Results 7,361-7,380 of 27,945 for speaker:Michael McGrath

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Michael McGrath: That is a one-off payment. There is no further payment and that covers the lifetime of the mortgage.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Michael McGrath: Typically how do banks deal with that fee, do they absorb it or pass it on by way of an increase in a mortgage?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Michael McGrath: It is not passed on as a distinct charge.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Michael McGrath: It is passed on possibly through the interest rate charged, the pricing of the loan.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Michael McGrath: From the consumer’s point of view would it not be better if it was transparent and the consumer knew exactly what the price of this mortgage insurance was?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Michael McGrath: In the example Mr. Crone gave he said a one-off payment of €2,000 would represent €250 per annum.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Michael McGrath: That takes into account the time value of money and so forth, which if it was passed on would be approximately €20 a month for the mortgage holder.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Michael McGrath: Several of the companies made the point that the banks may reduce their rates because there is less risk in respect of pricing the loans. Experience, however, tells us we cannot rely on that. We need to assume that the full costs of this insurance product will be passed on to the consumer. We have to assume that. The banks may well use the reduced risk to increase their profit margin on a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Michael McGrath: The most likely situation is that somebody loses his or her job or encounters financial difficulty, and the mortgage falls into arrears. Under what circumstances can the insurance be invoked to help that person? Genworth mentions in its presentation that it has paid out in some cases where mortgages are restructured. We all understand that if the loan gets into trouble and the house is...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Michael McGrath: The relationship is between the lender and the insurance company. The borrower is not a party to the insurance product.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Michael McGrath: What happens is, therefore, largely invisible to the borrower, except that they will probably end up paying for it.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Michael McGrath: To tease out how the proposed Central Bank rules would work - the rules are not finalised yet, so we cannot be certain what the final outcome will be - if it sticks with the current proposal of an 80% loan-to-value ratio, LTV, Mr. Crone is suggesting that, for example, somebody could actually borrow 90%, but 10% of that would then be insured through a product offered by one of the witnesses.

Written Answers — Department of Social Protection: Social Insurance Payments (2 Dec 2014)

Michael McGrath: 145. To ask the Minister for Social Protection if PRSI has to be paid on the interest income from the State savings scheme products administered by An Post; and if she will make a statement on the matter. [46100/14]

Written Answers — Department of Finance: Fiscal Policy (2 Dec 2014)

Michael McGrath: 175. To ask the Minister for Finance his views on the Fiscal Council report which highlighted the lack of planning for the public finances beyond 2015; and if he will make a statement on the matter. [45883/14]

Written Answers — Department of Finance: Tax Exemptions (2 Dec 2014)

Michael McGrath: 176. To ask the Minister for Finance if he will provide in tabular form the annual cost of the artists exemption tax relief in each year from 2005 to 2013; the number of persons benefitting in each year; his plans to review the scheme; and if he will make a statement on the matter. [45884/14]

Written Answers — Department of Finance: Pension Provisions (2 Dec 2014)

Michael McGrath: 177. To ask the Minister for Finance the number of approved retirement funds in operation here; the annual income tax take from approved retirement funds; and if he will make a statement on the matter. [45885/14]

Written Answers — Department of Finance: VAT Exemptions (2 Dec 2014)

Michael McGrath: 178. To ask the Minister for Finance his views on following the example of the UK in exempting charity music sales, including the recent Band Aid 30 single from VAT; and if he will make a statement on the matter. [45886/14]

Written Answers — Department of Finance: Banking Sector Investigations (2 Dec 2014)

Michael McGrath: 179. To ask the Minister for Finance if he will provide all unpublished reports in the possession of his Department relating to matters arising from the banking crisis; his plans in respect of publication of these reports; and if he will make a statement on the matter. [45887/14]

Written Answers — Department of Finance: Alcohol Sales Legislation (2 Dec 2014)

Michael McGrath: 180. To ask the Minister for Finance the licensing costs incurred by off-trade alcohol retailers; and if he will make a statement on the matter. [45888/14]

Written Answers — Department of Finance: Bank Charges (2 Dec 2014)

Michael McGrath: 207. To ask the Minister for Finance if his attention has been drawn to the interest rate being charged by a financial institution (details supplied) in respect of feeder accounts used by landlords for properties, that is, the account to which the rent is lodged and the mortgage repayments are made from; and if he will make a statement on the matter. [46132/14]