Results 5,761-5,780 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Insurance Industry Regulation (26 Feb 2014)

Michael McGrath: 57. To ask the Minister for Finance the relevant legislation which covers the regulation of the insurance sector and the rights of consumers in respect of insurance policies; and if he will make a statement on the matter. [9877/14]

Written Answers — Department of Finance: Tax Reliefs Eligibility (26 Feb 2014)

Michael McGrath: 58. To ask the Minister for Finance the number of persons who have been approved for the home renovation incentive since its inception; and if he will make a statement on the matter. [9894/14]

Written Answers — Department of Finance: Tax Reliefs Eligibility (26 Feb 2014)

Michael McGrath: 59. To ask the Minister for Finance the number of persons who have been approved for the start your own business relief since its inception; and if he will make a statement on the matter. [9895/14]

Written Answers — Department of Justice and Equality: Money Laundering (26 Feb 2014)

Michael McGrath: 179. To ask the Minister for Justice and Equality the number of convictions for money laundering and the total sums involved in each year since 2010; and if he will make a statement on the matter. [9878/14]

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Michael McGrath: I thank the liquidators and the officials from the Department of Finance. I want to keep this exchange as interactive as we possibly can. I will start with last night's statement of voluntary compliance by the bidders. What status does that have? Can Mr. Wallace advise where that will be written down in this sales process? What piece of paper will that be on?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Michael McGrath: It will not be written down anywhere at all?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Michael McGrath: So it has zero legal standing.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Michael McGrath: It is utterly unenforceable legally and has no standing whatsoever. They can say they are complying voluntarily but, equally, they can withdraw that voluntary compliance at any time.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Michael McGrath: I was going to say that it is not worth the paper it is written on. It appears, however, that it will not be written on any piece of paper so I am not sure what value that puts on it. Mr. Wallace has been put in the firing line here today, but this is as much a political issue as it is one for the special liquidators. I will take up those issues with Ms Nolan as she is representing the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Michael McGrath: In the last 24 hours, when they indicated their willingness to comply voluntarily, was there any indication from the bidders that they would be prepared to pay less for the mortgage book if the commitment were a binding condition of the sale? Is there any evidence to suggest they would actually pay less to the special liquidator for the IBRC mortgage book where it was a binding condition of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Michael McGrath: Has that been indicated to the special liquidators by any of the bidders?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Michael McGrath: We now have two different standards of protection for Irish mortgage holders who took out a mortgage from an entity in Ireland regulated by the Central Bank in respect of their family home. We are not discussing investment properties but family homes. We now have a vista in which we have two different standards of protection. If one is a customer of AIB, Bank of Ireland, Permanent TSB or...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Michael McGrath: Can Ms Nolan confirm that irrespective of the intentions of any unregulated fund that might hold the mortgages, there will be no access to the ombudsman for the IBRC mortgage holders? It is a statutory issue.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Michael McGrath: It is a major issue, as the Financial Services Ombudsman is the statutory watchdog for Irish consumers who have complaints about financial products sold to them. That avenue will be completely closed off for IBRC mortgage holders who will have their mortgages sold by the special liquidator. There is a serious vacuum in the law which must be addressed urgently. I revert to how this issue...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Michael McGrath: What Ms Nolan is saying is in fact worse. She is saying the issue was considered but a decision was taken not to insist that these mortgage holders would be left in no better or worse position. The Department felt that insisting these protections be retained might diminish the value of the loan book and so decided to exclude them.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Michael McGrath: Ms Nolan knows as well as I do the conditions of a contract of sale of a mortgage. If anyone looks at their mortgage document and if that is the limit of their protection, it is apparent that it is skewed heavily in favour of the lender. Essentially, if one gets into any level of difficulty with a mortgage, it can be called in at any time. That is why a statutory code of conduct was put in...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Michael McGrath: In the opening statement, it was stated: Thirty three of the borrower groups [in the IBRC loan book] representing 0.2% of total groups are being offered for sale on a stand-alone basis. No IBRC borrower is being provided with an exclusive opportunity to buy back their loans at a discount.How many IBRC borrowers actually bought back their loans?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Michael McGrath: My question was about how many cases there have been in which the original borrower bought back the loan, presumably at a substantial discount. I am referring to the large commercial debtors of IBRC.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Michael McGrath: What is the typical discount that would apply?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Michael McGrath: I would like to ask a few supplementary questions. Can I ask Mr. Wallace how many direction orders have been issued by the Minister to the special liquidators under section 9 of the Act so far?