Results 3,601-3,620 of 10,460 for speaker:Gerry Horkan

Seanad: Health (Regulation of Termination of Pregnancy) Bill 2018: Second Stage (6 Dec 2018)

Gerry Horkan: I am sure he may say the same. We will have a nice respectful debate.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Gerry Horkan: I have only a few questions because many of the points I wish to raise have been covered. I thank the witnesses for at least turning up today, which many other credit servicing firms have not done. To be fair, they deserve thanks for that. Regarding the approximately €400 million difference between the gross and net book value of the loans, Mr. Crowley said that the figure used was...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Gerry Horkan: Okay-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Gerry Horkan: Yes, I know. I said, "Pepper, on behalf of Glenbeigh". Pepper will pursue the full extent of the monetary amounts that are outstanding.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Gerry Horkan: Is there a warehousing element in every single one of the loans that were transferred?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Gerry Horkan: In all of the approximately 6,000 cases, a significant lump sum payment is due at the end of the term. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Gerry Horkan: That money could be due in ten, 20 or 30 years, whatever the term of the mortgage happens to be.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Gerry Horkan: What is likely to happen then? This is a question for Pepper because Permanent TSB will not be involved at that stage. What is the likely suite of options for those whose arrangement is coming to an end, with a significant lump sum still outstanding? It is quite likely that a lot of people will not have that lump sum. Will the loan be restructured again? Will the loan be re-examined or...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Gerry Horkan: Does Mr. Ryan have an idea of the profile of these 6,000 customers in terms of how many are going to arrive at this warehouse payment point in the next five, ten, 15 or 20 years? The can is being down the road but how far down the road will it go?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Gerry Horkan: Let us say that a customer is two year's away from that point, is currently meeting the terms of the restructure but the payment that will fall due is significant. Typically, how much gets warehoused? How much of the original loan is warehoused? If the loan is €100,000, for example, have the banks been warehousing €70,00 or €80,000 or is it more like €10,000 or...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Gerry Horkan: That is a significant amount for customers.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Gerry Horkan: Are customers still charged interest on the loan with warehousing?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Gerry Horkan: It is probably not the best phrase to use.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Gerry Horkan: Is interest still being charged on the capital that gets warehoused?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Gerry Horkan: The bank is giving interest forbearance on the bit that is being warehoused. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Gerry Horkan: Will that continue with Pepper?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Gerry Horkan: This is important for people who are watching these proceedings. We cannot emphasise enough the fact that Pepper is saying that the terms and conditions are not changing.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Gerry Horkan: Certain financial institutions were unwilling to engage in debt forgiveness in the past. Was Permanent TSB willing to engage in some level of write-down to manage it or was it a case of-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Gerry Horkan: Has that been the same for Pepper historically?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Gerry Horkan: Let us say that the end of the arrangement will be in three years but a substantial amount of the loan was warehoused, let us say from 30% to 60% of the original loan. What will happen in three years? Will the borrowers be offered another restructuring arrangement to extend the period or is it a case that should the borrowers not be able to stump up the lump sum, the house will be repossessed?