Results 6,641-6,660 of 26,897 for speaker:Richard Boyd Barrett

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

Richard Boyd Barrett: We can all take independent advisers with a pinch of salt at this stage. Is there not a big contradiction between that assertion, which has informed the witnesses' approach to this, and simultaneously trying to claim that a voluntary commitment, with no legal standing, is something from which we and the mortgage holders should take comfort? At one point the witness said he would stake his...

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

Richard Boyd Barrett: It is a big contradiction in the witnesses' approach. They cannot have it both ways. They cannot tell us that if they forced them to comply with the consumer code and MARP, it would affect the purchase price they might be willing to pay and on the other hand say they will voluntarily do it anyway, so we need not worry and that nobody has anything about which to be concerned. The two things...

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

Richard Boyd Barrett: Why would it affect the purchase price?

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

Richard Boyd Barrett: The delegation cannot quantify what the difference in value is, yet they are telling us there is no difference at all from the point of view of the mortgage holders. That is what Mr. Wallace has implied because last night, in the late hours of the night, they had not signed up to some voluntary commitment. That is a big contradiction. It cannot be both things. Either the assurances Mr....

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

Richard Boyd Barrett: Although the special liquidators did not ask the purchasers and cannot quantify the difference, presumably.

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

Richard Boyd Barrett: It does not add up but I have made my point. I seek clarification on the issue of the mortgage holders being allowed to buy back their own mortgages in or around the same sort of discount the vulture capitalists will get when they purchase the mortgage books. Mr. Wallace has said it would have been too costly, taken too much time and so on to do it that way. Is that correct?

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

Richard Boyd Barrett: How many of the people who bid for their own loans does he anticipate will get their own mortgages?

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

Richard Boyd Barrett: Yes.

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

Richard Boyd Barrett: What is the reason the others are not getting it?

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

Richard Boyd Barrett: We have heard reports of people saying they were willing to discuss the matter with the special liquidators and possibly improve their bid.

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

Richard Boyd Barrett: Yes. I refer to individual home owners.

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

Richard Boyd Barrett: Mr. Wallace has said the reason the special liquidators are not doing so is due to cost.

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

Richard Boyd Barrett: There is nothing in the legislation to prevent the special liquidators from doing so. Is that correct?

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

Richard Boyd Barrett: Is this just a cold and calculated decision to get the most money back?

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

Richard Boyd Barrett: It is cold and calculated from the point of view of the people who are now being handed over to people who are not regulated, can sell on their mortgages and where they have no legal guarantees they would be subject to the same standards and protections from which other mortgage holders benefit in banks that are regulated.

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

Richard Boyd Barrett: Mr. Wallace has admitted there are review clauses spanning one year, three years or whatever in their contracts where the new purchaser could review a restructuring arrangement that might have agreed and, potentially, just tear it up.

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

Richard Boyd Barrett: Many are shorter and are subject to review for whatever the specified period is - one year, three years or five years.

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

Richard Boyd Barrett: Whatever the timeframe is, they are subject to review. My next question is for the Department. Does it accept that mortgage holders have significant reason for anxiety, particularly when one looks at the attitude of banks that are based outside this country? They are not the banks we bailed out. Those banks have taken a different approach to the loans they own. They have displayed an...

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

Richard Boyd Barrett: For what it is worth, the dogs on the street could tell Ms Nolan differently and state there is a very different attitude.

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

Richard Boyd Barrett: Mr. Wallace mentioned a figure of 60% earlier when I was asking questions. There was some confusion because Mr. Wallace thought my question pertained to all mortgages but I was primarily concerned with residential principal private dwellings and so on. I am seeking clarity because given the rapid fire of questions backwards and forwards taking in the import of what Mr. Wallace said has...