Results 6,021-6,040 of 26,032 for speaker:Kieran O'Donnell
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)
Kieran O'Donnell: I presume that situation would be classified as a risky loan on the balance sheet of Ulster Bank beforehand. At the moment this matter has cropped up as an issue across the mortgage loan book. I would use the term "paradox of positive equity" whereby people in positive equity are at times more vulnerable than people in negative equity. I do not mean they are vulnerable in terms of their...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)
Kieran O'Donnell: I did not ask that question.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)
Kieran O'Donnell: Yes.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)
Kieran O'Donnell: I am not saying anything about that. I made a straightforward point. This matter has arisen for all institutions. We deal with the public like banks do but in a different capacity. A worrying feature has arisen. There is a danger that the banks are becoming bloodhounds for positive equity within loans. There is a danger that people in arrears with their mortgage repayments are at a...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)
Kieran O'Donnell: Mr. Brown has answered my question. We are looking at the issue from the other side of the fence. Our concern is with the perception that a bank could improve its capital ratio requirement by effectively moving on people in arrears who have positive equity in the property, as they may be more vulnerable than people in negative equity. This is a worry.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)
Kieran O'Donnell: I had a slight difficulty in interpreting the information that Ulster Bank provided. Am I correct when I state that Ulster Bank has instigated legal proceedings against some 4,459 of the 14,231 home loans that are in arrears for more than 90 days?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)
Kieran O'Donnell: That is a third. In respect of buy-to-lets, of the 2,675 properties in arrears for more than 90 days, has Ulster Bank instituted legal proceedings against 1,697 of them?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)
Kieran O'Donnell: That means that Ulster Bank has taken legal proceedings in over one third of the home loans and two thirds of the commercial loans. How many of the 4,459 home loans that the bank has instituted legal proceedings are in positive equity?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)
Kieran O'Donnell: It is having a bearing in the way that Members deal with the public. We have the opportunity to interact today, but it is a feature-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)
Kieran O'Donnell: I have a final question before the Chairman calls time on the code of conduct on mortgage arrears. In Chapter 3 dealing with provisions, paragraph 6 states that where a lender sets targets or offers incentives to staff dealing with borrowers in arrears or pre-arrears, the lender must ensure that such staff incentives do not impair the quality of communication with the borrower or how the...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)
Kieran O'Donnell: In either Ireland or the United Kingdom?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)
Kieran O'Donnell: None at all?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)
Kieran O'Donnell: I have major concerns about the paradox of positive equity. Ultimately, from a financial perspective, the bank gains from moving on properties, homes in particular that are in arrears for more than 90 days. It benefits the balance sheet far more significantly than moving on property loans that are in negative equity. I would like to hear the banks elaborate on the procedures that are in...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)
Kieran O'Donnell: I welcome Mr. Masding and his colleagues. I will make a few general points. Am I correct in saying that the number of legal proceedings increased by approximately 1,700 between Quarter 4, 2003 and the end of Quarter 1, 2014?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)
Kieran O'Donnell: I refer to the total areas involving legal proceedings. In the summary of the MART proposals provided to the committee the figure increased from 3,624 to 5,318.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)
Kieran O'Donnell: Am I correct in saying that the figure at the end of Q1 of this year is 11,707, which are long-term solutions being provided, plus the 5,318? Is the total figure 17,025? Approximately one third of all the long-term proposals being provided to homeowners more than 90 days in arrears are coming out of the legal proceedings?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)
Kieran O'Donnell: It is more or less one third.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)
Kieran O'Donnell: Is it fair comment that Permanent TSB would not make the Central Bank targets without the legal proceedings?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)
Kieran O'Donnell: I will put the question another way. If Permanent TSB did not have access to legal proceedings, would it meets its Central Bank targets?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)
Kieran O'Donnell: Was Permanent TSB given any targets by the Central Bank as to the percentage of the solutions it was providing involving legal proceedings? One in three seems very high.