Results 12,761-12,780 of 26,032 for speaker:Kieran O'Donnell

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Kieran O'Donnell: No, it is reported to have bought Stepstone Mortgages itself.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Kieran O'Donnell: It is significant.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Kieran O'Donnell: He could not tell us.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Kieran O'Donnell: In the limited time I have, and it is relevant to the questions, I want to go back to the practicalities. Mr. Burgess stated 10,000 mortgage holders are paying nothing. Mr. Hall stated 31,500 mortgages are in long-term arrears, with 17,000 of them facing repossession. Mr. Burgess put the figure at 10,000, whereas Mr. Hall put the figure at 17,000. What is the correct figure? I will...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Kieran O'Donnell: No, that was not my question.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Kieran O'Donnell: Mr. Burgess's point is a valid one.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Kieran O'Donnell: I am asking him from a practical-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Kieran O'Donnell: I will come back on this point. What would Mr. Burgess do with the 10,000 families whose homes are repossessed?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Kieran O'Donnell: No.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Kieran O'Donnell: What about the 10,000 people?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Kieran O'Donnell: Mr. Burgess's point is reasonable, but the point I am trying to make is that many of these people were encouraged to purchase homes. People forget very quickly that people were encouraged by the banks to purchase homes they could not afford. Many of these purchases were done through brokers who got people to buy homes they could not afford. I take the point with regard to a straight...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Kieran O'Donnell: Mr. Burgess and Mr. Hall.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Kieran O'Donnell: There is a story behind many of those cases.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Kieran O'Donnell: What could the Central Bank do in terms of altering the rules and restructuring so the banks would be able to do a lot of other restructuring to keep people in their homes?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Kieran O'Donnell: I had an example of that recently. If one looks at the problem based just on accounting and financial principles, that is fine. A person approached me recently looking to avail of the mortgage-to-rent scheme. They were under phenomenal pressure to keep up the mortgage repayments, any mortgage repayments. They had young children. They were putting money aside to pay the mortgage, which...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Kieran O'Donnell: No, they have gone past that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Kieran O'Donnell: This goes to the point of what Mr. David Hall has said. In some cases, they have been making mortgage repayments which they clearly could not afford.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Kieran O'Donnell: The human aspect here is what happens if we put those people out of that house. Their children go to school locally. The council probably will not have property. They will have to go on the list. The human dimension of it is that we would create a lot more problems than solutions. The mechanism by which the mortgage-to-rent scheme is funded probably needs to be looked at. However, the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Kieran O'Donnell: This is about non-disclosure. If the banks are undercharging customers - I have seen this over the years - they pursue them with a vengeance in order to get the correct rate back. They do not ask whether the lower rate actually saved the individual. They just take the money back. I have seen this happen to countless clients over the years. Just because there was a cohort with tracker...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Kieran O'Donnell: They were at the end of their tethers when they came before us.