Results 14,361-14,380 of 15,871 for speaker:Robert Troy

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Debt Write-down and Debt Resolution Policies: Allied Irish Banks (2 Mar 2023)

Robert Troy: From 2013 to 2021. The total amount involved is €3.5 billion.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Debt Write-down and Debt Resolution Policies: Allied Irish Banks (2 Mar 2023)

Robert Troy: That is a breakdown of restructures, write-downs, split mortgages and mortgage-to-rent arrangements.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Debt Write-down and Debt Resolution Policies: Allied Irish Banks (2 Mar 2023)

Robert Troy: Within that, the €3.5 billion is where the write-downs are included.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Debt Write-down and Debt Resolution Policies: Allied Irish Banks (2 Mar 2023)

Robert Troy: The €3.5 billion that has been written down is included in those figures.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Debt Write-down and Debt Resolution Policies: Allied Irish Banks (2 Mar 2023)

Robert Troy: Did the 1,900 people who received 90% write-downs get them during that period or was that just last year?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Debt Write-down and Debt Resolution Policies: Allied Irish Banks (2 Mar 2023)

Robert Troy: There were 4,300 who received further write-downs.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Debt Write-down and Debt Resolution Policies: Allied Irish Banks (2 Mar 2023)

Robert Troy: The 4,300 is not just people who negotiated write-downs.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Debt Write-down and Debt Resolution Policies: Allied Irish Banks (2 Mar 2023)

Robert Troy: Of that 4,300.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Debt Write-down and Debt Resolution Policies: Allied Irish Banks (2 Mar 2023)

Robert Troy: Of the 150,000 customers, Mr. O'Keeffe said 63,000 of those were mortgages. Is that correct? I accept it may not be in the remit of the witnesses today to do so, but will they break down how many of those 63,000 were mortgage-to-rent? The witnesses alluded to 300, but that may be one particular year and it might not be the aggregate figure. Will the witnesses come back with clear figures...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Debt Write-down and Debt Resolution Policies: Allied Irish Banks (2 Mar 2023)

Robert Troy: With regard to the 50,000 of restructuring, does AIB include the sale of a loan to a vulture fund, as part of the restructuring?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Debt Write-down and Debt Resolution Policies: Allied Irish Banks (2 Mar 2023)

Robert Troy: How many loans has AIB sold to vulture funds?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Debt Write-down and Debt Resolution Policies: Allied Irish Banks (2 Mar 2023)

Robert Troy: Were all of those non-performing loans?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Debt Write-down and Debt Resolution Policies: Allied Irish Banks (2 Mar 2023)

Robert Troy: There were 1,500 or 1,600 of those 1,900 customers.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Debt Write-down and Debt Resolution Policies: Allied Irish Banks (2 Mar 2023)

Robert Troy: The point I will make is that when one sells this on to a vulture fund, the fund does not always honour the contract and does not have the same range of options a conventional bank has. Most vulture funds will not offer the option to fix a rate. In the past number of months, European Central Bank, ECB, rate increases are putting people under considerable strain, because they do not have the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Debt Write-down and Debt Resolution Policies: Allied Irish Banks (2 Mar 2023)

Robert Troy: I accept Mr. O'Keeffe is saying those customers were the vast majority, but I was focusing on the 1,600 people who negotiated, consulted and engaged with the bank. They were somewhat sold out. Having done the right thing with regard to organising a restructure they could adhere to, with the objective of keeping the roof over their heads, the mortgage book was sold on and those customers...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Debt Write-down and Debt Resolution Policies: Allied Irish Banks (2 Mar 2023)

Robert Troy: They are protected for the duration of the contract but, subsequent to that, they will revert to the variable interest rate which is much higher than it would have been at the time of the contract and they have no opportunity to fix the interest rate.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Debt Write-down and Debt Resolution Policies: Allied Irish Banks (2 Mar 2023)

Robert Troy: Mr. O'Keeffe mentioned consistency and being very confident that a consistent approach has been adopted by all the banks in all write-downs that have been negotiated. I will share the experience of my constituent who was in a three-way partnership. A small building company bought some sites, developed them and sold them on and was doing quite well right through the 2000s, until the crash...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Debt Write-down and Debt Resolution Policies: Allied Irish Banks (2 Mar 2023)

Robert Troy: To be clear, I did not send it to Mr. O'Keeffe. This is going back a long period. I am unsure whether I even made representations to AIB, though I certainly made them to the vulture fund. The developers themselves engaged extensively. They had an accountant working on their behalf on making proposals and trying to organise a debt settlement through negotiations. My point is AIB would...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Debt Write-down and Debt Resolution Policies: Allied Irish Banks (2 Mar 2023)

Robert Troy: I welcome that. I will not go into it any further out of respect for the identity of the customers. I can say there was no earning power there, going forward, and I am sure of that. The earning power or earning capacity of the story in the paper was far superior to that of the customers we have just discussed. I accept Mr. O'Keeffe's offer and I will make the case known to his office...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Debt Write-down and Debt Resolution Policies: Allied Irish Banks (2 Mar 2023)

Robert Troy: Do the witnesses have a breakdown of the percentage of write-down achieved in those cases? Did they achieve a write-down of 20%, 30% or 50%? Mr. O'Keeffe seems to be able to speak specifically and I accept what he said earlier, in that the figure was requested of him. He may need to come back to us with the figure. What percentage of a write-down did each of those 4,300 achieve?