Results 9,461-9,480 of 16,492 for speaker:Ciarán Lynch

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)

Ciarán Lynch: I will allow the Deputy a little more time.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)

Ciarán Lynch: Before calling the next speaker, I have a couple of questions for Mr. O'Connor. Of the personal insolvency arrangements that have been put in place, can he indicate the number of vetoes that have been instigated against them? Second, to what extent are the unsecured partners in those arrangements, such as credit unions, credit card companies and so on, co-operating? Are they resistant to...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)

Ciarán Lynch: I must be excused from the committee for ten minutes. Deputy Kieran O'Donnell will chair the meeting in my absence.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)

Ciarán Lynch: The Deputy has four and half minutes remaining.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)

Ciarán Lynch: The reason I am pinning down the witnesses on this point is that the impression we got from some of the banks that have come before us is that the bankruptcy route seems to be the least painful one which is a little ironic with regard to the approach they are taking. I imagine the question people considering bankruptcy would ask themselves is where their property or home would lie at the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)

Ciarán Lynch: That brings me to my final question. Why is somebody being charged a minimum of €5,000-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)

Ciarán Lynch: -----for a house that is in negative equity, given that they are paying €5,000 to buy something that is a liability because it is in negative equity?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)

Ciarán Lynch: By "secured debt" does Mr. O'Connor mean where the property is still in the ownership of the home owner?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)

Ciarán Lynch: To come back to the waterfall set of solutions and simplify matters, the most benign solution is used at the start and the solutions become more drastic and severe as the difficulties are examined. Some of the banks that appeared before us are stating that when the property is disposed of in a case of voluntary surrender, there is a legacy debt that they still perceive as secured, even...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)

Ciarán Lynch: Bank of Ireland and permanent tsb stated they were going to go after legacy debt. Mr. O'Connor has said there are mechanisms available to debtors to deal with it. Will he talk us through the process? According to recent comments made to us by the banks' chief executive officers, if somebody is a Bank of Ireland or permanent tsb customer, he or she disposes of his or her property and there...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)

Ciarán Lynch: Moving to Mr. Lehane, the guide put together by the Insolvency Service of Ireland is quite good, as are the case studies set out inside it. Perhaps we might need to see more modelling related to the types of policy about which Mr. O'Connor is talking. I will drill down into some of the things about which Mr. Lehane spoke. I understand that in the United Kingdom the official receiver is...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)

Ciarán Lynch: Is Mr. Lehane referring to the position in Ireland or the United Kingdom?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)

Ciarán Lynch: Therefore, Mr. Lehane is saying there is a three year window.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)

Ciarán Lynch: What is the period during which Mr. Lehane must make a decision?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)

Ciarán Lynch: On the basis that there is no window, there is a suggestion that Mr. Lehane is sitting on many properties for a long period of time. Which property has been held the longest by him pending the making of a decision?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)

Ciarán Lynch: What is the average time for which Mr. Lehane would hold a property before making a determination or a decision on it?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)

Ciarán Lynch: I will come back to the €5,000 fee. Mr. Lehane is holding properties pending the making of a determination.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)

Ciarán Lynch: For how long is Mr. Lehane holding on to properties on average?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)

Ciarán Lynch: Mr. Lehane has held on to his share of a family home and disposed of the other share.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)

Ciarán Lynch: The general feeling is that a sustainable solution is something that may require a certain level of hardship and, in some cases, a prolonged period of hardship, but, ultimately, there is redemption at the end with certainty about the future for all clients involved - debtors and creditors. In respect of the Insolvency Service of Ireland, people would be in purgatory, but there would be...