Results 49,241-49,260 of 49,836 for speaker:Stephen Donnelly
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)
Stephen Donnelly: Mr. Boucher gave the market disclosure figure on the previous occasion on which he came before us.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)
Stephen Donnelly: Therefore, Mr. Boucher is refusing to state how much money, if any, the bank has surrendered, even though he did so on the previous occasion on which he appeared before the committee.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)
Stephen Donnelly: Therefore, Mr. Boucher is refusing to supply the information in question. I will ask a different question. Is the amount Bank of Ireland has surrendered in its accounts?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)
Stephen Donnelly: That is not what I am asking. I am asking whether the total amount the bank has surrendered in its accounts. Does the bank now disclose it?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)
Stephen Donnelly: I understand that. Will Mr. Boucher actually answer the question I asked?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)
Stephen Donnelly: The disclosure is the provision.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)
Stephen Donnelly: Just for the record, Mr. Boucher, as chief executive of Bank of Ireland, is refusing to tell the Oireachtas Joint Committee on Finance, Public Expenditure and Reform how much the bank has surrendered. Bank of Ireland has taken a write-down of €1.4 billion. Deputy Pearse Doherty asked how much had been-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)
Stephen Donnelly: Yes, I understand. The bank has made a provision of €1.4 billion. On the previous occasion on which he was before the committee Mr. Boucher said the bank had not surrendered anything. He is now refusing to tell the committee what is the actual number. That is fine. In terms of the personal insolvency legislation being brought forward-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)
Stephen Donnelly: I thank the Chairman. If someone enters into a debt settlement arrangement on secured debt, particularly in respect of a house, and if an agreement can be arrived at by the bank, the personal insolvency professional and the borrower or borrowers, at the end of the debt settlement period - under the proposed legislation this will be up to six years - is it the bank's understanding that the...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)
Stephen Donnelly: Therefore, it is possible that the bank will engage in debt surrender as part of debt settlement agreements under the new legislation. Is that what Mr. Boucher is saying?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)
Stephen Donnelly: Yes, I understand that. We are in the Republic of Ireland and can state all sorts of truisms. I do not know what Mr. Boucher is doing here if he is refusing to answer questions. For the record, he is refusing to indicate to the Oireachtas Joint Committee on Finance, Public Expenditure and Reform whether the bank will even consider debt surrender in the context of the upcoming personal...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)
Stephen Donnelly: Following up on the point made by Deputy Kevin Humphreys, what is the bank's current five-year fixed mortgage rate?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)
Stephen Donnelly: My understanding from the figures is that there is just over €17 billion in outstanding tracker loans and just over €10 billion in outstanding non-tracker loans on Bank of Ireland's mortgage book in the Republic. With rounding, this comes to some €28 billion in outstanding mortgage loans. The figure given for the amount of negative equity was €4.3 billion. Does...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)
Stephen Donnelly: In other words, therefore, it is the bank's estimate that of the €28 billion in loans outstanding, there is some €23.7 billion, give or take, of real assets at market value.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)
Stephen Donnelly: As of today.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)
Stephen Donnelly: Is Mr. Boucher saying the bank's best estimate at the time is that against the approximately €28 billion in mortgages outstanding in the Republic of Ireland, there are realisable assets at today's market value of just under €24 billion?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)
Stephen Donnelly: How does the bank calculate negative equity if not as the difference between the amount outstanding versus realisable assets?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)
Stephen Donnelly: Does that mean the €4.3 billion in negative equity is not the bank's estimate of the difference between the total amount of mortgages outstanding and the total amount of asset value against those loans?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)
Stephen Donnelly: Will Mr. Boucher answer the question?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)
Stephen Donnelly: I am not talking about ability to repay. I am trying to understand whether, when he says "negative equity", Mr. Boucher means the difference between the total amount of loans outstanding and the realisable assets against those loans. If someone has a mortgage of €500,000, for example, and the market value of the property is €300,000, the negative equity is €200,000,...