Senator Paddy Burke FG (There doesn't appear to be any FG TD present. )
How do you compare with other banks?
You have a perception of being much tougher than all the other lenders including the vulture funds.
Boucher
We must put in a sustainable solution.
As the CEO of a public company, 90% of challenged customers who send us an SFS get a restructuring. And 90% stick.
The number of proposed PIAs we don't support is below the industry average
Burke
What are your fixed rates?
McLoughlin
It's in the presentation -
And they get 2% cash back as well.
Burke
Slide 38 - borrowers 1358 over 2 years in arrears. The majority will require social housing.
Could you not do a write-down
Boucher /McLoughlin
It's 1.8% of our mortgages compared to 5.5% for the industry
726 are paying nothing at all
267 are paying less than 50%
Their average contractual mortgage payment is €926 vs €1,060 for rent
If they get social housing, they have to pay something. They are paying us nothing.
Burke
You are buying some portfolios of mortgages from Start, IBRC and Danske
Boucher
We only buy the performing portfolios
Private equity buys the non-performing portfolios
The customers are now with a bank which is active so they have a long term sustainable home.
They are valuable customers.
We want more customers.
Burke
Strange questions about deals. He wasn't listening to the earlier answers.