Results 5,161-5,180 of 6,944 for speaker:Michael McNamara
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)
Michael McNamara: The bank charges various variable rates. When people come off a fixed rate they go onto a variable rate, which changes in accordance with loan-to-value ratios. How does the bank calculate the loan-to-value rates?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)
Michael McNamara: People who come off fixed rates and end up on a variable rate by default-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)
Michael McNamara: People might be on a loan-to-value rate of 4.5%. Not alone are they paying more than they would if they had a mortgage with the bank's competitors but they are also paying it on an historic loan-to-value ratio because, presumably, they initially fixed for three, five or perhaps ten years. The value of the home and the ratio of the loan to that value is entirely different now from the value...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)
Michael McNamara: Mr. Kelly knows it has increased considerably. This could be to the disadvantage of the bank given the latest news that house prices have exceeded the peak of the Celtic tiger. The bank knows that these values are now higher than they have ever been in history but it is charging loan-to-value variable rates based on much lower values.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)
Michael McNamara: It is quite a big difference, is it not? It is 0.3%.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)
Michael McNamara: What is the rationale for this? It is quite a big difference.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)
Michael McNamara: However, it is nothing to do with capability. Obviously, people with the lowest carbon footprint will probably have a heat pump system that takes in air and heats via under-floor heating etc. However, essentially, one is heating with electricity, which is as we know going up. Is this then a matter of commitment to the environment, rather than people's capability to pay back money?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)
Michael McNamara: Okay, well can I just have-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)
Michael McNamara: I am particularly interested in Bank of Ireland, because-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)
Michael McNamara: Can I ask three questions? These are related questions.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)
Michael McNamara: Has Mr. Kelly ever been to Miltown Malbay? Has he ever been there during the Willie Clancy Summer School? Has he any idea that the impact of taking the bank out of Miltown Malbay has had? There is a post office there and the people who run it are excellent, progressive people. Inevitably, however, post offices close at a particular time. Even the supermarkets have ATMs, but they close at...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)
Michael McNamara: Mr. Kelly said that he met with community representatives in all of the branches. I do not expect him to know off the top of his head which community representatives he met in Miltown Malbay, Tulla and Kilkee, but can he provide the names of the people?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)
Michael McNamara: Last, given the debacle this summer, does Mr. Kelly think that he got lucky with the timing of his announcement, compared with his competitors in AIB?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)
Michael McNamara: I have more questions, but I appreciate the constraints.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)
Michael McNamara: I should declare a potential conflict of interest. I have a constituency office account. It is with Permanent TSB.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)
Michael McNamara: I have nothing to complain about.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)
Michael McNamara: Exactly.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)
Michael McNamara: I am, actually. The face-to-face customer service is very good. Historically, I always found it very good with Bank of Ireland, whose representatives have left, but that bank has massively reduced the number of staff and services available. It does not hugely affect me but it affects many of my constituents. Permanent TSB is taking on these new branches. How many new employees will it...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)
Michael McNamara: I am aware that perhaps two or three years ago PTSB cut the number of personnel in branches. It is not unique in that. I am not suggesting that it is; very far from it. How many branch personnel have been let go from 1 January in this decade?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)
Michael McNamara: I would like to move on to the issue of mortgages. What are PTSB's variable rates at the moment? How many of its mortgage customers are on variable rates? Approximately what percentage of customers are on tracker, variable and fixed rate mortgages?