Results 14,201-14,220 of 36,763 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: 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------

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: Is it not a breach of contract?

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 should not have to go to the courts. Does the witness not understand that these 6,000 people have a contract which states that they are entitled to a tracker rate? Forget about the issue of the rate that was going to be applied at that time. Their entitlement to a tracker rate was unilaterally withdrawn by AIB. It is a breach of contract. In simple terms, let us say I sold the witness...

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 bank inform the Central Bank of the rationale, the specifics of the case and the reasons it was settled? I am aware of other institutions - not AIB - which were taken to court by individuals, where the case was settled on the steps of the court with a confidentiality, or gagging, clause. There are thousands of customers in exactly the same position who do not get the benefit...

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: Do those reports include details of legal settlements and the rationale for them?

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: How many restructured mortgages that meet the terms of their restructured arrangements are classified as NPLs within the bank?

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: Is it only that they have to wait until they have fulfilled the terms of the restructured arrangement for 12 months? In the case of another financial institution involved in restructuring which appeared before the committee, individuals are meeting the terms of the restructuring but, on the basis of the type of restructuring involved, such as a split mortgage where more than 20% of it is...

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: Does the bank have any data on customers who fully engage with it, who make the maximum payments to it, based on their standard financial statements, but whose only solution, determined by the bank, is voluntary surrender or repossession, where the bank has determined that the individuals will ultimately lose their homes?

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: How many individuals have submitted standard financial statements which the bank, on examination, has determined to be unviable and decided that surrender of the property is the ultimate outcome? I acknowledge that the bank is engaging with iCare, which we welcome. It is very positive that there are more mortgage-to-rent properties and there are a number of positives that I could raise but...

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 book value for Project Beech, the latest sale, is €1 billion. What was the sale price?

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: Were 220 family homes involved in that sale?

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: Given that a new threshold has been crossed, in respect of the sale of family homes to vultures - I understand the loans are cross-securitised - is it the intention to go down this road with other potential sales of family homes to vulture funds in the future?