Results 5,521-5,540 of 16,492 for speaker:Ciarán Lynch

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: Therefore, 20% of those 18,025 should have been in a resolution process by the end of June. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: Can Ulster Bank supply us with a breakdown of the type of resolution applied in those cases, in terms of split mortgages and so on?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: To interject, some thousands of customers have been in arrangements. Some arrangements have been interest only arrangements and some have been on mortgage holidays and so on. The 20% figure refers to moving people away from arrangements towards long-term sustainable solutions. What we would like to focus on this afternoon are the figures for people who are in long-term, sustainable solutions.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: The difficulty is time. I do not know who chairs the Ulster Bank board, but this Chairman is a stickler on time. I will run out of time, so I need Mr. Brown to be concise.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: First, has Ulster Bank made the 20% target?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: There seems to be a level of ambiguity as to what puts people into the 20% target figure. Does Ulster Bank include in that 20% people to whom it wrote who have not been in communication with the bank?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: I believe Ulster Bank has a number of people on split mortgages. How many split mortgages does Ulster Bank have?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: Has Ulster Bank tweaked the split mortgage system?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: I want to address the issue of payment breaks. Does Ulster Bank have a structured means of dealing with these when people go into resolution processes? I know the insolvency agency has been in contact with Ulster Bank with regard to this area. If somebody who is in a resolution process and has committed to paying €500 or €1,000 a month has to meet a €3,000 or...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: The difficulty if they can only step out for two months is that if Mr. A is paying Ulster Bank €500 a month and Mrs. B is paying €1,000 a month and the unforeseen bill is €1,500, Mrs. B can meet that emergency payment, but Mr. A cannot.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: There was something else to which Mr. Brown referred several times in his comments, that is, the correlation between employment and arrears. Will he expand on that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: I put it to Mr. Brown, based on my experience, that there is a major flaw in the analysis he is making. Approximately 250,000 people who are unemployed at present were not unemployed three or four years ago. They were on good wages at the time, then they lost their jobs and went into arrears and perhaps into a resolution process with Ulster Bank. A number of them have returned to work but...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: In the Ulster Bank mortgage book, what percentage of people are on trackers and how many are on variable rates?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: There was something interesting in the Ulster Bank proposals this afternoon in that they seemed to be implying a range of solutions. They have certainly broadened in recent years. From the get-go there was a limited menu of solutions and many of them simply involved deferment and elongation. More processes have been made available to the bank now. They are indicating that perhaps there...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: Naturally it should be done on a case-by-case basis. Does the definition of sustainable solutions, rather than sustainable mortgages set with the barrier that the loan must be cleared by the time of retirement, give more flexibility to both the banks and customers in distress?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: Is a protocol built into the resolution process? I understand that targets have to be reached and that there will be unexpected and unforeseen criteria and that difficulties will arise. Is there a protocol by which Ulster Bank can communicate to the Central Bank and make the case that it believes these other solutions should come on the table, and, if there is, has the bank made a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: What other solutions is Ulster Bank proposing that are not in place at the moment?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: I will return to this towards the end of the meeting but I have come to my last question. I asked Mr. Duffy the question yesterday afternoon and I asked Mr. Boucher the question this morning. Yesterday afternoon, Mr. Duffy made the assertion that there is a certain percentage of people who are more than 90 days in arrears but who have money in significant levels on deposit or on account...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: The proposition to rebut that could be that people, who perhaps have €25,000 or €30,000 or a sum from redundancy, compensation payment or even an inheritance, are holding that money back because they do not believe that the resolution processes are sustainable.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: I now move to Deputy Simon Harris who I believe is sharing time with Senator Paul Coghlan. I advise members to ask one question at a time. If they have limited time, if they bunch their questions and run out of time, the questions that have been bunched will not be answered.