Results 20,021-20,040 of 26,053 for speaker:Kieran O'Donnell
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)
Kieran O'Donnell: Mr. Brown has answered my question. We are looking at the issue from the other side of the fence. Our concern is with the perception that a bank could improve its capital ratio requirement by effectively moving on people in arrears who have positive equity in the property, as they may be more vulnerable than people in negative equity. This is a worry.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)
Kieran O'Donnell: I had a slight difficulty in interpreting the information that Ulster Bank provided. Am I correct when I state that Ulster Bank has instigated legal proceedings against some 4,459 of the 14,231 home loans that are in arrears for more than 90 days?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)
Kieran O'Donnell: That is a third. In respect of buy-to-lets, of the 2,675 properties in arrears for more than 90 days, has Ulster Bank instituted legal proceedings against 1,697 of them?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)
Kieran O'Donnell: That means that Ulster Bank has taken legal proceedings in over one third of the home loans and two thirds of the commercial loans. How many of the 4,459 home loans that the bank has instituted legal proceedings are in positive equity?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)
Kieran O'Donnell: It is having a bearing in the way that Members deal with the public. We have the opportunity to interact today, but it is a feature-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)
Kieran O'Donnell: I have a final question before the Chairman calls time on the code of conduct on mortgage arrears. In Chapter 3 dealing with provisions, paragraph 6 states that where a lender sets targets or offers incentives to staff dealing with borrowers in arrears or pre-arrears, the lender must ensure that such staff incentives do not impair the quality of communication with the borrower or how the...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)
Kieran O'Donnell: In either Ireland or the United Kingdom?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)
Kieran O'Donnell: None at all?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)
Kieran O'Donnell: I have major concerns about the paradox of positive equity. Ultimately, from a financial perspective, the bank gains from moving on properties, homes in particular that are in arrears for more than 90 days. It benefits the balance sheet far more significantly than moving on property loans that are in negative equity. I would like to hear the banks elaborate on the procedures that are in...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)
Kieran O'Donnell: I welcome Mr. Brown and his colleagues. I wish to raise a couple of points for clarification. RBS gave €18 billion to Ulster Bank. Did the money come from the British taxpayer or the UK?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)
Kieran O'Donnell: When the deal was negotiated with the UK Government, had mortgage write-offs taken place in RBS?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)
Kieran O'Donnell: Money was given by the British taxpayers to RBS. Is Ulster Bank's parent company RBS?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)
Kieran O'Donnell: Ulster Bank was given funding via the same channel but RBS performed write-offs in the UK so it stands to reason that the same policy should operate within the group.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)
Kieran O'Donnell: Is it correct that 14,131 home loans were in arrears of more than 90 days at the end of last December?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)
Kieran O'Donnell: What is the current figure?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)
Kieran O'Donnell: How many of the mortgages in arrears are in positive equity?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)
Kieran O'Donnell: By definition, one could say that 50% of the mortgages in arrears for more than 90 days are probably in positive equity.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)
Kieran O'Donnell: What is the delegation's general view on the matter? Let me give the example of someone in arrears for more than 90 days who has a property in positive equity. What view does the bank adopt in that situation? Does it distinguish between a property in negative equity or positive equity?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)
Kieran O'Donnell: Let us consider what happens if the bank moved on a property in positive equity and sold it for more than the value of the loan. What impact would that have on the deposit to loan ratio and the bank's capital ratio?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)
Kieran O'Donnell: Would the bank re-lend the money?