Results 15,521-15,540 of 36,326 for speaker:Pearse Doherty

Insurance (Amendment) Bill 2018: Referral to Select Committee (10 Jul 2018)

Pearse Doherty: Yes, a Cheann Comhairle, it would be most helpful if the Business Committee could facilitate that.

Insurance (Amendment) Bill 2018: Second Stage (10 Jul 2018)

Pearse Doherty: It is not lost on me or many other people that we are dealing with a Bill that will impose another charge on premiums on the day that David Drumm was given a suspended sentence in court for offering illegal loans to ten wealthy businessmen worth €450 million. Those loans, known as the "maple ten", originated from the fact that Seán Quinn of Quinn Insurance was betting on Anglo...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: KBC Bank (10 Jul 2018)

Pearse Doherty: Cuirim fáilte roimh an t-Uasal Verbraeken agus an beirt eile atá linn fosta. Tá cúpla ceist agam. I have a number of questions. I will start with the lending to the mortgage market. What increase have we seen in the lending to the mortgage market year-on-year from KBC?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: KBC Bank (10 Jul 2018)

Pearse Doherty: It is 61% and 21% of new business cases were classified as switchers. If we were to strip away the switchers, would the increase be 40%?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: KBC Bank (10 Jul 2018)

Pearse Doherty: In terms of new lending, without switchers what was the year-on-year increase?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: KBC Bank (10 Jul 2018)

Pearse Doherty: I understand from the bank's point of view but in terms of additional money-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: KBC Bank (10 Jul 2018)

Pearse Doherty: It could be seen as interbank lending. It is not additional credit going into-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: KBC Bank (10 Jul 2018)

Pearse Doherty: It is not additional money. When we are looking at these new lending figures, we need to strip out all of the switchers to get an accurate feel in terms of the increase.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: KBC Bank (10 Jul 2018)

Pearse Doherty: The bank's interest rates are quite high, with 27% of mortgages on the highest rate offered, namely, its 4.25% standard variable rate. Is it correct that €11 billion of loans are at that rate?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: KBC Bank (10 Jul 2018)

Pearse Doherty: One in four are at the highest possible rate.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: KBC Bank (10 Jul 2018)

Pearse Doherty: For those one in four customers of KBC mortgages, what are the options outside of taking out a deposit account which would give them a reduction of 20 basis points? No, it does not actually give them a reduction.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: KBC Bank (10 Jul 2018)

Pearse Doherty: What are their options? This optoin would bring their mortgage rate down to 4.05% and I note that only 654 customers have availed of it.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: KBC Bank (10 Jul 2018)

Pearse Doherty: Do these customers have options to fix at this point in time?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: KBC Bank (10 Jul 2018)

Pearse Doherty: If I am a KBC customer and one of the one in four who are on a standard variable rate of 4.25%, and if my loan-to-value ratio is less than 90%, can I automatically go onto the 3.5% rate with the bank?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: KBC Bank (10 Jul 2018)

Pearse Doherty: Does the bank support individuals in getting the valuation?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: KBC Bank (10 Jul 2018)

Pearse Doherty: Therefore, for a few hundred euro a customer can get the valuation. I imagine, given the increase in house prices, that a large proportion of these would fall within that category, and indeed could fall below it. For example, an 80% loan-to-value ratio would be one full basis point reduction.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: KBC Bank (10 Jul 2018)

Pearse Doherty: How many of KBC's customers of that-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: KBC Bank (10 Jul 2018)

Pearse Doherty: Of those one in four on the standard variable rate, the highest interest rate, is there any movement for them onto a variable rate?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: KBC Bank (10 Jul 2018)

Pearse Doherty: Therefore, an individual with a €200,000 mortgage and an 80% loan-to-value ratio, which would be average enough, given house prices at this point, would save €4,000 by getting that valuation, which would probably cost him or her less than €400.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: KBC Bank (10 Jul 2018)

Pearse Doherty: Ms Deering said KBC has written to them. What effort has KBC made to inform people? Thousands of the bank's customers could save €4,000 this year for €250 and the cost of a stamp.