Results 4,141-4,160 of 9,252 for speaker:Jim O'Callaghan

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)

Jim O'Callaghan: I commend the witnesses institution on reversing the decision that was made. Sometimes when institutions make a decision, they feel obliged to stick with it. I do find it alarming, however, that so many talented and informed people could have made this decision without having wider consultation. I am conscious the ultimate responsibility for this rests with the board and there are a very...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)

Jim O'Callaghan: Are many of them based outside Ireland?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)

Jim O'Callaghan: I thank the witnesses.

Written Answers — Department of Communications, Climate Action and Environment: Renewable Energy Generation (14 Sep 2022)

Jim O'Callaghan: 115. To ask the Minister for Communications, Climate Action and Environment if he will consider increasing grants for the installation of solar panels in domestic settings; and if he will make a statement on the matter. [44977/22]

Written Answers — Department of Housing, Planning, and Local Government: Architectural Heritage (14 Sep 2022)

Jim O'Callaghan: 205. To ask the Minister for Housing, Planning, and Local Government the action that he has taken to protect and restore listed buildings identified as being at risk on the An Taisce list (details supplied); and if he will make a statement on the matter. [44382/22]

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)

Jim O'Callaghan: I welcome our guests before the committee. I congratulate Mr. Kelly on his interim appointment. By the way, when are we going to have the white smoke of a permanent appointment?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)

Jim O'Callaghan: Mr. Kelly has probably been unlucky enough to find himself in the position of being interim CEO at the time we are having this meeting. If it had been on a different date he might have missed it. I refer to the ongoing investigation by the Central Bank into Bank of Ireland and the tracker mortgage scandal. Where are we on that? Bank of Ireland is the last bank standing. When does Mr....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)

Jim O'Callaghan: Previously, Bank of Ireland had set aside €90 million. Has there been any increase on that or is it still the figure?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)

Jim O'Callaghan: Was that €33 million on top of the €90 million?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)

Jim O'Callaghan: So we are talking about €123 million in total provision. To talk about the Bank of Ireland variable interest rate, it is fair to say that, at 4.5%, it is unusually high for a loan-to-value ratio of 90%. One of the concerns that we have as a committee is that if someone is on a fixed rate and the fixed-rate term comes to an end, that person automatically goes onto the variable rate of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)

Jim O'Callaghan: Those who do not engage, and there must be some of them, automatically go onto the variable rate of 4.5%.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)

Jim O'Callaghan: Instead of automatically putting them onto that high variable rate, why does the bank not fix them again for the term they had fixed previously?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)

Jim O'Callaghan: What is the justification for Bank of Ireland charging a variable interest rate of 4.5% when we look at the other participants in the market, none of which charge more than 4%?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)

Jim O'Callaghan: Mr. Kelly mentioned earlier that 10% of mortgage customers have variable rates. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)

Jim O'Callaghan: In terms of the recent announcement by the ECB, I am conscious that Mr. Kelly is not going to comment as to whether or not that is going to be passed on to customers, and hopefully it will not be. However, if the bank is charging 4.5% as a variable rate at present, I would have thought it would be astonishing if it increased that further in light of the recent changes from the ECB.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)

Jim O'Callaghan: One of the unusual things about rates is that when market rates are expected to rise, as they are now, we generally expect the fixed rates to be higher than the variable rate. Does Mr. Kelly agree with me on that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)

Jim O'Callaghan: The competitiveness of Bank of Ireland's fixed rates makes it all the more surprising that it charges a variable rate of 4.5%. Can Mr. Kelly understand the point that is being made?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)

Jim O'Callaghan: Does Mr. Kelly think the Bank of Ireland offer of cashback to prospective customers plays a significant part in attracting business in the mortgage sector?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)

Jim O'Callaghan: If we look at Bank of Ireland's five-year rates, it offers a fixed rate high-value mortgage rate at 2.5% with no cashback and then the regular five-year fixed rate is at 3% but with €9,000 cashback. I can understand the immediate attraction of the €9,000 cashback but will the bank inform a customer of how much extra they are going to be paying on their mortgage if they avail of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)

Jim O'Callaghan: In the letter, is it spelled out comparatively so the prospective customer will be informed as to the cost if they go for the high-value mortgage and the cost if they go for the cashback option?