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Written Answers — Department of Health: Long-Term Illness Scheme Coverage (10 Apr 2014)

Stephen Donnelly: 185. To ask the Minister for Health if he considers rheumatoid arthritis to be a long-term illness; and if he will make a statement on the matter. [17085/14]

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Stephen Donnelly: That particular question was one of the questions the committee put specifically to the banks in advance of these hearings. Bank of Ireland indicated that it does not classify such letters as constituting a proposed solution, which is fine. It would be useful, however, if the delegates could give the committee even an estimate today. I accept they may not have the exact number, but an...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Stephen Donnelly: Last week we met representatives from organisations that are trying to support borrowers in distress. When we asked them whether any of the four banks we met this week, AIB, Ulster Bank, Permanent-TSB and Bank of Ireland, stood out from the others in terms of playing hard ball or being tough on borrowers, they identified Bank of Ireland. I do not know what my committee colleagues think but...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Stephen Donnelly: Legal proceedings may have been commenced against some of them since 1 January 2014.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Stephen Donnelly: Is the figure in the hundreds or the thousands?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Stephen Donnelly: Bank of Ireland does not have figures for the legal letters issued, although the other banks provided that information. When the representatives were asked for the information, their response was that they do not consider it a long-term solution. It would have been more helpful to give us the figure we sought while adding the caveat that they do not regard it as a long-term solution. If...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Stephen Donnelly: What figure would Mr. Boucher suggest?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Stephen Donnelly: Just taking the figure of 5,321 legal proceedings, if we assume that one in five legal proceedings, not including threatening letters, will end up in repossession, the figure is still in excess of 1,000. Would that figure jar with Mr. Boucher's sense of what is going to happen in the coming months and years?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Stephen Donnelly: When one compares the number of legal proceedings initiated relative to the overall number of mortgages, Bank of Ireland has initiated twice as many legal proceedings as any of the other three banks. Can the representatives explain why that is the case?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Stephen Donnelly: Let us compare Bank of Ireland and AIB in respect of the principal dwelling home category. Of approximately 11,000 mortgages in this category, Bank of Ireland has initiated 3,500 legal proceedings. AIB has approximately 25,000 mortgages and has initiated 2,800 legal proceedings. Despite having over twice the number of mortgages under consideration, AIB has initiated fewer legal proceedings.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Stephen Donnelly: Mr. Mason expects AIB's figures to increase.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Stephen Donnelly: Ulster Bank's representatives did not say that to the committee. Ulster Bank has 14,000 mortgages, compared to Bank of Ireland's 11,000, and it has initiated 1,700 legal proceedings. Again, Bank of Ireland's has initiated more than twice as many legal proceedings relative to the number of mortgages under consideration.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Stephen Donnelly: If we proceed on the basis of Bank of Ireland's figure that nine out of ten customers with principal dwelling home mortgages are offered sustainable solutions and that legal proceedings and assisted voluntary sales account for more than 60% of all mortgages, how can the bank have offered long-term solutions to nine out of ten mortgage holders if in respect of more than 60% of the mortgages...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Stephen Donnelly: When we met six months ago members of the committee expressed their views on the approaches being taken by Bank of Ireland. Did the bank make any changes to its resolution processes or offers based on the views it heard six months ago? Did the bank make any changes to its resolution processes, offers or anything else based on what the witnesses heard from the committee members six months ago?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Stephen Donnelly: I am slightly confused about writedowns. The bank's unambiguous position is that there will never be any writedown by the bank outside of a bankruptcy on secured debt. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Stephen Donnelly: Is that also the case for unsecured debt?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Stephen Donnelly: Say a borrower has an unsustainable portfolio of debt with Bank of Ireland comprising a mortgage and a credit card. Might Bank of Ireland enter into an arrangement with the customer to write down the credit card debt but not the mortgage debt?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Stephen Donnelly: Might the bank offer to continue with the mortgage as it is but write down a credit card debt of, say, €10,000 to €2,000?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Stephen Donnelly: Am I correct that any personal insolvency arrangement, PIA, proposed that includes a writedown of mortgage debt would be, and is, vetoed by Bank of Ireland?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Stephen Donnelly: On a voluntary sale where there is residual debt, does Bank of Ireland consider that to have been secured and not eligible to be written down, or is it deemed unsecured and eligible to be written down?

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