Results 13,041-13,060 of 16,492 for speaker:Ciarán Lynch

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)

Ciarán Lynch: Is that service on a rental or lease basis?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)

Ciarán Lynch: There is a significant difference if the device is being rented or leased, especially in the current economic environment because if a company is renting and folds next week, the rent collapses with it, but if it is leasing, it may mean that it is locked into a long-term leasing agreement for a number of years which could have several thousands of euro outstanding. AIB has a leasing...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)

Ciarán Lynch: Is the retailer a customer of the bank and does this other agent act as a third party or is it completely separate from the bank?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)

Ciarán Lynch: We are running out of time. The Deputy should ask a question.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)

Ciarán Lynch: The Deputy has asked his question. I call Mr. Boucher.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)

Ciarán Lynch: The Deputy has run out of questions. I call Deputy McNamara.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)

Ciarán Lynch: It is mortgage-to-rent.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)

Ciarán Lynch: What does that mean in plain language?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)

Ciarán Lynch: What does that consultative process mean? Are there regulations?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)

Ciarán Lynch: I will push Mr. Boucher a little further on the mortgage-to-rent programme. A reply to a recent parliamentary question I tabled shows that only one mortgage-to-rent application has made it completely over the line and the indication is that it was done by a sub-prime lender, neither by AIB nor Bank of Ireland. It would be an observation that maybe the sub-prime lenders are more realistic...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)

Ciarán Lynch: Only one financial institution has completed a mortgage-to-rent application and it is a sub-prime lender. From outside observation, this would seem strange because the sub-prime lenders are very much the pariahs of the sector. They seem to have a more realistic view of the property values. Mortgage-to-rent is critically about realising the true value of the property because it must be...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)

Ciarán Lynch: There are no assumptions. The price of an average house in this country is based upon the average wage by a certain multiplication. Since 2009, the Central Bank has given direct guidelines to Bank of Ireland and other banks as to what are lending practices. If one takes the average house in the country, applies the average industrial wage and multiplies that by three or four because one...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)

Ciarán Lynch: I thank Mr. Boucher.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)

Ciarán Lynch: As this meeting has to come to an end at 1 p.m., the first round of questions will be for 15 minutes, the second round for ten minutes and remaining questions for six minutes. Supplementary questions of one minute will be allowed if members indicate. Does Bank of Ireland have 40% of the mortgage market?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)

Ciarán Lynch: According to AIB yesterday, it has 44% of the market. What other institutions have a share of the market considering EBS and Irish Life & Permanent have been subsumed into the two main banks?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Business of Joint Committee (1 Nov 2012)

Ciarán Lynch: The minutes of the meeting of the joint committee on 31 October have been circulated. Are they agreed? Agreed. There are no matters arising. As this committee meeting is being broadcast by UPC on channel 207, is it agreed that we defer the consideration of correspondence until the next meeting of the joint committee? Agreed.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)

Ciarán Lynch: I welcome Mr. Richard Boucher, chief executive officer of Bank of Ireland, Mr. Liam McLoughlin, chief executive of the retail Ireland division, and Ms Lynda Carragher, head of credit. I remind members, witnesses and those in the Visitors' Gallery that all mobile telephones must be switched off. This meeting is being broadcast by UPC on channel 207. If a mobile telephone is switched on, it...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Ciarán Lynch: New property is not at Celtic tiger bubble prices. It is now affordable and should be repayable over 25 or 30 years.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Ciarán Lynch: It is not me who is saying this; the Central Bank is saying it. Why is AIB doing it?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Ciarán Lynch: The Central Bank is not talking about retirement dates. It is talking about schedules of 25 years to 30 years. If people take out mortgages in their early 20s, they should have them repaid by the time they are in their 50s, at which time they have another big bill coming down the road, namely, the cost of third level education for their children. If one is in a 35-year mortgage, one is not...