Results 4,841-4,860 of 27,945 for speaker:Michael McGrath
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)
Michael McGrath: In that scenario would it be in the first two columns?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)
Michael McGrath: I understand.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)
Michael McGrath: We are not in a position to analyse the offers, but Bank of Ireland has indicated they will be in a similar vein to the measures that have been agreed and by and large they are the typical forbearance measures. Bank of Ireland has begun to roll out the split mortgages. Is it doing debt for equity arrangements of any kind yet?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)
Michael McGrath: Does Bank of Ireland provide any permanent interest rate reductions?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)
Michael McGrath: With regard to the current number - to July or August - of those who are involved in legal-resolution processes, Bank of Ireland indicated that by the end of June there were approximately 3,100 of these in the owner-occupier sector. How many were there in the buy-to-let sector at that stage?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)
Michael McGrath: Let us focus for a moment on the owner-occupier properties. Approximately 3,100 of these were involved in legal-resolution processes. Has that figure changed much or is that pretty much the ball park figure for the number currently involved?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)
Michael McGrath: At the end of June, the figure of 3,100 meant there was formal, legal correspondence under way between the borrower and the banks. Is that correct?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)
Michael McGrath: So there is a strong chance in the majority of those cases that the house will be forfeited, either by voluntary surrender or -----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)
Michael McGrath: I will move on because my time is limited. On the issue of split mortgages, some 309 were agreed across the sector by the end of June, 226 of which were agreed by Bank of Ireland. Sorry, this includes buy-to-let properties.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)
Michael McGrath: Yes, but approximately 200 split mortgages were arranged.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)
Michael McGrath: Picking up on the theme explored by the Chairman, even though the Bank of Ireland split mortgage product is the least attractive across the system, Bank of Ireland seems to be doing the majority of split mortgage transactions. I suggest that the Bank of Ireland split mortgage is not really a split mortgage in the sense that it is another form of paying interest plus some capital, because it...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)
Michael McGrath: I would urge Bank of Ireland to review that product. In order to be fair to customers who are already in arrears or financial distress, if the bank is going to offer a split mortgage, it would be far more sustainable for the customers if interest did not accrue on the warehoused portion of the debt. I have dealt with individual cases where, when the interest on the warehoused portion is...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)
Michael McGrath: I will move on to the issue of strategic default, an issue that was not addressed in the presentation and on which no comment has been made by the bank. Other CEOs have commented that in their view up to 20% of the mortgage arrears book is accounted for by those who choose not to pay their mortgage for one reason or another. Is that Bank of Ireland's experience?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)
Michael McGrath: Overall, the bank is making progress when we look at the usual banking metrics of loan to deposit ratio and funding mix, etc. One concern I still have is whether Bank of Ireland and the other banks are fully facing up to the losses they are carrying on the mortgage book and the SME book. I have examined Bank of Ireland's impairment provisions in its accounts and in the presentation, which...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Michael McGrath: I welcome Mr. Brown, Mr. Bell and Mr. Leahy. I wish to continue along the theme the Chairman started. Mr. Brown outlined that the target in respect of the 20% measure used by the Central Bank was 3,784 and he has given us a breakdown of the 18,000 customers that Ulster Bank currently has in arrears of 90 days or more. How does he regard the bank's performance against that target? Does the...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Michael McGrath: I apologise for interrupting but will Mr. Bell clarify if those offers relate to Q2 or are they cumulative? In other words, is that the position as at the end of June?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Michael McGrath: So the 5,172 breaks down as-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Michael McGrath: Just so that we are clear in respect of the figures, Mr. Bell indicated that 1,148 of the 5,172 cases in question involved some form of arrangement agreed with customers and that the other 4,124 involved the initiation of legal action in a formal sense.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Michael McGrath: All of the 929 buy-to-let cases involved rent receivership.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)
Michael McGrath: Is Mr. Bell in a position to provide a breakdown in respect of the 1,148 arrangements that were arrived at?