Results 17,321-17,340 of 27,945 for speaker:Michael McGrath

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Permanent TSB (14 Jun 2018)

Michael McGrath: Is the bank now subject to a formal enforcement investigation by the Central Bank?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Permanent TSB (14 Jun 2018)

Michael McGrath: So that is ongoing?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Permanent TSB (14 Jun 2018)

Michael McGrath: When Mr. Masding appeared before the committee last September, I asked about the bank's approach to the managed variable rate, MVR, which was a welcome initiative when it was unveiled in 2015. I highlighted that the bank only allows customers to sign up to this rate once. Even as their loan-to-value ratio improves over time with reductions in their mortgage and increases in the value of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Permanent TSB (14 Jun 2018)

Michael McGrath: To be clear, are the fixed rates offerings for existing customers under review?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Permanent TSB (14 Jun 2018)

Michael McGrath: What about the specific MVR issue I have raised?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Permanent TSB (14 Jun 2018)

Michael McGrath: I understand that the bank underwrites at a point in time. However, the risk of those particular mortgages reduces over time as they move down the LTV band. The value of the home goes up and the mortgage is reducing, and, therefore, the risk to the bank falls and its security improves.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Permanent TSB (14 Jun 2018)

Michael McGrath: I heard Mr. Masding's comments on fixed rates. However, his answer on the managed variable rate, MVR, issue is not good enough. The fact of the matter is that those customers are being unfairly locked into a particular LTV band even though their actual band has improved over time. This is unfair to customers who are willing to go the expense of getting an up-to-date valuation and...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Permanent TSB (14 Jun 2018)

Michael McGrath: I welcome the fact that the bank is reviewing the issue concerning fixed rates. I hope it will lead to a decision and action. It is discriminatory. The best fixed rate the bank will offer its existing customers is 4.2%, whereas a new customer can potentially get a rate as low as 3.2%. If a new customer has a low LTV and signs up to a three-year new business rate, it will be as low as...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Permanent TSB (14 Jun 2018)

Michael McGrath: On that table in question 9, if one takes the SVR, why is the number of accounts significantly less than the number of customers? Normally, the number of accounts would be greater. Is it that in the case of a joint mortgage the bank counts two customers?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Permanent TSB (14 Jun 2018)

Michael McGrath: Accordingly, a joint mortgage in the name of two people will comprise two customers.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Permanent TSB (14 Jun 2018)

Michael McGrath: I know it is a technical question. However, normally the number of accounts is greater than the number of customers.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Permanent TSB (14 Jun 2018)

Michael McGrath: Again, to put on the record as we did the last time, all of those 46,700 mortgage accounts on a SVR of 4.5% can get a reduction immediately by moving on to the MVR. The reduction is a minimum 0.2% or 20 basis points. Many of them actually have a low enough LTV but never bothered to avail of the MVR about which the bank wrote to them.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Permanent TSB (14 Jun 2018)

Michael McGrath: The bank wrote to them several times and it is on their annual mortgage statements. We need to bring this to people's attention because a significant number of mortgage holders are paying more than they need to. I would argue that they should be paying an awful lot less than they are at 4.5%. Even without switching bank, they can get an immediate reduction in their mortgage. Is the bank...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Permanent TSB (14 Jun 2018)

Michael McGrath: The bank has eight accounts paying a rate of 9.1%. That is a fixed mortgage rate into which these customers would have entered some years ago. The rate is from a point in time but it would be nearly criminal at this stage. In terms of the breakage costs and in line with European changes, could such customers break out of that rate without incurring a significant penalty under the new rules...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Permanent TSB (14 Jun 2018)

Michael McGrath: Let us talk straight. Those paying that kind of rate - it is a crazy rate - signed up to it at a particular point in time and the terms and conditions were clear. Changes have been introduced in how breakage fees are calculated, however. In practice, has that made a difference? Are people able to break out of fixed rates without incurring significant penalties?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Permanent TSB (14 Jun 2018)

Michael McGrath: I welcome the decision to remove the 4,300 homes with split mortgages from Project Glas. Is the bank looking at a securitisation option? From reading his commentary at the time when he made an announcement on 16 May on this, it looks to me that it will likely be a securitisation option. Can this be executed? In that scenario, at what form of securitisation is the bank looking? Is it...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Permanent TSB (14 Jun 2018)

Michael McGrath: Does the commitment that they are to be removed stand?

Written Answers — Department of Employment Affairs and Social Protection: Disability Allowance Payments (19 Jun 2018)

Michael McGrath: 60. To ask the Minister for Employment Affairs and Social Protection if she will review the requirement that the parents of some persons in receipt of disability allowance have to keep a full record of expenditure and retain all receipts for possible inspection; and if she will make a statement on the matter. [26180/18]

Written Answers — Department of Finance: Financial Services and Pensions Ombudsman Remit (19 Jun 2018)

Michael McGrath: 144. To ask the Minister for Finance the position in relation to people submitting complaints to their financial institution or to the Financial Services and Pensions Ombudsman in relation to alleged mis-selling of payment protection insurance policies; the position in relation to the statute of limitations; if people can now make a complaint if they fell outside the scope of the Central Bank...

Written Answers — Department of Finance: Stability and Growth Pact (19 Jun 2018)

Michael McGrath: 153. To ask the Minister for Finance the restrictions on expenditure under the European fiscal rules once a member state is in the preventive arm of the fiscal rules, has met its medium term objective and has reached its target for debt to GDP; and if he will make a statement on the matter. [26619/18]