Results 5,601-5,620 of 16,492 for speaker:Ciarán Lynch

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)

Ciarán Lynch: I will deal with that later, Deputy Coghlan. You can make that suggestion in your own time. By way of clarification, the legal proceedings are actual legal proceedings that commenced in 2010 and 2011. These are not proceedings that commenced in quarter 2 or quarter 1 of this year.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)

Ciarán Lynch: Yes, and we will deal with the Governor of the Central Bank on that because we believe that definition is not a sustainable solution. That is a communication process that is taking place that has an undetermined outcome.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)

Ciarán Lynch: I know.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)

Ciarán Lynch: Mr. Masding, we will deal with the regulator-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)

Ciarán Lynch: -----and the Central Bank. He will be before the committee and we will deal with that in our own time. I want to move on to the issue of split mortgages. The number and percentages of the bank's split mortgages appear to be quite high in comparison to other banks using them. There appears to be a level of resistance or reluctance by some customers in the other banks to go down that...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)

Ciarán Lynch: Please, Deputy Barrett. You will get time to ask your questions. Is it the current value on which the bank does the split or is it on the bought value?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)

Ciarán Lynch: If the current value of a property is €200,000 the bank is warehousing the 40%, the lower figure.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)

Ciarán Lynch: What happens the interest on the warehoused payment?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)

Ciarán Lynch: Whether someone is on a tracker or on a variable-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)

Ciarán Lynch: Okay.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)

Ciarán Lynch: Out of curiosity, what percentage of the bank's customers are on tracker mortgages?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)

Ciarán Lynch: What percentage is that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)

Ciarán Lynch: Two thirds. It is the same as the other banks. The term "bullet payment" or "balloon payment" was used. At retirement age on the split mortgage, is that the deadline or the horizon the bank is putting on the bullet payment or is it sooner than retirement?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)

Ciarán Lynch: What I am trying to establish concerns the bullet payment. For example, if a couple in their mid-30s engage in a split mortgage on a €200,000 value and approximately €80,000 to €90,000 is parked, when-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)

Ciarán Lynch: Okay.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)

Ciarán Lynch: Therefore, if there are 20 years outstanding on that it comes-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)

Ciarán Lynch: I refer to something Ulster Bank put up yesterday afternoon. If somebody borrows €150,000 or €200,000, they are not actually borrowing €200,000 because the payback is far greater than that over a 25 year or 30 year schedule with the interest added. Would it not be a more sustainable approach for people on variable interest rates as opposed to tracker mortgages to get an...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)

Ciarán Lynch: I will separate two items, namely, the buy-to-let sector and the home owner sector. Am I correct that in the buy-to-let sector, interest-only indefinitely is considered to be a long-term resolution by the Central Bank?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)

Ciarán Lynch: I will ask the question and Mr. Masding can then talk about it later on.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)

Ciarán Lynch: Mr. Masding should respond as to whether the Central Bank facilitates interest-only in the long term in the buy-to-let sector as a sustainable approach.