Results 9,721-9,740 of 16,492 for speaker:Ciarán Lynch

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Ciarán Lynch: So there are still 35 year mortgages being issued. In terms of the methodology, are bonuses being paid for reaching new lending targets?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Ciarán Lynch: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Ciarán Lynch: Is there any occasion where the LTV is 100% of the property value because the valuation is in excess of the real value? I ask this in the context of the setting of an LTV requirement by the Central Bank. Let us take a house that is being sold for €200,000. A potential buyer can borrow €200,00 based on his or her income. Let us say that a person wants to purchase a house for...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Ciarán Lynch: I am moving to the final round, which is five minutes per questioner. I will call Senator Healy Eames-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Ciarán Lynch: Fair enough. I call Deputy Mathews first.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Ciarán Lynch: The Deputy has about one minute left if he wishes to ask a question and I will afford the witnesses a chance to respond.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Ciarán Lynch: I remind the Deputy-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Ciarán Lynch: I will give the Deputy space but he must listen to me for a moment as I am trying to assist him. The members of the committee ask questions and the witnesses respond. The committee wishes to hear evidence and that is provided by the witnesses, not by members of the committee.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Ciarán Lynch: The Deputy is out of time.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Ciarán Lynch: Is it a question or a comment?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Ciarán Lynch: Thank you, Deputy. I believe you are required in the Chamber. I call Senator Healy Eames.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Ciarán Lynch: I will not allow individual's names or circumstances.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Ciarán Lynch: I am just forewarning the Senator.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Ciarán Lynch: I am sorry, but will Senator Healy Eames please turn off her telephone or leave the room? I am hearing interference.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Ciarán Lynch: I will give the Deputy some more grace, if he wants it.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Ciarán Lynch: In regard to our earlier request for further information, I will follow on from Deputy O'Donnell's request for a breakdown of the legal proceedings in respect of properties in both positive and negative equity. Ulster Bank is doing debt write-down but it is doing it at the unsecured stage, which is at the post-voluntary surrender or post-repossession stage. Whether the customer is in...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Ciarán Lynch: I would need to see modelling of this.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Ciarán Lynch: I am not an expert on banking. I understand that other institutions deal with debt write-down and allow people to remain in their homes, which is the same conundrum that Mr. Bell raised. It seems that Ulster Bank will only write down the debt when the home is gone.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Ciarán Lynch: I will be quite flexible with Deputy Donnelly.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Ulster Bank (8 Apr 2014)

Ciarán Lynch: Before we move on to the next batch of questions, I wish to conclude one issue that crops up all the time in all the questions. We have established that Ulster Bank is doing write-downs, but at the post-sale position when that sum of money becomes unsecured debt.