Results 6,541-6,560 of 16,492 for speaker:Ciarán Lynch

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Ciarán Lynch: I am pushing the Deputy to put a question because we only have five minutes for replies.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Ciarán Lynch: As I will have to allow time for a reply, I ask the Deputy to wrap up.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Ciarán Lynch: I am being flexible but Deputy Mathews is way over time. I will allow the witness to respond to his questions and then we must move on.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Ciarán Lynch: We are just dealing with the questions, Deputy Mathews. We are going to wrap up now and while I am taking the wrap-up, I wish to clarify some matters. I understand that as an official it is not Ms Nolan's duty to give opinions on policy direction and so forth but perhaps she would explain, in legislative terms, what mechanism exempts buyers of mortgages from Central Bank regulation. What...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Ciarán Lynch: As I understand it, there are exceptions like retail credit firms and so forth, which are outside the scope of the code of conduct.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Ciarán Lynch: There are some people exempted from it. Are the current IBRC and Irish Nationwide exempted from existing regulation?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Ciarán Lynch: They are currently within the regulation? Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Ciarán Lynch: We have a potential situation whereby people currently inside regulation will, through the process of sale, find themselves outside regulation. I ask the witnesses to clarify an issue for me. Let us take a resolution or restructuring process which results in a contractual arrangement between borrower and lender, that is, a legal agreement. Where does that legal agreement stand at the other...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Ciarán Lynch: I wish put a hypothetical case to the witnesses for clarification. Let us take a person who has a property worth €300,000, with €100,000 of that in security against a loan from IBRC. A payment of €60 per week is being made, as part of a deferred resolution process. The person in question is retired with no means of resolving the debt. The person is paying €60...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Ciarán Lynch: Will the liquidators be insisting or asking?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Ciarán Lynch: Therefore, anybody who is in a resolution process at the moment will be protected. Is there a shelf-life on that? Will such contractual arrangements be subject to a review after 12 months, for example?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Ciarán Lynch: It depends on the current terms.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Ciarán Lynch: Ms Nolan referred earlier to retrospective legislation. At other side of the sale, there is the contractual nature of the sale of the actual loan. It was implied that the purchasers of loans could adopt a belligerent attitude which could affect people adversely because they are on variable rate mortgages. Most variable interest rate loans are tied, somewhat, to the ECB rate. The rates...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Ciarán Lynch: Okay.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Ciarán Lynch: Perhaps it was Mr. Mac Donncha who dealt with this earlier. I thought the situation was that action could not be taken on the actual sale of the loans but that we could look, from a legal perspective, at how the loans were being operated. In other words, the operational rather than the sale aspects of the loans could be examined

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Ciarán Lynch: That brings me back to the question I asked Mr. Richardson and Mr. Wallace earlier. I will put it to Ms Nolan. Yesterday evening's announcement that everybody in the phase 2 bidding process is in verbal agreement to adhere to a voluntary code of conduct means there is a flat-line position between all of the phase 2 bidders, even if we might not call it a level playing field. Does this...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Ciarán Lynch: Could Ms Nolan flesh that out for me so I can understand it?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Ciarán Lynch: If one were to travel in that direction, would it mean that the current exemptions from Central Bank regulation would be reduced to facilitate these groups to come in?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Ciarán Lynch: Okay.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Ciarán Lynch: Yes.