Results 13,681-13,700 of 27,945 for speaker:Michael McGrath

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Central Bank of Ireland (20 Dec 2016)

Michael McGrath: Although I will come back in later on, what I really want to know is how this could happen. Professor Lane has said the practice was widespread - I think that is the term he used. It looks to me as if it was systemic. This would appear to be a wilful practice of customers being denied their contractual rights. It always seems to be the case that the ball hops against the customer, and it...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Central Bank of Ireland (20 Dec 2016)

Michael McGrath: I will come back in later.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Central Bank of Ireland (20 Dec 2016)

Michael McGrath: I support that fully.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Central Bank of Ireland (20 Dec 2016)

Michael McGrath: To be clear, what we are looking for is only what is in the public domain on the Central Bank's engagement with the institutions from 2010 up to the announcement of its review in December 2015 on tracker-related mortgage issues, with numbers.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Central Bank of Ireland (20 Dec 2016)

Michael McGrath: Was the figure of 5,000 referred to in respect of Bank of Ireland a mistake?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Central Bank of Ireland (20 Dec 2016)

Michael McGrath: Professor Lane stated the data for the other banks were not disclosed. Did that involve restoration of mortgages to tracker rates?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Central Bank of Ireland (20 Dec 2016)

Michael McGrath: The figure of 8,200 cases does not reconcile with the data we have on current cases. We have a figure of 4,518 for Bank of Ireland and-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Central Bank of Ireland (20 Dec 2016)

Michael McGrath: Does the Central Bank have a preliminary assessment from the 15 lenders to whom it wrote in December last year? The Governor acknowledges that the figure could go up to 15,000 but is that the ceiling?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Central Bank of Ireland (20 Dec 2016)

Michael McGrath: Does the bank have an initial assessment from all of them?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Central Bank of Ireland (20 Dec 2016)

Michael McGrath: Have they engaged with you?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Central Bank of Ireland (20 Dec 2016)

Michael McGrath: In correspondence from the Bank of Ireland it states that it completed phase 2 of the four-phase Central Bank tracker mortgage examination, on schedule, on 13 September 2016. It said that no timelines had been provided to complete phases 3 and 4. What is phase 3, what is phase 4 and why have no timelines been given to the banks?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Central Bank of Ireland (20 Dec 2016)

Michael McGrath: The lack of timelines is a worry and in his statement issued yesterday the Governor said he expected that lenders will have identified and commenced engagement with impacted customers by mid-2017, along with payment of redress and compensation. However, if a person is on a variable rate of 4% and should be on a tracker rate of 1% for a mortgage of €200,000, he or she will pay...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Central Bank of Ireland (20 Dec 2016)

Michael McGrath: The committee had a lengthy exchange with Mr. Sibley and Mr. Bernard Sheridan a couple of weeks ago on the variable rate mortgage issue and Senator Conway-Walsh has raised it with the Governor today. What are the Governor's views on the question of whether mortgage pricing in Ireland today is fair, reasonable and appropriate given all the factors that feed into the setting of an interest...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Central Bank of Ireland (20 Dec 2016)

Michael McGrath: I encourage switching and those who can should do so, both between lenders and within their own bank. There are some who cannot because of negative equity or who, due to changed financial circumstances, do not qualify for the same loan. The argument about levels of default and difficulties in enforcing security is put out there but I would imagine that the level of arrears and defaults in...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Central Bank of Ireland (20 Dec 2016)

Michael McGrath: It is also an issue for SMEs which are borrowing and paying very high rates in Ireland. There are banks in Ireland that can still charge four to six times their cost of funds by way of the interest rate they charge. Other factors feed into the pricing mix, such as cost of capital. Inevitably, the ECB will eventually raise interest rates at some point in the economic cycle. Tracker...

Ceisteanna - Questions (Resumed) - Priority Questions: Central Bank of Ireland Investigations (17 Jan 2017)

Michael McGrath: 29. To ask the Minister for Finance if he will provide an estimate of the number of mortgages identified as part of the Central Bank investigation into tracker mortgages whereby the customer was wrongly denied his or her right to a tracker rate or the incorrect tracker rate was applied; his views on the widespread nature of this practice; and if he will make a statement on the matter. [1892/17]

Ceisteanna - Questions (Resumed) - Priority Questions: Central Bank of Ireland Investigations (17 Jan 2017)

Michael McGrath: My question relates to the Central Bank probe into the fact that thousands of customers were denied the right to return to a tracker interest rate and many others were denied the right to be on the correct tracker rate. The Governor of the Central Bank, when he came before the Oireachtas Joint Committee on Finance, Public Expenditure and Reform, and the Taoiseach, acknowledged that the figure...

Ceisteanna - Questions (Resumed) - Priority Questions: Central Bank of Ireland Investigations (17 Jan 2017)

Michael McGrath: I thank the Minister for his reply. The numbers which emerged during the course of the hearing to which I referred are much higher because the figure of 8,200 excludes customers from Permanent TSB and an older Bank of Ireland issue going back to 2011. The Governor acknowledged that 15,000 mortgage customers could be affected. I would like to know how the same mistake was made by AIB,...

Ceisteanna - Questions (Resumed) - Priority Questions: Central Bank of Ireland Investigations (17 Jan 2017)

Michael McGrath: Unless there is genuine accountability for how this scandal happened, how it was allowed to continue and why it was not dealt with more quickly by the Central Bank, this will keep happening. The reality is that it is the customers who ultimately lose out. Many have lost their homes and many thousands of others continue to pay with each passing month hundreds of euro extra in interest that...

Ceisteanna - Questions (Resumed) - Priority Questions: State Banking Sector (17 Jan 2017)

Michael McGrath: 31. To ask the Minister for Finance his plans to proceed with the sale of a stake in a bank (details supplied) in the course of 2017; the factors that will influence his decision; and if he will make a statement on the matter. [1893/17]