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Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Ciarán Lynch: There are some people exempted from it. Are the current IBRC and Irish Nationwide exempted from existing regulation?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Ciarán Lynch: They are currently within the regulation? Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Ciarán Lynch: We have a potential situation whereby people currently inside regulation will, through the process of sale, find themselves outside regulation. I ask the witnesses to clarify an issue for me. Let us take a resolution or restructuring process which results in a contractual arrangement between borrower and lender, that is, a legal agreement. Where does that legal agreement stand at the other...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Ciarán Lynch: I wish put a hypothetical case to the witnesses for clarification. Let us take a person who has a property worth €300,000, with €100,000 of that in security against a loan from IBRC. A payment of €60 per week is being made, as part of a deferred resolution process. The person in question is retired with no means of resolving the debt. The person is paying €60...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Ciarán Lynch: Will the liquidators be insisting or asking?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Ciarán Lynch: Therefore, anybody who is in a resolution process at the moment will be protected. Is there a shelf-life on that? Will such contractual arrangements be subject to a review after 12 months, for example?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Ciarán Lynch: It depends on the current terms.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Ciarán Lynch: Ms Nolan referred earlier to retrospective legislation. At other side of the sale, there is the contractual nature of the sale of the actual loan. It was implied that the purchasers of loans could adopt a belligerent attitude which could affect people adversely because they are on variable rate mortgages. Most variable interest rate loans are tied, somewhat, to the ECB rate. The rates...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Ciarán Lynch: Okay.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Ciarán Lynch: Perhaps it was Mr. Mac Donncha who dealt with this earlier. I thought the situation was that action could not be taken on the actual sale of the loans but that we could look, from a legal perspective, at how the loans were being operated. In other words, the operational rather than the sale aspects of the loans could be examined

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Ciarán Lynch: As I will have to allow time for a reply, I ask the Deputy to wrap up.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Ciarán Lynch: That concludes the contributions of committee members. We will move on to those who are in attendance at the committee, who can speak for five minutes before we have a wrap-up of composite questions. We will hear from Deputy Michelle Mulherin, followed by Deputy Luke 'Ming' Flanagan and Senator Healy Eames.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Ciarán Lynch: I am pushing the Deputy to put a question because we only have five minutes for replies.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Ciarán Lynch: I have been flexible with the Deputy's time so I ask him not to abuse it. I call Senator Barrett.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Ciarán Lynch: I will allow the response before moving on.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Ciarán Lynch: Before bringing in Deputy Higgins, will the witnesses clear up an issue regarding potential sales? Whether the people are with IBRC, Irish Nationwide, Ulster Bank or AIB, there is a difficulty in trying to get refinanced in order to buy a loan and get out of an existing mortgage. There may be a coterie of people who can find the financing and the liquidators could have dealt with such a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Ciarán Lynch: What percentage of the mortgage book was that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Ciarán Lynch: Did that come from performing mortgages or, as described by Deputy Donnelly, parties with distressed loans or in a pre-resolution process?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Ciarán Lynch: If the group of people, whether holding performing or distressed loans, were moved from the sale currently taking place, would the book be made more or less valuable? Would it be more susceptible to a vulture fund?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Ciarán Lynch: I ask Ms Nolan to supply the information at the earliest opportunity.