Results 15,321-15,340 of 27,945 for speaker:Michael McGrath
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)
Michael McGrath: What provision has the bank made in terms of the cost of this whole issue?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)
Michael McGrath: None of that has been paid out yet.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)
Michael McGrath: A very small number. Regarding the people who were examined as part of the investigation but deemed not to be included and who are not among the 3,500 customers, have they been notified of the outcome in their cases?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)
Michael McGrath: Were they told that they were in the examination in the first place?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)
Michael McGrath: Not those outside of that.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)
Michael McGrath: If a customer believes they should have been included but has not heard from the bank as to whether they are or are not included, can they go through the appeals process?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)
Michael McGrath: My final question, as I know the Chairman is anxious to move on, is on the issue of switchers, people who were caught up in this issue, who were wrongly denied a tracker rate to which they were entitled under their contract and ended up switching their mortgage from Ulster Bank to another lender. How is the bank approaching that issue? When will those impacted customers be remediated and...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)
Michael McGrath: I have other issues I wish to raise but I will do so later as I want to let other colleagues contribute.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)
Michael McGrath: He is referring to the fact that phase 2 was to have been completed by the end of September.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)
Michael McGrath: The issue of LIBOR in the UK was raised and RBS was fined £390 million in 2013 by the UK and US authorities. Was there any EURIBOR equivalent issue in Ireland for Ulster Bank?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)
Michael McGrath: There is a reference in the 2014 and 2015 Ulster Bank Ireland Limited accounts to a request by the Central Bank to the group, as well as to other Irish banks, to carry out a review of interest rate hedging products sold in the Republic from 2001 to 2012. It states that the review is being processed in line with the RBS approach and with the infrastructure of the wider RBS project. Was that...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)
Michael McGrath: Did it raise any issues?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)
Michael McGrath: What was the fall-out for Ulster Bank customers in Ireland? What was the global effect?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)
Michael McGrath: Perhaps the witnesses will include the figure as part of its reply to the list of issues on which it is to get back to the committee. I have a question on the tracker examination and the approximately 1,000 customers of the 3,000 whom we regard as switchers. They have not got a huge amount of attention so far in relation to any of the banks and there has been little public debate on what is...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)
Michael McGrath: Does Mr. Stanley accept the principle that if these customers are, now and for the remainder of their loans, paying over and above what they should be paying to Ulster Bank on a tracker, this has to be part of the redress and compensation scheme?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)
Michael McGrath: On variable interest rates generally, there are three different loan-to-value, LTV, bands so if somebody submits an up-to-date valuation of their home and it results in them falling into a different LTV band, are they charged the new interest rate for their new band? Is it Ulster Bank policy that a customer can move?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)
Michael McGrath: There has to be a valuation from an approved panel of valuers.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)
Michael McGrath: Does the customer pay for the valuation?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)
Michael McGrath: I take it customers are not limited to moving just once, if their equity continues to improve.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)
Michael McGrath: If the Oireachtas were to move to ban cashback offers and to prohibit discrimination between new and existing customers, what impact, if any, would that have on Ulster Bank?