Results 13,861-13,880 of 26,042 for speaker:Kieran O'Donnell
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Kieran O'Donnell: So, ultimately, if that 3% was not there, I expect it would provide a little bit of leverage in terms of what the bank could charge existing customers to achieve the same margin.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Kieran O'Donnell: Does Mr. McLoughlin agree?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Kieran O'Donnell: There is an element of "hello money" about it in that it is an incentive for first-time buyers to go to Bank of Ireland rather than to another bank. Instead of charging a lower interest rate, where banks traditionally load interest upfront in terms of people repaying their mortgage, the bank is effectively factoring in a cash payment loaded upfront when people take out a mortgage.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Kieran O'Donnell: On the basis that it looks like ECB rates will not increase for the next two years at least and that the bank is now in a competitive market, will Bank of Ireland reduce its mortgage interest rate in line with the likes of AIB?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Kieran O'Donnell: Is Mr. McLoughlin saying categorically that before the end of the year we will not see a reduction in the mortgage interest rate by Bank of Ireland?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Kieran O'Donnell: I am talking about the bank's existing customers and the fact is there is a differential between the bank and AIB in the variable rate of over 1%. The point is when Mr. McLoughlin speaks about the fixed rate he is really trying to attract new customers. He referred again to the cash-back. If Bank of Ireland is looking after both new and existing customers, it would look to reduce the...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Kieran O'Donnell: At fixed rates?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Kieran O'Donnell: Mr. McLoughlin did make specific reference in his response to the cash back for new customers.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Kieran O'Donnell: Equally, Mr. McLoughlin will appreciate that the bank has existing customers, many of whom are under pressure, who look at another bank that is charging 1% less than they are paying. As Mr. McLoughlin well knows, in the current climate they cannot switch and they are effectively locked into the Bank of Ireland. That is the reality.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Kieran O'Donnell: I accept that but if they wish to stay on the variable rate they can only make that choice with one institution. I would hate to see a situation arise whereby, effectively by stealth, the bank is forcing people on to a fixed rate because the bank would not reflect the mortgage rate within the institution, which is in line with the current market.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Kieran O'Donnell: Given the time at my disposal I will move on. I believe it is a fair observation to say that it could be interpreted that Bank of Ireland wants its existing customers to move to a fixed rate in that by keeping the variable rate higher than its competitors the bank is pushing people into a fixed rate. That is obviously - dare I say it - to the benefit of the bank.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Kieran O'Donnell: I have two quick questions. On page 1, questions 1 and 2, Mr. McLoughlin makes reference to the 4,083 private dwelling homes and the 1,625 buy-to-let houses that are 90 days or more in arrears at the end of June. Will the witness confirm that this is the actual number of properties?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Kieran O'Donnell: How many properties is it respectively?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Kieran O'Donnell: So the number of properties would be roughly at around 3,500 for the homes and 1,300 for the buy-to-lets?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Kieran O'Donnell: What write offs has the bank given in respect of home mortgages and buy-to-lets in the last year?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Kieran O'Donnell: How does Bank of Ireland view Permanent TSB's proposal that they wafted onto the public airwaves about write-offs with regard to the sale of buy-to-lets?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Kieran O'Donnell: Have the Bank of Ireland any intentions to sell any of its portfolio loans to investment houses or, as is colloquially known, vulture funds?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Kieran O'Donnell: My final question is concerned with macro issues. Back in July 2008 - before the crash - a predecessor of Mr. McLoughlin's, Mr. Richie Boucher, who was in the role at the time, appeared before the finance committee. In fairness to him he was the only one of the bankers who actually said publicly that we had a problem with liquidity. We are now in a situation where house prices are rising...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Kieran O'Donnell: They relate to the same issue.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Kieran O'Donnell: Define a risk manager.