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

Stephen Donnelly: Say somebody has a house worth €200,000 and owes Bank of Ireland €300,000. There is an assisted voluntary sale leaving a residual debt of €100,000. That is clearly unsecured debt because there is no asset against it. Am I right that Bank of Ireland will not write down that unsecured debt under any circumstances that do not involve bankruptcy?

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

Stephen Donnelly: While I appreciate that, after the sale there is no security. Will Bank of Ireland not write down any residual debt, which is by definition unsecured and would have to be carried as such in the bank's accounts?

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

Stephen Donnelly: Will Bank of Ireland not write down that unsecured debt?

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

Stephen Donnelly: What does "follow through" mean? Will the bank not write down that debt?

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

Stephen Donnelly: What interest rate would Bank of Ireland apply to this unsecured debt?

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 obviously has responsibilities to its shareholders. If Bank of Ireland customers began to withdraw their deposits on the stated reason that the bank was playing hard ball in a way that none of the other banks appears to be, would that potentially change the policy on residual unsecured debt in assisted voluntary sales?

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

Stephen Donnelly: I appreciate that and I agree. Could Mr. Boucher answer the question I asked him?

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

Stephen Donnelly: What interest does Bank of Ireland charge on the shelved portion of a split mortgage?

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

Stephen Donnelly: So if a tracker customer pays 2%, the bank will shelve a portion of that mortgage and charge the same rate on the shelved portion as on the portion that the customer is paying.

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

Stephen Donnelly: There is no interest rate reduction on the shelved portion.

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

Stephen Donnelly: Therefore, the total payment commitment does not fall but is simply deferred.

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

Stephen Donnelly: Earlier somebody asked why Bank of Ireland has 81 split mortgages compared to Permanent TSB's 3,955 and Mr. Mason said the split mortgage is not affordable for many of the bank's customers. If the bank takes somebody's mortgage at 2.25%, splits the two pieces of capital in half and charges the same interest on both, there is no financial change for the customer. It is unaffordable because...

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

Stephen Donnelly: In the short term, but the full amount of capital is accruing a full amount of interest.

Broadcasting (Amendment) Bill 2014: Second Stage [Private Members] (11 Apr 2014)

Stephen Donnelly: I move: "That the Bill be now read a Second Time."The distinguished programme is the programme that breaches the consensus of a society and shows the audience the world in a different light. At the root of every good programme is conflict because you cannot have a consensus-shattering moment without conflict. All distinguished programmes cause offence to somebody who wants to cling to a...

Broadcasting (Amendment) Bill 2014: Second Stage [Private Members] (11 Apr 2014)

Stephen Donnelly: That was a direct quote.

Broadcasting (Amendment) Bill 2014: Second Stage [Private Members] (11 Apr 2014)

Stephen Donnelly: If we cannot, under normal conditions, define, measure or test for offence, then it is preposterous to legally mandate broadcasters to filter it out, particularly in the world of live broadcasting. They cannot do it. So what do they do? They err on the side of caution. They make editorial decisions to stay away from certain topics and certain people and in so doing, they badly damage...

Broadcasting (Amendment) Bill 2014: Second Stage [Private Members] (11 Apr 2014)

Stephen Donnelly: In his opening comments, the Minister dismissed the Bill because it does not contain enough words.

Broadcasting (Amendment) Bill 2014: Second Stage [Private Members] (11 Apr 2014)

Stephen Donnelly: The Minister is known to enjoy words. Perhaps he believes that the more words he uses, the wiser he seems. Perhaps he also believes that legislation is only worthy of his consideration and that of Parliament if it contains lots of words. I accept that his views may not be listened to at Cabinet. The Welfare of Greyhounds Act 2011 was debated day after day in the Dáil, whereas...

Broadcasting (Amendment) Bill 2014: Second Stage [Private Members] (11 Apr 2014)

Stephen Donnelly: For all of his words, the Minister almost completely avoided commenting on the content of the Bill.

Broadcasting (Amendment) Bill 2014: Second Stage [Private Members] (11 Apr 2014)

Stephen Donnelly: He referred to defamation and European law. He avoided the content of the Bill, which is extremely surprising in view of the fact that it is so specific and contains so few words. The Minister may believe the Bill to be beneath him as a result of the fact that it contains so few words. However, the broadcasters do not believe this to be the case. It is for them that the Bills seeks to...

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