Results 8,381-8,400 of 10,460 for speaker:Gerry Horkan
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Gerry Horkan: So €300,000 is the highest amount of redress that any customer got. Did that relate to a home that a customer lost?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Gerry Horkan: Is that a pure redress amount or is compensation included?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Gerry Horkan: The highest amount of compensation was not €300,000.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Gerry Horkan: That is pure compensation. What was the level of redress in respect of compensation?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Gerry Horkan: We saw percentages of compensation at approximately 15%, 20% or 25%. Is Mr. Byrne saying there are some compensation payments that are multiples of the redress?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Gerry Horkan: Was the opportunity cost associated with the house price included?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Gerry Horkan: For someone who lost a house in 2012 and was trying to buy it back in 2016-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Gerry Horkan: ----- there was an increase in property values in the interim.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Gerry Horkan: That was a point I made last week. I am sure someone in the AIB team watched our interaction with representatives from the Central Bank. Someone who fails to make a payment to the Revenue is likely to incur penalties that are multiples of the amount owed. However, here the compensation was 15%, 20% or 25%. For the person who got the highest compensation of €300,000, what was the...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Gerry Horkan: Would have it been €250,000 or €80,000?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Gerry Horkan: In this case, therefore, the person got a multiple of in excess of three times the redress amount.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Gerry Horkan: Did that particular ratio of redress to compensation only apply in respect of repossessed homes.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Gerry Horkan: Was it 14 properties?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Gerry Horkan: We have not touched on this area before. Let us talk about the highest amount of compensation somebody would have received - or redress and compensation combined - and then we can talk about the split. While somebody with an incredibly expensive property or a very large property might not have lost it, the amount of redress and compensation could have been very significant albeit they had...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Gerry Horkan: I think it is important for us to understand the level of pain and suffering because averages can hide a lot.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Gerry Horkan: If the average is €25,000 and 100,000 of those are €1,500 or smaller amounts, with the 80-20 rule, 20% of people might be feeling a lot of pain and the other 80% might not be feeling so much. It would be helpful if AIB were able to give us those figures.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Gerry Horkan: This is not a question I am asking exclusively; AIB happens to be the first. I will be asking exactly the same of all the other banks if somebody else does not get to the question before me on the next occasion. The committee will want to see those figures in as much detail as possible. The bank is to provide us a list of the 30 groupings. I ask Mr. Byrne to give us an idea of the...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Gerry Horkan: In this case, AIB is compensating them for its own mistake in putting them on the wrong produce in the first instance.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Gerry Horkan: However, it was AIB's mistake.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Gerry Horkan: Rather, it was EBS's mistake and AIB is now responsible for it.