Results 14,701-14,720 of 27,945 for speaker:Michael McGrath
- Committee on Budgetary Oversight: Irish Fiscal Advisory Council: Discussion (20 Jun 2017)
Michael McGrath: Projecting well into the future, are the long-term forecasts of demographics and the consequences for public services, old age pension, public service pensions and so on appropriate?
- Committee on Budgetary Oversight: Irish Fiscal Advisory Council: Discussion (20 Jun 2017)
Michael McGrath: Mr. Coffey referred to budget 2018 which in net terms is coming down to €500 million or so, minus the cost of a public sector pay deal and so on.
- Committee on Budgetary Oversight: Irish Fiscal Advisory Council: Discussion (20 Jun 2017)
Michael McGrath: The net fiscal space before the carry-forwards come into play is €1.2 billion as per the last publication we have in the budget. Is there likely to be movement in that? What variables are being examined? Is there movement in the undergrowth that we should be aware of?
- Committee on Budgetary Oversight: Irish Fiscal Advisory Council: Discussion (20 Jun 2017)
Michael McGrath: Is the formula non-discretionary and matter of fact or are there elements that are the subject of debate or negotiation?
- Committee on Budgetary Oversight: Irish Fiscal Advisory Council: Discussion (20 Jun 2017)
Michael McGrath: It is a formula.
- Committee on Budgetary Oversight: Irish Fiscal Advisory Council: Discussion (20 Jun 2017)
Michael McGrath: The council has not done an estimate of what it is likely to be.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Right2Homes (20 Jun 2017)
Michael McGrath: I welcome all of our guests and thank them for the documentation provided by the three speakers who have contributed thus far. I also welcome the members of the Right2Homes organisation and commend all of those who have been involved at the coalface in helping people, whether they are mortgage holders or tenants who have been caught up in a horrendous housing crisis, stay in their homes. We...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Right2Homes (20 Jun 2017)
Michael McGrath: Does anyone else want to address that issue? It is not the case that a certain cut-off point will apply and every mortgage that has been in arrears for a set period would be taken into the co-op. Instead, this will be done on a case-by-case basis. Is that the position?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Right2Homes (20 Jun 2017)
Michael McGrath: The reference in paragraph 21 to 31 December 2016 relates to the issue of valuation. My question, however, relates to what bundle of loans would be taken into the co-op. The overall price of €5 billion provided for is based on every loan in arrears of one year or more, both buy-to-let properties and family homes.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Right2Homes (20 Jun 2017)
Michael McGrath: That is the potential flow-through of accounts and does not necessarily mean the co-op would take-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Right2Homes (20 Jun 2017)
Michael McGrath: Where the co-op becomes involved, does it acquire the property or does it buy out the loan from the institution?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Right2Homes (20 Jun 2017)
Michael McGrath: We used the colloquial terms "mortgagee" and "mortgagor".
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Right2Homes (20 Jun 2017)
Michael McGrath: The loan is bought from the previous lender and the ownership of the property is conceded by the previous owner and passed to the co-op. Is that the case?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Right2Homes (20 Jun 2017)
Michael McGrath: In that case, the previous mortgage holder no longer owes the mortgage and the ownership of the property passes to the co-op.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Right2Homes (20 Jun 2017)
Michael McGrath: Is the mortgage then extinguished?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Right2Homes (20 Jun 2017)
Michael McGrath: In that case the previous mortgage holder would become a tenant. I did not think that that was what the witnesses had in mind. I understood that the mortgage holder would continue to be a mortgage holder in many instances but would be repaying the co-op as opposed to a repaying a vulture fund or a bank.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Right2Homes (20 Jun 2017)
Michael McGrath: If I understand it correctly, at the point of the property and the loan being transferred into the co-op, the loan is extinguished and the previous mortgage holder becomes a tenant of the co-op. A financial assessment is then done and if they can afford to service the mortgage or a restructured version of the mortgage, they would then buy back the property from the co-op under revised terms....
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Right2Homes (20 Jun 2017)
Michael McGrath: The issue of being on or off-balance sheet is important because of the quantum of money involved. Ultimately, the CSO and EUROSTAT would make that decision.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Right2Homes (20 Jun 2017)
Michael McGrath: I assume then that the co-op would not have the power to repossess a property.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Right2Homes (20 Jun 2017)
Michael McGrath: Who makes the judgment as to whether they are deliberately not paying even though they have the capacity?