Results 9,761-9,780 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: We do not need specific details right now. We would appreciate it if Mr. Bell could provide a general overview to Deputy Doherty.

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

Ciarán Lynch: I ask the Deputy to put his final question.

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

Ciarán Lynch: I ask the Deputy to put a question. She may contribute again later.

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

Ciarán Lynch: I wish to clarify that figure of the 4,323 people who are now in court proceedings. Does Mr. Bell have the figure to hand, or can he provide it to us, as to how many of them are in positive equity? They may be 90 days in arrears but the property may be in positive equity. Does he have that to hand?

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

Ciarán Lynch: Could Mr. Bell give it to us please?

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

Ciarán Lynch: Deputy Dara Murphy and Deputy Regina Doherty want to share time, so they will have seven and a half minutes each.

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

Ciarán Lynch: At that time, the bank had issued letters to more than 4,000 people.

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

Ciarán Lynch: Am I correct that the intention in that regard was to prompt a response from customers in terms of engagement?

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

Ciarán Lynch: The statistic in relation to people in legal proceedings remains at 4,300.

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

Ciarán Lynch: These people are engaging with the bank yet it is proceeding to court.

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

Ciarán Lynch: Mr. Brown said in his opening statement that the bank does not engage in debt write down as part of the resolution process.

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

Ciarán Lynch: In 4,323 cases, there are legal proceedings before the courts in respect of which repossession may be the outcome. How does Mr. Brown envisage the legacy debt of this being dealt with?

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

Ciarán Lynch: Am I correct that to date there has not been one voluntary surrender to Ulster Bank?

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

Ciarán Lynch: Thank you.

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

Ciarán Lynch: In the course of our previous hearings on this issue, the position of the Governor of the Central Bank in his written correspondence to me seemed to be at variance with the views he expressed when he appeared before the committee. Has Ulster Bank sought a definitive position in this regard from the Central Bank?

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

Ciarán Lynch: What criteria or matrices does Ulster Bank use to determine whether a mortgage is or is not sustainable?

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

Ciarán Lynch: However, affordability can work on a cascading or waterfall scale. Is the assessment done on the basis of immediate affordability or is attention given to how that might cascade down over time?

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

Ciarán Lynch: Coming back to an earlier question, affordability takes on an entirely different meaning if it is possible to move the resolution into post-retirement, particularly for people who are in positive equity. There is some confusion in regard to the phrase "sustainable solution" in terms of a lack of appreciation that a solution will not be specific for the next 30 years but will, rather, have a...

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

Ciarán Lynch: It is a welcome development that we are seeing resolution processes being developed by banks beyond the prescribed list set out in the Keane report. Ulster Bank's concession approach is a very innovative one which allows the distressed borrower to deal with both interest and capital in an affordable and manageable way. I note, however, that in the case of some of the options recommended in...

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

Ciarán Lynch: I have some understanding as to why a person would opt for the concession approach rather than a split mortgage, but a mortgage-to-rent arrangement is in an entirely different category. Do the delegates have some expectation as to when they will begin reaching the figures that are being placed on the grid in this regard? There is nothing there at the moment.