Results 20,581-20,600 of 27,945 for speaker:Michael McGrath

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Michael McGrath: Is Arch selling in Ireland?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Michael McGrath: JLT is not selling mortgage insurance in Ireland.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Michael McGrath: The companies seem to say different things about the cost. JLT seems to say the bank will pay a one-off premium in respect of the insurance policy. In the other examples I assume the borrower will pay a monthly premium to the insurance company. Is that how it works? Genworth might reply first.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Michael McGrath: To tease out that example, for how much of a €200,000 mortgage is there insurance?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Michael McGrath: The estimate Mr. Crone gave of a €2,000 payment would be in respect of 10%.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Michael McGrath: That is a one-off payment. There is no further payment and that covers the lifetime of the mortgage.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Michael McGrath: Typically how do banks deal with that fee, do they absorb it or pass it on by way of an increase in a mortgage?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Michael McGrath: It is not passed on as a distinct charge.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Michael McGrath: It is passed on possibly through the interest rate charged, the pricing of the loan.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Michael McGrath: From the consumer’s point of view would it not be better if it was transparent and the consumer knew exactly what the price of this mortgage insurance was?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Michael McGrath: In the example Mr. Crone gave he said a one-off payment of €2,000 would represent €250 per annum.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Michael McGrath: That takes into account the time value of money and so forth, which if it was passed on would be approximately €20 a month for the mortgage holder.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Michael McGrath: Several of the companies made the point that the banks may reduce their rates because there is less risk in respect of pricing the loans. Experience, however, tells us we cannot rely on that. We need to assume that the full costs of this insurance product will be passed on to the consumer. We have to assume that. The banks may well use the reduced risk to increase their profit margin on a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Michael McGrath: The most likely situation is that somebody loses his or her job or encounters financial difficulty, and the mortgage falls into arrears. Under what circumstances can the insurance be invoked to help that person? Genworth mentions in its presentation that it has paid out in some cases where mortgages are restructured. We all understand that if the loan gets into trouble and the house is...

Written Answers — Department of Finance: Government Deficit (27 Nov 2014)

Michael McGrath: 68. To ask the Minister for Finance further to Parliamentary Question No. 1 of 5 November 2014, following the revised charging arrangement, if he will provide an update to his estimate that the deficit would increase by between €0.5 billion and €0.6 billion or 0.3 percentage points in 2015 if Irish Water fails the market corporation test; and if he will make a statement on the...

Written Answers — Department of Finance: Exports Data (27 Nov 2014)

Michael McGrath: 76. To ask the Minister for Finance his views on the opinion expressed by a member of Independent Fiscal Advisory Council (details supplied) that up to half of the growth in GDP in 2014 may be attributable to contract manufacturing; and if he will make a statement on the matter. [45757/14]

Written Answers — Department of Public Expenditure and Reform: Water Charges Administration (27 Nov 2014)

Michael McGrath: 77. To ask the Minister for Public Expenditure and Reform further to Parliamentary Question No. 21 of 20 November 2014, the reason the cost of the water conservation grant is estimated at €130 million in view of the fact that Irish Water has issued 1.5 million application packs and non-Irish Water customers will also be eligible for receipt of the payment; and if he will make a...

Written Answers — Department of Environment, Community and Local Government: Irish Water Staff (27 Nov 2014)

Michael McGrath: 207. To ask the Minister for Environment, Community and Local Government if severance payments are being paid to the outgoing directors of the board of Irish Water; and if he will make a statement on the matter. [45755/14]

Written Answers — Department of Environment, Community and Local Government: Irish Water Expenditure (27 Nov 2014)

Michael McGrath: 208. To ask the Minister for Environment, Community and Local Government the annual interest costs Irish Water will incur on loans taken out to cover the cost of water meter installation; and if he will make a statement on the matter. [45756/14]

Written Answers — Department of Environment, Community and Local Government: Irish Water Expenditure (27 Nov 2014)

Michael McGrath: 209. To ask the Minister for Environment, Community and Local Government the estimated gross cost of water services including operating expenses and capital investment in 2015; and if he will make a statement on the matter. [45758/14]