Results 13,841-13,860 of 26,053 for speaker:Kieran O'Donnell

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)

Kieran O'Donnell: What is coming up with the SME sector we are meeting - I refer to family-owned businesses and so forth - is that, in certain cases, some of their loans are very much asset based. During the relevant period, they would have invested in property, in many cases in regard to the business. They now find their loans may not be sustainable at the current level but that the asset values in respect...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)

Kieran O'Donnell: It is a pretty common theme.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)

Kieran O'Donnell: AIB is doing write-offs.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)

Kieran O'Donnell: Even where they are asset backed?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)

Kieran O'Donnell: It is coming across more particularly in regard to farms. In some cases, one might have borrowed to invest, the security being the family farm. Effectively, the land is worth a lot more than the sustainable value of the loan. What view is AIB taking on farms? AIB would probably have the largest number of agriculture or farm loans.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)

Kieran O'Donnell: When does AIB anticipate that the ongoing review of the loan book will be concluded, and when will a decision be made as to whether it is selling on a significant proportion of its loan book in respect of the SME and home loan sectors? The buy-to-lets have been dealt with at this stage through selling on.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)

Kieran O'Donnell: It is a dual strategy, a parallel strategy.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)

Kieran O'Donnell: The question I am asking is a pinpoint question. Could we have a situation in the not-too-distant future in which AIB will be selling a substantial SME or home loan book to a vulture fund?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)

Kieran O'Donnell: What about the SME sector, including the agriculture loan book?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)

Kieran O'Donnell: Let me narrow it down and ask a specific question. For the SME and farming sectors, could there be circumstances in a relatively short period, as in over the next two years, in which their loans that are currently with AIB could end up being sold to an investment fund or vulture fund?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)

Kieran O'Donnell: Including write-offs.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)

Kieran O'Donnell: My final question is on the housing crisis. The witnesses made reference to providing funding to an affordable housing body, which is to be welcomed. I welcome the most recent reduction, of 0.25%, in the home loan rate. It is kicking in this November. Am I correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)

Kieran O'Donnell: I hope many others follow suit. With regard to developers and builders, what is the extent of the new loan book at present? How many house builds does it actually involve?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)

Kieran O'Donnell: I am talking about private developers and affordable houses where a person is seeking to buy a starter home.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)

Kieran O'Donnell: In what sector?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)

Kieran O'Donnell: How many are based in the greater Dublin area and how many are based outside Dublin?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)

Kieran O'Donnell: To what does Mr. Byrne anticipate the figure will grow?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)

Kieran O'Donnell: A standard clause has come up, I believe clause 3.2c in the mortgage contract I have seen, which states if people break a fixed rate early, they should be entitled to avail of a tracker rate. That does not appear to be the case in AIB. Does Mr. Byrne believe that if people break a fixed rate early, they should be entitled to go back on the tracker rate? If a person takes out a fixed rate...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)

Kieran O'Donnell: Are there circumstances where people who break a fixed rate contract could go back on a tracker mortgage?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)

Kieran O'Donnell: If, say, they are on a tracker and they decide they want to pull out of the fixed rate contract in year 2 of a three-year cycle, are they entitled to go back on a tracker mortgage?