Results 5,421-5,440 of 16,492 for speaker:Ciarán Lynch
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)
Ciarán Lynch: The Deputy's time is exhausted.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)
Ciarán Lynch: Will the Deputy respect the Chair and acknowledge what is actually taking place at this meeting?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)
Ciarán Lynch: I have a copy of the Minister's letter. He is quite specific. He does not talk about documentation but he refers to such records to be preserved within the institution whether comprising documents, audio recordings or other formats in order to be available to the anticipated inquiry. It moves beyond just documents and minutes.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)
Ciarán Lynch: We will be concluding shortly.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)
Ciarán Lynch: I will move now to wrap up this. I am due to be on the "Six One News". Therefore, I will have to leave the meeting at 6.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)
Ciarán Lynch: It might be like the wedding feast at Cana. The best might be coming now. I will be like Columbo and ask one more question before I go. If we run out of time I will ask Deputy Twomey to continue chairing the meeting until we can get it concluded. I want to touch on the issue of new mortgage lending because what we are all trying to achieve here is normalisation in the housing market, not...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)
Ciarán Lynch: I know in 2009 the Central Bank issued guidelines that came down to what were the old meat-and-two-veg-type approach, so to speak, namely, three times one's income, loan to value ratios of 90%, and rooms for rent, overtime and so on were not to be included. Is that the type of lending practice we will see in AIB as it starts growing its residential mortgage book?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)
Ciarán Lynch: In terms of the schedules, are 35 year mortgages still being seen or is the bank's target now to get down to more-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)
Ciarán Lynch: How far has it done so?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)
Ciarán Lynch: We are back to 25 year terms. As the bank is restructuring itself and everyone present is in agreement that they seek a recovered and sustainable banking sector, I note Mr. Duffy's presentation mentioned AIB's reduced reliance on ECB funding by 20% in the six months to June. In real money, how much is that? What is that 20% worth?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)
Ciarán Lynch: All right. The final point pertains to strategic default and what a borrower does about repaying the unsecured share of his or her debt. There has been much talk about what the veto actually means and this must be cleared up once and for all. Let us take a scenario of someone who owes €250,000 on a property that now is worth €150,000. The person concerned enters a...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)
Ciarán Lynch: Is the aforementioned €100,000 making up the 100% figure or does the secured aspect, that is, the €150,000, as well as the €100,000, make up the 100%-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)
Ciarán Lynch: ----- in addition to whatever else is unsecured in this case?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)
Ciarán Lynch: At the same percentage?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)
Ciarán Lynch: If one takes the same example, someone has €100,000 of unsecured debt because of a €100,000 write-down. Let us assume there is a 65% veto or something that approximates that figure. The person in question owes €15,000 to the credit union, €10,000 to another bank through a car loan and also might have something else outstanding on a credit card. All of this is...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)
Ciarán Lynch: This is in a case of a write-down, because the bank has control of the other unsecured debt.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)
Ciarán Lynch: Okay, then. Perhaps to go through this once more-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)
Ciarán Lynch: Okay, let us say it is 50 cent, so the bank is writing off €50,000 of the €100,000. Does that mean that all the other unsecured debtors then are in for a 50% haircut as well?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)
Ciarán Lynch: Okay. In essence, the veto is a capability to tie in under-secured debtors to engage in a resolution process that involves debt write-down.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)
Ciarán Lynch: Okay, because there is a lot of confusion as to what the veto actually is. It is actually an opportunity for other unsecured debt to be pulled in and written down for a distressed borrower.