Results 2,281-2,300 of 49,836 for speaker:Stephen Donnelly

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Stephen Donnelly: I thank the witness.

Leaders' Questions (9 Apr 2014)

Stephen Donnelly: Last week thousands of Irish Nationwide mortgages were sold to two US debt firms, Loanstar and Oaktree. We are told the firms bought mortgages that were in arrears. I presume that is because they believe they will get most of their profits from families whose mortgages are in arrears. We do not know the discount at which the loans were sold, but there are a lot of things we do know. We...

Leaders' Questions (9 Apr 2014)

Stephen Donnelly: The problem with all that is the Minister wrote the legislation that has determined all of this. He wrote and forced through here late at night the legislation that stated the Government would not consider the interest of the citizens. The Minister stated in reply to Deputy Pearse Doherty that he does not want to send out a signal to the international markets, to which the Government...

Leaders' Questions (9 Apr 2014)

Stephen Donnelly: I am sorry, a Cheann Comhairle.

Leaders' Questions (9 Apr 2014)

Stephen Donnelly: What they did not redact was the criteria that were used based on the Minister's legislation. The criteria used were size of the loans, timing constraints, likely credible interest, risks associated with execution of the model, level of interest at the sectoral sector, estimated equity value and performance of the underlying business. In all those wide criteria, nowhere has crept in the...

Leaders' Questions (9 Apr 2014)

Stephen Donnelly: The State has already taken the cut.

Written Answers — Department of Education and Skills: School Transport Administration (9 Apr 2014)

Stephen Donnelly: 37. To ask the Minister for Education and Skills if he will publish the State's official response in the EU Commission state aid investigation of state aid to Bus Éireann and its answer to the question by EU Commission in C 31/07 Paragraph 82 of its letter to him (details supplied); and if he will make a statement on the matter. [15173/14]

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Stephen Donnelly: Do we have a copy of the presentation?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Stephen Donnelly: I thank the delegation for its time and the witnesses are very welcome. We will get into the detail of some of the restructuring processes but I recognise the improvement in the underlying performance of Permanent TSB. Taking over the institution in the state it had been in was a very difficult job and I recognise that there are some very welcome figures coming through at a macro level with...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Stephen Donnelly: I wish to discuss the legal proceedings. Various figures have been bandied around the room today but does Permanent TSB have an estimate for the likely number of repossessions that will occur through this process?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Stephen Donnelly: For example, it could be between 2,000 and 4,000.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Stephen Donnelly: Does the witness expect that to be a mix of buy-to-let properties and residential family homes?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Stephen Donnelly: Is there an idea of the mix? Is it a case of 50:50 or is it very skewed to one side?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Stephen Donnelly: One of the issues that jumped at me from the provided figures was the number of court proceedings initiated in the past three months, at approximately 1,500. That is around 23 per working day, so there is a very serious amount of activity. Why have we seen such a big jump and what has changed in the bank to drive this very serious growth in the initiated court proceedings?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Stephen Donnelly: On the basis that Permanent TSB has the analytics, will the witnesses tell the committee a bit more about who are these people? There are 1,500 cases and I hope the number will not continue to rise at the same level. Are these people who refuse to co-operate or are the people engaging but they do not have the money to pay a mortgage? As the analysis has been done, who are these people?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Stephen Donnelly: On that point, I echo the Chairman's statement regarding residual debt. If people refuse to engage with a bank I have no problem with legal proceedings being initiated against them. If the bank has made every reasonable effort and the people refuse to engage, so be it. Sadly, there are many families which are engaging but because of unemployment, pay cuts, etc., these people no longer have...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Stephen Donnelly: The mortgage holder support groups, the Free Legal Aid Centres, FLAC; the Money Advice and Budgeting Service, MABS; Irish Mortgage Holders Association; Phoenix Project Ireland; New Beginning etc., appeared before the committee last week. They all said that in most cases mortgage holders are not offered choices nor are they offered an explanation for the offer that is made. Does permanent...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Stephen Donnelly: I know a great deal of detail is provided but the detail I tend to see is technical detail about the offer. Does that include an explanation of why, in one case, for example, a split mortgage has been provided?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Stephen Donnelly: I want to bring two points together, one of which the Chairman mentioned, what happens at retirement. I accept the split mortgage can work and the bank takes a real hit and there is a real financial gain to the borrower. It falls down, however, on retirement. I have publicly advocated a debt-for-equity solution initiating at the restructure. It can certainly be used at retirement when the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Stephen Donnelly: I thank Mr. Masding and while we are on a roll, will he consider the debt-for-equity product generally? It makes a lot of sense at retirement but, as I have advocated publicly, it is part of the answer. It works in ways that debt write-downs do not. There was a lot of push-back from people following the much publicised AIB debt write-down, who asked “What about me?” The main...