Results 1,481-1,500 of 49,836 for speaker:Stephen Donnelly
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)
Stephen Donnelly: Of the €2.5 billion made available to deal with residential mortgages, why has so little - less than €100 million - been drawn down?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)
Stephen Donnelly: What is the total amount for which the bank has made provision to write off, meaning legally surrender any hold on?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)
Stephen Donnelly: The bank must have an estimate or a provision in its books.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)
Stephen Donnelly: Is that for residential mortgages or buy-to-let properties?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)
Stephen Donnelly: What the committee is seeking is the further breakdown of these figures. With regard to the breakdown of the figure of 3,103 in the legal resolution process, what does that mean? For example, yesterday the AIB representatives said that for them it meant they sent a letter to people who had not made any payment or any contact in three years which stated yet again that they desired the...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)
Stephen Donnelly: There is one specific question to which the committee is looking for an answer. It concerns the breakdown of the 3,164 split mortgages, etc. Can we get the answer to that question before we move on?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)
Stephen Donnelly: I welcome Mr. Boucher and his team today. I want to recognise the ongoing increase in the performance of Bank of Ireland across a range of metrics. That is to be recognised. For me and members of the committee, as public representatives, the concern is that some of that performance is coming at the cost of customers who were unfortunate to borrow too much money from Bank of Ireland during...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)
Stephen Donnelly: The total amount paid, if one is on capital and interest, one goes on interest only for two years and one then goes back to capital and interest-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)
Stephen Donnelly: Yes.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)
Stephen Donnelly: I do not need to go through that. I merely want to know if Mr. Boucher agrees that putting someone on interest only for a period and then moving him or her back where he or she can pay out the capital and interest over time, increases the total payments to the bank over the period of that mortgage.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)
Stephen Donnelly: Fine, I thank Mr. Boucher.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)
Stephen Donnelly: I thank Mr. Boucher.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)
Stephen Donnelly: I have only seven minutes.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)
Stephen Donnelly: I understand. I am going to move on. There is another 20% which are on reduced payment. Obviously, these are temporary as well. In this case, the amount of capital being paid - let us say, over an 18-month period - is reduced and the full interest is paid. Would Mr. Boucher agree that, in this case as well, the total amount paid by a household to the bank over the term of the full...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)
Stephen Donnelly: I thank Mr. Boucher. With term extension, the customers pay capital and interest, but they pay the capital over a longer period of time. These account for 30% of the restructures - we are now up to 80% of all restructures. Would Mr. Boucher agree that term extensions also increase the total amount that a household will pay relative to what was expected when the mortgage was taken out?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)
Stephen Donnelly: Yes.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)
Stephen Donnelly: I appreciate that. There is another 10% - this is now 90% of all restructures - which involve recapitalisation of arrears. Would Mr. Boucher agree that when that is fully paid down, the total amount paid by the household to the bank is higher than the total amount envisaged when the mortgage was taken out.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)
Stephen Donnelly: Unless there is a write down.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)
Stephen Donnelly: I thank Mr. Boucher. At least 90% of restructures increase the total payments from the household to the bank. In terms of sustainability and addressing the fact that households have too much debt and too many payments, at least 90% of Bank of Ireland's restructures increase the level of indebtedness of these households. For the 10% who are left, we do not have the full breakdown. On the...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)
Stephen Donnelly: Therefore, in fact, that is not a split mortgage at all. The bank is taking a mortgage and splitting it in half. Mr. Boucher is saying the customer is paying the full interest at market rate on the full capital amount as to Deputy Michael McGrath's question and there is no reduction in the amount being paid there either. Does the bank engage in voluntary surrenders?