Results 5,621-5,640 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: To return to my question, the interest-only can be in place for quite a number of years and be seen as-----

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

Ciarán Lynch: However, in the residential sector, the resolutions Permanent TSB brought in this morning, no matter what they are, must be concluded and ended before someone hits retirement. Am I correct in this regard? Am I correct that the guidelines issued to the bank by the Central Bank are that no matter what, the mortgage must be dealt with and not be outstanding by the time someone reaches...

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

Ciarán Lynch: The witnesses should answer the question. All the bank's resolutions must be wrapped up before the customer actually hits the age of retirement. Am I correct?

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

Ciarán Lynch: For home owners.

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

Ciarán Lynch: Yes. I will concentrate on the home owner. All the solutions the bank has must be dealt with and wrapped up by the time someone hits the age of retirement.

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

Ciarán Lynch: Okay. I only wish to talk about home loans. Consequently, in the case of people in their 50s who have quite significant arrears, the obligation of having it wrapped up by 65 or 66 years of age sets a very high barrier. While I acknowledge the Central Bank has set guidelines, I seek the witnesses' opinion in this regard because AIB has a concern about it. Moreover, Bank of Ireland is on...

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

Ciarán Lynch: There would be a sale one way or another.

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

Ciarán Lynch: Is Permanent TSB a capitalised bank?

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

Ciarán Lynch: To what percentage?

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

Ciarán Lynch: Is Permanent TSB completely owned by the State or is there a 13% interest, as there is with Bank of Ireland?

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

Ciarán Lynch: Thank you.

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

Ciarán Lynch: We will not tell him. Mr. Masding can tell us.

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

Ciarán Lynch: I cannot take an individual customer's case on board but I will take the substance of the allegation Deputy Pearse Doherty is making and I am sure he can provide Mr. Masding with a copy of the letter.

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

Ciarán Lynch: Mr. Masding will bring back those facts. What Deputy Doherty has raised here is very interesting. In the cases where the bank has flipped people from tracker mortgages to variable interest rate mortgages, has there been a reduction in the loan?

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

Ciarán Lynch: Permanent TSB has €3 billion of performing tracker mortgages. The suggestion has been made that if it were to flip those people over to standard variable rates and gave them a 20% reduction on their capital, it would make a saving of €2.4 billion, which would represent a significant yield for the bank if it were to do that.

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

Ciarán Lynch: No. I am discussing performing tracker mortgages. The bank has €3 billion of performing tracker mortgages. These are people who are not in any kind of resolution process. If rather than just flipping them over and getting no benefit the bank were to consider a 20% write-down in the mortgage while putting them on the standard variable rate, it could yield the bank €2.4...

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

Ciarán Lynch: I ask Mr. Masding to limit his answer to "Yes" or "No".

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

Ciarán Lynch: Deputies Spring and Ó Ríordáin are sharing time. I call Deputy Spring.

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

Ciarán Lynch: What Deputy Spring is asking is that if a person engages in a resolution process with PTSB, will he or she be locked out from accessing further credit. If so, that is very worrying. The insolvency process provides for payment breaks to allow people to deal with emergency financial issues. The question Deputy Spring has asked is: will people who so engage with PTSB be locked out from...

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

Ciarán Lynch: I thank Mr. Masding.