Results 20,301-20,320 of 26,960 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: 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.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Richard Boyd Barrett: It does not add up but I have made my point. I seek clarification on the issue of the mortgage holders being allowed to buy back their own mortgages in or around the same sort of discount the vulture capitalists will get when they purchase the mortgage books. Mr. Wallace has said it would have been too costly, taken too much time and so on to do it that way. 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: How many of the people who bid for their own loans does he anticipate will get their own mortgages?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Richard Boyd Barrett: Yes.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Richard Boyd Barrett: What is the reason the others are not getting it?