Oireachtas Joint and Select Committees

Wednesday, 9 April 2014

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB

11:50 am

Mr. Shane O'Sullivan:

I will answer it in two ways because we have to be careful about the 58. Beyond that one, there are three other PIAs to which we have been party and we have approved two of them. They were subsequently vetoed by other lenders and we ourselves vetoed one. Beyond that, and I am not certain of the 58 number, a considerable amount of discussions and negotiations happen, and that is a pipeline. Whether the number is 58 or whatever, I would not see it in the system. I would only have an awareness that our team clearly work with PIPs to prepare cases and identify whether the solution is a MAR solution or a PIA solution. We actively work with PIPs to work out what the best outcome is likely to be but, formally, the ones that have come across our desk are the four I mentioned.

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