Results 11,041-11,060 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: As I need to get to questions, I will leave Mr. Boucher finish his presentation. I will take no more interjections.

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

Ciarán Lynch: I am trying to allow Mr. Boucher to finish his presentation, inclusive of that information.

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 proceed with members' individual questions. Before doing so, what I really need from Mr. Boucher is some breakdown of the figure of 3,164 in the process. Can the Bank of Ireland team give us a breakdown in terms of the percentage who got term extensions, arrears capitalisation, reduced payments, are on interest-only payments as a long-term solution and have split mortgages? Is...

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

Ciarán Lynch: The difficulty the committee has is that we cannot drill down into the bank's behaviour with its customers if we do not have these figures. That is the problem the committee has. We are trying to ensure consistency of approach, not that people will be given a pass to walk away from their obligations. People have obligations and we want to know how they are meeting them. We want to know,...

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

Ciarán Lynch: Before you came to the meeting, Deputy Higgins, we had discussed in private session what we were doing. Perhaps you might discuss that with your colleagues sitting beside you. We will proceed as agreed. What you have said is correct, but we have discussed how we are going to deal with this issue. I call Deputy Michael McGrath.

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

Ciarán Lynch: One of the difficulties we encountered yesterday afternoon was that when we broke down the figures with Allied Irish Banks, there was a point of contention as to what was and was not a resolution. Part of that is that while a communication to a customer to try to bring him or her into a resolution process or even to try to get a financial statement from him or her is helpful, the outcome is...

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

Ciarán Lynch: Mr. Boucher is not defining that as resolution either.

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

Ciarán Lynch: Mr. Boucher, we are trying to do two things. One is to try to figure out if the bank has hit the target and get a breakdown of how that target has been met and then drill into the approaches to meeting these targets. We are very cognisant that there must be some similarity across the different banks with regard to the approaches they are making, for example, whether there is a similarity...

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

Ciarán Lynch: In summary, we want to know if the bank has hit its target and a statistical breakdown of how the target has been met.

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

Ciarán Lynch: PDH customers are principal dwelling residents.

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

Ciarán Lynch: We now move on to No. 5 on today's agenda, an overview of the financial sector. I welcome Mr. Richie Boucher, group chief executive of Bank of Ireland. He is accompanied by Mr. Stephen Mason, director, mortgage arrears resolution strategy and Republic of Ireland collections; Mr. Gerry Prizeman, head of small business and agriculture division; and Mr. Pat Farrell, head of group...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Ciarán Lynch: Okay. I thank Mr. O'Connor and Mr. Duffy. I will ask Deputy Twomey to take the Chair. Before I depart, there are a couple of points. First, I certainly appreciate the AIB representatives coming before the committee this afternoon. As discussed, we look forward to getting the detailed breakdown of the 20% from them. I certainly appreciate the news that has been brought to the committee...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Ciarán Lynch: In terms of the schedules, are 35 year mortgages still being seen or is the bank's target now to get down to more-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Ciarán Lynch: How far has it done so?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Ciarán Lynch: We are back to 25 year terms. As the bank is restructuring itself and everyone present is in agreement that they seek a recovered and sustainable banking sector, I note Mr. Duffy's presentation mentioned AIB's reduced reliance on ECB funding by 20% in the six months to June. In real money, how much is that? What is that 20% worth?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Ciarán Lynch: All right. The final point pertains to strategic default and what a borrower does about repaying the unsecured share of his or her debt. There has been much talk about what the veto actually means and this must be cleared up once and for all. Let us take a scenario of someone who owes €250,000 on a property that now is worth €150,000. The person concerned enters a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Ciarán Lynch: Is the aforementioned €100,000 making up the 100% figure or does the secured aspect, that is, the €150,000, as well as the €100,000, make up the 100%-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Ciarán Lynch: ----- in addition to whatever else is unsecured in this case?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Ciarán Lynch: At the same percentage?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Ciarán Lynch: If one takes the same example, someone has €100,000 of unsecured debt because of a €100,000 write-down. Let us assume there is a 65% veto or something that approximates that figure. The person in question owes €15,000 to the credit union, €10,000 to another bank through a car loan and also might have something else outstanding on a credit card. All of this is...