Results 1,561-1,580 of 1,974 for speaker:Arthur Spring
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)
Arthur Spring: Can Mr. Duffy elaborate on the cost of funds and how the bank will pitch that to them?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)
Arthur Spring: By retail deposits.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)
Arthur Spring: It is looking at 50 BPS for a margin and at another 60 BPS for administration costs. Is that the model the bank will work off?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)
Arthur Spring: What about mortgages, for example?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)
Arthur Spring: Therein lies my concern. As we know, the mortgage crisis is escalating. I refer to the bank talking to potential investors who will purchase into a forecasted cashflow that shows profit being made on what I call "negligent lending" - lending over 30 to 40 years, at 100% to 110% LTVs and multiples of earnings that were inappropriate. What I am trying to work out is whether the bank is...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)
Arthur Spring: The very fact the bank is engaging with investors at a time when the number of people with distressed mortgages is rising would suggest to me that it cannot give an investor a true picture unless it is talking about the margins it will implement on mortgages. Will there be some forgiveness in regard to the mortgages of people who were loaned money in the most negligent format?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)
Arthur Spring: In essence, that means rather than a debt write down, there will be a margin moratorium for people. That is one way to look at it. I would like to ask Mr. Murphy about cost of funds. He expressed an interest in trying to sell the bank with a view to potentially different elements of funding for the bank coming about - wholesale deposits, etc. What could happen if we sell the bank and how...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)
Arthur Spring: Will that kick into the mortgages and the cost of mortgages, especially the variables?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)
Arthur Spring: If the ECB rate stays where it is at the moment, can Mr. Murphy see the cost of mortgages in this country decreasing in the short to medium term?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)
Arthur Spring: What about in the medium to long term?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)
Arthur Spring: That will be very disappointing for many people. I urge the witnesses, when selling the bank, to look at putting a moratorium on margin-making on the most vulnerable mortgages. There have been more than 40 bank closures and I will not be parochial and talk about Kerry.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)
Arthur Spring: AIB might be what people consider to be the bank of the moment but to me it should be PIB - popped up Irish bank. The level of damage that has been done to the brand in rural areas, where it has closed branches, is incredible. It has not told people why it has had to do this. As someone with some banking experience, if one looks at some of those bank branches as stand-alone entities, they...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)
Arthur Spring: I welcome the witnesses. My opening comment concerns the sale of the bank. I am the fourth speaker and I welcome the fact that we are talking about the sale of the bank. It is an indication that we are incrementally moving towards the light at the end of the tunnel. How will the bank pitch towards the investors the attraction in purchasing AIB? Reference was made to a return of 10% to...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)
Arthur Spring: I have one last question on the transfer of titles and how Irish Bank Resolution Corporation, IBRC, has examined that.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)
Arthur Spring: I will not refer to any single case if that is all right. Is there anything IBRC is doing to ensure it is capturing all the properties that were transferred and has it examined the securing of those properties?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)
Arthur Spring: Historical credits, etc.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)
Arthur Spring: What if it was not taken as security but if a credit was produced for the purpose of lending the money? Has IBRC also gone back in that regard?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)
Arthur Spring: As all that information is there, IBRC should be able to get to ascertain if the money was lent to begin with, and I urge the witnesses to do that.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)
Arthur Spring: Thank you, Chairman. Citizens and taxpayers are concerned above all that there be fairness in this process. Last week representatives of NAMA indicated to the committee that two thirds of the agency's clients are co-operating with it. Will the delegates indicate the percentage or portion of IBRC clients who are not co-operating? The NAMA delegates also indicated that 90% of rental income...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)
Arthur Spring: In group situations, loans would have been given for properties without the security being taken into account. Have the delegates pursued these issues?