Results 3,121-3,140 of 5,587 for speaker:Kevin Humphreys

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Kevin Humphreys: Are the approved housing agency, the local authority and the bank the three players?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Kevin Humphreys: So there needs to be a template or protocol relating to that within the local authority that would be very clear from the beginning?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Kevin Humphreys: When a mortgage is written off, does that not keep pushing people into bankruptcy? If a solution is proposed, the bank uses its veto because it is a write off on the mortgage. If the bank keeps using its veto in the manner in which it says it is going to use it because it says it does not do write offs on mortgage, does it accept that the only solution is bankruptcy?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Kevin Humphreys: Let us be reasonable. The bank has obviously investigated this and knows what the options for customers are. Has it looked to see exactly what the options are? If the bank exercises its veto, surely it has done the work to decide what the customer's other option is. When the bank has done that due diligence and examined it, it knows it is pushing people into bankruptcy. The only option...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Kevin Humphreys: I want to stick with this issue because I do not see any benefit to the bank in acting in this manner and exercising that veto. It is not good for the customer or the bank. Could Mr. Boucher explain the logic to me and explain where there is a better financial outcome for the bank when it exercises that veto?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Kevin Humphreys: That was a lovely speech. I am interested on the taxpayers' behalf because they have a 14% stake in the bank and saved the bank from the results of reckless lending so let us come back to the customer. The customer has gone through the procedures and there is an independent recommendation that there should be a write down on the mortgage where the bank still receives some payment. The...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Kevin Humphreys: The recommendation is good for the bank, the taxpayer and the bank's shareholders but because Bank of Ireland says it is going to play hardball, that it is the hardest one in the market and that it does not do write downs, it does not let that happen. That customer has gone through all the procedures. We know the mortgage is unviable and that the customer does not have the means to repay...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Kevin Humphreys: This gives a return to the bank. The customer has gone through the procedures. This is not a customer who has not engaged with the bank. They have gone all the way through.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Kevin Humphreys: The logic of what Mr. Boucher is saying is that because we are so tough, we have scared everybody else into performing. The bank is not acting in its best interests. It is not acting in the best interests of shareholders and it is certainly not acting in the best interests of the customer because they have engaged with the bank. The banks sends letters to them telling them to engage, which...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Kevin Humphreys: The last thing is not consistent with the bank's policy. This is important. We are not talking about a person who has not engaged. The customer has engaged with the service Bank of Ireland says it supports and advocates for. When it gives a recommendation at the very end when the person is put to the pin of their collar, the bank tells them to take a running jump.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Kevin Humphreys: Some months ago, I wrote to this committee and it was agreed that we would invite the Minister for Finance to come in to see how we would exercise this 14% shareholding in Bank of Ireland. I ask that we contact the Minister again and see if he will come in and attend this committee meeting to discuss how we will exercise the 14% shareholding by the taxpayer over which he exercises the voting...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Kevin Humphreys: No. It would be remiss of me not to refer to the College Green branch of Bank of Ireland as I have raised it with Mr. Boucher several times. I welcome the initiative that is taking place in opening it to the public. One hopes that can be built on. I acknowledge there was some movement. It is to be hoped we can work on it. Can Mr. Mason take the committee through assisted voluntary...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Kevin Humphreys: We have heard about problems regarding mortgage-to-rent, but if the property is suitable, how long does the bank wait for the procedure to go through? Is it eight or ten months? What is the average?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Kevin Humphreys: Can we put figures on it? For example, if I have a mortgage for €200,000, mortgage-to-rent is not a viable option and the property is worth €150,000, when does the bank enter into an agreement with me on the residual debt of €50,000?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Kevin Humphreys: Over what period?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Kevin Humphreys: Could it be over decades?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Kevin Humphreys: Do the witnesses not consider from their experience that to assist a voluntary sale actually weakens their position and that the customer would be better off to go down the bankruptcy road?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Kevin Humphreys: From what has been explained to me in the earlier evidence of the witnesses, if someone came to me who was dealing with the Bank of Ireland and he or she was in that situation, I would recommend bankruptcy. He or she is not getting a fair deal, as things have been explained. We have had other people in before from AIB and Ulster Bank to explain their procedures. The Bank of Ireland's...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Kevin Humphreys: I am looking at this from the taxpayers' perspective.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Kevin Humphreys: There are many reasons. We can go into that. The Bank of Ireland was very late to the party in terms of the reckless lending that went on. Deputy Pearse Doherty mentioned the position the bank was in at that stage. Can Mr. Boucher go through his understanding of the interbank protocol on arrears where there is a deal done on a mortgage? If the Bank of Ireland has an unsustainable...