Results 13,341-13,360 of 26,043 for speaker:Kieran O'Donnell
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
Kieran O'Donnell: Some customers were being harassed by the banks. In some cases, customers lives were made a misery when they could not make repayments, while other customers were not even aware of the issue. Is there a difference in the levels of compensation being awarded to different customers?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
Kieran O'Donnell: Regarding the redress and compensation, the witness mentioned that the average compensation was 15% of the redress amount. Is there a range and what is it? Is there a maximum or ceiling of 30% or 40% and is there a baseline figure of 10%, for example? How does it work?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
Kieran O'Donnell: When does the Central Bank anticipate it will have a complete list of people affected by the tracker issue?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
Kieran O'Donnell: In addition to the 33,700 to date, and 26,600 are the cohort, when does the Central Bank expect to find the final figure for those impacted?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
Kieran O'Donnell: The witness said four enforcement investigations are currently under way and that it is expected all the main lenders will face such investigations. Has the Central Bank specified who is involved in those enforcement investigations?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
Kieran O'Donnell: Are the two main lenders?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
Kieran O'Donnell: Two of the four are main lenders. I have another quick question. An issue has arisen regarding how to define the group impacted by trackers. We are dealing with many people who have contacted us. How did the Central Bank break down the 33,700? Did it break the figure down into cohorts of people who were originally on a tracker mortgage and came off that mortgage and were put on fixed...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
Kieran O'Donnell: Let us say somebody had gone to a bank and had been offered a tracker, because in many cases the variable rates were very low. The person received an agreement that did not mention it was a tracker agreement. Does caveat emptoror buyer beware apply there? If there is no mention of a tracker in the agreement even though the person might have been under the impression when meeting the bank...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
Kieran O'Donnell: If someone believes that he or she does not fall within the scope of this, would that person have recourse to the Central Bank?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
Kieran O'Donnell: Is it correct to say that the ombudsman has given a number of cases to the Central Bank as part of the investigation?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
Kieran O'Donnell: The Central Bank did not take up the specific cases over which the ombudsman would have given it sight. If he spotted a case that clearly fell within the examination's remit, the Central Bank would obviously take it up.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
Kieran O'Donnell: My next point is slightly unrelated. An issue that has become a feature, particularly in the past six months, is the level of concentration of property within the control of vulture funds or whatever one wants to call them. I can only speak from my experience in Limerick. If property comes up for sale in a large block of apartments or the like, in most cases it will be under the control of...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
Kieran O'Donnell: Yes.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
Kieran O'Donnell: Control rather than ownership. The loans are held-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
Kieran O'Donnell: Ultimately, control of the direction of the properties in question is held by the vulture funds.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
Kieran O'Donnell: It was not particularly a feature up until now. Even though the vulture funds controlled the property, the property was at a relatively depressed price. In the meantime, many of the loans have been sold on by NAMA and are controlled by vulture funds. In some cases, receivers are being appointed, which means that the properties in question will be sold to realise the assets' value. If...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
Kieran O'Donnell: No.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
Kieran O'Donnell: I would not-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
Kieran O'Donnell: I accept that, but perhaps the Governor will take my observations on board and build them into the Central Bank's analysis of the system in Ireland. I am encountering this on the ground. Funds control a significant number of properties that are either for sale or about to come up for sale. It is becoming a feature.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
Kieran O'Donnell: I thank Professor Lane.