Pearse Doherty
Asking about total remuneration...
What do you think of the changes to mortgage restrictions allowed yesterday?
Suspended due to a Social Welfare vote in the Dáil
Resumed with the Senators and Pearse Doherty and Michael McGrath present
Byrne: €220k was low relevant to the market.
We welcome the simplification
The LTI limit stays in place - affordability is key for us
It will solve the problem which people had in accumulating the deposit
Doherty:
How will it affect house prices?
I can get 5% tax back, 2% from EBS, so I only need 3%
We are nearly at 100% mortgages
Byrne:
House prices are too low to justify the building of new homes
So prices have to rise to increase the supply of first time houses
So, yes, in the short term, house prices will rise.
The measure will increase the development of first time buyers
We will look at developers and see that they have a market for their home.
Governor Lane will keep it under review
Doherty
13,325 homes still in arrears over 90 days
How many are hard core?
How many will there be no option other than repossession or voluntary surrender?
It's frustrating for us as legislators. We need to clear this up.
Byrne:
We share your concern. As we have progressed, we have tried to deal with the issues.
We have 38,000 restructures in place
We have written off €1.3billioin in mortgages.
Some have no affordability
Some have not engaged
Jim O'Keeffe (AIB)
The challenge for us is engagement. Some customers find it difficult. We work with the IMHO and StepChange. 3,000 have come through IMHO, 2,500 of whom have got solutions.
7,000 are in the legal process. But the legal process and repossessions are a tiny part of the solutions. 2015 48,000 restructures vs 700 repos (some of which were voluntary.)
25% of those over 90 days have re-engaged, and we have found solutions for them.
Doherty
It's the same spiel, engagement, engagement, engagement. You must do something different.
You have 569 houses. With ptsb you have over 1,000 vacant between you. That is criminal in the extreme.
Why have we not moved aggressively to make those houses available?
O'Keeffe
We are a part of the 200 houses being bought by the govt. The Housing AGency has a list of all the houses we own. We will make up a
Doherty
We pumped The 569 houses should be made available immediately to the
O'Keeffe