Results 32,641-32,660 of 36,054 for speaker:Pearse Doherty
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)
Pearse Doherty: What stopped the bank from presenting 1,300 cases in the past 12 months instead of 13?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)
Pearse Doherty: This is completely at odds with what one of the Central Bank officials said publicly about Bank of Ireland and other banks, that they are dragging their heels on the matter. What I am hearing from Mr. Boucher is that he is blaming the Central Bank for the delay and that the bank would like to process more of these if it were allowed. It is pathetic that there have been only 13 applications...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)
Pearse Doherty: I understand, but my focus in this specific question is on why there are only 13 proposals in this scheme after one year given the enormity of the mortgage crisis. It is important for us to understand why, 12 months on, the bank has only proposed 13 accounts to use this scheme as an option.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)
Pearse Doherty: I will leave it there, but it is quite unsatisfactory. Most people on this committee simply want this issue resolved. We need to know why the bank has taken so long to deal with the issue. How many residential mortgage customers have been assisted via the assisted sales, voluntary sales and trade-down options mentioned in the bank's report?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)
Pearse Doherty: On the mortgage-to-rent scheme, the bank has disclosed that there are 13 availing of this. Mr. Boucher mentioned three specific other options.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)
Pearse Doherty: Other things could be captured within the 222.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)
Pearse Doherty: I asked for the number of accounts.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)
Pearse Doherty: How much has the bank written down for domestic mortgage holders to date? I am not asking about provisions.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)
Pearse Doherty: The representatives of AIB informed us yesterday that at this time last year it had written down 600,000 domestic mortgages. How many has Bank of Ireland written down?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)
Pearse Doherty: Will the bank not disclose what has actually been written off? How much money did the taxpayer provide the bank for losses of the domestic mortgage book under the prudential capital assessment review, PCAR?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)
Pearse Doherty: Under the PCAR, how much was provided for losses on the domestic mortgage book?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)
Pearse Doherty: The State invested on the basis of a stress test that was carried out, which showed that the likely losses within Bank of Ireland on the domestic mortgage book were in the hundreds of millions of euro. However, the bank is refusing to write down any of that money and is hoping the customers pay every single penny of that back to the bank and will pocket the capital the taxpayer paid at the...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)
Pearse Doherty: I will move on. Mr. Boucher has said the bank wants to disengage from the ELG and that when the guarantee runs out on 31 December, it is ready for this year. Is he satisfied the bank will be able to raise money on the markets without a guarantee? Is that the proposal regardless of whether the guarantee is extended? Is it the objective of the bank in 2013 to be able to raise finances...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)
Pearse Doherty: With regard to an investment return of 8% to 12%, most of the money that went from the State to the bank, approximately €15 billion, went via the NTMA and the National Pensions Reserve Fund. The National Pensions Reserve Fund has been successful in the past but average returns are approximately 6%. Why would the National Pensions Reserve Fund not hold onto its shares in AIB if the...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)
Pearse Doherty: Approximately €1.4 billion of the recapitalisation was contingent capital under PCAR. It is due to be repaid to the State by 2016 on the basis that AIB does not hit the adverse scenario under the stress tests. Are the witnesses confident the contingent capital will be returned to the State according to the figures being worked on now?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)
Pearse Doherty: That is a "Yes" under the assumptions used at the moment. I take the witnesses back to November 2011, when there was a public spat between the Government and the bank. The Minister of State at the Department of Finance called the position of the bank pathetic and the Minister for Finance said the position was serious. It concerned the ECB reduction of 25 basis points in interest rates,...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)
Pearse Doherty: This is my last question. Last year, the bank informed the committee that €600 million had been written off in respect of the mortgage book. What is the figure at this point?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)
Pearse Doherty: I did not ask about the provision. What has actually happened?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)
Pearse Doherty: The committee was informed that, this time last year, some €600 million was written off in respect of the domestic mortgage book. Does the figure of €600 million still apply or has it increased?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)
Pearse Doherty: I refer to a letter from the bank responding to questions at the Oireachtas joint committee, which states that mortgage write-offs to date at AIB have only occurred in exceptional circumstances as, so far in 2011, the bank has written off €6,000,000 predominantly in the first half of the year. I seek an update on the current figure.