Results 16,081-16,100 of 27,945 for speaker:Michael McGrath
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Michael McGrath: But the customers had a pre-existing contractual commitment and the bank took the view that the clause fell when it withdrew the tracker product.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Michael McGrath: Is there any evidence of a discussion within the bank on the issue or any consideration given to it? Was it identified at the time as being a risk or something that would need to be examined? AIB was ending the tracker product, but it had thousands of customers who were not on a tracker at the time but who had a contractual entitlement to return to a tracker. Was that issue not even thought...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Michael McGrath: AIB states in its questionnaire that it has identified 14 customers who lost their homes. How were they compensated?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Michael McGrath: Have those cases been resolved to the satisfaction of the customers?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Michael McGrath: Two cases went to appeal and-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Michael McGrath: -----may still be outstanding in some form.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Michael McGrath: It is impossible for any of us who have not been in that situation to understand what those people went through. The least that they deserve is to get a home that they are satisfied with and is of a similar standard to what they had. That does not compensate them for what they went through but I think that the bank needs to ensure that all those cases are resolved fully to the satisfaction...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Michael McGrath: I appreciate that AIB is in a closed period but I wish to confirm the cost of this whole issue to the bank. Its provision is €190 million since 2015. It has utilised €133 million of that. Is that correct?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Michael McGrath: Does the provision of €190 million include the cost of staff and the administrative cost of the 500 people in the bank working on this?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Michael McGrath: It does not, so it is purely redress and compensation for the customer.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Michael McGrath: What is AIB's percentage range of redress and compensation?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Michael McGrath: The prevailing rate issue is the most significant outstanding issue that AIB faces as part of this tracker scandal. AIB has identified approximately 4,000 customers. Up until recent months, they were not included in the scope of AIB's tracker examination. How did AIB arrive at the compensation flat fee of €1,000?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Michael McGrath: Did the Central Bank have to tell AIB to include this cohort of customers in the examination? AIB was not including them up to October.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Michael McGrath: That is Mr. Byrne's interpretation.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Michael McGrath: These 4,000 or so customers were never on a tracker but they had an entitlement to go onto a tracker rate after a fixed rate period, generally.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Michael McGrath: Many were on a fixed rate and had an entitlement then to go onto a tracker rate. There is a clause in the contract stating "at the prevailing rate". Is the prevailing rate defined in the mortgage contract for this cohort of customers?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Michael McGrath: Would most of these customers have had the same or a very similar contract or are there a range of different types of contracts for these customers?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Michael McGrath: On top of that clause which entitled them to a tracker at the prevailing rate, is there not another clause in their contract that explicitly defines a tracker mortgage interest rate?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Michael McGrath: Yes, which defines it as being the European Central Bank, ECB, rate plus the tracker margin.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)
Michael McGrath: In any of them?