Results 6,741-6,760 of 16,492 for speaker:Ciarán Lynch

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Ciarán Lynch: Is the debt written off or will a percentage be written off and a legacy debt remain?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Ciarán Lynch: Is there an expectation that when a property is repossessed ----- I dealt with situations in which the customer wanted a voluntary surrender, and in the case of a young woman with a child in a one bedroom apartment and now that the relationship has broken up she has a mortgage of €250,000 and the property is worth €80,000. She wanted to be rid of the property. In cases where...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Ciarán Lynch: Thank you. I will call Deputy Richard Boyd Barrett and Deputy Joe Higgins, who I believe are sharing time.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Ciarán Lynch: I will allow Deputy Higgins ask one more question.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Ciarán Lynch: Before we move on to the next batch of questions, I wish to conclude one issue that crops up all the time in all the questions. We have established that Ulster Bank is doing write-downs, but at the post-sale position when that sum of money becomes unsecured debt.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Ciarán Lynch: Does the bank write it off because it is still unsecured?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Ciarán Lynch: The bank does not write down secured debt, rather unsecured debt.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Ciarán Lynch: Riddle me this case. The sum of €250,000 is the cost of an average house in my part of Cork, and the same applies to most parts of the country, with Dublin being the exception. Let us say someone buys a house for €250,000 but he or she has €50,000 in unsecured debt. Ulster Bank puts the house on the market and sells it for €150,000 - which is what it is probably...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Ciarán Lynch: Yes, and the property is now valued at €150,000.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Ciarán Lynch: Let us say the person has a credit union loan and a car loan of €50,000 as well as the write-down.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Ciarán Lynch: Is Mr. Brown referring to the unsecured amount?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Ciarán Lynch: I ask Mr. Brown to outline a model as the matter needs to be explained.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Ciarán Lynch: I may have to return to the matter later. I call Deputy O'Donnell who has ten minutes and he will be followed by Deputy Donnelly.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Ciarán Lynch: In regard to our earlier request for further information, I will follow on from Deputy O'Donnell's request for a breakdown of the legal proceedings in respect of properties in both positive and negative equity. Ulster Bank is doing debt write-down but it is doing it at the unsecured stage, which is at the post-voluntary surrender or post-repossession stage. Whether the customer is in...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Ciarán Lynch: I would need to see modelling of this.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Ciarán Lynch: I am not an expert on banking. I understand that other institutions deal with debt write-down and allow people to remain in their homes, which is the same conundrum that Mr. Bell raised. It seems that Ulster Bank will only write down the debt when the home is gone.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Ciarán Lynch: I will be quite flexible with Deputy Donnelly.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Ciarán Lynch: I am sorry, but will Senator Healy Eames please turn off her telephone or leave the room? I am hearing interference.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Ciarán Lynch: I will give the Deputy some more grace, if he wants it.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Ciarán Lynch: I am moving to the final round, which is five minutes per questioner. I will call Senator Healy Eames-----