Results 29,821-29,840 of 35,924 for speaker:Pearse Doherty

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

Pearse Doherty: I thank Mr. Brown.

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

Pearse Doherty: Mr. Brown will not give a commitment to freeze their interest rates at this point in time. There is only a number of them and it is a unique case.

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

Pearse Doherty: As to the bank's legal entities, has the bank been involved in it? Other banks, such as ACC and Bank of Ireland, are all involved in this. Has Ulster Bank not done this, not commissioned?

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

Pearse Doherty: At the outset, I appreciate the honesty in that answer, because there is a financial penalty and it is clear the banks have met the target in the easiest way possible, namely, non-engagement and the sending out of a legal letter. Moreover, Ulster Bank itself expects this is not a long-term solution because it expects the threat of repossession will not materialise in the majority of cases....

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

Pearse Doherty: Yes, that is my question. Mr. Brown mentioned there are 4,036 account holders in long-term arrangements with the bank.

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

Pearse Doherty: However, the aforementioned 4,038 accounts cannot be provided to the Central Bank to meet the targets the latter has laid down.

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

Pearse Doherty: Would a sizeable proportion of Ulster Bank's long-term arrangements include interest-only?

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

Pearse Doherty: On the economic concession model, which is Ulster Bank's variant of the split mortgage or its alternative to it, the witnesses should explain to the joint committee what happens. In an example of someone who has a €200,000 loan, what would be done by Ulster Bank is that the sum of the capital would be reduced and the interest rate would be reduced. It would then be extended over a...

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

Pearse Doherty: Basically, the economic concession model is an interest rate reduction. That is all it is.

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

Pearse Doherty: Is the interest rate reduction for the long term? It is not for the duration of the loan but is only for part of the term.

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

Pearse Doherty: Mr. Brown stated that 1,000 of these are up and running. Is Ulster Bank entering into three-year, six-year or seven-year contracts with its customers or is this for the lifetime of the loan?

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

Pearse Doherty: However, is there a potential clawback, whereby I would be offered a reduced interest rate for the period but were my circumstances to change, this could increase? Alternatively, is the bank offering a contract that is for a duration of five years after which it will be reviewed?

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

Pearse Doherty: I will move on. There is much other detail that is missing and hopefully it will be furnished to the committee. We probably will have a further round of these meetings later in the year. Has Ulster Bank shed jobs recently, particularly in the arrears support unit?

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

Pearse Doherty: Given the problem Ulster Bank has, why is it not renewing fixed-term contracts in the arrears support unit? Mr. Brown has explained that 35% of the bank's base, which equates to approximately 6,000 people, is not even engaging with the bank.

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

Pearse Doherty: It is ironic that I have received correspondence from an individual who has been sacked or whose contract has not been renewed by Ulster Bank.

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

Pearse Doherty: I will not name anyone and he has given me permission to deal with this case.

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

Pearse Doherty: No. My point is it is ironic that he worked in the mortgage arrears section. His contract is not being renewed and now he cannot pay his mortgage, which is with Ulster Bank. Mr. Brown mentioned earlier that a holistic approach must be taken in this regard. The bank itself must consider some of these cases. I refer to Priory Hall and a question members have asked of the other banks....

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

Pearse Doherty: As for my final question on the bank's commitment, the witnesses have addressed it earlier. However, members are all concerned - and as a member of Sinn Féin I am particularly concerned - regarding the bank's commitment to its presence both here in the South and in the North. I acknowledge this is outside the witnesses' control. How many lifestyle reports has the bank conducted in...

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

Pearse Doherty: Yes, with regard to people who are in mortgage arrears. Other banks are using them and Bank of Ireland has just confirmed it is using them. Basically, it employs special investigators to follow people to ascertain what type of lifestyle they are living.

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

Pearse Doherty: Is interest still being accrued on the mortgage? That is one of the issues. If I may ask Mr. Brown a leading question, I note that AIB appeared before the joint committee yesterday. Its representatives acknowledged that while a process was under way with the banks, it was not going to work and they stated AIB's intention was to deal with the individuals with which it was concerned and was...