Results 47,541-47,560 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: The mortgage holder support groups, the Free Legal Aid Centres, FLAC; the Money Advice and Budgeting Service, MABS; Irish Mortgage Holders Association; Phoenix Project Ireland; New Beginning etc., appeared before the committee last week. They all said that in most cases mortgage holders are not offered choices nor are they offered an explanation for the offer that is made. Does permanent...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Stephen Donnelly: I know a great deal of detail is provided but the detail I tend to see is technical detail about the offer. Does that include an explanation of why, in one case, for example, a split mortgage has been provided?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Stephen Donnelly: I want to bring two points together, one of which the Chairman mentioned, what happens at retirement. I accept the split mortgage can work and the bank takes a real hit and there is a real financial gain to the borrower. It falls down, however, on retirement. I have publicly advocated a debt-for-equity solution initiating at the restructure. It can certainly be used at retirement when the...

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. Masding and while we are on a roll, will he consider the debt-for-equity product generally? It makes a lot of sense at retirement but, as I have advocated publicly, it is part of the answer. It works in ways that debt write-downs do not. There was a lot of push-back from people following the much publicised AIB debt write-down, who asked “What about me?” The main...

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. Masding. My final question is about mortgage to rent which is not working. I was disappointed to see that permanent tsb does not have any mortgage to rent, neither does Bank of Ireland or Ulster Bank. Mr. O’Sullivan mentioned that the levels are wrong for Dublin. There has to be more than that to the problem. I will not get into the specifics of the case but I am...

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 delegation for its time and the witnesses are very welcome. We will get into the detail of some of the restructuring processes but I recognise the improvement in the underlying performance of Permanent TSB. Taking over the institution in the state it had been in was a very difficult job and I recognise that there are some very welcome figures coming through at a macro level with...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Stephen Donnelly: I wish to discuss the legal proceedings. Various figures have been bandied around the room today but does Permanent TSB have an estimate for the likely number of repossessions that will occur through this process?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Stephen Donnelly: For example, it could be between 2,000 and 4,000.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Stephen Donnelly: Does the witness expect that to be a mix of buy-to-let properties and residential family homes?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Stephen Donnelly: Is there an idea of the mix? Is it a case of 50:50 or is it very skewed to one side?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Stephen Donnelly: One of the issues that jumped at me from the provided figures was the number of court proceedings initiated in the past three months, at approximately 1,500. That is around 23 per working day, so there is a very serious amount of activity. Why have we seen such a big jump and what has changed in the bank to drive this very serious growth in the initiated court proceedings?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Stephen Donnelly: On the basis that Permanent TSB has the analytics, will the witnesses tell the committee a bit more about who are these people? There are 1,500 cases and I hope the number will not continue to rise at the same level. Are these people who refuse to co-operate or are the people engaging but they do not have the money to pay a mortgage? As the analysis has been done, who are these people?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Stephen Donnelly: On that point, I echo the Chairman's statement regarding residual debt. If people refuse to engage with a bank I have no problem with legal proceedings being initiated against them. If the bank has made every reasonable effort and the people refuse to engage, so be it. Sadly, there are many families which are engaging but because of unemployment, pay cuts, etc., these people no longer have...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Stephen Donnelly: Do we have a copy of the presentation?

Written Answers — Department of Education and Skills: School Transport Administration (9 Apr 2014)

Stephen Donnelly: 37. To ask the Minister for Education and Skills if he will publish the State's official response in the EU Commission state aid investigation of state aid to Bus Éireann and its answer to the question by EU Commission in C 31/07 Paragraph 82 of its letter to him (details supplied); and if he will make a statement on the matter. [15173/14]

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Stephen Donnelly: My final question refers back to the example the Chairman raised and the question asked by Deputy Doherty. The Chairman made the point that the bank will potentially write-down a substantial amount of debt once it has been re-categorised from mortgage debt to unsecured debt as part of a residual. The example given was that the person owes €250,000, he or she cannot afford to pay so...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Stephen Donnelly: If that is the case, the question that puzzles me is why anybody would voluntarily surrender the house, which is the crux of what was being asked earlier.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Stephen Donnelly: Is the witness comfortable that even in cases where they have chosen to do that, workable solutions were offered by Ulster Bank which would have kept them in the house and afforded them a reasonable standard of living?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Stephen Donnelly: I thank the witness.

Leaders' Questions (8 Apr 2014)

Stephen Donnelly: Bond yields are of no interest to the people who are fighting to save their houses. The problem lies in the Taoiseach's answer. He stated that recapitalisation of arrears and term extensions account for 60% of the offers made to date. Recapitalisation of arrears and term extensions are not sustainable for people who have too much debt. Both of those so-called solutions increase the total...