Results 10,921-10,940 of 16,492 for speaker:Ciarán Lynch

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: On one of the points Senator Barrett made, in some jurisdictions the concept of having mortgage protection insurance, for payment as opposed to where somebody dies, is mandatory. Canada is one such jurisdiction. As a result, it did not have a property bubble because the affordability and valuations of properties were triangulated whereby the insurance companies would not stand over insuring...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: I have one other question. I was surprised this morning when Bank of Ireland stated it because I thought it was merely confined to principal mortgages or home owners. Is Ulster Bank applying split mortgages in the buy-to-let sector also?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: Would Mr. Brown consider such a concept?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: I call Deputy Peter Mathews.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: I will give some grace. Ten minutes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: A question, please.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: The Deputies will distort the answer to the question. Can they be quiet please?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: Reduce the variable that they are on at present.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: One of the things I am picking up from Ulster Bank, and I will refer to it in my summation, is that it is looking at some solutions that seem to be outside the prescribed list. One of the misconceptions about buying a house for €150,000 or buying a house for €300,000 is that the person does not pay back €150,000 or €300,000. They pay a staged payment every month...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: I would like to hear more about that because I believe other banks need to be looking at that as well.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: Okay. I call Deputy O'Donnell.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: Are we coming back to tablets?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: The Deputy has one minute left.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: I thank Deputy Boyd Barrett. Before we move on, I wish to clarify two issues with Mr. Brown. As the targets that have been set by the Central Bank increase, what are the penalties for the bank if they are not reached?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: In the unforeseen event that Ulster Bank does not reach its target, how would the penalties apply?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: Would the bank have to charge-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: To clarify matters, unlike the two previous banks that have appeared before us, Ulster Bank has not been capitalised by the State to any extent. The sum of money would not come through Government capitalisation but would have to be found from another source. I wish to deal with the issue of debt burdens and the write-down of debt. I am surprised that Ulster Bank has made a categorical...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: The national industrial wage is approximately €37,000. Let us round it up to €40,000. A couple with one person earning just over the national industrial wage of €40,000 and with a partner working part time on €20,000 has €60,000 gross coming into the house every year. They would have to meet the 10% deposit themselves. In principle, what level of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: I mean generally. I am not looking for the specific sum but to the closest €10,000.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: Someone on the national industrial wage who is cohabiting with somebody on half the industrial wage or a little more than this is in the ball-park for lending of €150,000 to €170,000.