Results 6,881-6,900 of 16,492 for speaker:Ciarán Lynch

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Ciarán Lynch: The committee has been trying to establish whether there is some level of consistency between the different banks under the regulation of the Central Bank. That is not to say there has to be a similarity of approach by every bank, but rather, there should be a consistency of approach. It is very noticeable that in the area of split mortgages and mortgage-to-rent arrangements Bank of Ireland...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Ciarán Lynch: However, the figures provided to the committee indicated that only 81 split mortgage arrangements have been agreed by Bank of Ireland, amounting to 2.1% of the bank's total distressed book of 4,683 loans.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Ciarán Lynch: They were moved down to the resolution side?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Ciarán Lynch: What is the figure for mortgage-to-rent arrangements?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Ciarán Lynch: Some of the other financial institutions indicated there have been difficulties with this particular option because it involves bringing together a large number of stakeholders. What is Bank of Ireland's experience in this regard?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Ciarán Lynch: Are there any obvious actions which might reconcile that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Ciarán Lynch: In his opening statement Mr. Boucher acknowledges the State's 14% stake in Bank of Ireland. When Mr. David Duffy of AIB was before the committee yesterday afternoon, I asked him whether the State's 99% ownership of that bank afforded it a certain level of flexibility not available to other banks operating in a more private capacity. He refuted that, however, maintaining that his bank is...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Ciarán Lynch: In regard to legal proceedings, we have seen a figure of 3,478 for Bank of Ireland. Reference was made today to there being some 2,200 court proceedings initiated, judgments obtained and so on, but the way the figure has been presented to us does not include court letters. Will the delegates clarify whether the sum of 3,478 excludes court letters issued? If so, the figure of 3,478 is...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Ciarán Lynch: So the first contact the customer will have from Bank of Ireland is a repossession letter?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Ciarán Lynch: There is no attempt to engage with the customer and bring him or her into the bank.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Ciarán Lynch: Does the letter include a threat of legal action?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Ciarán Lynch: I assume it does, along the lines of, if the customer does not get back to the bank he or she will be taken to court.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Ciarán Lynch: Do the witnesses have a figure for the number of letters that are not at the court letter stage?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Ciarán Lynch: It would be helpful to get an overall feel for the scale of this. Some of the banks are including these letters in their resolution process figures, but the committee's position is that while they may represent a commencement of a process, they do not represent a process as such and certainly not a conclusion.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Ciarán Lynch: Is Bank of Ireland engaging in debt write-down as part of its resolution process on a case-by-case basis?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Ciarán Lynch: We heard the same from some of the other banks but, in fact, debt write-down is taking place after the disposal of property in a repossession or voluntary surrender. In some cases the remaining debt was left there as a legacy issue with no apparent decision as to what would happen with it. What is the situation if a Bank of Ireland mortgage holder goes into a voluntary surrender or the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Ciarán Lynch: Will Mr. Mason elaborate on that? If the residual amount were €100,000, would Bank of Ireland be seeking repayment on that amount or on an adjusted sum?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Ciarán Lynch: Yes, I know that. I am trying to establish, however, whether flexibility has been shown in respect of that legacy debt or whether the bank is seeking to recoup it in its totality.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Ciarán Lynch: Is the bank seeking it in its totality?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Ciarán Lynch: From the point of view of customers, I do not know whether that represents an opportunity for resolution. I do not know what would be the attraction of entering into a voluntary surrender if there is no redemption at the conclusion of the process and if the bank is seeking the total amount involved. How many personal insolvency arrangements has Bank of Ireland dealt with?