Results 17,421-17,440 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Employment Affairs and Social Protection: State Bodies Data (21 Jun 2018)

Michael McGrath: 241. To ask the Minister for Employment Affairs and Social Protection the number of positions on the board in respect of the board of agencies and commercial State companies under her Department’s aegis in tabular form; the quorum required for a board meeting; the number of ministerial appointee vacancies on the board to date; the length of time the ministerial appointee vacancy has...

Written Answers — Department of Housing, Planning, and Local Government: State Bodies Data (21 Jun 2018)

Michael McGrath: 257. To ask the Minister for Housing, Planning, and Local Government the number of positions on the board in respect of the board of agencies and commercial State companies under his Department’s aegis in tabular form; the quorum required for a board meeting; the number of ministerial appointee vacancies on the board to date; the length of time the ministerial appointee vacancy has...

Written Answers — Department of Culture, Heritage and the Gaeltacht: State Bodies Data (21 Jun 2018)

Michael McGrath: 276. To ask the Minister for Culture, Heritage and the Gaeltacht the number of positions on the board in respect of the board of agencies and commercial State companies under her Department’s aegis in tabular form; the quorum required for a board meeting; the number of ministerial appointee vacancies on the board to date; the length of time the ministerial appointee vacancy has been...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (21 Jun 2018)

Michael McGrath: I would like to welcome Mr. Byrne and his colleagues this morning. I thank them for their opening statement and questionnaire in advance. I will start with the sale of the loan portfolio to Everyday Finance DAC. It is composed of 800 customer connections involving 3,700 assets. My understanding is that 800 customer connections could involve a multiple of that number in actual distinct...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (21 Jun 2018)

Michael McGrath: What does Mr. O'Keeffe mean by that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (21 Jun 2018)

Michael McGrath: Very well.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (21 Jun 2018)

Michael McGrath: I am interested in the amount of going concern businesses that are part of the process that have connections or assets which are being sold on. Has Mr. O'Keeffe any estimate of the number of actual businesses whose loans are being sold?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (21 Jun 2018)

Michael McGrath: The transfer date is 27 July 2018. Customers have been formally notified of that in writing since about the third week of May. Is it too late now for any further restructuring? Is the book closed?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (21 Jun 2018)

Michael McGrath: Just to be clear, AIB cannot engage or enter into any new restructuring agreements in respect of loans that are being sold.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (21 Jun 2018)

Michael McGrath: They are actually being transferred on 27 July. Related to that, AIB wrote to customers who have an overdraft to notify them that it would be removed from 27 July because their loans are being transferred completely. AIB informed them in writing that the letter they received constituted formal demand for repayment of the debit balance, if any, and that any outstanding debt on the account is...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (21 Jun 2018)

Michael McGrath: Mr. O'Keeffe is saying that if a customer has an overdraft limit of, say, €50,000, and their current balance is a debit of €10,000, until 27 July they can draw down the balance to carry an overdraft of €50,000 over into their relationship with Everyday Finance DAC. However, how that new loan owner regards that overdraft is entirely its own affair. Is that what he is saying?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (21 Jun 2018)

Michael McGrath: To stay with that example, if a customer had a balance of €50,000 overdrawn which was at their limit on the transfer date and Everyday Finance DAC is not in the business of providing overdrafts, it will not recognise that as an overdraft any longer. It becomes a loan.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (21 Jun 2018)

Michael McGrath: This could have implications for the business, but Mr. O'Keeffe is saying but they are on their own at that point. It is a matter between them and the new-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (21 Jun 2018)

Michael McGrath: I understand but them being at the limit of their overdraft with AIB does not trigger any additional enforcement action from AIB's point of view. However, a €50,000 overdraft carried over to Everyday Finance DAC, which the latter regards as a loan and calls in, creates a completely different dynamic. That is fine, I just wanted that clarity. I refer now to the tracker mortgage...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (21 Jun 2018)

Michael McGrath: By Mr. Byrne's understanding of the position of the Central Bank, are there no outstanding matters for clarification or engagement with the Central Bank on that matter?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (21 Jun 2018)

Michael McGrath: I notice that there have been 333 appeals in that process and more than half have been either upheld or partly upheld. That is quite a significant turnaround. Have any prevailing rate customers been included in those appeals and gone through the system?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (21 Jun 2018)

Michael McGrath: From the bank's point of view, the matter is closed and, with the exception of the appeals process-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (21 Jun 2018)

Michael McGrath: If customers want to take it further, they have the appeals process, the ombudsman and then the court.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (21 Jun 2018)

Michael McGrath: I suspect that is where this issue will end up and that it will go the distance. There is a legitimate issue there. It is down to interpretation and I think it is going to be decided in a court of law. It would have been far better if it could have been resolved to the customers' satisfaction at the level of the bank but that is not going to happen.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (21 Jun 2018)

Michael McGrath: We have.