# You can watch the Dail Finance Committee hearings live



## Brendan Burgess (4 Sep 2013)

on the RTE website 

http://www.rte.ie/news/player/live/11/#live=listings

A lot of it is to do with arrears policy. 

Ulster Bank is on now. 

I think ptsb is in tomorrow. 

Ulster Bank has made 1,000 "economic concessions" i.e. reducing rate.

Bank of Ireland said that the arrears rate is higher on trackers.  (sounds odd) 

70% of Ulster's  mortgage book are trackers. 70% of arrears are trackers. 

Looking at offering 5 or 10 year fixed to cheap trackers. But no decisions made. 

*strategic default 
*AIB said it was 20%
UB: 35% are not engaging with us and are not paying anything (owner occupied and buy to let) 

Committee member (Deputy Aodhán  O'riordáin? ) says that maybe they are afraid to engage!

*To Joe Higgins
*We have €17 billion in home loans
The LTV is 110% 
Therefore the negative equity is €1.5 billion 

Joe: Why don't you write off the negative equity? 
Jim Brown: Our average mortgage is less than the average rental payment


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## Brendan Burgess (4 Sep 2013)

Up to April 2011, the North and the South was the same. Unemployment rose and arrears rose. 

A few things happened - the CCMA, Dunne judgement 

The correlation in the North has continued. 

But in the South unemployment has fallen, the repayments on trackers have fallen, but arrears have risen!


7% of all mortgage holders are paying nothing.  (4.5% in the North)


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