Results 7,101-7,120 of 27,945 for speaker:Michael McGrath

Ceisteanna - Questions - Priority Questions: Mortgage Schemes (5 Nov 2014)

Michael McGrath: It strikes me that a 20% minimum deposit requirement would be too onerous for many. A couple buying a house in Dublin for €300,000 would be required to have €60,000 put aside, which would be really tough. It would be unachievable by many who are renting at a time when rents are increasing quickly and simply do not have the capacity to save such an amount of money. This has...

Written Answers — Department of Finance: Corporation Tax Regime (5 Nov 2014)

Michael McGrath: 10. To ask the Minister for Finance when he expects a knowledge development box to be in place; if he is concerned that delays in its introduction will disadvantage Ireland in seeking mobile investment; and if he will make a statement on the matter. [41753/14]

Written Answers — Department of Finance: State Banking Sector Regulation (5 Nov 2014)

Michael McGrath: 13. To ask the Minister for Finance the last occasion on which his Department carried out a valuation exercise in respect of PermanentTSB; the way the value of the State’s current holding may best be protected during the capital raising stage; the impact not having an agreed restructuring plan has had on the bank’s performance in the stress tests; and if he will make a statement...

Written Answers — Department of Finance: Insurance Industry (5 Nov 2014)

Michael McGrath: 14. To ask the Minister for Finance the action he will take to ensure persons with third party claims against Setanta Insurance are not left facing significant shortfalls in compensation particularly in the case of persons who suffered catastrophic injuries; and if he will make a statement on the matter. [41752/14]

Written Answers — Department of Finance: Illicit Trade in Tobacco (5 Nov 2014)

Michael McGrath: 15. To ask the Minister for Finance the actions being taken to combat the black market sale of tobacco products; his plans to allocate additional resources to this; and if he will make a statement on the matter. [41754/14]

Written Answers — Department of Finance: Credit Availability (5 Nov 2014)

Michael McGrath: 30. To ask the Minister for Finance if he will be able to assist small and medium-sized enterprise customers of banks who are engaged in a sale of their Irish loan books to re-finance their debts with a domestic lender; and if he will make a statement on the matter. [41751/14]

Written Answers — Department of Finance: Capital Allowances (5 Nov 2014)

Michael McGrath: 61. To ask the Minister for Finance if the ministerial order commencing section 268(1)(n) of the Taxes Consolidation Act 1997 capital allowances for aircraft hangars has been issued; and if he will make a statement on the matter. [42329/14]

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)

Michael McGrath: I welcome Mr. Boucher, Mr. Farrell and Mr McLoughlin. As my time is limited, I can only cover some of the key issues. I want to continue with the issue the Chairman raised, in particular about the pricing strategy for standard variable rate mortgages. The bank is currently charging in the region of 4.5% for a new mortgage if the loan-to-value is over 80%. How can Mr. Boucher justify that...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)

Michael McGrath: The bank's margin has increased very substantially. Its cost of funds has reduced very substantially by about one third in the past 12 to 18 months and yet Mr. Boucher is telling me it is about six years since Bank of Ireland has reduced the standard variable rate being charged. One of the bank's main competitors, AIB, has stolen a march on it in the market and has reduced its rate. I...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)

Michael McGrath: Bank of Ireland has advertised that it is offering a fixed rate of as low as 2% and a variable rate of just over 2% for defined periods of time where people have relatively low LTV ratios, but those rates are much more competitive than what Bank of Ireland is charging in the Republic.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)

Michael McGrath: Has Bank of Ireland any intention of reviewing its standard variable rate on mortgages in light of current market conditions?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)

Michael McGrath: Is the bank open to switcher mortgage applications? If I am with another bank, in a healthy financial position and want to transfer my mortgage to Bank of Ireland, would it be open to that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)

Michael McGrath: When the committee asked that question of Bank of Ireland previously, the response was that switchers accounted for a low proportion of its mortgage business.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)

Michael McGrath: I do not find Mr. Boucher's argument about pricing policy convincing. He was the one who drew the comparison with the UK market, calling it remarkably similar to Ireland's. He stated that the average rate Bank of Ireland charged in the UK was approximately 4%. However, the offering it makes to new customers in Northern Ireland and the rest of the UK is remarkably competitive and strikingly...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)

Michael McGrath: I thank Mr. Boucher. I have been signalled that I am moving on to my last question. It relates to Bank of Ireland's approach to insolvency cases under the formal Insolvency Service of Ireland process. Slide No. 40 that the delegation has provided shows that of the total 296 personal insolvency arrangements, Bank of Ireland is involved in 109, if I am reading it correctly. The number of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)

Michael McGrath: Has Bank of Ireland approved cases that involved a reduction in a mortgage balance?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)

Michael McGrath: I asked a question but it was not answered.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)

Michael McGrath: Has Bank of Ireland approved PIAs proposed by PIPs that involved reductions in mortgage balances?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)

Michael McGrath: Hold on a minute. A clear policy was stated the last time Bank of Ireland appeared before the committee.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Bank of Ireland (5 Nov 2014)

Michael McGrath: Is it still the bank's policy not to sign off on PIAs that involve a reduction in mortgage policies?