Results 48,301-48,320 of 49,836 for speaker:Stephen Donnelly
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)
Stephen Donnelly: I have a final comment for Mr. Masding. I appreciate that he has a very difficult job, and we will keep him under pressure. He spoke about what his customers and other customers want-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)
Stephen Donnelly: It is a final statement.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)
Stephen Donnelly: A question would take longer. It is a final comment.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)
Stephen Donnelly: Okay, I will ask a question. The PCAR test made up to €2.7 billion of public money available for residential mortgages and Permanent TSB has taken an accounting provision of €2.5 billion, so those figures tie.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)
Stephen Donnelly: I am trying to ask the question.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)
Stephen Donnelly: Chairman, I could have asked the question in less time than I am taking to you.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)
Stephen Donnelly: Does Mr. Masding not think it would be a better thing for the economic recovery of the country to accept that more of that €2.5 billion, which Permanent TSB has provided for and which has been provided to the bank by the Irish people, should be used for write-downs than the approximately €11 million provided for so far?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)
Stephen Donnelly: I welcome Mr. Masding and his team. I will pick up the split mortgage issue. I recognise the 0% rate on the shelf, which is a reasonable and welcome move from the bank. We have seen similar action from other banks except Bank of Ireland, which is pretending it has a split mortgage product but it is charging the market rate on the full amount. That is an exercise in deep cynicism. My...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)
Stephen Donnelly: I do not mean to cut across the witnesses but in the interest of time, I think Mr. Masding has answered the question. That is deeply disappointing as such an issue gets to the heart of the problem with this entire approach. The banks are dealing with arrears - they will be penalised if they do not - and the arrears targets will come down at the cost of the Irish citizens and the economic...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Stephen Donnelly: I asked the specific question whether it is the bank's policy that debt write-downs will not be included in circumstances involving the insolvency arrangements.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Stephen Donnelly: I appreciate that but we are short on time. It is a yes or no question. Is it bank policy that there will be no debt write-downs as part of the insolvency arrangements?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Stephen Donnelly: The answer is: "Yes, it is bank policy."
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Stephen Donnelly: When the bank works with the borrower to determine the amount he or she can pay if a mortgage is unsustainable, does it have guidelines? AIB based its calculations on the ISI minimum requirements plus approximately 20%. What is Ulster Bank's approach to determining what a family should be left with?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Stephen Donnelly: Can Mr. Bell provide the committee with those guidelines?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Stephen Donnelly: Perhaps we could also be provided with worked examples.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Stephen Donnelly: I welcome Mr. Brown and his team here today. I think he has been quite candid in all matters with the exception of Priory Hall. Perhaps he has been candid in that. Before we get into some of the numbers, it is worth recognising the improved performance of the bank. No doubt the members of the delegation have all been working very hard on that. I acknowledge the 0% offered on the split...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Stephen Donnelly: That must be acknowledged. In respect of voluntary surrender, there will usually be a gap between the sale price and the amount owed to the bank. Did I hear Mr. Bell say that in these cases, Ulster Bank is surrendering any legal hold on that debt to the borrower? Is that correct?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Stephen Donnelly: And surrendering a legal option to do that in the future?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Stephen Donnelly: I welcome all of those things, which are very important. I do not think Ulster Bank has hit the targets. In respect of the PDH, which is the owner-occupied section, 5,172 offers have been made but 4,124 of those are legal letters. Therefore, is it safe to say that those legal letters do not include an offer for a restructuring of the mortgage?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Stephen Donnelly: I appreciate that and have no problem with the legal letters being written. It must be deeply frustrating to have over one third of the customer base not paying anything. That must be a deeply frustrating situation to be in. The Government target is offers made that Ulster Bank deem to be sustainable against a set of criteria. I put it to Mr. Bell that while the legal letters may be...