Results 17,941-17,960 of 26,653 for speaker:John McGuinness

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

John McGuinness: I would like to refer to the case of an individual who has been a customer of the bank since 2004. In 2011, the method of applying the interest to his loan was changed from EURIBOR to bank cost of funds. He believed he was on a tracker-type product, but just like that it was changed in the way I have described. Bearing in mind the principle of putting the customer first and giving the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

John McGuinness: This individual case involves a substantial amount of money. Obviously, it ended up in court. I have read the correspondence on it and I am going to refer to it. Ms McDonagh has it anyway. This individual has been writing to her. When someone who has been a customer of the bank since 2004 without going into arrears questions the amount of interest that was charged because of a change in...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

John McGuinness: Yes, but I am talking about the change that was made and the interest that was charged over and above what this customer should have been charged. A case has been made about it and I do not see that case being answered. It is amazing that the customers and staff of huge banks are writing to members of this committee in order to get some sort of justice. If everything Ms McDonagh said in her...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

John McGuinness: Mr. Mason spoke about what is offered to clients in difficulty. Is he familiar with the debt-for-equity scheme?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

John McGuinness: Why? It is there and outlined in legislation. PIPs do it.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

John McGuinness: The bank does not actively offer it.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

John McGuinness: Has the bank looked at debt-for-equity?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

John McGuinness: I understand it.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

John McGuinness: As an option, is it not something the bank should look at and develop?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

John McGuinness: Too complex?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

John McGuinness: I will come back to Mr. Mason on that. I do not believe it is the case. The banks should look at debt-for-equity as an option. Senator Burke asked about the cost of funds. The same thing happened as in the cost of funds issue and the commercial tracker, it was the same thing with the trackers.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

John McGuinness: When we looked into how every bank could have done the same thing at the same time the explanation offered to us at our last meeting was that perhaps the reason was that the cost of money had affected the decision of the bank relative to trackers. That explanation was offered by a bank. The tracker issue in terms of the cost of money was the same thing.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

John McGuinness: I am talking about the cost of funds because I am looking at the cost of funds and the other methodology for calculating the interest. It was down to the same thing. It was the cost that drove Bank of Ireland to change its mind on the trackers and on the commercial mortgages. It is reasonable for a customer to offer that as an argument for being overcharged. That was my point. I will...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

John McGuinness: Are those who lost their trackers as a result of restructuring included now? I want to cover off something that was said earlier. Are the customers who lost their tracker because their loans were being restructured included?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

John McGuinness: Both.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

John McGuinness: If a property was surrendered and that property happened to be on a tracker-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

John McGuinness: If the property was surrendered, so obviously it was disposed of for some reason, how does that person figure in all of this? The person surrendered the property because they were not able to afford it but the repayments had been increased. They could not sustain the repayments but if they had been back on the tracker they might have done. They have surrendered it now, a voluntary...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

John McGuinness: Have the witnesses examined the cases the bank is pursuing through the courts to determine if in any of those cases it was a tracker issue that caused all their difficulties?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

John McGuinness: The bank has identified those customers already for the courts and if it is a tracker issue it is putting a stay on any further action, is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

John McGuinness: Before you go on to the last question, I will make the following point. Because Deputy Doherty has covered the ground comprehensively, I am not going to repeat the points but I want to support what he has said. A commitment was given at that meeting of 21 September that the emails we referred to would be given to the committee. In the reply on 22 November, Mr. Liam McLoughlin made no...