Results 15,241-15,260 of 27,945 for speaker:Michael McGrath
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Michael McGrath: Will the bank meet the Central Bank's deadline of the end of September for the completion of phase 2?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Michael McGrath: Why not?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Michael McGrath: By how much will the bank miss the deadline?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Michael McGrath: Not even an estimate.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Michael McGrath: That is not good enough. This is a deadline imposed by the regulator about a tracker mortgage examination concerning where customers were, in some cases, wrongly denied a tracker rate. Money was taken from them and Mr. Verbraeken will not put any figures on it. I will put some figures on it and I could go through a whole folder of them. I will give the witness two examples. One family...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Michael McGrath: When did the bank start the process?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Michael McGrath: When in 2016?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Michael McGrath: What was the 2010 issue, or the specific cohort in 2010?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Michael McGrath: How many were affected at that time?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Michael McGrath: That is completed. When was that dealt with?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Michael McGrath: It was a case that they were still on the fixed rate but entitled at the end of the relevant period to move to a tracker rate, and they did get that rate at the appropriate time so there was no loss for them. Is that the case?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Michael McGrath: Did that not trigger a review within the bank? I appreciate that Mr. Verbraeken was not in charge at the time. That was an important issue identified. Was there not a trawl through the mortgage book to examine the related issue of customers who may have come off a fixed rate and who were not offered a tracker rate?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Michael McGrath: Is the witness saying to the committee that, in the current review, all the customers the bank has identified as being on the incorrect rate - there may be others - have been put back on the correct rate?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Michael McGrath: There are many in dispute or not yet complete.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Michael McGrath: I find it extraordinary and am struggling with the fact that the bank started looking at this issue in detail under the direction of the regulator since March 2016. It is now almost October 2017 and it still has not got a handle on it. It cannot even give an estimate as to when it will have completed the assessment. It is more than a year and a half and the bank cannot even give us an...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Michael McGrath: How is the bank communicating with the customers captured by the review.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Michael McGrath: When did the bank last write to all the customers it is examining?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Michael McGrath: Is Mr. Verbraeken saying there are customers in scope, who are being examined and who have been captured since March 2016 who may still be on the wrong rate and that the bank has not written to them?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Michael McGrath: That is extraordinary. I welcome the presence of the bank in Ireland and welcome the competition the bank provides but believe it will not last very long if that is how it treats customers. Has Mr. Verbraeken any answer?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Michael McGrath: I have a couple of quick questions on interest rates. Mr. Verbraeken provided a schedule of existing interest rates, as well as a table of the categories of customers and of the total number of mortgages, between owner-occupier and buy-to-let properties. Some 49% or just under 42,000 accounts are on the standard variable rate. Is that a rate of 4.25% or 4.05% if they hold a current account...