Results 13,421-13,440 of 27,945 for speaker:Michael McGrath

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Permanent TSB (22 Nov 2016)

Michael McGrath: They are on a rate of 4.5%.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Permanent TSB (22 Nov 2016)

Michael McGrath: Every one of them could gain something if they moved to a managed variable rate immediately.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Permanent TSB (22 Nov 2016)

Michael McGrath: What was the logic of introducing the MVR method as opposed to reducing the SVR? Why did the bank do it that way?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Permanent TSB (22 Nov 2016)

Michael McGrath: A total of 49,000 residential mortgage customers still pay an SVR of 4.5%, which equates to approximately one third of the bank's residential mortgage book. I assume many of those customers have a low LTV and could save up to 0.8%. What efforts has the bank made? How many times have they been written to?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Permanent TSB (22 Nov 2016)

Michael McGrath: What has been the level of interaction?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Permanent TSB (22 Nov 2016)

Michael McGrath: Has the bank conducted a profile of the remaining 49,000 customers on an SVR of 4.5%, for example, in respect of their LTV?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Permanent TSB (22 Nov 2016)

Michael McGrath: What is the average amount outstanding on a variable rate mortgage?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Permanent TSB (22 Nov 2016)

Michael McGrath: Why do the witnesses think that many customers who could make an immediate saving have not done so? Some could gain a 0.7% or 0.8% cut immediately in their interest rate, which could make a significant difference to their monthly mortgage repayment. Why are they not doing so? Has the bank surveyed that? Has it any feedback? Is it just inertia on the part of customers?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Permanent TSB (22 Nov 2016)

Michael McGrath: How many of the 49,000 mortgages have an LTV of less than 50%? Would a good proportion of them be old mortgages with a low LTV?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Permanent TSB (22 Nov 2016)

Michael McGrath: The major reform on mortgage pricing was the introduction of the MVR. Why is there not a fixed rate option for existing customers?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Permanent TSB (22 Nov 2016)

Michael McGrath: I welcome that because it is unfair that this option is being denied to the existing customer base. For example, somebody with an LTV of less than 80% can move to an MVR of 4% but cannot avail of a fixed rate of 3.2%, which is available to a new customer. The bank is making a different offering and is discriminating between existing and new customers in respect of their treatment on fixed rates.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Permanent TSB (22 Nov 2016)

Michael McGrath: When that is done, is the bank likely to enable customers to access the same fixed rates or will there be a different tier?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Permanent TSB (22 Nov 2016)

Michael McGrath: With regard to the issue of the tracker redress programme, the bank had identified 1,372 mortgage holders who had to have their tracker rate restored. At what rate was their tracker restored ultimately?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Permanent TSB (22 Nov 2016)

Michael McGrath: I take it that the bank is part of the ongoing Central Bank review of tracker mortgages. Can Mr. Masding give us an update on that? How many mortgage holders might be affected by that review or does Mr. Masding think the bank had identified them all through the bank's internal tracker review programme? When does he expect it to be completed and what if any is the likely financial consequence?

Finance Bill 2016: Report Stage (Resumed) (23 Nov 2016)

Michael McGrath: We are supportive of the amendment tabled by the Minister. We spoke in support of Deputy Joan Burton's amendment on Committee Stage. Those living in local authority homes that are most likely to avail of the home renovation scheme are those who intend to avail of the tenant purchase scheme and buy their home. This raises an issue because my reading of the new tenant purchase scheme, which...

Finance Bill 2016: Report Stage (Resumed) (23 Nov 2016)

Michael McGrath: This issue was discussed at some length on Committee Stage when the Minister, in response to amendments tabled by me and other Deputies, gave a commitment to carry out an impact assessment of the help-to-buy scheme. I expressed the view on Committee Stage that an impact assessment should have been carried out in advance of the roll-out of the scheme. In view of the failure to do so, an...

Finance Bill 2016: Report Stage (Resumed) (23 Nov 2016)

Michael McGrath: I welcome that the Minister has reaffirmed that there will be an impact assessment in ten months' time. I expect it to examine issues such as the impact on house prices, the supply of new homes and the property market generally. If the independent impact assessment finds that this intervention in the market is directly contributing to house price inflation, the Minister will have to end the...

Finance Bill 2016: Report Stage (Resumed) (23 Nov 2016)

Michael McGrath: I understand. The figures Deputy Boyd Barrett has put on the record are startling. To his credit, this is an issue he has raised consistently. There is undoubtedly an issue here and Revenue and the Department need to have a very hard to look at it. Not only are there consequences for the Exchequer by way of taxation receipts, but there are very serious consequences for the workers...

Regulation of Debt Management Advisors Bill 2011: Leave to Withdraw [Private Members] (23 Nov 2016)

Michael McGrath: I move: "That, notwithstanding anything in Standing Orders, leave be granted to withdraw the Regulation of Debt Management Advisors Bill 2011."

Debt Settlement and Mortgage Resolution Office Bill 2011: Leave to Withdraw [Private Members] (23 Nov 2016)

Michael McGrath: I move: "That, notwithstanding anything in Standing Orders, leave be granted to withdraw the Debt Settlement and Mortgage Resolution Office Bill 2011."