Results 10,781-10,800 of 16,492 for speaker:Ciarán Lynch

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (25 Sep 2013)

Ciarán Lynch: The Deputy had his three questions.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (25 Sep 2013)

Ciarán Lynch: Yes. The Deputy is correct; it is my job to make sure. I have warned Members before that when they are coming up to the end of their time they should not ask heavily loaded questions because they will run out of time.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (25 Sep 2013)

Ciarán Lynch: I can ask for a "Yes" or "No" answer but I would say to the Deputy, for future reference, that if his last question contains two or three supplementary questions or two or three different points, it will not be answered within the time. Can I get a "Yes" or "No" answer from Mr. Honohan with regard to the Minister for Finance's comments yesterday?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (25 Sep 2013)

Ciarán Lynch: The Deputy is over his five minutes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (25 Sep 2013)

Ciarán Lynch: That is the Deputy's last question because it will take time for the Governor to respond. Is the Deputy finished questioning?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (25 Sep 2013)

Ciarán Lynch: The Deputy is out of time.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (25 Sep 2013)

Ciarán Lynch: The Deputy's time is his time but if he continues he will prevent the professor responding to him and the time will have expired. If the Deputy interjects once more I shall move on to the next questioner.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (25 Sep 2013)

Ciarán Lynch: I call Professor Honohan.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (25 Sep 2013)

Ciarán Lynch: Thank you.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (25 Sep 2013)

Ciarán Lynch: We will come back to that later because owing to time constraints I need to move on to other issues. On the issue of sustainability in relation to mortgages, the definition in this regard appears to be the ability of a person in financial distress to meet some level of obligation in order to remain in the family home. I am speaking in this regard predominantly about residential mortgages...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (25 Sep 2013)

Ciarán Lynch: The banks are very clear about this.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (25 Sep 2013)

Ciarán Lynch: The language used in correspondence from Professor Honohan's office is that these resolution processes must be dealt with within the lifetime of the loan. All mortgages are issued on the basis of a loan being repaid prior to a person reaching retirement age. Either the banks are not understanding the Central Bank properly or I am hearing a softening of the Central Bank's position on this...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (25 Sep 2013)

Ciarán Lynch: I am speaking about this applying on a case-by-case basis rather than across the board.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (25 Sep 2013)

Ciarán Lynch: It is evolving.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (25 Sep 2013)

Ciarán Lynch: Professor Honohan has led me to my next question. As the process evolves, new modelling, solutions and resolution processes will inevitably arise. I am not suggesting that the subscribe list is written in stone and cannot be changed. The objective is to ensure resolution processes are based over the lifetime of the loan. Life is not like that. For example a person in his or her early...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (25 Sep 2013)

Ciarán Lynch: I have a couple of other questions for Professor Honohan arising from his opening remarks. The concession type mortgage provides for a reduction in the interest rate for a determined period and payment of capital and interest at a lower monthly rate. Ulster Bank uses the split mortgage option extensively. Is Professor Honohan indicating this evening that this is an accepted resolution process?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (25 Sep 2013)

Ciarán Lynch: As I indicated earlier - Professor Honohan will have coalface experience of this - we are learning how to model solutions as the situation evolves. There are variations of solutions being applied by different banks. It is important there is consistency of approach between the financial institutions. Currently, the split mortgage available from Allied Irish Bank and Bank of Ireland differs...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (25 Sep 2013)

Ciarán Lynch: Can Professor Honohan give an example?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (25 Sep 2013)

Ciarán Lynch: Is the Central Bank facilitating or allowing Bank of Ireland's solutions to be counted in the 20% target?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (25 Sep 2013)

Ciarán Lynch: Is Professor Honohan saying that some of the approaches currently being applied may not meet the sustainable solution requirement?