Results 6,041-6,060 of 27,945 for speaker:Michael McGrath

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Michael McGrath: Chairman, I really appreciate that. I welcome Mr. Duffy and his colleagues to this meeting. I thank Mr. Duffy for providing his opening statement and other information in advance, affording us the opportunity to go through it before the meeting. In line with the data provided by the other institutions, there seems to have been a significant ramping up of enforcement activity. Between...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Michael McGrath: For the sake of completeness, do the figures provided in the questionnaire capture all of the legal proceedings relating to mortgages? Representatives of another bank stated before the joint committee that in some cases involving arrears of less than 90 days it had entered legal proceedings. Is all of the activity of Allied Irish Banks captured by the figures provided?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Michael McGrath: On the mortgage-to-rent sector, how many of the 300 solutions provided have been finalised and how many are still being processed?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Michael McGrath: I gather that is the case from the evidence presented. The presentations made by the three banks that have appeared thus far and some data provided by Bank of Ireland indicate that legal proceedings have commenced, or customers have been advised they will commence, in 30,000 mortgage cases. While not all of these cases will result in the loss of the mortgage holder's home, that will be the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Michael McGrath: That is clearly the case.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Michael McGrath: Allied Irish Banks has been criticised for claiming that approximately 20% of its customers are strategic defaulters. There is a difference between a strategic defaulter and a person who is not co-operating. Some of those in the latter category may simply not have any money and cannot, therefore, be described as strategic defaulters. What is the bank's current position on this issue? What...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Michael McGrath: The issue of mortgage write-off has garnered considerable publicity recently. Where is this listed under No. 4 on the questionnaire, relating to solutions provided?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Michael McGrath: Is Mr. O'Connor prepared to advise the committee as to the number of cases in which there has been an element of debt write-down?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Michael McGrath: Does Mr. O'Connor have a figure on the total amount of mortgage debt that has been written off or written down?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Michael McGrath: Please do so. I am one of those who raised the issue of consistency. I accept that writing down mortgage debt will be a solution in a certain proportion of cases. It is important that people know the circumstances under which they may be able to avail of such a solution. One can argue, if one writes off sufficient mortgage debt, that almost every mortgage is sustainable. It is important,...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Michael McGrath: I have two final quick questions. On the issue of the forthcoming stress tests, how confident is Mr. Duffy that we will come through those without requiring additional capital?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Michael McGrath: I know that Allied Irish Banks keeps interest rates under constant review. In respect of variable interest rates for mortgage holders, is that an issue that is being examined and, if so, are any changes anticipated in that area in the coming months?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB (9 Apr 2014)

Michael McGrath: I thank Mr. Duffy.

Written Answers — Department of Public Expenditure and Reform: EU Funding (10 Apr 2014)

Michael McGrath: 19. To ask the Minister for Public Expenditure and Reform the priorities that will attach to Ireland’s next round of Structural Funds; and if he will make a statement on the matter. [16785/14]

Written Answers — Department of Public Expenditure and Reform: External Service Delivery (10 Apr 2014)

Michael McGrath: 30. To ask the Minister for Public Expenditure and Reform his views on the impact of outsourcing on the delivery of public services; and if he will make a statement on the matter. [16786/14]

Written Answers — Department of Finance: IBRC Mortgage Loan Book (10 Apr 2014)

Michael McGrath: 36. To ask the Minister for Finance the number of Irish Bank Resolution Corporation residential mortgages sold by the special liquidator; the number that will transfer to the National Asset Management Agency; the number of mortgages transferring to NAMA that are in arrears; his plans for further sales; and if he will make a statement on the matter. [17046/14]

Written Answers — Department of Finance: IBRC Mortgage Loan Book (10 Apr 2014)

Michael McGrath: 37. To ask the Minister for Finance the number of Irish Bank Resolution Corporation buy to let mortgages sold by the special liquidator; the number that will transfer to the National Asset Management Agency; the number of mortgages transferring to NAMA that are in arrears; his plans for further sales; and if he will make a statement on the matter. [17047/14]

Written Answers — Department of Finance: IBRC Mortgage Loan Book (10 Apr 2014)

Michael McGrath: 38. To ask the Minister for Finance if the National Asset Management Agency has adequate processes and procedures in place to deal with the Irish Bank Resolution Corporation mortgages transferred to it; the number of staff who will support this work; and if he will make a statement on the matter. [17048/14]

Written Answers — Department of Finance: IBRC Mortgage Loan Book (10 Apr 2014)

Michael McGrath: 39. To ask the Minister for Finance if the National Asset Management Agency board has considered the way mortgage holders from the Irish Bank Resolution Corporation will be treated in relation to the code of conduct on mortgage arrears; and if he will make a statement on the matter. [17049/14]

Written Answers — Department of Finance: Carbon Tax Yield (10 Apr 2014)

Michael McGrath: 43. To ask the Minister for Finance the yield from carbon tax on solid fuel in 2013; the projected yield for carbon from solid fuel in 2014; the additional revenue that will be raised from increasing the tax on solid fuel from 1 May 2014 in the current and in a full year; and if he will make a statement on the matter. [17244/14]