Results 19,961-19,980 of 26,053 for speaker:Kieran O'Donnell
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)
Kieran O'Donnell: Banks operate very sophisticated financial systems. Twenty per cent of the buy-to-let loans that are 90 days or more in arrears have ended up in receivership, which strikes me as pretty high, and over 30% of the proposals that are involved in legal proceedings are in the buy-to-let category. The proof is in the eating or the pudding or whatever. I apologise; my word choices are not quite...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)
Kieran O'Donnell: How many of the 1,106 split mortgage home loans were in positive equity?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)
Kieran O'Donnell: What happens if someone arrives into the bank when they are in this particular situation? Is Mr. O'Connor saying that his bank does not differentiate between somebody in positive and negative equity when seeking a loan?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)
Kieran O'Donnell: Someone in positive equity has two routes open to them.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)
Kieran O'Donnell: What solutions does the bank offer to people who have positive equity but are in arrears?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)
Kieran O'Donnell: There is a view among the public that there is a paradox regarding positive equity. Is one worse off if one is in positive equity rather than negative equity in terms of the banks? I shall outline what I mean and the delegation can answer both questions together. The code for mortgage arrears mentions that the banks have the option of providing a bonus as an incentive to people to deal...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)
Kieran O'Donnell: I hope not.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)
Kieran O'Donnell: I wish to welcome Mr. Duffy and his colleagues. I would like to clarify a couple of points. Are the figures we have here both for AIB and EBS combined? AIB is required to meet targets by the Central Bank under the mortgage arrears resolution process, or MARP. Is the target to the end of December 50% of both home loans and buy-to-lets, or is it an average?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)
Kieran O'Donnell: It is the total amount for both. I am looking at page 9 in one of the documents the witnesses gave us, which is the overview. Am I correct that the total number of home loans greater than 90 days is 24,990 and for buy-to-lets it is 11,650, which is a total of 36,640?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)
Kieran O'Donnell: Am I correct that with home loans AIB has reached a 58% target and a 39% target individually in the buy-to-lets?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)
Kieran O'Donnell: The overall target AIB made is around 54%. Is that correct?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)
Kieran O'Donnell: It strikes me as strange that within the home loans, without the legal and other proceedings, AIB would be meeting a target of 31% which would be 7,753. Some 6,702 of the sustainable solutions are effectively legal and other proceedings. In the buy-to-lets, AIB is making only 17% of the target, while it is making 22% of the target on the legal side. In home loans, it is 31% outside the...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)
Kieran O'Donnell: Will I have to repeat my question, Chairman?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)
Kieran O'Donnell: The point I am making is that, for someone observing it, 50% of sustainable solutions being provided at the moment have involved legal proceedings. One would have to question whether the process is working.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)
Kieran O'Donnell: Why is the process not working? Why is it down to meeting targets? Mr. Duffy is telling me that the only way he can meet the target - that is, 50% of them overall, between the home loans and the buy-to-lets - is by instigating legal proceedings. How has it come to that point?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)
Kieran O'Donnell: What has been the level of repossessions to date? How many repossessions are in the pipeline as we speak? I mean the total number of repossessions.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)
Kieran O'Donnell: How many repossessions are in the pipeline?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)
Kieran O'Donnell: When did AIB initiate those? What timescale or period are we looking at?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)
Kieran O'Donnell: When did AIB start instigating those 2,500 cases?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)
Kieran O'Donnell: So there are 2,500 cases waiting. Does Mr. O'Connor anticipate that they will end up in repossessions?