Results 3,241-3,260 of 49,836 for speaker:Stephen Donnelly

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector in Ireland: Allied Irish Banks (22 Apr 2015)

Stephen Donnelly: However, AIB has advice that the best guess is that, were the bank sold tomorrow, the State would get about €12 billion or €13 billion for its stake.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector in Ireland: Allied Irish Banks (22 Apr 2015)

Stephen Donnelly: Mr. O'Connor mentioned earlier that €4.7 billion has been written off in non-mortgage debt, presumably since about 2008. Is that right?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector in Ireland: Allied Irish Banks (22 Apr 2015)

Stephen Donnelly: Just to be clear, €4.7 billion was written off in non-mortgage debt last year.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector in Ireland: Allied Irish Banks (22 Apr 2015)

Stephen Donnelly: Does Mr. O'Connor have the figure for mortgage debt?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector in Ireland: Allied Irish Banks (22 Apr 2015)

Stephen Donnelly: I want to move on to the mortgage rates. I took a look back at October 2012 when we had this conversation at the finance committee. AIB's rate was 3.5% and it has gone up to €4.15%, so it has gone up by 65 basis points. At the same time, the ECB rate has come down by 70 basis points. I appreciate it is only 3% of the funding but, at the same time, risk has obviously fallen...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector in Ireland: Allied Irish Banks (22 Apr 2015)

Stephen Donnelly: I appreciate that. I am going back further, to October 2012. The variable mortgage rate is now significantly higher than it was in October 2012, so AIB's mortgage rate has gone up but all of the drivers of cost associated with that have gone down. On the basis that the rate has gone significantly up and the costs have gone significantly down, is it fair to say the only reason the mortgage...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector in Ireland: Allied Irish Banks (22 Apr 2015)

Stephen Donnelly: I would like to ask about the margins specifically on the variable rate. I appreciate the witnesses have stated that blended margin, or the average net margin for the bank, is below industry standard. Let us say the variable rate is 4.15%. The last report we have for the blended cost of funding for the bank was 1.57%, and while it is probably slightly lower now, let us use that. That...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector in Ireland: Allied Irish Banks (22 Apr 2015)

Stephen Donnelly: Will AIB come back to the committee with those figures? AIB has 50% of the entire standard variable mortgage market. These mortgage holders are not interested in whether the net margin for the bank overall is reasonable but if the net margin on variable rate mortgages is reasonable. I have no idea whether it is or it is not. On the same basis that the bank was able to tell the committee...

Mortgage Arrears and Repossessions: Motion [Private Members] (28 Apr 2015)

Stephen Donnelly: I move:That Dáil Éireann: recognises: — that mortgage arrears in Ireland, at 156,352 mortgages as of December 2014, are significantly higher than in comparable countries; — the on-going suffering and social cost for those affected by arrears and repossession; and — the socioeconomic cost for the nation of mortgage arrears and repossessions; acknowledges...

Mortgage Arrears and Repossessions: Motion [Private Members] (28 Apr 2015)

Stephen Donnelly: I thank all Deputies for their contributions. We have had a very useful and timely debate in a context where the Government is expected to present a package of new policy measures in the coming weeks. I thank my colleagues in the Technical Group who put their names to the motion. My sense from listening to the debate tonight is that there is a great deal of good intentions on all sides...

Spring Economic Statement (Resumed) (29 Apr 2015)

Stephen Donnelly: Yesterday's economic statement is an opportunity for us all to have a conversation about the country we want to live in and want our children to grow up in. Should we focus on becoming a lower-tax economy or should we invest in enterprise, in public services, like education and health, and in communities? I believe we should do the latter. The economy is growing again and unemployment...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector in Ireland (Resumed): Ulster Bank (29 Apr 2015)

Stephen Donnelly: I welcome Mr. Brown and his team to the committee and thank them for their time. I think this will be the last time Mr. Brown will appear before the committee.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector in Ireland (Resumed): Ulster Bank (29 Apr 2015)

Stephen Donnelly: I am delighted that lending increased by nearly 40% last year. It is very positive and I hope it continues. I recognise the efforts Ulster Bank has made in the mortgage arrears crisis. People who work on behalf of borrowers have said positive things to me about Ulster Bank and told me the bank is making genuine efforts to keep people in their homes, where possible, and come to reasonable...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector in Ireland (Resumed): Ulster Bank (29 Apr 2015)

Stephen Donnelly: To the best of Mr. Brown's knowledge, has it ever happened while he was in control of Ulster Bank?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector in Ireland (Resumed): Ulster Bank (29 Apr 2015)

Stephen Donnelly: Is it the kind of thing Ulster Bank would do?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector in Ireland (Resumed): Ulster Bank (29 Apr 2015)

Stephen Donnelly: The previous time Ulster Bank representatives appeared before us, they told us it was the bank's policy that there would be no write-down of debt. I very much welcome Monday's statement that, in particular situations, the residual debt after a voluntary sale would be written off. On the last occasion we spoke, Mr. Brown said where Ulster Bank had a controlling vote on a proposed personal...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector in Ireland (Resumed): Ulster Bank (29 Apr 2015)

Stephen Donnelly: I am sorry to cut across Mr. Bell but I am mindful of the time factor. Various proposals are currently being considered by the Government on accelerating the pace of the mortgage crisis. It has gone on in Ireland far longer than it has gone on anywhere else. I tabled a motion in Dáil last night that raised a few possibilities. Can I get a quick response from the bank as to whether it...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector in Ireland (Resumed): Ulster Bank (29 Apr 2015)

Stephen Donnelly: Mr. Brown said that he did not think that reducing the bankruptcy period from three years to one year would help much, regardless of that, would he have any serious concerns about it being introduced?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector in Ireland (Resumed): Ulster Bank (29 Apr 2015)

Stephen Donnelly: Thank you.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector in Ireland (Resumed): Bank of Ireland (29 Apr 2015)

Stephen Donnelly: Mr. Boucher and his team are very welcome today. I would like to start with Mr. Boucher's thoughts on an issue that is not related to Bank of Ireland but rather concerns IBRC. Imagine if there was a company that owed Bank of Ireland €150 million and the market value of the company, which was insolvent and could not pay its debts was approximately €50 million. If the bank...