Results 1,501-1,520 of 49,836 for speaker:Stephen Donnelly
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)
Stephen Donnelly: Sure, but the household ends up paying more money to the bank.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)
Stephen Donnelly: Does the bank engage in voluntary surrenders?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)
Stephen Donnelly: Does the bank pick up the difference between the amount owed and the sale value, or does the borrower pick that up?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)
Stephen Donnelly: At AIB, for Mr. Boucher's information, it is the bank. AIB also charges 0% on the split, which makes it something that lowers the total amount to the bank. Here is my problem. Mr. Boucher stated earlier that Bank of Ireland made many mistakes and these restructured mortgages are those mistakes. We are seeing them and, obviously, there is much more. However, it turns out that in at least...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)
Stephen Donnelly: In some cases it may cost the bank more money but in other cases it would cost you less money, for example, on interest only. If the interest the bank is getting from the borrower is less than the amount that the bank can borrow, for example, from the ECB, that interest-only loan is not costing the bank money and the bank is profiting from it. The total profit, the total net present value...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)
Stephen Donnelly: I believe the approach the Government is taking with the arrears targets is wrong but it is doing it in good faith and is trying to deal with the fact that there is too much unsustainable household debt. The solutions offered by Bank of Ireland in at least 90% of the cases, and I bet there are more, actually increase the total amount those households will end up paying the bank. If I was in...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)
Stephen Donnelly: The key to this is sustainability. One of the questions which has not been asked is how Bank of Ireland defines sustainability. For example, I will quickly give-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)
Stephen Donnelly: How does the bank define sustainability when it is deciding what restructured offers to make to borrowers?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)
Stephen Donnelly: How does the bank define "afford"?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)
Stephen Donnelly: Can we see those guidelines?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Stephen Donnelly: I welcome Mr. Brown and his team here today. I think he has been quite candid in all matters with the exception of Priory Hall. Perhaps he has been candid in that. Before we get into some of the numbers, it is worth recognising the improved performance of the bank. No doubt the members of the delegation have all been working very hard on that. I acknowledge the 0% offered on the split...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Stephen Donnelly: That must be acknowledged. In respect of voluntary surrender, there will usually be a gap between the sale price and the amount owed to the bank. Did I hear Mr. Bell say that in these cases, Ulster Bank is surrendering any legal hold on that debt to the borrower? Is that correct?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Stephen Donnelly: And surrendering a legal option to do that in the future?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Stephen Donnelly: I welcome all of those things, which are very important. I do not think Ulster Bank has hit the targets. In respect of the PDH, which is the owner-occupied section, 5,172 offers have been made but 4,124 of those are legal letters. Therefore, is it safe to say that those legal letters do not include an offer for a restructuring of the mortgage?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Stephen Donnelly: I appreciate that and have no problem with the legal letters being written. It must be deeply frustrating to have over one third of the customer base not paying anything. That must be a deeply frustrating situation to be in. The Government target is offers made that Ulster Bank deem to be sustainable against a set of criteria. I put it to Mr. Bell that while the legal letters may be...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Stephen Donnelly: Would Mr. Bell be willing to provide the committee with that confirmation from the Central Bank?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Stephen Donnelly: If that is what the Central Bank says and Mr. Bell has confirmation of that, I guess that when the Central Bank audits the bank's figures, it will show that the bank has hit them. I do not believe the legal letters meet the spirit of what the Government is trying to do here. I believe the real figure is 1,048, which is 6% rather than 20%. However, what Mr. Bell is saying is that Ulster...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Stephen Donnelly: I am not remotely show boating.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Stephen Donnelly: I did not know that.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Stephen Donnelly: I thank Mr. Bell for that explanation. It seems that Ulster Bank has engaged in debt write-downs in terms of voluntary surrender. I have read reports where Mr. Brown is reported as saying that Ulster Bank will not engage in debt write-downs. What is the bank's position on debt write-downs being part of some solutions?