Results 3,381-3,400 of 16,492 for speaker:Ciarán Lynch

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Ciarán Lynch: The Deputy should put it now, because I will not get back to him.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Ciarán Lynch: The Deputy's question should be specific. Then we will move on.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Ciarán Lynch: Before I bring in Deputy Twomey, I would like to put some questions and recap on or our position. It is interesting to listen to the discourse here and to hear the different terms used. This morning, Mr. Alan Dukes was very averse to the use of the term "product" when we were discussing these matters, so I find it interesting that AIB is talking about "product" ranges this afternoon....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Ciarán Lynch: Mr. Duffy mentioned earlier that with the roll-out of product or options, there are issues with regard to the Central Bank and the Financial Regulator. What issues are arising currently with regard to the credit guarantee scheme? What sort of structural engagement does AIB need with the Central Bank and the Financial Regulator to ensure this rolls out smoothly?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Ciarán Lynch: Moving on to specific operational matters, I submitted a parliamentary question recently relating to the rent-to-buy programme and the response was interesting. It stated that more than 60 cases were currently being processed under the mortgage to rent scheme, that one case had been fully concluded and a further eight were expected to conclude shortly. Anecdotal information I have got is...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Ciarán Lynch: One of the criteria is that the bank must realise the real value of the property. It seems to be the case that the sub-prime lenders know the real value of the property, but it is the accusation that AIB does not. Has AIB completed one mortgage to rent model yet?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Ciarán Lynch: But not one has been completed.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Ciarán Lynch: Does AIB expect to get any of those over the line?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Ciarán Lynch: Will AIB inform the committee by the end of the year as to how many of these it has completed and how many it has examined? We do not need to know the details of the households involved, but I am anxious to know how AIB is engaging on this incentive. The final question before we move on relates to the issue of credit and debt transactions. In how many businesses in the country does AIB...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Ciarán Lynch: No, I am talking about debit card transaction, for example, if I buy a pair of shoes this afternoon in Grafton Street or in McCurtain Street in Cork. How many of those transaction points are there in the country?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Ciarán Lynch: Laser or debit points. How many are there?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Ciarán Lynch: Would it be 2,000 or 3,000?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Ciarán Lynch: I understand that in the past AIB rented these debit points to their customers.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Ciarán Lynch: Of what?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Ciarán Lynch: Is it AIB merchant services?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Ciarán Lynch: Am I correct in my understanding that up to recently businesses operating such debit points with AIB merchant banking rented the machine on a monthly basis?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Ciarán Lynch: I understand that recently the contract of every business that had dealings with AIB merchant banking has been changed and businesses have now moved from a rental to a lease model. Is that correct? Some 40,000 businesses or more have been flipped over to a lease model - a lease being a determined agreed period. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Ciarán Lynch: The witness should answer the question as it is asked.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Ciarán Lynch: In Mr. Byrne's estimation there are 40,000 or 50,000 of these debit points. Up to recently, these were rented on a monthly or weekly basis. Therefore, if a business decided not to use them any more, they walked away from them. However, from what I understand, AIB market banking has now engaged with a German company, First Data Global Leasing, and all of these machines are now on a two to...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Ciarán Lynch: Nonetheless, AIB is a partner.