Results 1,701-1,720 of 10,460 for speaker:Gerry Horkan

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)

Gerry Horkan: I do not want to go over old ground. I was here for almost all of the contributions and the opening statement. I have gone through the bank's questionnaire and listened to most of the other members' contributions. There are 200 staff working on the tracker issue and only 40 cases have been mediated. I accept that if I ask questions about the 40 it is with regard to approximately 1% so it...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)

Gerry Horkan: Undoing the damage, but the compensation is in addition to that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)

Gerry Horkan: I presume within the compensation is a time value of money and all of the opportunity costs and everything else.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)

Gerry Horkan: It does not take into account the significant rise in the value of the property, in that somebody who had a certain amount of money in 2012 would have been able to buy a much better property with the same money than they could buy in 2017.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)

Gerry Horkan: That is not part of the compensation.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)

Gerry Horkan: But the bank is not giving them anything and acknowledging if they had been remediated five years ago they could have taken an amount of money and put it towards a property that would have been much better value then than it has now.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)

Gerry Horkan: And the bank's deposit rates presumably are no different from those of everybody else, at almost nil.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)

Gerry Horkan: Can we have an approximate scale? Were people getting €60,000 back and other people getting €600 back? Where is the upper end and the lower end of the issue?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)

Gerry Horkan: Would it be fair to say that if there is a provision of €200 million, which I presume includes a level of cost and staffing and so on-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)

Gerry Horkan: If we divide €200 million by 4,000 cases even, and I know we are at only 3,500, it is approximately €50,000 each, and there is an element obviously of legal costs and everything else in that. Have we any idea of what people are getting? There are 40 cases. It is tiny but it is something.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)

Gerry Horkan: So there are cases-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)

Gerry Horkan: I accept that. Of the 3,500 or thereabouts to which we are now referring, Mr. Blair is saying there are people who will have remediation before compensation or including compensation of up to €100,000.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)

Gerry Horkan: In terms of the monetary amount of some of the larger compensation packages, Mr. Stanley is talking about figures of in and around €100,000.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)

Gerry Horkan: Is €100,000 the maximum?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)

Gerry Horkan: Could it be €500,000?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)

Gerry Horkan: Based on the bank's existing information, and I accept it is not the whole way through all the phases yet, what is the maximum?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)

Gerry Horkan: But more than €100,000 could be €2 million.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)

Gerry Horkan: What is the maximum after €100,000?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)

Gerry Horkan: Any idea?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)

Gerry Horkan: Could Mr. Stanley supply those figures to the committee?