Results 20,201-20,220 of 26,228 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: 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?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Kieran O'Donnell: I presume that situation would be classified as a risky loan on the balance sheet of Ulster Bank beforehand. At the moment this matter has cropped up as an issue across the mortgage loan book. I would use the term "paradox of positive equity" whereby people in positive equity are at times more vulnerable than people in negative equity. I do not mean they are vulnerable in terms of their...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Kieran O'Donnell: I did not ask that question.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Kieran O'Donnell: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Kieran O'Donnell: I am not saying anything about that. I made a straightforward point. This matter has arisen for all institutions. We deal with the public like banks do but in a different capacity. A worrying feature has arisen. There is a danger that the banks are becoming bloodhounds for positive equity within loans. There is a danger that people in arrears with their mortgage repayments are at a...

Public Accounts Committee: 2012 Annual Report of the Comptroller General and Appropriation Accounts
Vote 11 - Office of the Minister for Public Expenditure and Reform
Vote 12 - Superannuation and Retired Allowances
Chapter 3 - Financial Commitments under Public Private Partnerships
Chapter 4 - Vote Accounting
Chapter 5 - Vote Budget Management (3 Apr 2014)

Kieran O'Donnell: What is Mr. Watt's general view of the model for funding public service pensions? How sustainable is the provision? I understand officials are considering the various assumptions and the dependency ratio between the numbers working in the public sector and those in receipt of public sector pensions, which is tipping more towards pensioners.