Results 47,521-47,540 of 49,836 for speaker:Stephen Donnelly
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)
Stephen Donnelly: I was very happy to see the debt-for-equity arrangement. Am I correct in believing that when Mr. O'Connor stated "right of tenure," he essentially meant a debt-for-equity swap?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)
Stephen Donnelly: Consider the case of an individual at the point of retirement who still owes €100,000 on a house worth €200,000. If he or she has no ability to pay on retirement, the bank must deal with the full €100,000. Am I correct in believing it would park the €100,000 until the retiree's death, at which time it could be claimed from the house? Is this the process?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)
Stephen Donnelly: That is what I want to check. How much interest?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)
Stephen Donnelly: AIB could make the assessment that the prospective retiree whose income is about to halve will have no income left to service interest or capital. On this basis, if €100,000 is owed, the bank would take a stake in the individual's estate to this value, subject to interest at 3% or 4% per year, or whatever the standard variable rate was. Thus, it would not return to the retiree while...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)
Stephen Donnelly: What happens if it does?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)
Stephen Donnelly: I would very much like AIB to consider the broader use of the debt-for-equity facility. While the facility is essentially the same as the split mortgage, it removes the fear and the borrower's disincentive to earn more money. It means that AIB will not knock on the borrower’s door after the Government has just taken 52% of his or her wages and take another one quarter on foot of the...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)
Stephen Donnelly: At any point.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)
Stephen Donnelly: Can I pursue this issue?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)
Stephen Donnelly: That is good to hear. Let us assume ten years remain on a mortgage. Is the split offered until the end of that period? Is it capped based on a three-year or a five-year offer? How does it work?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)
Stephen Donnelly: Great.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)
Stephen Donnelly: I thank the gentlemen present for their time. While we are discussing the mortgage arrears process, I acknowledge the improvement in the underlying performance generally in the bank, which was referenced in the presentation. On the previous occasion Mr. Duffy appeared before the committee, he signalled that the bank had made a provision for approximately €2.5 billion to deal with the...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)
Stephen Donnelly: Am I correct that this amount will be a combination of voluntary surrenders, debt write-downs, costs incurred through a 0% rate on split mortgages, etc.?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)
Stephen Donnelly: I refer to an inconsistency within the bank that Mr. Duffy might examine. I have dealt with a case in Wicklow where a split mortgage was offered but the couple were told that they would probably have to surrender the house on retirement. I asked them, based on Mr. Duffy's presentation to the committee on the previous occasion, to go back and say to the officials that AIB had changed its...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)
Stephen Donnelly: I thank Mr. O'Connor. It is disappointing that in the figures that have been presented assisted voluntary sales and legal proceedings combined amount to 8,200 of the offers made by the end of last year, which means, therefore, that almost 60% of the offers the bank has made are either to leave the house with the homeowner's co-operation or to initiate legal proceedings of some description....
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)
Stephen Donnelly: With regard to the 8,000 legal proceedings initiated, does the bank have an estimate of how many will end up in repossession?
- Leaders' Questions (9 Apr 2014)
Stephen Donnelly: The problem with all that is the Minister wrote the legislation that has determined all of this. He wrote and forced through here late at night the legislation that stated the Government would not consider the interest of the citizens. The Minister stated in reply to Deputy Pearse Doherty that he does not want to send out a signal to the international markets, to which the Government...
- Leaders' Questions (9 Apr 2014)
Stephen Donnelly: I am sorry, a Cheann Comhairle.
- Leaders' Questions (9 Apr 2014)
Stephen Donnelly: What they did not redact was the criteria that were used based on the Minister's legislation. The criteria used were size of the loans, timing constraints, likely credible interest, risks associated with execution of the model, level of interest at the sectoral sector, estimated equity value and performance of the underlying business. In all those wide criteria, nowhere has crept in the...
- Leaders' Questions (9 Apr 2014)
Stephen Donnelly: The State has already taken the cut.
- Leaders' Questions (9 Apr 2014)
Stephen Donnelly: Last week thousands of Irish Nationwide mortgages were sold to two US debt firms, Loanstar and Oaktree. We are told the firms bought mortgages that were in arrears. I presume that is because they believe they will get most of their profits from families whose mortgages are in arrears. We do not know the discount at which the loans were sold, but there are a lot of things we do know. We...