Results 10,861-10,880 of 16,492 for speaker:Ciarán Lynch

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)

Ciarán Lynch: I cannot take an individual customer's case on board but I will take the substance of the allegation Deputy Pearse Doherty is making and I am sure he can provide Mr. Masding with a copy of the letter.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)

Ciarán Lynch: I will separate two items, namely, the buy-to-let sector and the home owner sector. Am I correct that in the buy-to-let sector, interest-only indefinitely is considered to be a long-term resolution by the Central Bank?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)

Ciarán Lynch: I will ask the question and Mr. Masding can then talk about it later on.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)

Ciarán Lynch: Mr. Masding should respond as to whether the Central Bank facilitates interest-only in the long term in the buy-to-let sector as a sustainable approach.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)

Ciarán Lynch: To return to my question, the interest-only can be in place for quite a number of years and be seen as-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)

Ciarán Lynch: However, in the residential sector, the resolutions Permanent TSB brought in this morning, no matter what they are, must be concluded and ended before someone hits retirement. Am I correct in this regard? Am I correct that the guidelines issued to the bank by the Central Bank are that no matter what, the mortgage must be dealt with and not be outstanding by the time someone reaches...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)

Ciarán Lynch: The witnesses should answer the question. All the bank's resolutions must be wrapped up before the customer actually hits the age of retirement. Am I correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)

Ciarán Lynch: For home owners.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)

Ciarán Lynch: Yes. I will concentrate on the home owner. All the solutions the bank has must be dealt with and wrapped up by the time someone hits the age of retirement.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)

Ciarán Lynch: Okay. I only wish to talk about home loans. Consequently, in the case of people in their 50s who have quite significant arrears, the obligation of having it wrapped up by 65 or 66 years of age sets a very high barrier. While I acknowledge the Central Bank has set guidelines, I seek the witnesses' opinion in this regard because AIB has a concern about it. Moreover, Bank of Ireland is on...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)

Ciarán Lynch: There would be a sale one way or another.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)

Ciarán Lynch: Is Permanent TSB a capitalised bank?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)

Ciarán Lynch: To what percentage?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)

Ciarán Lynch: Is Permanent TSB completely owned by the State or is there a 13% interest, as there is with Bank of Ireland?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)

Ciarán Lynch: Thank you.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)

Ciarán Lynch: I will not allow interruptions because the Deputy is just eating into the time.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)

Ciarán Lynch: I thank Mr. Masding. We will go straight into questioning. I propose 20 minutes on the first round and then five minutes subsequently because we have to conclude by noon. I again welcome the witnesses and thank them very much for what they have provided to the committee. This is the type of model we have been seeking from the banks since we commenced this process on Tuesday. With the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)

Ciarán Lynch: Quickly.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)

Ciarán Lynch: I will deal with that later, Deputy Coghlan. You can make that suggestion in your own time. By way of clarification, the legal proceedings are actual legal proceedings that commenced in 2010 and 2011. These are not proceedings that commenced in quarter 2 or quarter 1 of this year.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Permanent TSB (5 Sep 2013)

Ciarán Lynch: Yes, and we will deal with the Governor of the Central Bank on that because we believe that definition is not a sustainable solution. That is a communication process that is taking place that has an undetermined outcome.