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Written Answers — Department of Employment Affairs and Social Protection: Public Services Card (21 May 2019)

Michael McGrath: 624. To ask the Minister for Employment Affairs and Social Protection the legal basis of the Public Services Card; her views on the concerns persons may have in relation to data protection; and if she will make a statement on the matter. [21453/19]

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector (Resumed): KBC Bank (21 May 2019)

Michael McGrath: If I repeat a question that has already been asked, I ask the Vice Chairman to let me know and I will not continue. I apologise - I was covering for my party leader in the Chamber so I missed the earlier part of the meeting. I welcome all the witnesses and wish Mr. Roebben well on his tenure as CEO of KBC Ireland. He is very welcome to this country, and I hope the bank's commitment to the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector (Resumed): KBC Bank (21 May 2019)

Michael McGrath: As for KBC's core offer to customers, the mortgage market is where it focuses. Is that not correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector (Resumed): KBC Bank (21 May 2019)

Michael McGrath: What is KBC Bank's presence in business banking lending to SMEs?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector (Resumed): KBC Bank (21 May 2019)

Michael McGrath: That is very much a target market-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector (Resumed): KBC Bank (21 May 2019)

Michael McGrath: -----in the bank's business model for future development. What is the bank's current market share of new mortgage drawdowns?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector (Resumed): KBC Bank (21 May 2019)

Michael McGrath: The bank is the smallest of the five main lenders in the retail banking space.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector (Resumed): KBC Bank (21 May 2019)

Michael McGrath: It is not too far off Ulster Bank or Permanent TSB and the two pillars banks are well ahead, in the region of 30% each.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector (Resumed): KBC Bank (21 May 2019)

Michael McGrath: In his opening statement, Mr. Roebben outlined that the net profit for the first quarter of this year was €15 million after tax and impairments. Is the first quarter representative of the trend he anticipates through 2019?Pro ratait would mean €60 million profit after tax and impairments in 2019. Is this the area the bank is in?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector (Resumed): KBC Bank (21 May 2019)

Michael McGrath: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector (Resumed): KBC Bank (21 May 2019)

Michael McGrath: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector (Resumed): KBC Bank (21 May 2019)

Michael McGrath: With regard to the mortgages in arrears, the bank has provided us with a lot of data and details of the restructuring arrangements it enters into. Earlier in private session, the committee agreed to write to all the lenders to clarify their policies in respect of the application of legal fees to mortgage accounts in arrears. Prior to a repossession order being secured, where a threatening...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector (Resumed): KBC Bank (21 May 2019)

Michael McGrath: The legal fees incurred are applied to the borrower's mortgage account while the legal proceedings are ongoing.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector (Resumed): KBC Bank (21 May 2019)

Michael McGrath: Is this for every legal letter issuing? Is it just where there is a court appearance? Will Mr. Mahon talk us through it?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector (Resumed): KBC Bank (21 May 2019)

Michael McGrath: Is the basis for doing this set out in the loan documentation? Is it provided for in the code of conduct or the mortgage arrears resolution process? Where is the basis that allows the bank to do this?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector (Resumed): KBC Bank (21 May 2019)

Michael McGrath: Is that aspect of the relationship regulated? To Mr. Mahon's knowledge, does the Central Bank have a view on it? Has it issued guidance on what is allowable? Is there a limit on the amount of legal fees that can be applied? Where I am going with this is if a borrower is co-operating and paying what he or she can and is trying to negotiate a restructuring arrangement but continues to...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector (Resumed): KBC Bank (21 May 2019)

Michael McGrath: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector (Resumed): KBC Bank (21 May 2019)

Michael McGrath: Okay.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector (Resumed): KBC Bank (21 May 2019)

Michael McGrath: As such, the bank has two tests. These are that there is non-engagement, which, presumably, translates into no payment being made on the mortgage, and that it must be part of the legal process, which, presumably, has gone to court.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector (Resumed): KBC Bank (21 May 2019)

Michael McGrath: Mr. Mahon's understanding is that the application of such legal fees provided for in the loan contract does not in any way contravene a Central Bank code or rule or any provision of the mortgage arrears resolution process.

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