central Bank really satisfied that the entire banking system in this State is only, potentially, revaluing up to 300 homes when we know thousands of homes across...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)
Pearse Doherty: Some banks have already done it. One bank, which I will not name, carried out an internal assessment. It looked at the mortgage penetration in certain geographic areas and has made calculations on that basis in terms of what type of exposure it has so there are methodologies for estimates. If one is waiting for the customer to tell the bank that his or her house has an issue in terms of...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)
Pearse Doherty: I have finished my questions.