Results 7,161-7,180 of 27,945 for speaker:Michael McGrath
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Permanent TSB (12 Nov 2014)
Michael McGrath: Therefore, the bank is looking for €100 million to €150 million, touring the markets and has met potential investors. Mr. Masding has said there is interest in the bank's story. The question is how much of the bank is potentially up for grabs. What percentage stake in the bank is it looking to dispose of to raise the €100 million to €150 million? Is it seeking...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Permanent TSB (12 Nov 2014)
Michael McGrath: Until when does the bank have to finalise a deal?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Permanent TSB (12 Nov 2014)
Michael McGrath: Clearly, potential investors will try to get the maximum stake in the bank for as little money as possible. That is the nature of what they do. I do not expect Mr. Masding to respond, but I express my concern about seeing the State's shareholding in Permanent TSB diluted significantly as a result of the investment the bank is seeking. I would not like this. The State has invested...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Permanent TSB (12 Nov 2014)
Michael McGrath: I hear what Mr. Masding says and accept that his bank is in a different position from some of the others in that it is still losing money and must become profitable. However, it also has to compete, which is the nature of the market. A young person or couple seeking to buy a home by taking out a mortgage will look for the best rate. If the bank wants to increase its share of the mortgage...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Permanent TSB (12 Nov 2014)
Michael McGrath: My last question concerns mortgage arrears. The last time Permanent TSB was before the committee was in April. On that occasion Mr. O'Sullivan said that the bank expects to repossess between 2,000 and 4,000 homes, which were mainly buy-to-lets but included some family homes as well. Let us look at the numbers in today's presentation. It is stated that there are more than 6,200 principal...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Permanent TSB (12 Nov 2014)
Michael McGrath: I thank the Chairman for allowing me back in and I will try to keep this brief. I like Permanent TSB's current account initiative which I know has been very successful and has attracted more than 80,000 customers - about 80,000 accounts are stretched. What commitment is the bank making to new customers regarding the period of time for which it will honour that deal? I know that the bank...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Permanent TSB (12 Nov 2014)
Michael McGrath: I presume the logic of the bank is that it is winning new customers. It is not making money from them in terms of their current account, but it is hoping to get other business, mortgages, personal loans, etc.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Permanent TSB (12 Nov 2014)
Michael McGrath: For those who start with a high LTV, if over time they are paying their mortgage or the value of their house increases and they can move to a lower LTV band, are they locked into the interest rate for the band in which their mortgage was drawn down or can they submit a revaluation and reduce the interest rate?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Permanent TSB (12 Nov 2014)
Michael McGrath: The mortgage holder is locked in to it.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Permanent TSB (12 Nov 2014)
Michael McGrath: Mr. Mitchell answered a question earlier about the tracker portability product. He indicated that only 97 customers had moved to it. I know that it is a relatively new product and it is the most attractive product, of which I am aware in the market. I think Permanent TSB should put some money behind marketing it. It has 57,000 customers with tracker mortgages, many of whom are living in...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Permanent TSB (12 Nov 2014)
Michael McGrath: I recently attended the opening of a revamped PTSB branch in Douglas in Cork. I was told me it was hoped to start a new SME lending initiative. When will it get under way? What is the bank's focus in that area?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Permanent TSB (12 Nov 2014)
Michael McGrath: Will it provide working capital?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Permanent TSB (12 Nov 2014)
Michael McGrath: Does the bank have an envelope of money in mind - a potential fund of a certain amount?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Permanent TSB (12 Nov 2014)
Michael McGrath: The bank is not limiting or putting a line under it.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Permanent TSB (12 Nov 2014)
Michael McGrath: Has the writing-off of mortgage debt happened? Is this a solution for customers who remain in their homes or is it only considered where the home is lost and there is a residue of debt still owing?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Permanent TSB (12 Nov 2014)
Michael McGrath: Has the bank agreed to any write-off where the customer remains in the home? I refer to a current mortgage holder where at the end of the process an amount has been written off, or is it only in cases in which the home is forfeited?
- Leaders' Questions (13 Nov 2014)
Michael McGrath: I wish to raise a bread and butter issue with the Tánaiste which has a real impact on the level of disposable income of many people, the 300,000 or so, mortgage-holders who are paying a variable rate of interest which is way over the odds. The interest rates on variable rate mortgages being charged by banks in Ireland are completely unjustifiable. A person taking out a new mortgage on...
- Leaders' Questions (13 Nov 2014)
Michael McGrath: The Tánaiste has taken us on an interesting historical tour as she sees it but she avoided the key issue and she avoided answering my direct questions. The cost of funds for the banks today is in the region of 1%. Bank of Ireland has put it on the record that its cost of funds is 1.15% and yet variable rate customers are being charged up to 4.5%. It is exploitative and exorbitant and...
- Leaders' Questions (13 Nov 2014)
Michael McGrath: This is diversionary. Is this allowed?
- Leaders' Questions (13 Nov 2014)
Michael McGrath: It is the Government's view.