Results 18,201-18,220 of 27,945 for speaker:Michael McGrath
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)
Michael McGrath: Who else is on the committee?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)
Michael McGrath: Is that the main investor?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)
Michael McGrath: What will be on the agenda of that committee and what decisions will it be making?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)
Michael McGrath: That is the nub of the issue. It is the influence that the investor will have. The investor will sit on the committee, which meets monthly, and Pepper will be on the committee. Mr. Ryan has said the role of the committee is consultative-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)
Michael McGrath: -----but it will have full access to information about the performance of the portfolio. Presumably it will review the performance on and ongoing basis. Can it then influence Pepper's management of the portfolio if it wants a higher income stream or if it wants Pepper to be more aggressive? Will the committee have that influence? I am not entirely clear about precisely who is making the...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)
Michael McGrath: Is the prospectus a published document or is it confidential?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)
Michael McGrath: Who are Glenbeigh Securities?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)
Michael McGrath: Will that identity remain private and confidential indefinitely?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)
Michael McGrath: Under the agreement with the investor, is Pepper required to deliver a certain level of cashflow, a certain income stream, from the securitisation?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)
Michael McGrath: Can the investor seek a greater return or higher income stream from the portfolio?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)
Michael McGrath: Just to be clear, is Mr. Ryan giving a reassurance that Pepper will be making all of the decisions about individual loans and that will be done without any influence from the investor?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)
Michael McGrath: Okay. The concern I have is that in reality and in practice when this arrangement is up and running, the investor will be pulling the strings and, in effect, calling the shots behind the scenes.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)
Michael McGrath: Just to be clear and be fair, the terms of the split mortgage agreements that I have read that were entered into by Permanent TSB with customers give an exit clause to the loan owner at any point. One does not have to wait for the review. What it says is that for any reason that the bank, or now Pepper, thinks fit, it can terminate the split mortgage. It does not even have to wait for a...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)
Michael McGrath: Is Mr. Ryan giving an assurance that he will not terminate split mortgage agreements unilaterally?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)
Michael McGrath: Does Pepper offer the full suite of forbearance measures set out in the code of conduct on mortgage arrears? Are there any Pepper does not offer?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)
Michael McGrath: Does that include the arrears capitalisation, term extension, split mortgages? Does it include the full suite?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)
Michael McGrath: This is my final question. To be fair to Mr. Masding, I did not give him a chance to respond to what I said at the beginning. Does he wish to respond and to confirm if the Minister for Finance, as the principal shareholder, has been formally consulted, as provided for under the relationship framework? Can he confirm when there was contact with the Department of Finance and what the...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)
Michael McGrath: Could Mr. Masding confirm whether the consultation with the Minister for Finance under the relationship framework took place and when it happened? When was the Minister first informed of the transaction and what was the response received by the Minister?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)
Michael McGrath: I thank Mr. Masding.
- Written Answers — Department of Finance: Revenue Commissioners (11 Dec 2018)
Michael McGrath: 134. To ask the Minister for Finance his plans for the restructuring and realignment of the internal structure of the Revenue Commissioners; the estimated impact on staff and the location in which services are provided; and if he will make a statement on the matter. [51664/18]