Results 1,261-1,280 of 23,109 for speaker:Paddy Burke

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Paddy Burke: I welcome Ms McDonagh and her senior staff here today. I wish her well in her new position. It is important that we have a strong banking sector in this country. I will follow on from what Senator Horkan said about banks having fewer staff but more machines. How long does it take to be granted a mortgage, on average? There are many obstacles as people now have short-term contracts and...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Paddy Burke: Mr. Boucher advocated that most banks should go down the route of fixed rate mortgages over a period or to at least fix part of the mortgage. At that stage, the bank said that its mortgage rate was about 3%. Does Ms McDonagh agree that a fixed rate mortgage is the way to go? What is the current rate?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Paddy Burke: Mr. Mason said the bank could not fund itself at the rates it was charging during the downturn. The bank used its position to change the rates. How do we guarantee it will not happen again and that we will not get into the same position we were in where the bank may not be able to fund itself going forward and might have to change the rates again?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Paddy Burke: Where do all those products come from? Is there a section within the bank that develops those products? It is not just a matter of going into a bank, the interest rate is set and one gets a deposit rate. There are all different types of products and all the banks have different products. I presume that is how they compete with each other. Is there a unit in the bank to develop those...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Paddy Burke: Does the Central Bank have a role? Does it oversee those new products or the products the bank brings to its customers?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Paddy Burke: The bank found 3,400 accounts where there was a small differential in the interest rate of 0.5%. Did it find anywhere that the bank had undercharged?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Paddy Burke: The bank did not follow the customer for those.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Paddy Burke: Will Ms McDonagh take us through the situation of voluntary surrenders? I suppose it is not a nice process for the customer and perhaps it is not a nice process for the bank to go through either. The only other option is repossession. It is either one or the other, voluntary surrender or repossession, when one goes down that route. Neither is a nice route. How does the bank go through...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Paddy Burke: Have there been many cases where the bank started to go down the voluntary surrender route but an agreement was reached and people could stay in their houses. Has that been the case?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Paddy Burke: Will the witnesses give us a run down on the enterprise towns? I have been at one or two of them and I thought they were excellent. I had complaints from people who were saying that the overdraft interest is a bit high. Maybe some of the interest rates on loans are high too.

Seanad: Order of Business (24 Jan 2018)

Paddy Burke: Will the Leader invite the Minister for Transport, Tourism and Sport to speak to the House about driverless cars, an issue I raised here on a previous occasion. This House is perfectly placed to debate this issue. Whether we like it or not, driverless cars are coming down the road at a very fast pace. It will require many changes in legislation. We will have to look at issues like traffic...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

Paddy Burke: I welcome the Governor and his staff. I compliment the Central Bank of Ireland on its work on this issue in recent months. I also compliment the committee and the Chairman because both have played a hugely important role in keeping this issue to the fore. The way ordinary members of the public have been treated by the banks during the years is disgraceful. I wish to continue on the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

Paddy Burke: If the ECB rate is at 0%, do all of the banks charge the same rate, or do they all charge different rates because the value of a property is different? There are many types of contract and it is very difficult for the Central Bank to evaluate every one.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

Paddy Burke: Did all of the banks meet their targets for 2017 in making good to their customers?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

Paddy Burke: As such, all of the banks met the targets for 2017?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

Paddy Burke: Professor Lane said the institutions also must repair damaged reputations, not only as a result of the original mishandling of tracker mortgages but also due to the partial and delayed engagement of some lenders with the requirements of the examination. The banks are proposing the setting up of a banking standards board. Is this just a move by them to make us all think the culture has changed?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

Paddy Burke: What is being set up by the banks is described as a quango.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

Paddy Burke: Is the measure not just a window-dressing exercise on the part of the banks? The Central Bank welcomes it and thinks it is great. The Department of Finance also welcomes it.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

Paddy Burke: When this debacle has been put to bed, will the Central Bank issue a report on how it has handled the issue?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

Paddy Burke: When does Professor Lane imagine the report will be completed and published? Will it, in fact, be published?