Results 21,841-21,860 of 23,109 for speaker:Paddy Burke

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Paddy Burke: Mr. Boucher advocated that most banks should go down the route of fixed rate mortgages over a period or to at least fix part of the mortgage. At that stage, the bank said that its mortgage rate was about 3%. Does Ms McDonagh agree that a fixed rate mortgage is the way to go? What is the current rate?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Paddy Burke: Mr. Mason said the bank could not fund itself at the rates it was charging during the downturn. The bank used its position to change the rates. How do we guarantee it will not happen again and that we will not get into the same position we were in where the bank may not be able to fund itself going forward and might have to change the rates again?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Paddy Burke: Where do all those products come from? Is there a section within the bank that develops those products? It is not just a matter of going into a bank, the interest rate is set and one gets a deposit rate. There are all different types of products and all the banks have different products. I presume that is how they compete with each other. Is there a unit in the bank to develop those...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Paddy Burke: Does the Central Bank have a role? Does it oversee those new products or the products the bank brings to its customers?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Paddy Burke: The bank found 3,400 accounts where there was a small differential in the interest rate of 0.5%. Did it find anywhere that the bank had undercharged?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Paddy Burke: The bank did not follow the customer for those.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Paddy Burke: Will Ms McDonagh take us through the situation of voluntary surrenders? I suppose it is not a nice process for the customer and perhaps it is not a nice process for the bank to go through either. The only other option is repossession. It is either one or the other, voluntary surrender or repossession, when one goes down that route. Neither is a nice route. How does the bank go through...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Paddy Burke: Have there been many cases where the bank started to go down the voluntary surrender route but an agreement was reached and people could stay in their houses. Has that been the case?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Paddy Burke: Will the witnesses give us a run down on the enterprise towns? I have been at one or two of them and I thought they were excellent. I had complaints from people who were saying that the overdraft interest is a bit high. Maybe some of the interest rates on loans are high too.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: European Union Matters: Commissioner Valdis Dombrovskis (1 Feb 2018)

Paddy Burke: I welcome the vice president and his staff. Mr. Dombrovskis stated: "But EMU deepening should be seen in a comprehensive way, with a view to both private and public mechanisms, tackling risk-reduction and risk-sharing in parallel, strengthening our tools to prevent crisis situations as well as those to deal with a crisis when it does happen." What happens in a crisis? Is there a mechanism...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: European Union Matters: Commissioner Valdis Dombrovskis (1 Feb 2018)

Paddy Burke: Financial breaches. The Commission is the watchdog.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: European Union Matters: Commissioner Valdis Dombrovskis (1 Feb 2018)

Paddy Burke: Yes, fiscal breaches.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: European Union Matters: Commissioner Valdis Dombrovskis (1 Feb 2018)

Paddy Burke: There are no sanctions against countries that do not reach their targets. Is the Commission a kind of toothless tiger?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: European Union Matters: Commissioner Valdis Dombrovskis (1 Feb 2018)

Paddy Burke: We see that Brussels is probably the second largest lobbying city in the world. Mr. Dombrovskis is saying pressure is being put on banks to sell off non-performing loans. When pressure is put on the banks to sell off those loans, he will note most groups that buy them are vulture funds. This committee has tried to get vulture funds to come here to talk to us but they will not do so. Has...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: European Union Matters: Commissioner Valdis Dombrovskis (1 Feb 2018)

Paddy Burke: Write-offs.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Ulster Bank (1 Feb 2018)

Paddy Burke: I welcome Mr. Stanley and Ms Arnett. The bank's complaint handling centre received a letter from a customer in January 2016, over two years ago. The letter thanks the customer for their letter of 23 January and tells them that the bank is currently working through the Central Bank requirements and will continue in due course if this customer's case falls within the scope of those...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Ulster Bank (1 Feb 2018)

Paddy Burke: Yes, it relates to tracker mortgages. Mr. Stanley has said the bank is still in contact with the Central Bank. Is the Central Bank changing its requirements which are needed to arrive at the final scope on a weekly basis?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Ulster Bank (1 Feb 2018)

Paddy Burke: I take on board what Mr. Stanley says but the Central Bank has been dealing with Ulster Bank on this matter for almost three years. Is the problem that the Central Bank is moving the goal posts?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Ulster Bank (1 Feb 2018)

Paddy Burke: How is it that we cannot get to a situation where there is a final agreement and the bank can write to everybody? The bank cannot write to everybody until it has the final requirements from the Central Bank. It has taken almost three years to get those. Why is that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Ulster Bank (1 Feb 2018)

Paddy Burke: So the customer to whom I referred will not get any satisfactory answer until the bank reaches all these stages.