Results 9,601-9,620 of 16,492 for speaker:Ciarán Lynch

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

Ciarán Lynch: In his opening statement Mr. Boucher acknowledges the State's 14% stake in Bank of Ireland. When Mr. David Duffy of AIB was before the committee yesterday afternoon, I asked him whether the State's 99% ownership of that bank afforded it a certain level of flexibility not available to other banks operating in a more private capacity. He refuted that, however, maintaining that his bank is...

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

Ciarán Lynch: In regard to legal proceedings, we have seen a figure of 3,478 for Bank of Ireland. Reference was made today to there being some 2,200 court proceedings initiated, judgments obtained and so on, but the way the figure has been presented to us does not include court letters. Will the delegates clarify whether the sum of 3,478 excludes court letters issued? If so, the figure of 3,478 is...

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

Ciarán Lynch: So the first contact the customer will have from Bank of Ireland is a repossession letter?

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

Ciarán Lynch: There is no attempt to engage with the customer and bring him or her into the bank.

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

Ciarán Lynch: Does the letter include a threat of legal action?

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

Ciarán Lynch: I assume it does, along the lines of, if the customer does not get back to the bank he or she will be taken to court.

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

Ciarán Lynch: Do the witnesses have a figure for the number of letters that are not at the court letter stage?

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

Ciarán Lynch: It would be helpful to get an overall feel for the scale of this. Some of the banks are including these letters in their resolution process figures, but the committee's position is that while they may represent a commencement of a process, they do not represent a process as such and certainly not a conclusion.

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

Ciarán Lynch: Is Bank of Ireland engaging in debt write-down as part of its resolution process on a case-by-case basis?

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

Ciarán Lynch: We heard the same from some of the other banks but, in fact, debt write-down is taking place after the disposal of property in a repossession or voluntary surrender. In some cases the remaining debt was left there as a legacy issue with no apparent decision as to what would happen with it. What is the situation if a Bank of Ireland mortgage holder goes into a voluntary surrender or the...

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

Ciarán Lynch: Will Mr. Mason elaborate on that? If the residual amount were €100,000, would Bank of Ireland be seeking repayment on that amount or on an adjusted sum?

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

Ciarán Lynch: I thank Mr. Boucher and Mr. Mason for the presentation. I will begin the questions session by asking an obvious question. The State has a 14% holding in Bank of Ireland at a value of €1 billion. Has a timeframe been negotiated as to when the State will redeem its holding so that Bank of Ireland will then become a wholly privately owned company?

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

Ciarán Lynch: It is estimated to be worth approximately €1 billion.

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

Ciarán Lynch: Is the State receiving a dividend?

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

Ciarán Lynch: So it is a flat €1 billion.

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

Ciarán Lynch: An issue that will be raised is Mr. Boucher's salary, which has been the subject of public discussion this week. Does Mr. Boucher wish to comment?

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

Ciarán Lynch: Other members of the committee may wish to comment on that matter. The target for resolutions is 86%.

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

Ciarán Lynch: The committee has been trying to establish whether there is some level of consistency between the different banks under the regulation of the Central Bank. That is not to say there has to be a similarity of approach by every bank, but rather, there should be a consistency of approach. It is very noticeable that in the area of split mortgages and mortgage-to-rent arrangements Bank of Ireland...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Business of Joint Committee (10 Apr 2014)

Ciarán Lynch: On foot of yesterday's meeting with Mr. Jeremy Masding, group chief executive of Permanent TSB, and other officials of the bank, Mr. Masding wishes to correct the Official Report in one of the answers he gave to the committee. I will read a letter, dated 9 April 2014, that I have received from him: Dear Chairman I would like your permission to clarify the record in respect of one our sic...

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

Ciarán Lynch: Before we commence business, I remind members, witnesses and those in the Visitors Gallery that all mobile phones must be switched off completely to avoid interference with the broadcasting of the meeting. I welcome the representatives of Bank of Ireland. We are joined by Mr. Richie Boucher, group chief executive; Mr. Liam McLoughlin, chief executive, retail Ireland; Mr. Stephen Mason,...