Results 4,101-4,120 of 4,787 for speaker:Aodhán Ó Ríordáin
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Aodhán Ó Ríordáin: I would hope so. I know Mr. Brown has already made some comments about Priory Hall. The families involved in Priory Hall are clinging to every sentence from Mr. Brown. We had two different responses. The response from AIB was reasonably positive and said it would deal individually with families and that in a number of weeks it should have positive solutions for these families. It was...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Aodhán Ó Ríordáin: Does Ulster Bank feel it can be imaginative?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Aodhán Ó Ríordáin: Does Ulster Bank think it will be led by what other banks do?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Aodhán Ó Ríordáin: I will conclude with this. We got a positive answer from AIB but did not get a great response from Bank of Ireland but at least it said it might be influenced by what other banks might do in that regard. What I am getting from Mr. Brown is that Ulster Bank will approach it on a case-by-case basis and will not be influenced by any other factors.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Aodhán Ó Ríordáin: I welcome the Ulster Bank representatives to the committee. Representatives from Bank of Ireland stated here earlier that the majority of distressed mortgages in their bank are tracker mortgages. Is that the position in Ulster Bank's case?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Aodhán Ó Ríordáin: Is Ulster Bank working proactively or has it a policy to get more of its customer base off tracker mortgages? Are they dragging the bank down?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Aodhán Ó Ríordáin: If tracker mortgages are, in Mr. Brown's words, a drag on the industry, does that mean there is extra pain being front-loaded on those on different types of mortgage?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Aodhán Ó Ríordáin: I got two very different answers from AIB and Bank of Ireland when I asked about the potential for an increase in the variable interest rate in the next year. The AIB representative stated he could not really foresee it and the Bank of Ireland representative stated he would not rule it out. What is Mr. Brown's view?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Aodhán Ó Ríordáin: Will the bank be engaging with those on tracker mortgages and can they expect contact from the bank with a range of products that the bank thinks may be more favourable to them?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Aodhán Ó Ríordáin: On strategic defaulters, it is a little like when people talk about social welfare where the word "fraud" is always included. Sometimes I wonder whether this is part of the policy in the banking system where the banks talk about defaulters, the word "strategic" gets in there and, before one knows it, that seems to be all we talk about. I am not necessarily suggesting that the Ulster Bank...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Aodhán Ó Ríordáin: In Mr. Brown's experience, are these mainly buy-to-let properties or are they owner-occupiers?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Aodhán Ó Ríordáin: Why would somebody want to strategically default on a property that is their only property that they are living in?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Aodhán Ó Ríordáin: Surely someone who is a strategic defaulter, in Mr. Brown's terms, of an owner-occupied home, is not somebody who is being devious. It is somebody who needs help.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Aodhán Ó Ríordáin: Would they be frightened? Is that the reason?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Aodhán Ó Ríordáin: If strategic defaulting is a problem as identified by Mr. Brown and if somebody is frightened to deal with a bank and is an owner-occupier, surely the bank would have imaginative ways of dealing with that situation.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Aodhán Ó Ríordáin: The reason I am saying this is because when people start throwing out terminology such as "strategic defaulters", what forms in somebody's mind is an image of somebody who has a broad portfolio, is merely playing the system, is trying to out-fox the bank and is not playing ball whereas what we possibly have is somebody who is terrified of hearing the telephone ring.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Aodhán Ó Ríordáin: Okay. I have two quick questions. The first is on the link between mortgage arrears and unemployment. Would Mr. Brown accept that many mortgages should not have been given out?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Aodhán Ó Ríordáin: Given the financial situation of the families and individuals involved and their income at that time, would he accept they should not have been given those mortgages?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Aodhán Ó Ríordáin: In my mind, it is the same question.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Aodhán Ó Ríordáin: I am sure that experience will teach Mr. Brown as to how to manage the bank's affairs in the future and the bank would never go back to that kind of practice ever again.