Results 461-480 of 1,974 for speaker:Arthur Spring

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)

Arthur Spring: This is a fundamental question because I have been given figures which suggest that where Bank of Ireland has been the lead creditor, it has voted against the acceptance of the personal insolvency route, but where it has been the unsecured creditor, it has voted for it on every occasion. That skews the results in favour of the bank. It meets its targets but it is keeping people on the line...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)

Arthur Spring: Is there a policy or strategy as to how Bank of Ireland will deal with personal insolvency when it is the lead creditor and when it is the junior creditor? I need to know that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)

Arthur Spring: Is there not an overarching policy that when Bank of Ireland is lead creditor, it is more difficult but when it is the unsecured creditor, it accepts them?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)

Arthur Spring: Is Mr. Boucher aware of the Central Bank report, Mortgage Repayments after Permanent Modification, written by Anne McGuinness?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)

Arthur Spring: It is probably the best report that has been prepared on how restructured loans are being dealt with. What percentage of restructured loans are going into arrears or going into a potential default position again in Bank of Ireland?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)

Arthur Spring: Is Mr. Boucher saying they are continuing to perform after being restructured?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)

Arthur Spring: So 14% of all of those are being restructured too harshly. Would that be an accurate suggestion?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)

Arthur Spring: But the percentage-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)

Arthur Spring: Mr. Boucher has just said-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)

Arthur Spring: I would think that it is the reset button when Bank of Ireland is telling people that it will restructure. As a former banker, I would say the bank is starting to deal with the customer from scratch again. Earlier Mr. Boucher said that the bank needed to hit 98% accuracy in mortgage lending in order to fulfil its requirements to break even.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)

Arthur Spring: If 14% of people are out after one year, where will we end up overall? Is that an acceptable level? I can only imagine the pressure individuals are under as a result of this.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)

Arthur Spring: I thank Mr. Boucher. I think where he has gone with this is exactly where we need to go. We are here on behalf of the State which has a 14% shareholding in the bank at the moment. I believe Bank of Ireland is taking a different approach to people in arrears from all other institutions. We had the announcement yesterday from the Irish Mortgage Holders Organisation as to how it is dealing...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)

Arthur Spring: I will stick with the latter.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)

Arthur Spring: I will stick with the latter if Mr. Boucher does not mind.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)

Arthur Spring: Does Bank of Ireland write it off?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)

Arthur Spring: So Mr. McLoughlin is telling me that when somebody is stressed to the point of losing their personal home requiring the family to move out of the home, not only does the bank take the home from them, but bank tells that person, "You still owe us the money even though you are in financial dire straits". That is unbelievable in this day and age.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)

Arthur Spring: Obviously the person does not have the capacity to pay on his or her home.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)

Arthur Spring: There is no reset button. The only real thing they can do is to head towards bankruptcy and try to start out again for themselves.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)

Arthur Spring: They obviously cannot make repayments. They are trying to make a start in life again and Bank of Ireland is putting them on the hook until they pay everything. If I was a banking analyst, I would recommend buying Bank of Ireland shares at one level because I think it is screwing everybody to the point that it is getting every last penny it is owed out of them. As the State is a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)

Arthur Spring: I ask the witnesses to reconsider their overall strategy. I will ask Mr. Boucher one more question to wrap this up. Why has Bank of Ireland taken a different approach from the other banking institutions? Are the bank's fiduciary responsibilities the reason for this difference? Are its shareholders satisfied with the manner in which it is pursuing debtors?