Results 15,141-15,160 of 27,945 for speaker:Michael McGrath
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)
Michael McGrath: On a related point, what is Mr. Byrne's view of these cashback offers? The Competition and Consumer Protection Commission, CCPC, commented on them in its recent report on mortgage pricing. I am of the view they distort the market. They make it very difficult for customers to properly assess what is in their long-term best interest and from what mortgage product they would get the best...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)
Michael McGrath: On another point of detail, is it possible for AIB customers to move down the loan to value band and benefit from a reduced interest rate, in line with an improving loan to value ratio they might have? Is it possible for customers to benefit from getting a new house valuation from a panel of valuers nominated by the bank? Is it possible for customers who took out an original loan at a 90%...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)
Michael McGrath: That is fine, and is it the case that they are not limited to one such reduction? Irrespective of whether they started with a standard variable rate or a loan to value mortgage, is it the case that if they now have a much improved loan to value ratio they can benefit from the reduction?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)
Michael McGrath: There is a slight contradiction between what the two witnesses have said. To clarify it absolutely, if somebody gets and submits to AIB a valuation on his or her home from an approved panel of valuers that shows an improved loan to value, which brings the person into a lower band with a lower interest rate, that person will be given that interest rate.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)
Michael McGrath: That is the case. On the issue of the tracker examination, Mr. Byrne included a few lines in his opening statement that AIB has paid redress and compensation to approximately 2,900 customer accounts to date. Will he put this in context? Are these all of the accounts the bank has identified as being affected in the current examination of this tracker issue?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)
Michael McGrath: To rewind a little to get clarity on that number, 3,200 customer accounts were affected. Does this include the extra few hundred who may have been on the wrong rate for a short period of time?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)
Michael McGrath: Right.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)
Michael McGrath: They were on trackers and on the wrong rate.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)
Michael McGrath: How many of them are there?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)
Michael McGrath: Let us park these several hundred customers. Of the 3,200 people who do fall under the tracker examination, how many of them are now back on the correct rate?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)
Michael McGrath: So close to all of them, and all of them will be shortly. Payment of redress and compensation has been made to 2,900 customer accounts, so this is 2,900 of the 3,200.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)
Michael McGrath: To clarify, redress and compensation involves paying people back all of the overcharging. They were on the wrong rate and all of this was paid back, which is the redress and this has been done.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)
Michael McGrath: Is the compensation 15% of what people were overcharged? I read this at the weekend. Is this correct?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)
Michael McGrath: Is it ballpark in the region of 15%?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)
Michael McGrath: What is the range, from the minimum to the maximum?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)
Michael McGrath: Do the witnesses mean that they are close to getting to the bottom of it and close to 100%?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)
Michael McGrath: What has the bank provided as the overall cost to it?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)
Michael McGrath: Some €185 million?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)
Michael McGrath: Has Allied Irish Banks carried out its own internal investigation as to how it happened?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)
Michael McGrath: As the CEO of the bank, has Mr. Byrne done his own investigation into how so many of the bank's customers were wrongly denied their contractual rights and did not end up being put back on a tracker rate?