Results 6,661-6,680 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: What was the 60% figure?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Richard Boyd Barrett: Is Mr. Wallace referring to the 33 borrower groups?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Richard Boyd Barrett: Mr. Wallace is referring to those which have gone through. These are not principal private dwellings. They are not residential mortgages. 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: Therefore, it would be fair to assume that most of these are commercial and property loans. Am I right?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Richard Boyd Barrett: Therefore, Mr. Wallace has decided that if a person is a developer he can buy his own loan back, but if a person is a home owner dealing with the roof over his head for him and his family then he cannot. That is the recommendation Mr. Wallace has made in the best interests of the public.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Richard Boyd Barrett: Let us say, if it is a commercial or corporate interest.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Richard Boyd Barrett: It says borrower groups here.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Richard Boyd Barrett: These are corporate and commercial loans.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Richard Boyd Barrett: They have been allowed. They have been given the option to buy back their own loans and Mr. Wallace considers that is okay but he decided not to give the people dealing with the mortgage for the roof over their heads, their family home, that option. Mr. Wallace’s decision is based on one law for the family trying to keep a roof over their head and another one for corporate and...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Richard Boyd Barrett: I am absolutely confused. Mr Wallace has said PwC told him that having considered it all, with no models or figures, as we discussed earlier-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Richard Boyd Barrett: I understand.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Richard Boyd Barrett: Mr. Wallace took that advice, without figures, without quantifying it-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Richard Boyd Barrett: Would Mr. Wallace let me get the question out so that I can clarify-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Richard Boyd Barrett: I am talking about Mr. Wallace and the decisions he has made. He is dealing with all these portfolios. Is that right?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Richard Boyd Barrett: He might be getting advice from all sorts of people but he says he took the advice of PwC, which told him he should not consider the option of selling back mortgages to individual mortgage holders in respect of family homes. Is that right?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Richard Boyd Barrett: Mr. Wallace took that advice, saying it would be bad value for money and IBRC should not consider that option. Maybe he got advice on the other tranche of loans, commercial and corporate loans, from elsewhere, and decided it was something to consider.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Richard Boyd Barrett: In the decisions Mr. Wallace made, one set of rules applied to people trying to keep a roof over their heads and talking about the mortgages on their family homes, and another set of rules applied to commercial and corporate loans.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Richard Boyd Barrett: I just want to make this clear for everybody. An individual home owner dealing with the mortgage for his or her home cannot buy it back but a corporate or commercial interest might be able to buy their own loan back at a discount. That is the decision Mr. Wallace made.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Richard Boyd Barrett: That is the decision Mr. Wallace made.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Richard Boyd Barrett: That is the problem. We have established the Government is disposed towards bringing in legislation that will make these loans subject to the consumer code, the mortgage arrears resolution process, MARP, and so on. We do not know when but it has indicated it will do so at some stage. At the same time we have been told that it cannot be a condition of the sale because it will impact on the...