You can watch the Dail Finance Committee hearings live

[Brendan Burgess]

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

 

[Brendan Burgess]

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)