Results 29,921-29,940 of 36,036 for speaker:Pearse Doherty

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

Pearse Doherty: The Central Bank code of conduct for directors of banks requires them to behave honestly regarding customers. Does Mr. Masding not believe it would have been important to inform customers that when the bank moved them from tracker mortgages to variable interest rate mortgages, it was basically getting one over them? Some customers may have asked to be moved from a tracker mortgage to a...

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

Pearse Doherty: AIB and Bank of Ireland informed us that no employee earning over €100,000 has taken a reduction in base salary as a result of the Mercer recommendations. Does the same apply to the approximately 200 employees in Permanent TSB?

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

Pearse Doherty: They have taken a reduction.

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

Pearse Doherty: Nobody has taken a reduction.

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

Pearse Doherty: Like other committee members, I welcome PTSB's approach in providing this information. It is helpful. Looking at slide No. 3, I acknowledge that there is momentum in the bank in the last couple of months to deal with the mortgage arrears crisis. Some of that momentum is taking homes from people through voluntary surrender. There is a substantial increase in split mortgages, etc. PTSB was...

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

Pearse Doherty: Does Mr. Masding acknowledge that letters calling for voluntary surrender of the house have been sent to some of his customers in error?

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

Pearse Doherty: I am five minutes into my question. The question was not on the process but whether the bank acknowledges that it has asked customers for the voluntary surrender of a family home in error in the past.

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

Pearse Doherty: It is the case.

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

Pearse Doherty: PTSB is asking for the voluntary surrender of a house that went into arrears of €300 for only ten days. The bank acknowledged to the individual that they are computer-generated letters and the bank is not pursuing the voluntary surrender of it.

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

Pearse Doherty: Is Mr. Masding concerned that 36% of the 6,650 cases that are required to meet the Central Bank's targets are repossessions, either voluntary or legal, that will take people's family home or property from them? This is a trend with the banks. PTSB is at the lower end at 36%. In Bank of Ireland the figure is 50%, AIB 70% and Ulster Bank 82%. There is a heavy concentration on requesting...

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

Pearse Doherty: Let me rephrase the question. Based on this table, in 36% of the cases customers have no choice but to surrender their house or have their house taken from them. They do not offer split mortgages or any other solution. It is surrender the house or legal proceedings to take the house from them.

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

Pearse Doherty: I would have liked to have raised this issue with the other banks and perhaps the committee might do so. Ulster Bank's customers have been very loyal to the bank, despite last year's IT fiasco. It has 1.3 million customers here and 2 million across the island of Ireland. It is closing a number of branches - the number is on its website. It has slipped out that the bank intends to close...

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...