Results 9,741-9,760 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: Does the bank write it off because it is still unsecured?

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

Ciarán Lynch: The bank does not write down secured debt, rather unsecured debt.

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

Ciarán Lynch: Riddle me this case. The sum of €250,000 is the cost of an average house in my part of Cork, and the same applies to most parts of the country, with Dublin being the exception. Let us say someone buys a house for €250,000 but he or she has €50,000 in unsecured debt. Ulster Bank puts the house on the market and sells it for €150,000 - which is what it is probably...

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

Ciarán Lynch: Yes, and the property is now valued at €150,000.

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

Ciarán Lynch: Let us say the person has a credit union loan and a car loan of €50,000 as well as the write-down.

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

Ciarán Lynch: Is Mr. Brown referring to the unsecured amount?

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

Ciarán Lynch: I ask Mr. Brown to outline a model as the matter needs to be explained.

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

Ciarán Lynch: I may have to return to the matter later. I call Deputy O'Donnell who has ten minutes and he will be followed by Deputy Donnelly.

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

Ciarán Lynch: Deputy Kevin Humphreys drilled down into this issue. As I understand it, when a property is repossessed, the outstanding legacy debt of that is now unsecured debt. Will Mr. Brown clarify that this is the case?

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

Ciarán Lynch: Mr. Brown in response to Deputy Pearse Doherty said that he was writing down secured debt, but is unsecured debt being written down when that property is repossessed?

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

Ciarán Lynch: Post repossession whether it is a voluntary or court driven process, is the legacy debt being written down?

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

Ciarán Lynch: Is the debt written off or will a percentage be written off and a legacy debt remain?

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

Ciarán Lynch: Is there an expectation that when a property is repossessed ----- I dealt with situations in which the customer wanted a voluntary surrender, and in the case of a young woman with a child in a one bedroom apartment and now that the relationship has broken up she has a mortgage of €250,000 and the property is worth €80,000. She wanted to be rid of the property. In cases where...

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

Ciarán Lynch: Thank you. I will call Deputy Richard Boyd Barrett and Deputy Joe Higgins, who I believe are sharing time.

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

Ciarán Lynch: I will allow Deputy Higgins ask one more question.

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

Ciarán Lynch: The Deputy is over time.

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

Ciarán Lynch: Can I clarify a few matters before we move on? Is Ulster Bank providing split mortgages?

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

Ciarán Lynch: It has a number of split mortgages?

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

Ciarán Lynch: There are 26 split mortgages in place?

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

Ciarán Lynch: The target figure for quarter two of 2014 is 75%. As Deputies Pearse Doherty and Michael McGrath, myself and other members have indicated, there is a way that figure could be broken down if one minused the court cases from that. Is it possible to give the committee a breakdown of the court cases being pursued in respect of the number of customers who are in arrears for 90 days or more and...