Results 15,261-15,280 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: As that is correct, approximately half the mortgage book is paying interest at 4.05% or 4.25%

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: Okay. Of those 42,000 customers, what proportion have their current account with KBC and therefore are on the 4.05% rate, as opposed to the 4.25% 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: I appreciate that. Of the 41,970 customers currently on what Ms Deering calls the standard variable rate, is it only 4% of those who have their current account with KBC?

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: The vast majority do not and therefore are paying a rate of 4.25%.

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 is the requirement? Is it that customers hold their current account from which they pay the mortgage in KBC?

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 that the only requirement? Is there no requirement for a minimum balance to be held?

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 it the case that some 40,000 people could get a reduced rate tomorrow by opening a current account with KBC and paying the mortgage out of that current account?

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: In respect of the loan-to-value loan rates, the rate for loans with an 80% to 90% LTV is 3.7%. If somebody has a higher LTV, is there no LTV band for them and therefore they are on standard variable rates?

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 3.7% fixed rate applies to those with a higher than 90% LTV. I do not see that option in the table.

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 a two-year fixed 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: For customers who have an improving LTV, have they the opportunity to move down the band on submitting a valuation to KBC?

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: May the customers do this more than once?

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: Do they pay for the valuation?

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: Does KBC have a panel of valuers from whom the customers can draw a valuer?

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: Would it be fair to say that of the 42,000 customers on a standard variable rate of 4.25%, many of them would have a much lower LTV and could get a rate as low as 3.2% or 3.3% if they have their current account with KBC? Has the bank a profile of the LTV of those customers?

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 often does the bank write to the customers?

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 thank Ms Deering. Is the information of KBC's market share of new mortgage drawdowns on the record?

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: Okay. Does KBC compete on rates and not on cash-back offers?

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 there no distinction between new and existing customers in terms of treatment across rates and pricing?

Order of Business (3 Oct 2017)

Michael McGrath: The Ceann Comhairle can take his pick.