Results 8,401-8,420 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: I might stop Mr. Kinsella because we could end up spending all my time talking about the 30 groups. The witnesses have agreed to send us the list of those 30.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Gerry Horkan: I ask about the 4,000 customers who will get the €1,000 plus the €615 for independent advice. Is there a panel of people to which they have to go? Is the bank writing them cheques for €1,615 or is it €1,000 and they have to bring in receipts for-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Gerry Horkan: Those 4,000 customers are getting €1,615 and if they do not want to spend €615 on legal advice, they can do whatever they want with it. If they want to spend all the money and more on independent advice, it is up them.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Gerry Horkan: Is the reason it has not been done yet that they have only just been identified or agreed to?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Gerry Horkan: That happened under a level of pressure from the Central Bank.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Gerry Horkan: Initially the bank would have regarded those as people it would not have been considering.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Gerry Horkan: Okay.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Gerry Horkan: That was the 4,000. I am about to move on. The 900 constitute the final cohort. What is the reason they are still-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Gerry Horkan: At this stage.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Gerry Horkan: Those 900 customers have not been compensated yet because the bank would have had a view until fairly recently that they were not part of their initially identified tracker-affected people. The Central Bank had a different view and AIB has come to an agreement whereby it is now giving them compensation and redress. In the case of the 4,000, it is not enormous amounts of money relative to...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Gerry Horkan: Will the bank will find roles for the two thirds of internal staff who are doing this at some point or will there be a big lay-off?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Gerry Horkan: If 95.5% of the first 3,509 are complete, what is left to do? Some may appeal, and I understand they have a year to do so.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Gerry Horkan: They have a year from when they get the letter and the cheque, so we will not know until October or even December of this year, depending on when the cheques went out. Many will leave it until the last moment to fire something in, meaning it could take longer. There is not that much work left in respect of the original people.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Gerry Horkan: These are the groups of 4,000 and 900.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Gerry Horkan: Is there much to do in respect of the 4,000 other than to give them all €1,615?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Gerry Horkan: A total of 4,000 at €1,500 each would amount to €6 million and will bring up the bank's provision but there remains a provision of between €50 million and €60 million.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Gerry Horkan: The final part of the jigsaw is those who appeal.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Gerry Horkan: The bank will not know finally how many appeals are in the pot until 12 months from the date of the last cheque that was issued, which will be by June of this year.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Gerry Horkan: Mr. Byrne is happy that the provision of €190 million is sufficient to cover AIB's costs.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Gerry Horkan: The provision of €190 million from 2015 is purely for redress and compensation. It is not for the costs of 500 staff.