Results 7,181-7,200 of 27,945 for speaker:Michael McGrath
- Leaders' Questions (13 Nov 2014)
Michael McGrath: He is coming to the committee. The Government is allowed to have an opinion.
- Leaders' Questions (13 Nov 2014)
Michael McGrath: A total of 300,000 people have been affected on the Tánaiste's watch and she has no opinion.
- Leaders' Questions (13 Nov 2014)
Michael McGrath: I asked for your opinion.
- Leaders' Questions (13 Nov 2014)
Michael McGrath: The Tánaiste has no opinion.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)
Michael McGrath: I welcome Mr. Brown and his colleagues and I thank him for his opening remarks. I was disappointed with the questionnaire Ulster Bank returned to us. The bank appears to have taken a minimalist approach in terms of the responses. The bank cited commercial sensitivity eight times as a reason for not answering the questions. It was the last response we received from any of the banks. I...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)
Michael McGrath: Is Mr. Brown confident that the likelihood of a repeat scenario is remote?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)
Michael McGrath: What was the overall cost of the episode to Ulster Bank? Was it €59 million in terms of redress for customers as well as the fine of €3.5 million?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)
Michael McGrath: It was a costly lesson.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)
Michael McGrath: I will move on to the issue of standard variable interest rates. Let us compare the rates Ulster Bank is charging in Ireland with the offering it is making to customers in Northern Ireland. There is quite a difference. The bank has not disclosed its cost of funds in its response to us, but based on the information we have from the other banks I am assuming it is in the region of 1% to...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)
Michael McGrath: Mr. Brown will probably say that the bank is constantly keeping its rates under review. In view of the reduction in the rate by AIB, is Ulster Bank examining its rates currently?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)
Michael McGrath: Ulster Bank has a rate of 3.9% for customers who have a loan-to-value ratio of less than 60%. Is the UFirst account product open to switcher customers? If a person has a mortgage with another bank but meets the Ulster Bank criteria, is the bank actively seeking and marketing this product to people who are mortgage holders with other banks?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)
Michael McGrath: Is that product available to existing Ulster Bank customers who have mortgages with the bank and whose loan-to-value ratio has improved over time, or are they locked in at the same loan-to-value rate at which they entered the mortgage?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)
Michael McGrath: With regard to Mr. Brown's answer to the question on mortgage arrears in the questionnaire, Ulster Bank has almost 4,700 customers whose principal dwelling houses are the legal area of voluntary surrender or assisted voluntary sale. That seems to be a high number of loans that the bank is pursuing, which will result in the loss of these homes in many cases.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)
Michael McGrath: My last question is about the proposed new rules from the Central Bank. Mr. Brown gave quite a stark statistic in his opening statement, stating that 68% of first-time buyer mortgages approved by Ulster Bank this year would have fallen outside the new rules. That means that almost seven out of ten people who were approved for a mortgage from Ulster Bank would have fallen foul of the new...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)
Michael McGrath: Will Ulster Bank be making a submission in this regard?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)
Michael McGrath: Thank you.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: AIB (13 Nov 2014)
Michael McGrath: I thank Mr. Duffy and his colleagues for all the detailed information sent in advance as it is very comprehensive and such information allows us prepare properly for sessions like this. In terms of measurement of the bank's performance, there has been a marked improvement but I am not here to pat the witnesses on the back. We are here to ask hard questions and I am sure they understand...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: AIB (13 Nov 2014)
Michael McGrath: I take it, then, that the bank is in discussion with the Department of Finance about the capital structure of AIB and it is expected there will be an exercise to tidy the capital structure. I presume this is what Mr. Duffy means when he refers to the capital requirement and how the newly shaped bank might look in terms of capital structure. The discussions are underway.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: AIB (13 Nov 2014)
Michael McGrath: There has not been any discussion with the Department about the possible sale of a stake in the bank.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: AIB (13 Nov 2014)
Michael McGrath: Has the possibility of the European Stability Mechanism taking a stake in AIB through a deal on retroactive bank recapitalisation been discussed with the Department?