Aideen Hayden (Labour) | Oireachtas source

I welcome the delegates in what must be their fifth or sixth time in front of the committee.

It is interesting to look at how the horizon has changed since we first started this process. I notice that, even though the figures are still quite low, the level of repossessions, including voluntary surrenders, has gone up substantially in the past few years. I get the impression that we might have been in a phoney war for the last 18 months, whereas now we are moving into its last stages. As I am sure the delegates understand, having read all of the reports in the media, there is huge concern, particularly about the number of repossession cases before the courts. We are facing what has been called a "tsunami of repossessions". They mainly involve family homes, but I would like to spend some time talking about the buy-to-let market also.

I am looking at AIB's own numbers for the actions it has before the courts. I speak regularly to a lot of people dealing with clients in distress and can say AIB is not the worst by any means and that where there is engagement between a financial institution and its borrowers in a way that is fairer than that engaged in by other financial institutions, it should be acknowledged.

Question No. 43 deals with the level of write-downs. The delegates say they cannot distinguish between residential mortgages for principal dwellings and buy-to-lets in terms of write-downs. According to my quick calculations, the number of residential mortgage write-downs in 2014 versus the number of surrenders works out at just above 40%. Would it be accurate to say AIB offers write-downs in approximately 40% of cases concluded with a voluntary repossession?