Results 27,041-27,060 of 35,894 for speaker:Pearse Doherty
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)
Pearse Doherty: I thank Mr. Boucher.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)
Pearse Doherty: Let me finish. There is a breakdown of the figures. Approximately €1.5 billion in guarantee fees was paid up until the end of 2013 that had nothing whatsoever to do with the cash injection; it was because we had to guarantee the bank. The rest is mostly made up of coupons in terms of securities. Therefore, it does not have to do with the cash that was injected. Mr. Boucher should...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)
Pearse Doherty: Please listen for one second. This is interest on products bought from Mr. Boucher's bank. It is the exact same scenario as the one I have outlined. It is interest that was applied to coupons. I refer to the fee applied by giving the guarantee to Bank of Ireland, not to paying all the cash back. They are two different things. Bank of Ireland charges fees on transactions all the time,...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)
Pearse Doherty: Is Mr. Boucher blaming the Minister of Finance? He is big enough to say what is required. He should acknowledge that the capital that was injected into the bank has not been paid back and that what have been paid back are the fees that applied to the products bought in terms of shares in the years in question and the fee that applied to the guarantee issued to the bank. I refer to other...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)
Pearse Doherty: No, I just want an answer.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)
Pearse Doherty: It happened naturally; the bank did not do anything. The arrears capitalisation figure-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)
Pearse Doherty: The bank did not offer them anything. Their own financial circumstances improved.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)
Pearse Doherty: On arrears capitalisation, the situation of those concerned improved, which meant that they were not only able to take on the mortgages-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)
Pearse Doherty: Is Mr. McLoughlin saying the 1,060 customers subject to arrears capitalisation had an additional product offered to them?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)
Pearse Doherty: There is another category numbering over 2,000. I refer to where there was a mix of solutions. Will the delegation clarify whether arrears capitalisation involved people who just had arrears capitalised or people who were offered services in addition to arrears capitalisation?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)
Pearse Doherty: I want to stick with the figure of 1,060. The only service or solution these debtors received from the bank was arrears capitalisation because they were not offered a split mortgage term extension or an interest write-down. This means that their personal circumstances had changed such that they could deal with the mortgage, plus the arrears they had built up.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)
Pearse Doherty: That is the question I asked a couple of minutes ago. The point I am making is that almost 50% of the cases involve people whose circumstances changed and for whom the bank did not really have to do anything for them whatsoever other than recapitalising the arrears.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)
Pearse Doherty: Yes, but the bank did not offer them any solution. It telephoned and gave them advice and all the rest.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)
Pearse Doherty: The bank did not do anything for these categories. In real terms, it did not offer them a solution, save for saying it would bundle all their arrears into the mortgage when it found out they were able to deal with their debt. The other 1,300 were able to deal with the matter themselves. The figure is very low in terms of the products or services the bank provided for individuals in...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)
Pearse Doherty: The point I am making is that when one removes from the equation those whose fortunes naturally improved as a result of the recovering economy or another reason, one finds that the number of genuine solutions that have been provided is quite low.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)
Pearse Doherty: On the personal insolvency service, Mr. Boucher stated at a meeting of this committee on 10 April that the bank’s policy and practice were to have no debt write-down. Mr. Richie Boucher:For mortgage debt.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)
Pearse Doherty: Yes. When I questioned him, Mr. Boucher said the bank would torpedo any personal insolvency proposal that required a debt write-down on secured debt. Is that still the practice and policy of the bank? Alternatively, is somebody going behind Mr. Boucher’s back and writing down debt or agreeing to the personal insolvency proposals?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)
Pearse Doherty: I understand that and it is uniform across the banks. My question is whether it is still the position that Bank of Ireland will veto every personal insolvency proposal that requires it to take a debt write-down on secured debt.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)
Pearse Doherty: I understand that, but I am going to ask Mr. Boucher my question again. Will he confirm what he told the committee on 10 April?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)
Pearse Doherty: Let me put it a different way. Of the 45 proposals to which Bank of Ireland stated “Yes”, did any contain a write-down of mortgage debt?