Results 10,941-10,960 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: By my calculation, somebody on the national industrial wage should be able to buy a three-up, three-down entry level house on a regular estate in a normalised market. That would indicate to me a return to normalisation. The difficulty is that six or seven years ago the people concerned were getting loans in excess of €250,000 and as much as €350,000. That is the problem....

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

Ciarán Lynch: The bank is not making sense, even in capitalist terms. A great number of people are heading into a personal insolvency arrangement, but from the target Mr. Lorcan O'Connor has indicated, he would be expecting the bank to be receiving 35 cent on the euro. I strongly suggest to the witnesses that Ulster Bank will have to review that, and I am not talking about blanket write-downs of 100%....

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

Ciarán Lynch: Does Ulster Bank have a timeline or target date for when those cases will be resolved?

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

Ciarán Lynch: I know that but Ulster Bank was given targets of 20% by 30 June 2013 with regard to tens of thousands of people. We are talking about possibly a couple of dozen people in Priory Hall in Ulster Bank's case. We must get this issue resolved. I am not asking Mr. Brown for a date but does he have a quarter of this year or next year by which the Priory Hall residents' situation would be resolved?

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

Ciarán Lynch: We will now move on to the Technical Group. Deputies Higgins and Donnelly are sharing their time and Deputy Donnelly will lead off.

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

Ciarán Lynch: I am on record in the earlier meeting and without show boating-----

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

Ciarán Lynch: The Governor is scheduled to come in around 25 September and all committee members are aware of that at this stage so there is no need to call for it.

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

Ciarán Lynch: The Deputy should be careful in what he says.

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

Ciarán Lynch: Yes, but I cannot have the Deputy talking about it.

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

Ciarán Lynch: If the Deputy wishes to include any other questions, I will take them now.

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

Ciarán Lynch: I now move to Deputy Simon Harris who I believe is sharing time with Senator Paul Coghlan. I advise members to ask one question at a time. If they have limited time, if they bunch their questions and run out of time, the questions that have been bunched will not be answered.

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

Ciarán Lynch: The Senator will have more questions than the time allowed to reply.

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

Ciarán Lynch: He will run out of time because I will stop him.

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

Ciarán Lynch: There was something else to which Mr. Brown referred several times in his comments, that is, the correlation between employment and arrears. Will he expand on that?

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

Ciarán Lynch: I put it to Mr. Brown, based on my experience, that there is a major flaw in the analysis he is making. Approximately 250,000 people who are unemployed at present were not unemployed three or four years ago. They were on good wages at the time, then they lost their jobs and went into arrears and perhaps into a resolution process with Ulster Bank. A number of them have returned to work but...

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

Ciarán Lynch: In the Ulster Bank mortgage book, what percentage of people are on trackers and how many are on variable rates?

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

Ciarán Lynch: There was something interesting in the Ulster Bank proposals this afternoon in that they seemed to be implying a range of solutions. They have certainly broadened in recent years. From the get-go there was a limited menu of solutions and many of them simply involved deferment and elongation. More processes have been made available to the bank now. They are indicating that perhaps there...

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

Ciarán Lynch: Naturally it should be done on a case-by-case basis. Does the definition of sustainable solutions, rather than sustainable mortgages set with the barrier that the loan must be cleared by the time of retirement, give more flexibility to both the banks and customers in distress?

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

Ciarán Lynch: Is a protocol built into the resolution process? I understand that targets have to be reached and that there will be unexpected and unforeseen criteria and that difficulties will arise. Is there a protocol by which Ulster Bank can communicate to the Central Bank and make the case that it believes these other solutions should come on the table, and, if there is, has the bank made a...

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

Ciarán Lynch: What other solutions is Ulster Bank proposing that are not in place at the moment?