Results 20,261-20,280 of 26,924 for speaker:Richard Boyd Barrett
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Richard Boyd Barrett: Mr. Wallace took that advice, saying it would be bad value for money and IBRC should not consider that option. Maybe he got advice on the other tranche of loans, commercial and corporate loans, from elsewhere, and decided it was something to consider.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Richard Boyd Barrett: In the decisions Mr. Wallace made, one set of rules applied to people trying to keep a roof over their heads and talking about the mortgages on their family homes, and another set of rules applied to commercial and corporate loans.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Richard Boyd Barrett: I just want to make this clear for everybody. An individual home owner dealing with the mortgage for his or her home cannot buy it back but a corporate or commercial interest might be able to buy their own loan back at a discount. That is the decision Mr. Wallace made.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Richard Boyd Barrett: That is the decision Mr. Wallace made.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Richard Boyd Barrett: That is the problem. We have established the Government is disposed towards bringing in legislation that will make these loans subject to the consumer code, the mortgage arrears resolution process, MARP, and so on. We do not know when but it has indicated it will do so at some stage. At the same time we have been told that it cannot be a condition of the sale because it will impact on the...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Richard Boyd Barrett: That is the point I want to get at. It seems to me there is another option. I understand the mortgages for principal private dwellings have not been sold yet. Is that correct?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Richard Boyd Barrett: Is there any reason we could not amend the IBRC Act 2013 to make it a condition of the sale of any principal private residences, and the mortgages pertaining to them, that they be subject to MARP and the consumer code? Is there any reason that simple amendment to the IBRC Act 2013 could not be made and inform what the special liquidators do in the sale of that book? Is there any reason that...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Richard Boyd Barrett: Not if it specifies principal and private residences, which have not yet been sold because the IBRC has not sold any principal private residences.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Richard Boyd Barrett: The IBRC has not sold them yet.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Richard Boyd Barrett: I do not see the connection between the two things.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Richard Boyd Barrett: Is there any reason it could not be done? Ms Nolan has expressed her opinion on why it might be better. We can agree to disagree but is there any reason it cannot be brought in, that the amendment cannot be made?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Richard Boyd Barrett: Mr. Wallace mentioned a figure of 60% earlier when I was asking questions. There was some confusion because Mr. Wallace thought my question pertained to all mortgages but I was primarily concerned with residential principal private dwellings and so on. I am seeking clarity because given the rapid fire of questions backwards and forwards taking in the import of what Mr. Wallace said has...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Richard Boyd Barrett: What was the 60% figure?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Richard Boyd Barrett: Is Mr. Wallace referring to the 33 borrower groups?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Richard Boyd Barrett: Mr. Wallace is referring to those which have gone through. These are not principal private dwellings. They are not residential mortgages. Is that correct?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Richard Boyd Barrett: Therefore, it would be fair to assume that most of these are commercial and property loans. Am I right?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Richard Boyd Barrett: Therefore, Mr. Wallace has decided that if a person is a developer he can buy his own loan back, but if a person is a home owner dealing with the roof over his head for him and his family then he cannot. That is the recommendation Mr. Wallace has made in the best interests of the public.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Richard Boyd Barrett: Why would it affect the purchase price?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Richard Boyd Barrett: The delegation cannot quantify what the difference in value is, yet they are telling us there is no difference at all from the point of view of the mortgage holders. That is what Mr. Wallace has implied because last night, in the late hours of the night, they had not signed up to some voluntary commitment. That is a big contradiction. It cannot be both things. Either the assurances Mr....
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Richard Boyd Barrett: Although the special liquidators did not ask the purchasers and cannot quantify the difference, presumably.