Results 9,021-9,040 of 34,780 for speaker:Seán Fleming

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector in Ireland (Resumed): Ulster Bank (29 Apr 2015)

Seán Fleming: Are they the rules of Ulster Bank?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector in Ireland (Resumed): Ulster Bank (29 Apr 2015)

Seán Fleming: Mr. Bell talks about the historical performance, how many years in terms of history does the bank go back? Does the bank go back five, ten or 40 years when looking at the historical performance? This is feeding into the current rate.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector in Ireland (Resumed): Ulster Bank (29 Apr 2015)

Seán Fleming: How many years does the bank have to look back to see the historical performance?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector in Ireland (Resumed): Ulster Bank (29 Apr 2015)

Seán Fleming: Is Mr. Bell saying that because in the previous ten years, new customers in their twenties, who were children ten years ago and are now borrowing because they have reasonable jobs will have to pay a higher interest rate in the South, solely because of the historical performance of other people's loans ten years ago? Is that what Mr. Bell is saying?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector in Ireland (Resumed): Ulster Bank (29 Apr 2015)

Seán Fleming: Does he think that is fair?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector in Ireland (Resumed): Ulster Bank (29 Apr 2015)

Seán Fleming: I want to be positive. I thank Ulster Bank for its announcement about not chasing people in negative equity who would be eligible for social housing. If we could get a number of other banks to do the same, we would be very pleased. I acknowledge that positive move. New mortgage holders, who have never had a mortgage in their life before will be penalised by the mortgage rate for the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector in Ireland (Resumed): Ulster Bank (29 Apr 2015)

Seán Fleming: I do not expect the delegates to have the answer to my final question. Will Mr. Brown send the regulatory rules that specifically states that to the committee secretariat?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector in Ireland (Resumed): Bank of Ireland (29 Apr 2015)

Seán Fleming: I welcome Mr. Boucher and his colleagues. We are in the process of meeting with the key banks to discuss the current situation, particularly in regard to mortgages. I noted two bits of good news in the presentation from Mr. Mason. First, I noted that 92% of Bank of Ireland owner-occupier mortgages are not in default and second, that of all the civil bills issued last year, Bank of Ireland...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector in Ireland (Resumed): Bank of Ireland (29 Apr 2015)

Seán Fleming: I take it that is a "yes" therefore that the Bank does follow after homeless people for the balance. The answer is that it is full recourse lending on the property and the person is liable for the recovery of any shortfall between the sale proceeds and the mortgage loan. I am surprised, but Bank of Ireland seems to suggest it does follow up on homeless people for the negative equity.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector in Ireland (Resumed): Bank of Ireland (29 Apr 2015)

Seán Fleming: Bank of Ireland got off to a great start here, with a positive presentation. However, it is now saying it will chase up homeless people. I am amazed it would not leave homeless people alone. Does it not think homeless people have enough trouble, without following them for negative equity? I take it as a "yes" that it will follow up on them, because it cannot say it does not. On the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector in Ireland (Resumed): Bank of Ireland (29 Apr 2015)

Seán Fleming: What percentage is it now? It was 55%.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector in Ireland (Resumed): Bank of Ireland (29 Apr 2015)

Seán Fleming: What is the final percentage?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector in Ireland (Resumed): Bank of Ireland (29 Apr 2015)

Seán Fleming: Looking at the figures, the impairment in 2014 was €542 million, down from €1.665 billion the previous year.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector in Ireland (Resumed): Bank of Ireland (29 Apr 2015)

Seán Fleming: Therefore, that €542 million was well over €800 million, but Bank of Ireland had a write back of approximately €280 million, for a net rate.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector in Ireland (Resumed): Bank of Ireland (29 Apr 2015)

Seán Fleming: That is still quite a provision in 2014, given what has been said. Is Bank of Ireland over providing?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector in Ireland (Resumed): Bank of Ireland (29 Apr 2015)

Seán Fleming: The slide indicated in the last quarter the cost of funds was 1.03%, yet the standard variable mortgage rate is 4.5%. I know it has been said people can switch to fixed mortgages, but very few have switched. Why have we such a variation between the cost of funds at 1.03% and the standard variable rate of 4.5%? I know Bank of Ireland took a strong view on this at its meeting this morning,...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector in Ireland (Resumed): Bank of Ireland (29 Apr 2015)

Seán Fleming: Coming back to the issue of impairment, Mr. Boucher says Bank of Ireland is at 42%.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector in Ireland (Resumed): Bank of Ireland (29 Apr 2015)

Seán Fleming: Okay. The last topic I want to touch on is one Mr. Boucher may find easier to deal with. Question No. 34 in the document asked about the various issues that go into the costs in determining interest rates and the list included funding costs, operating costs of the bank and credit risk costs. This is the bit I found interesting because we had Ulster Bank in earlier. Its representatives...

Leaders' Questions (30 Apr 2015)

Seán Fleming: The Government chose to fill this week's Dáil schedule telling the country how wonderful it believes it is. This sets a new world record in backslapping.

Leaders' Questions (30 Apr 2015)

Seán Fleming: It shows how out of touch the Government has become. There was little or no mention of how it would specifically tackle the plight of householders with variable mortgage interest rates other than by meeting the banks. The 300,000 families paying these penal variable rates pay on average 2% more than other EU customers, or €6,000 per annum. Over the lifetime of a mortgage, that is...