Results 19,761-19,780 of 26,053 for speaker:Kieran O'Donnell
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Central Bank of Ireland (30 Apr 2014)
Kieran O'Donnell: In respect of mortgage arrears, various financial institutions have appeared before us recently. Deputy McGrath made reference to the total number. A total of 50% of the so-called resolutions being provided for mortgage arrears by the institutions involve legal proceedings and legal letters. Is Professor Honohan satisfied that this is a basis for a sustainable mortgage arrears resolution...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Central Bank of Ireland (30 Apr 2014)
Kieran O'Donnell: How can it be effective for 50% of the banks' mechanisms - the so-called sustainable solutions for mortgage holders - to be legal letters?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)
Kieran O'Donnell: I concur. Mr. Lehane referred to bankruptcy becoming a solution. I regard it as a measure of last resort. It has many implications. Just because it represents the pattern in other countries does not necessarily mean it should be the pattern here. My logic is that there is clearly a problem with the way the personal insolvency arrangement is working at present, certainly in respect of...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)
Kieran O'Donnell: I believed we would be doing that this evening.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)
Kieran O'Donnell: Between the various categories there are approximately 200 cases to date, or 194 in total, and we are four months into the year. Is that correct?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)
Kieran O'Donnell: No; I am referring to all cases, including protective notices and the various other categories. There are 112 protective notices, 56 DRNs and ten debt service notices, giving a total of approximately 200.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)
Kieran O'Donnell: In that context, there have been only 200 to date.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)
Kieran O'Donnell: We are four months into the year.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)
Kieran O'Donnell: If there is a PIP and Bank of Ireland is refusing to do a write-off, and that is the only sustainable mechanism, what can the individual do?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)
Kieran O'Donnell: Is there a requirement to re-examine this? Are there areas that must be re-examined and tweaked to ensure that institutions such as Bank of Ireland will work with the process? Clearly, it should be to its long-term benefit to keep the individual in their home and able to pay the mortgage.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)
Kieran O'Donnell: What would the witness regard as a reasonable timeframe before he could make recommendations?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)
Kieran O'Donnell: Is the issue of positive equity arising on the ISI radar?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)
Kieran O'Donnell: The issue that is arising is people who are in positive equity but cannot meet their mortgage repayments. It is their family home and ultimately the objective here is to get the process to work, pre-bankruptcy, to keep people in their family homes.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)
Kieran O'Donnell: My final question is with regard to the ISI's general interaction with the financial institutions. What has the general interaction been? What is the position with buying into the process and where are the weaknesses? Has the ISI dealt with sub-prime lenders, the main lenders, the credit unions and car companies? Perhaps the witness would describe the general interaction. We are anxious...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)
Kieran O'Donnell: I was speaking about the statistics regarding the number of people bankrupted and family homes repossessed by order. I accept I may have misinterpreted that.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)
Kieran O'Donnell: Which is low.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)
Kieran O'Donnell: How many?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)
Kieran O'Donnell: Up to the end of March four PIAs had been entered into.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)
Kieran O'Donnell: That means an additional seven PIAs were entered into in the month of April.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)
Kieran O'Donnell: Of the seven new PIAs in April what was the average write-off of secured debt?