Results 30,081-30,100 of 36,188 for speaker:Pearse Doherty
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)
Pearse Doherty: PTSB is asking for the voluntary surrender of a house that went into arrears of €300 for only ten days. The bank acknowledged to the individual that they are computer-generated letters and the bank is not pursuing the voluntary surrender of it.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)
Pearse Doherty: Is Mr. Masding concerned that 36% of the 6,650 cases that are required to meet the Central Bank's targets are repossessions, either voluntary or legal, that will take people's family home or property from them? This is a trend with the banks. PTSB is at the lower end at 36%. In Bank of Ireland the figure is 50%, AIB 70% and Ulster Bank 82%. There is a heavy concentration on requesting...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)
Pearse Doherty: Let me rephrase the question. Based on this table, in 36% of the cases customers have no choice but to surrender their house or have their house taken from them. They do not offer split mortgages or any other solution. It is surrender the house or legal proceedings to take the house from them.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Pearse Doherty: I would have liked to have raised this issue with the other banks and perhaps the committee might do so. Ulster Bank's customers have been very loyal to the bank, despite last year's IT fiasco. It has 1.3 million customers here and 2 million across the island of Ireland. It is closing a number of branches - the number is on its website. It has slipped out that the bank intends to close...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Pearse Doherty: I thank Mr. Brown.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Pearse Doherty: Mr. Brown will not give a commitment to freeze their interest rates at this point in time. There is only a number of them and it is a unique case.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Pearse Doherty: As to the bank's legal entities, has the bank been involved in it? Other banks, such as ACC and Bank of Ireland, are all involved in this. Has Ulster Bank not done this, not commissioned?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Pearse Doherty: At the outset, I appreciate the honesty in that answer, because there is a financial penalty and it is clear the banks have met the target in the easiest way possible, namely, non-engagement and the sending out of a legal letter. Moreover, Ulster Bank itself expects this is not a long-term solution because it expects the threat of repossession will not materialise in the majority of cases....
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Pearse Doherty: Yes, that is my question. Mr. Brown mentioned there are 4,036 account holders in long-term arrangements with the bank.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Pearse Doherty: However, the aforementioned 4,038 accounts cannot be provided to the Central Bank to meet the targets the latter has laid down.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Pearse Doherty: Would a sizeable proportion of Ulster Bank's long-term arrangements include interest-only?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Pearse Doherty: On the economic concession model, which is Ulster Bank's variant of the split mortgage or its alternative to it, the witnesses should explain to the joint committee what happens. In an example of someone who has a €200,000 loan, what would be done by Ulster Bank is that the sum of the capital would be reduced and the interest rate would be reduced. It would then be extended over a...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Pearse Doherty: Basically, the economic concession model is an interest rate reduction. That is all it is.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Pearse Doherty: Is the interest rate reduction for the long term? It is not for the duration of the loan but is only for part of the term.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Pearse Doherty: Mr. Brown stated that 1,000 of these are up and running. Is Ulster Bank entering into three-year, six-year or seven-year contracts with its customers or is this for the lifetime of the loan?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Pearse Doherty: However, is there a potential clawback, whereby I would be offered a reduced interest rate for the period but were my circumstances to change, this could increase? Alternatively, is the bank offering a contract that is for a duration of five years after which it will be reviewed?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Pearse Doherty: I will move on. There is much other detail that is missing and hopefully it will be furnished to the committee. We probably will have a further round of these meetings later in the year. Has Ulster Bank shed jobs recently, particularly in the arrears support unit?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Pearse Doherty: Given the problem Ulster Bank has, why is it not renewing fixed-term contracts in the arrears support unit? Mr. Brown has explained that 35% of the bank's base, which equates to approximately 6,000 people, is not even engaging with the bank.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Pearse Doherty: It is ironic that I have received correspondence from an individual who has been sacked or whose contract has not been renewed by Ulster Bank.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Pearse Doherty: I will not name anyone and he has given me permission to deal with this case.