Results 17,001-17,020 of 27,945 for speaker:Michael McGrath

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

Michael McGrath: Okay.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

Michael McGrath: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

Michael McGrath: I have tried to get that information by asking parliamentary questions, which, presumably, have been passed on to the Central Bank for reply. The answer has been to the effect that the Central Bank does not know what restructures are being entered into by the unregulated loan owners. It seems to know what restructures they have, but it does not know how many of them were inherited from the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

Michael McGrath: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

Michael McGrath: I am asking if the Central Bank knows-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

Michael McGrath: Yes. It seems from the reply I was given that this information is not available. In my question I am looking for data on the origination of restructured agreements. If the Central Bank does not have that data, perhaps it might get them. Can it provide data on the extent to which unregulated funds have entered into new agreements in respect of the different forbearance measures? Can it...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

Michael McGrath: The reason I asked about this is that my experience has been that the funds are far less willing and far less likely to enter into these restructuring arrangements. Typically, they do not do the mainstream most popular forbearance measures of arrears capitalisation, term extension, interest only and so on. They just do not do them. I am dealing with these types of cases. I have written to...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

Michael McGrath: A related point is a review of the code. Is Mr. Sibley open to and will he invite submissions on a review of the code? Will he examine the provision whereby a lender only has to consider the restructuring options that it offers? This was a key change in the 2013 code and it lets these funds completely off the hook. They can say they will not do arrears capitalisation, interest only, split...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

Michael McGrath: The key issue is that a lender is only obliged to consider the forbearance options that it offers.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

Michael McGrath: It can make a policy decision as an entity that it does not offer all of the common most possible restructuring options. Therefore, the consumer is seriously disadvantaged if his or her loan happens to with a loan owner that just does not do those options. That is the reality if one's loan is with a vulture fund.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

Michael McGrath: In some cases.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

Michael McGrath: Okay. Thank you.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

Michael McGrath: I appreciate all the time we are getting from the witnesses. On GRG, my understanding is that the complaints process set up within Ulster Bank is entirely internal; it is run by the bank. I do not believe there are any external independent persons involved. Will Ms Rowland comment on that? Contrast that with the tracker appeals panels in all the banks where, in most cases, they are not...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

Michael McGrath: Please do because-----.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

Michael McGrath: Does it say that in the correspondence, Chairman?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

Michael McGrath: I am not sure that they are involved on an ongoing basis but I ask Ms Rowland to check that because it would be important that there is-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

Michael McGrath: My point is that the working out of those complaints should involve independent input. It should not be run entirely by the bank.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

Michael McGrath: Ms Rowland can come back to us on that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

Michael McGrath: In addition, my understanding is not that the bank has identified affected customers. It has dealt with complaints that have come in. I do not believe the bank has done a trawl and identified people. It responds and processes complaints submitted to the GRG complaints process.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

Michael McGrath: That is fine. Will the representative bodies be represented on the credit union CEO forum? Who will be on that forum? I do not believe it is up and running yet.