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Elderfield gone a wet week....

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  • 27-06-2013 12:15pm
    #1
    Bits_n_Bobs
    Registered Users Posts: 1,300 ✭✭✭


    Just listening to Carl Dieter on Newstalk now and he made a very interesting observation that Matt Elderfield is hardly gone a wet week and we have this new code of conduct for banks. Is this just conspiracy theory stuff or is it possible that he walked due to this?


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    #2
    Bits_n_Bobs
    Registered Users Posts: 1,300 ✭✭✭Bits_n_Bobs


    title should read week...not wee, not even a wet wee....Jebus....


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    #3
    ressem
    Registered Users Posts: 2,426 ✭✭✭ressem


    Matthew Elderfield's departure to Lloyds has been in the public domain for months now. Did Karl Deeter suggest any specifics?
    The new code of conduct on mortgage arrears seems in line with what Mr Elderfield thought was reasonable during his last appearance in front of the Public Accounts Committee.

    Matthew wrote:
    I have said before that we have to steel ourselves for a significant increase in repossessions. It is not desirable, it is a last resort, but the relative level of repossessions in Ireland compared to the United Kingdom is rather low.

    There are good reasons that will be the case in future but it would be surprising if they stayed at those low levels. A legal case, the Dunne judgment, has stopped the legal proceedings in the meantime, but I expect that if one does not co-operate with the bank and share financial information then the bank will move swiftly to take legal action under the new framework.

    However, if one is a co-operating customer and one declares all one's information and one is upfront, then the banks will work step by step through the process and have a wider range of options.

    However, as a last resort in some cases if a customer is right at the cusp of insolvency or insolvent then it is possible there will be repossession cases. I imagine there is likely to be more voluntary surrenders whereby the banks say it will be impossible to keep a person in his home but if he surrenders the house, they can work out some sort of deal on the shortfall if there is negative equity.


    He used the opportunity to re-iterate the need for holding individuals responsible, not just institutions, correctly predicting that the UK's new "Changing Banking for Good" report would recommend a new criminal offense for recklessness in carrying out professional responsibilities in the management of a bank. (http://www.publications.parliament.uk/pa/jt201314/jtselect/jtpcbs/27/2702.htm)


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    #4
    Bits_n_Bobs
    Registered Users Posts: 1,300 ✭✭✭Bits_n_Bobs


    He defintely seemed to indicate to some sort of link to Elderfields departure and the code. Not too sure what he was insinuating to be honest - hence I posted it here :)


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    #5
    ressem
    Registered Users Posts: 2,426 ✭✭✭ressem


    Bits_n_Bobs wrote: »
    He defintely seemed to indicate to some sort of link to Elderfields departure and the code. Not too sure what he was insinuating to be honest - hence I posted it here :)

    Elderfield might have made the last appearance (previous appearance was in 2010) in front of the PAC, but he's not starting in Lloyds 'till October, and according to the Central bank site he's not finished in Ireland till then.
    http://www.centralbank.ie/press-area/press-releases/pages/pressstatementmatthewelderfield.aspx

    Deeter's suggestion was that Elderfield introduced the 12 month moratorium back in 2010, and that he's gone a week, and that the moratorium is going now.

    As he is not finished up in the job, that would be unfounded.


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