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Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Ciarán Lynch: I thank the witnesses from Permanent TSB. I concur with the sentiments of members that a good body of work has been done since we last met. It is a difficult journey and dealing with this crisis is like trying to unravel a ball of knots. Pulling at one side tightens up the other side and creates difficulty. I welcome the acknowledgement of the deep learning curve, as exists for all of us....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Ciarán Lynch: We resume in public session with No. 7 on the agenda, matters relating to mortgage arrears and resolution processes. I remind members, witnesses and those in the public gallery that mobile phones must be switched off to avoid interference with the broadcasting of the meeting. I welcome the representatives of Allied Irish Banks. We are joined by Mr. David Duffy, chief executive officer, Mr....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Ciarán Lynch: I thank Mr. Duffy. May I advise witnesses that I may make an adjustment to the regular rotation in order to accommodate members who wish to speak on legislation in the Chamber. As Deputy McGrath needs to be in the Chamber shortly, I invite him to lead off.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Ciarán Lynch: The last time that Allied Irish Banks and all the banks appeared before the committee, there was an issue of contention as to how the target figure was reached because it involved a number of letters going out. As we have moved on from that, the question is how many people are in resolutions. The issue of consistency in resolutions is confused with similarity and the idea that people get...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Ciarán Lynch: I understand.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Ciarán Lynch: Following on from what Deputy Michael McGrath said, a case in point might be that the setting of the variable interest rate by AIB - certainly, that is the political comment - might be more responsive in this bank than in the other banks. Is that the case?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Ciarán Lynch: In fairness to Mr. Duffy, every time he has come before the committee he has acknowledged the support of Irish taxpayers and set out the goal of re-establishing Allied Irish Bank as a profitable investable bank in the optimum way to return the State's investment over time. Does Allied Irish Bank have in its projected plans a time by which the State will no longer be an owner of AIB?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Ciarán Lynch: So in layman's terms, although it is not written in stone, there is an expectation or some movement towards having AIB in the market as a sellable institution, or to be prepared as a sellable institution, by this time next year.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Ciarán Lynch: Would that be a percentage sale or a sale in its entirety?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Ciarán Lynch: I will return to some borrowing, but an issue that is popping up with the institutions we have seen so far is the legacy debt that becomes unsecured after repossession of a property. How is Allied Irish Banks dealing with that debt? Is it writing that debt off after the sale or is it being left there as a legacy?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Ciarán Lynch: Just to move to a more macro figure, before I move on to something else, does Allied Irish Banks have to hand - if not, it can be provided to the committee at a later time - a value for its distressed loan book, for both negative and positive equity?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Ciarán Lynch: One category of AIB customer was actually AIB staff. Am I correct in saying that members of the bank at different levels were provided with loans by the bank, whether business or mortgage loans? The witnesses may not have that figure to hand.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Ciarán Lynch: Were those loans at a preferential interest rate or at some incentivised interest rate?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Ciarán Lynch: So they were all-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Ciarán Lynch: Were they business loans or other types of loan?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Ciarán Lynch: Do the witnesses have a value for these loans that are now in arrears?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Ciarán Lynch: Do the witnesses have the number of staff loans and the number of staff loans in arrears?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Ciarán Lynch: Will he also provide the value of those loans?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Ciarán Lynch: To date, how many personal insolvency arrangements have been put in place with borrowers of AIB?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Ciarán Lynch: Is dealing with unsecured creditors a barrier to reaching solutions in this area?