Results 13,701-13,720 of 36,274 for speaker:Pearse Doherty

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: Fixed-asset receivers were mentioned in the opening statement. The bank appoints fixed-asset receivers. I questioned Permanent TSB representatives on this and they said they do not appoint fixed-asset receivers. They appoint rent receivers. Can the delegates give the rationale for AIB's approach? Can they tell us whether the 519 assigned to receivers at the end of 2019 are likely to be...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: If a buy-to-let customer is in arrears, which would mean a breach of contract, does the bank have the power to appoint a fixed-asset receiver without any further intervention? I realise this is not what the bank does. Mr. O'Keeffe has explained it works with those concerned and all the rest of it but it has the authority at that point to appoint a fixed-asset receiver because, technically,...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: With regard to the bank's sale of buy-to-let properties to vulture funds — up until the past two weeks, the bank was not selling private dwelling homes to them — the individuals concerned are in arrears of some magnitude. How concerned would the bank be if a vulture fund to which it sold loans, on the basis that an individual was in arrears, decided to execute its right to...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: I am speaking about people who are making payments. There may be people who are not paying the bank any money and are not engaging. In regard to individuals who are making contributions to the bank, how concerned would the bank be if a vulture fund, as a policy option, offered a person in arrears 30 days to clear those arrears and where the arrears were not cleared the fund appointed a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: The Central Bank is engaging with a vulture fund on the basis of information that I have provided it with in relation to what I am speaking about. The problem is that once the banks offload their loans to the vulture funds, the banks have no idea what way the vulture funds are going to treat customers that were loyal to the banks for many years. The reality is these vulture funds have the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: I have done so. Leaving aside the recent sale, AIB has not sold principal dwelling homes, PDHs, which is an important point for many of us. We recognise AIB's engagement with iCare in terms of mortgage-to-rent. In some areas, AIB has broken new ground but there are issues in terms of its sales to vulture funds which will take a different approach to the approach taken by the bank. When...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: I accept that Mr. O'Keeffe cannot disclose details or name organisations with which the bank may be involved but as a point of principle, is the bank willing to genuinely consider the proposal?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: In regard to the sale of loans to vultures, are all customer files transferred? For example, were my loan to be sold to a vulture fund, would my entire history be provided or would it get only headline data?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: Reference was made to those who do not pay. There are people who cannot pay, people who cannot pay the full amount and people who do not pay. How many AIB borrowers are refusing to pay?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: Leaving aside the rationale, how many individuals are not paying? For example, how many have made no payment for the last six months?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: We always tell people to engage and to make whatever payments they can afford to institutions. Understandably, when a bank is attempting to take legal possession, there is an incentive for people not to pay at that time. Leaving aside the people that the banks are taking through the courts, how many AIB customers have refused to make any payment over the last six months?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: It has been suggested that these customers are impacting on other customers in terms of higher interest rates and so on. Are ten, 100, 1,000 or 10,000 borrowers involved? In regard to the latest sale involving the €1 billion portfolio, how many of those customers had not paid anything to the bank over the last year?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: I understand all of that and the issues involved. When we talk about non-performing loans there is a perception that the customers in question are not engaging. Mr. O'Keeffe stated that if people engage, AIB can find solutions. I want to drill down into this. AIB is selling for the first time and some 10% of these loans include the family homes. Are these customers engaging with AIB,...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: I have a series of questions. The issue of the prevailing rate has been well teased out and I echo Deputy Michael McGrath's final contribution. Mr. Hunt has said that the tracker mortgage scandal has been a stain on the reputation of his bank and indeed the Irish banking industry. It will be a personal stain on Mr. Hunt's reputation as a chief executive officer if he does not deal with...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: The committee was given a list of 640 individuals who had a tracker before moving to a fixed-rate mortgage and whose terms and conditions allowed them to return to a prevailing rate at the end of the fixed-rate period. Was there a contractual breach there?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: The 640 individuals whose terms and conditions allowed them to go back onto a prevailing rate tracker at the end of the fixed rate period did not go back onto a prevailing rate tracker after this was resolved by AIB but to the original tracker rate. This is being denied to the 5,915 individuals who AIB is fighting through its own assessment and the independent appeals process.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: This goes back to the contract material and I will return to that, but what about the issue that where the contract is vague it must always be interpreted on behalf of the customer? The vagueness in the contract cannot be interpreted on the bank's behalf. We have discussed this previously as other members have raised the issue. The prevailing rate is not defined. A tracker rate is defined...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: However, there was no tracker rate at the time so the bank has engineered a tracker rate, and it did that retrospectively.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: Will the witness explain how this was not a contractual breach? I have no legal background but somebody entered into a contract with AIB and that contract states clearly that after a period of time the person can go onto a tracker rate at the then prevailing rate. AIB did not allow the person to go onto the tracker rate, therefore that term in the contract was breached.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: If it is a contractual breach, and the bank dismissed that it was a contractual breach, why does it not------