Results 15,961-15,980 of 35,756 for speaker:Pearse Doherty

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Pearse Doherty: That is the point I was going to come to.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Pearse Doherty: Would the fact that they have split the mortgages into two different contracts, for example, the non-performing and the performing part, have a bearing on it? Would it be a bearing on it that, for example, Permanent TSB has to have the full warehouse portion paid at the age of 65 as compared to AIB, which does not have that stipulation? As Mr. Groarke can see from the ECB criteria, which...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Pearse Doherty: Let me acknowledge I thought Permanent TSB's presentation was excellent. It included interesting data on those in pre-arrears and those in arrears over 90 days that the bank has brought them to below the industry average. That is positive. The problem here is Permanent TSB is about to throw its own customers' families to the wolves, to the mercy of the vulture funds. That is the serious...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Pearse Doherty: Is Mr. Masding aware that other banks have split the split mortgage into two separate contracts?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Pearse Doherty: Is Permanent TSB open to considering withdrawing the 4,300 split mortgages from the Project Glas portfolio and looking at how other financial institutions have navigated through the criteria, perhaps based on the response that is to come from the regulators in terms of how they are dealing with the issue of split mortgages? This working group was set up in November last. I would have...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Pearse Doherty: Let me make clear it is not okay. I completely disagree with the strategy of the bank in relation to this. Let me ask, in relation to the 10,200 treated but not cured loans, when will they be cured? What process must they have to go through to be cured? How long will it take for them to be cured? According to the regulator, it is a period of 12 months where they have to be paying...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Pearse Doherty: Is it necessarily the case that it has to be the original contract? I understand that it does not have to be the original contract. I understand that if one restructures the loan, for example, that allows for a different interest rate or a term extension, if the borrower meets those requirements over a period of time he or she comes out of NPL. Is it the case the borrower does not have to...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Pearse Doherty: They might just answer the question. It has been stated twice that the only way one can get out of an NPL is going back to the original contract or sale, but that is not the case.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Pearse Doherty: If a loan with Permanent TSB is originally set at 20 years and is then restructured to 25 years, it will be dealt with as a non-performing loan as long as it is a 25-year loan.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Pearse Doherty: The witnesses are giving us a misinterpretation to the effect that it is either the original contract or sale. It is not; there are a number of options in between. I do not want to get hung up on that, though. Regarding the question of treated and non-treated, what proportion of the 10,200 treated but non-performing loans will be cured within three years?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Pearse Doherty: If Project Glas goes ahead, what will Permanent TSB's NPL ratio be?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Pearse Doherty: I will repeat the question. I am conscious that we are under time pressure. If Project Glas proceeds, what will the NPL ratio be? It is a simple question. Take those loans out of-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Pearse Doherty: So the bank will still have a further 5% to go.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Pearse Doherty: The bank will reach that level through the solutions that Mr. O'Sullivan pointed out, for example, voluntary surrenders.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Pearse Doherty: If there is no bidder for Project Glas, what will the bank do?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Pearse Doherty: I do not want to nitpick, but it is not one third that is not engaging, but one quarter. Last week, the European Commission provided a number of proposals on the treatment of NPLs, one of which was guidance on national asset management bodies that would not contravene EU law and state aid rules. While the Commission focused on commercial loans, it stated that such a vehicle could also be...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Pearse Doherty: I will ask a final question on this matter. The bank met the Minister on 26 February. The previous week, the media was dominated by the potential sale of Project Glas to vulture funds. Was that issue raised at the meeting with the Minister? Did he give the bank an indication of his views on the matter? Given the agreement between the financial institutions and the Department, Permanent...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Pearse Doherty: Has there been an informal consultation with the Minister on this matter?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Pearse Doherty: Has he expressed a view to Mr. Masding on the matter?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Pearse Doherty: I wish to ask about the relationship framework. I am sorry, but Mr. Masding can answer the Parliament question later. If in the consultation the Minister, as the person who holds the shares in the bank, was to express the view that this was a betrayal of its customers and the Irish people, what would the bank do? The relationship framework does not prevent the bank from bulling ahead....