Results 21,681-21,700 of 23,109 for speaker:Paddy Burke

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Paddy Burke: I am not quite clear on the process and members of the public will be less clear. Professor Lane said that lenders will undertake not to raise any time limit defences. Will that be the case in respect of all financial matters during the crash or tracker mortgage period? The Statute of Limitations has stopped some cases going ahead.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Paddy Burke: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Paddy Burke: SME loans could be trackers.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Paddy Burke: SMEs could have tracker mortgages.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Paddy Burke: I apologise that I had to step out to attend another meeting earlier. The Central Bank is putting considerable pressure on the major banks to sell off loans - good and bad loans - perhaps bundled to get their books in order.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Paddy Burke: Will all of the loans associated with the tracker mortgage fiasco be excluded and have to be held on the banks books? I am referring to any that has not already been sold or transferred. Should the banks hold on to these until they are sorted out or does the Central Bank agree that they could be sold off to vulture funds?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Paddy Burke: I understand that part. However, for the new sales of loans by banks, will they not sell any of these loans that have been uncovered recently or are going to be-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Paddy Burke: Senator Michelle Mulherin asked about SMEs, some of which had buy-to-lets loans. I was disappointed by the answer the representatives of the Central Bank gave that they did not think the banks were making contingency plans for those loans.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Paddy Burke: Does that mean that for those loans that have not been sold so far, none of them will be sold in the new sales the banks are preparing?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Paddy Burke: Some of those might not be uncovered at all yet in the review.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Paddy Burke: The Central Bank is putting pressure on the banks to clean up these loans or whatever and it is also putting pressure on them to sort them out. The bank could sell the loans and say it did not realise they were in the scope at that stage.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Paddy Burke: Professor Lane is saying the scope is finished.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Paddy Burke: On the SMEs that Senator Mulherin mentioned, is Professor Lane aware of any problem? Are provisions made in the banks to make things right in respect of some of the SMEs or do they have to go through the courts themselves? Does the Central Bank know of a problem there?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Paddy Burke: Is there a problem with or issues in the other banks in respect of the same thing? Mr. Sibley said the issue with Ulster Bank's parent company is in the public domain.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Paddy Burke: The Central Bank would not have received any complaints from customers about the way they may have been treated by the banks as regards being taken off a particular rate, or taken off a tracker and put on a different rate? Has there been no correspondence?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Paddy Burke: Senator Mulherin mentioned a specific rate, let us say a rate that is tied or fixed, and that the borrower was moved off it, outside the tracker.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Paddy Burke: I would like clarification on the statute bar. The previous ombudsman ruled on a lot of cases in a manner that was not very favourable to the people who were in bother. In a lot of the cases people were not deemed to have been impacted upon. Those cases will still come within the scope - is that what the witnesses said?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Paddy Burke: That is because the Central Bank has written to the banks, is it, to say they could not use the statute bar? Or is it up to the banks themselves to write to the Central Bank to say they will not be using that instrument?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Paddy Burke: Was it the Central Bank that told the banks not to use the instrument?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Paddy Burke: By diktat, letter or whatever?