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
2:15 pm
Mr. Brendan O'Connor:
Yes; it is not in form but in substance I suppose it is. When determining the regular mortgage on its coming to the warehouse, we assess affordability at that stage based on the ability of somebody to service some debt. The rest effectively rolls up; therefore, one becomes an equity holder in the house when eventually it passes. However, it is not the actual taking of an equity warrant.
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