Results 11,021-11,040 of 16,492 for speaker:Ciarán Lynch

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

Ciarán Lynch: The approach being taken by each of the banks can be considered on a case by case basis. One can argue that the IBRC and AIB, both of which are splitting it completely, are in a different situation because they are completely owned by the State, whereas the State has a stakeholding of less than 15% in Bank of Ireland. The situation of a customer on a tracker mortgage and a customer on a...

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

Ciarán Lynch: Yes.

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

Ciarán Lynch: Customers who are receiving spilt mortgages with Bank of Ireland are paying interest on the warehoused side of these mortgages, regardless of whether they are on tracker or variable rates.

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

Ciarán Lynch: As this resolution process evolves - the target figure will move to 35% in October, 50% at the end of the year and we hope to 100% next year - the modelling of solutions will evolve alongside it and the financial climate will change also. I put it to Mr. Boucher, on the basis that Bank of Ireland deals with customers on a case by case basis and given that the bank is taking a different...

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

Ciarán Lynch: The promise that the committee will be making is that Mr. Boucher will be coming back. As the figures start approaching 35% and 50%, representatives of Bank of Ireland and AIB will come before the committee. I ask Mr. Boucher to give consideration to this.

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

Ciarán Lynch: Are there split mortgages in the buy-to-let mortgage sector?

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

Ciarán Lynch: The bank has introduced split mortgages in the buy-to-let sector.

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

Ciarán Lynch: I wish to deal with two other issues in the six or seven minutes that are left before I call Deputy Michael McGrath. Recently, the Insolvency Service of Ireland contacted Bank of Ireland and the other financial institutions with regard to the consultative process for personal insolvency arrangements, etc. The issue of a payment break is being considered as part of that process. The incomes...

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

Ciarán Lynch: The Minister for Finance, Deputy Michael Noonan, wrote to all the banks and financial institutions on 9 July. The Minister made some comments in the letter about the possibility of a banking inquiry taking place. He said it was important to bear in mind that although the guarantee was provided in September 2008, records dating from the years preceding the granting of the guarantee and...

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

Ciarán Lynch: Yes, but I will first allow Deputy Doherty to speak.

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

Ciarán Lynch: Deputy Doherty will have an opportunity to ask questions.

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

Ciarán Lynch: It is not a point of order. It is a question.

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

Ciarán Lynch: Allow me to establish something. On 23 August 2013, Bank of Ireland issued a press release on residential mortgage arrears and repossessions statistics for quarter 2 of 2013 which gave a detailed breakdown on the macro figure across the banks by sum and number. All the banks subject to the process had to provide these figures. This means the bank has the figures. I do not know why Mr....

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

Ciarán Lynch: With due respect to the Deputy, I am in the Chair.

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

Ciarán Lynch: We are about to begin the question session. We are not at all satisfied. The elephant in the room is how the banks are resolving this book.

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

Ciarán Lynch: There is confusion today.

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

Ciarán Lynch: In quarter 2, more than 21,000 people were on interest only arrangements, more than 18,000 were on reduced payments and 14,000 were on reduced payments, less interest only. Some 309 split mortgages were issued. All those figures are available from the Central Bank. We want to know where Bank of Ireland stands in respect of these figures.

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

Ciarán Lynch: That was three months ago.

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

Ciarán Lynch: I asked about the structures by type.

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

Ciarán Lynch: I will allow the members to try to drill down into these figures. I will raise a couple of issues before calling on Deputies Michael McGrath, O'Donnell and Doherty in sequence. Bank of Ireland is applying a different type of split mortgage to those offered by most of the other financial institutions. When a mortgage is split by other financial institutions, the interest and capital are...