Results 13,341-13,360 of 35,829 for speaker:Pearse Doherty

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB (9 Apr 2019)

Pearse Doherty: Of those 14, how many were in respect of residents?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB (9 Apr 2019)

Pearse Doherty: All of them.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB (9 Apr 2019)

Pearse Doherty: This is just to clarify the different types of structures that the banks are using. Would all of the securitisations in which Mr. Dolan was involved before have resulted in loss of ownership and transfer of title?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB (9 Apr 2019)

Pearse Doherty: So they would have been synthetic securitisations.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB (9 Apr 2019)

Pearse Doherty: There would be no transfer of title. This was a departure, which is what I am interested in. Why was this model taken as opposed to the other 13 models which allowed for the risk to be transferred but did not involve a new servicing agent or the sale of the loans to a third party, namely the vulture?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB (9 Apr 2019)

Pearse Doherty: We are trying to figure out how different banks are dealing with these issues using different structures. Bank of Ireland was in with us last Thursday. It has gone through a securitisation process and is reducing its NPLs by a fraction of 1%. It is not a huge sale in terms of numbers and is nowhere near the value of Glenbeigh. It reduces the bank's NPL level but does not do what Glenbeigh...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB (9 Apr 2019)

Pearse Doherty: Can Mr. Dolan explain that to me? Why did Permanent TSB not look at that structure?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB (9 Apr 2019)

Pearse Doherty: The recognition is that the NPL risk is now no longer with the bank.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB (9 Apr 2019)

Pearse Doherty: The advice Permanent TSB got was that it could not retain servicing of the mortgage, which would mean that the bank could not service them and would have to employ an agent like Pepper or whatever. Was Permanent TSB advised that it could not retain ownership of the mortgages? That is one of the core issues.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB (9 Apr 2019)

Pearse Doherty: Sorry, can Mr. Dolan say that again?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB (9 Apr 2019)

Pearse Doherty: Can Mr. Dolan explain that to me? This would be instead of securitisation and instead of transferring in six months. This would be the vehicle. Why was such a vehicle not possible?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB (9 Apr 2019)

Pearse Doherty: I understand the current position.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB (9 Apr 2019)

Pearse Doherty: Rather than the structure Permanent TSB entered into, which involved handing over legal title of properties and having a different servicing agent to deal with them, why did the bank not look at a securitisation arrangement that would retain legal title but had another servicing agent? That would have made more sense if the advice the bank received was to the effect that it should have an...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB (9 Apr 2019)

Pearse Doherty: It is not only a question of servicing. Disposing of legal title was required to get de-recognition. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB (9 Apr 2019)

Pearse Doherty: That is the key thing. It is the issue around risk. If a bank is setting up a special purpose vehicle, then basically the economic interests of the pool of portfolios is in place. Whoever the note-holders are, then the risk is with them. The economic benefit goes to them but the risk is also with them. Therefore, the number of non-performing loans should reduce. I understand that no...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB (9 Apr 2019)

Pearse Doherty: I want to clarify the point because I have followed everything Mr. Masding has said up to now. If the warehoused portion is more than 20%, then it is deemed as a non-performing loan. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB (9 Apr 2019)

Pearse Doherty: The other banks set up two separate contracts. My understanding was a contract was in place for the split and the non-split portion. There was a relationship between them. Was that not the way the other banks got around the fact that the portion of split warehoused loans was above 20%?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB (9 Apr 2019)

Pearse Doherty: I know that. I know how vulnerable the bank was and continues to be.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB (9 Apr 2019)

Pearse Doherty: Some of the choices earlier on in respect of how those mortgages were split deemed them to be non-performing at a later stage. That is not the same scenario for the other banks.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB (9 Apr 2019)

Pearse Doherty: I appreciate the information Mr. Masding has put on the record. I remind him - I imagine he is reminded - that what he has said is contrary to what he said previously when we quizzed the matter. I do not have the transcripts before me but from memory the suggestion from Permanent TSB was that until borrowers reverted to the original contract, the loan would be deemed non-performing. That...