Results 7,341-7,360 of 26,043 for speaker:Kieran O'Donnell
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)
Kieran O'Donnell: I missed some of the debate but I want to touch on a few issues. The witnesses were looking back over the period in terms of house prices going out of control and so forth. The 20% deposit is a very crude instrument in terms of the price of houses. In the Irish psyche there is an aspiration to own a home. We are different from other countries like Germany, in which there is a huge rental...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)
Kieran O'Donnell: I accept that but that only looks at one side of the equation.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)
Kieran O'Donnell: I do not think there is a balanced integrated discussion about how to deal with this. There are crude instruments, like the 20% limit, and there should be a way of putting in place a number of instruments to deal with supply, capacity to repay and loan-to-value ratio.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)
Kieran O'Donnell: If Mr. Burgess does that, he will lock out a large proportion of the population, which will never be able to purchase a house.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)
Kieran O'Donnell: Sorry.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)
Kieran O'Donnell: That would not apply to everyone. There are many people ---
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)
Kieran O'Donnell: Between 40% to 50% of the population have no pension.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)
Kieran O'Donnell: They may not be able to afford to do that.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)
Kieran O'Donnell: Every day of the week I am meeting people who cannot repay their mortgages and who are in negative equity. Are there instruments to help these people?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)
Kieran O'Donnell: In the time available, the point I make is the need for a discussion on the model for housing, albeit a German-European model, which is that people will never own their homes. I do not think that is the model the Irish want.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)
Kieran O'Donnell: That is another extreme and I would not agree with that either.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)
Kieran O'Donnell: The witnesses are missing my point. I believe that during the Celtic tiger era, with Ireland joining the euro system, interest rates came down overnight - effectively making excess credit available - and prices rose. In fact, at one stage, mortgage interest relief was taken away from rental properties and the price of property stabilised. The following year that instrument was reversed and...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)
Kieran O'Donnell: Does Dr. Lyons understand the point I am trying to make?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)
Kieran O'Donnell: The Central Bank proposal?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)
Kieran O'Donnell: What about a multiple of one's earnings?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)
Kieran O'Donnell: I think times earnings is vital, the capacity to repay is the most important point.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)
Kieran O'Donnell: I take Dr. Lyons's point.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)
Kieran O'Donnell: I operated on a practical level in that world for many years. It is simple. If the house is overpriced, if the loan-to-value ratio is too high and-or the times earnings is too high, the risks are too high. If one is derisking the purchase of property down to 20%, one will get to a point where one takes out the risk of negative equity, however, I think people aspire to own their own homes....
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)
Kieran O'Donnell: That is correct.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)
Kieran O'Donnell: Correct.