Results 901-920 of 1,760 for speaker:Aideen Hayden

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Aideen Hayden: An important point must be made about this. I know that under section 3.40 of the CCMA the bank must document the process and everything else. However, there is no obligation on the bank to inform the borrower about why decisions are reached. Under the basic principles of natural justice, does the witness think that is an equitable position?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Aideen Hayden: I have not seen that in my experience. That is all I can say on that point. I wish to make a final point about receivers. I can forward a submission to the witnesses about the point I wish to make. I understand that approximately 1,250 receivers have been appointed to buy-to-let properties under deeds of mortgage, with at least 800 of them appointed by Bank of Ireland. There is deep...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Aideen Hayden: There is a proposal to amend the Residential Tenancies Act 2004 to put receivers firmly in the shoes of landlords. I hope Bank of Ireland would not object to that proposed amendment.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Aideen Hayden: I will not rehash old territory. The position has been made very clear in terms of the bank's attitude towards writing down debt and the priorities for the bank with regard to repaying the taxpayers' loan, along with the interests of shareholders, etc. I will focus on some aspects of the procedures as they relate to customers. I will begin by making a quick comment. In a previous career I...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Aideen Hayden: I concur with Deputy Kevin Humphreys's comments regarding the treatment of tenants when receivers are appointed. The law is very clear on this matter and for the record, I am aware that AIB's track record is better than some. In addition, I believe the appointment of the Irish Mortgage Holders Organisation, IMHO, to act as an independent broker between AIB and its clients has been a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Aideen Hayden: Would AIB be prepared to engage in and fund a national free confidential and expert service? Obviously, AIB's customers clearly can avail of this initiative but is the bank prepared to engage in international service?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Aideen Hayden: For the record, it is important to state that when the Money Advice & Budgeting Service, MABS, appeared before the joint committee last week, its representatives made it clear that they found the current situation to be entirely unacceptable. They mentioned how every time borrowers who were engaging rang, they were obliged to deal with a completely different person. Under the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Aideen Hayden: Very well. It is very important to have information on all the proposed solutions as to how they break down between mortgages that are in negative equity and those that are in positive equity. It also is important to state that unfortunately, the figures do not look as rosy as they might appear. I am aware that Deputy Pearse Doherty has alluded to this point but for the sake of argument, I...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Aideen Hayden: In this particular case, the mortgage is sustainable with the remaining borrower. However, I will engage with Mr. O'Connor separately on that case. Does Mr. O'Connor agree there is some necessity to amend the code of conduct on mortgage arrears to deal with situations in which people are separated?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Aideen Hayden: A change in the law.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Aideen Hayden: I must conclude because we are running out of time. Clearly, I disagree. I have worked in the law and that is a Chinese wall that would not pass muster with anyone, particularly when prohibiting people from accessing a statutory service. We will raise that again with the Insolvency Service of Ireland. Of 3,813 buy-to-let mortgages in arrears of more than 90 days, 1,518 are subject to...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Aideen Hayden: I will be brief in my response. I understand the legal nuance of the situation but I must disagree with the rosy view on the appointment of rent receivers or any other type of receiver to buy-to-let properties. In many cases, tenants have had money taken from them and have been forcibly evicted. There is no maintenance on the property and there is a significant need for clarity in the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Aideen Hayden: Will Mr. O'Sullivan furnish us with those guidelines?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Aideen Hayden: I am speaking from personal experience. I have had situations where borrowers have either been involved in completing financial statements or I have seen standard financial statements. I am concerned that in many instances borrowers are being left critically short of money to pay for basic necessities. In fact, MABS has raised the point with us that there is no stress testing of the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Aideen Hayden: For the record, more generous.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Aideen Hayden: In regard to the MABS clients that permanent tsb deals with, would Mr. O'Sullivan have a breakdown of any MABS standard financial statements furnished to him the amount of which he has subsequently queried or reduced where MABS proposed a higher amount? If he cannot furnish that, perhaps he could consider furnishing to us at a later date.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Aideen Hayden: Mr. O'Sullivan would consider it his duty to challenge what is considered as reasonable expenditure by MABS, which is a statutory body.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Aideen Hayden: One of the issues that has come up in the document permanent tsb gave us on insolvency arrangements is that the bank has been involved in only one personal insolvency arrangement. From the recent Insolvency Service of Ireland report, I note there were 58 applications, of which only four were successful. What number of applications for a personal insolvency arrangement involved permanent...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Aideen Hayden: It was the case that permanent tsb was party in one of them.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Aideen Hayden: How many of the 58 applicants were permanent tsb's?