Results 15,401-15,420 of 27,945 for speaker:Michael McGrath
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: What about lawyers? Is there much legal correspondence between the banks and the Central Bank on this examination?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: Just to clarify, in some cases the correspondence from the banks is from their legal teams and, in others, it is from the banks but Ms Rowland suspects that, essentially, it has been written by those legal teams.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: Is it fair to say that it has become a very legalistic process?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: Will Professor Lane characterise the approach of the banks to this issue so far? I ask him to please be straight, frank and honest. Have they been helpful, co-operative or obstructive? What has their approach been to date?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: Of the 15 lenders within the scope of the examination, how many have customers that have been impacted upon?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: Is it nearly all or all of them?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: Would that effectively represent all that were engaged in lending in a significant way and that had tracker mortgage books?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: In effect, all of those who were affected. I do not believe this was an accident. I do not believe that all the main lenders just happened to make the same mistake, which was against the interests of their customers. They wanted to get customers off their tracker mortgages and people are looking to the Central Bank to get an answer as to how this happened. How is it that all the main...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: Will our guests please answer a direct question? Is it within the Central Bank's scope to find out in each case how this happened and why?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: Has the bank found any evidence so far that would invoke its statutory obligations to report certain behaviour or practices to other authorities, including the Garda, or any practices, behaviours or decisions that would invoke fitness and probity provisions under its regulations?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: What is the current advice for customers who have not heard anything from their bank and believe that they are impacted but would not appear to be within the scope of what the banks are doing? We hear from many of them.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: So they should complain.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: To their banks? Okay.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: Another issue for many customers is the prevailing rate debate, particularly in AIB where customers have been put back on a tracker rate of 3.67%. In Permanent TSB, customers have been put back on a tracker rate of 3.25%. I have looked at the documentation and think it is clear cut. The tracker rate comprises the European Central Bank, ECB, rate, which is variable and the margin is fixed...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: Is it in scope? People want to know if the appropriate prevailing rate is in scope in the examination being led by the Central Bank.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: Professor Lane says in his report that he is concerned that two lenders failed to identify populations of impacted customers. That really concerns me because that is not a matter of finding a customer here and there but of finding groups of customers. I suspect some may be people who switched their mortgage or who had redeemed or repaid their mortgage in full. Will Professor Lane give us a...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: There is a vote in the Dáil.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: I will finish up on that point. Two enforcement investigations are ongoing and they were named in the update – Permanent TSB and Ulster Bank. Two more investigations are in train, according to the term used. In relation to enforcement investigations, is it the case that there are a number of on-site visits and investigations in general?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: To clarify, what was the reference to nine inspections? We have two names.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: Which involve?