Results 21,421-21,440 of 26,960 for speaker:Richard Boyd Barrett

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)

Richard Boyd Barrett: The Chairman could give me the chance to ask my question. At the end of the process these people would be left with a huge debt that would have to be paid off before selling the house. What is the difference between that and the economic concession and is the economic concession possibly a better deal?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)

Richard Boyd Barrett: What kind of payment is required?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)

Richard Boyd Barrett: What about legal proceedings?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Richard Boyd Barrett: Apologies. Mr. Brown is on record as having said the Government should continue with the troika's austerity programme. It was put to him that there is a big contradiction between that and the sustainability of people being able to make their mortgage repayments. Regardless of what he might have said in the past, not only for those currently in mortgage distress who are trying to move to a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Richard Boyd Barrett: I am an Ulster Bank customer and want to appeal to the bank on Deputy Mathews's earlier point. I understand having a call centre out of hours, but I find it bizarre when I am trying to telephone my branch that I am diverted to somebody who tells me he or she will act as an intermediary with my bank and that I will receive a call back some time. That disconnect between bank customers and the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Richard Boyd Barrett: Senator Barrett has ten minutes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Richard Boyd Barrett: I take the point which I heard earlier. The economic concession is an interesting issue. Anecdotally, what I hear is that people are not interested in split mortgages because they think they will be sunk in debt for the rest of their lives. There has been some emphasis in the media debate to the effect that split mortgages are akin to Moses and the Messiah coming to save people in mortgage...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Richard Boyd Barrett: The economic concession runs short of a debt write-down, which is what I would like to see, but it is an improvement and we need to look at it more closely. If Ulster Bank, unlike Bank of Ireland in cases of voluntary surrender, is not chasing as a matter of course the shortfall which is very fair and reasonable, it is, in effect, giving a write-down on an unsustainable debt.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Richard Boyd Barrett: What it is doing is giving people an incentive to throw the keys back at the bank. Why does it not give them an incentive to stay in their homes and give them a write-down? Why would Ulster Bank not extend that logic to keep people in their homes? I do not understand. The bank is going to take the hit.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Richard Boyd Barrett: In conclusion, I think the banks need to work harder at getting the message out. The bank needs to be fair. It is making efforts to some degree, but it needs to-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Richard Boyd Barrett: I have no doubt that people are not engaging with the bank because they are terrified. The bank must recognise its role in creating the fear and genuinely reach out to people by saying it will help people to stay in their homes if that is at all possible and that it is willing to take some responsibility for its role in the mess in working out a solution with them. If that message was sent,...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Richard Boyd Barrett: Eventually.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Richard Boyd Barrett: I put it to Mr. Brown that in his response to the last question there is an absolute glaring double standard and contradiction. On the one hand Mr. Brown is endorsing a global solution to the Irish economic problem when it comes to imposing austerity. That is okay for the good of the economy. However, it is not okay to have a global solution when it comes to the banks acknowledging their...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Richard Boyd Barrett: Then how can Mr. Brown seriously and in the same breath encourage the Government to cut people's pay, jobs and income to the extent that they are unable to pay their mortgages to the bank? That is beyond comprehension. I find it fascinating and frankly a little alarming that Mr. Brown says there is no correlation any longer between unemployment and mortgage default, the implication, nicely...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Richard Boyd Barrett: We will agree to disagree. Mr. Brown will find that Ulster Bank did not have much default before 2008 and it has a good deal of default now and for him to suggest there is no direct connection between those two things is bordering on the preposterous. Mr. Brown stated that 35% are not engaging and 35% of 15,328 home mortgages, which he says are in default of one description or another, is...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Richard Boyd Barrett: The jury is out on this stuff and we will know a little more in six months or a year. It is alarming that in the case of all of the banks which have come before the committee a very high proportion of the supposed solutions they have offered to meet the targets involve their going down the legal route. One could be forgiven for thinking that there is an avalanche of repossession cases on...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Richard Boyd Barrett: Could Mr. Bell repeat those figures?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)

Richard Boyd Barrett: I thank Mr. Boucher and his team for coming in. I agree with him as opposed to Deputy Ó Ríordáin that we do not really need gestures. We need real action from the bank not just in terms of hard cash, although that is one side of it. The major issue is whether we can get the tens or hundreds of thousands of people in the country as a whole and the tens of thousands with whom...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)

Richard Boyd Barrett: Mr. Duffy revealed yesterday that whereas AIB had written off around €475 million, only €38 million of that was write-offs for residential mortgages and the rest was for the buy-to-let sector. In other words, the developers who were most guilty of getting us into this mess were getting write-offs while for the most part, ordinary home owners were not getting any forgiveness....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)

Richard Boyd Barrett: Does Mr. Boucher not think it is unfair for the majority of ordinary mortgage holders under these restructuring arrangements and certainly under the forbearance, as Deputy Donnelly just outlined, which is not a long-term restructure and is just digging people further into a hole of debt? Many of the banks seem to be just playing for time in situations that are further digging people into a...