Results 20,741-20,760 of 27,945 for speaker:Michael McGrath
- Leaders' Questions (13 Nov 2014)
Michael McGrath: The Tánaiste has taken us on an interesting historical tour as she sees it but she avoided the key issue and she avoided answering my direct questions. The cost of funds for the banks today is in the region of 1%. Bank of Ireland has put it on the record that its cost of funds is 1.15% and yet variable rate customers are being charged up to 4.5%. It is exploitative and exorbitant and...
- Leaders' Questions (13 Nov 2014)
Michael McGrath: This is diversionary. Is this allowed?
- Leaders' Questions (13 Nov 2014)
Michael McGrath: It is the Government's view.
- Leaders' Questions (13 Nov 2014)
Michael McGrath: He is coming to the committee. The Government is allowed to have an opinion.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: AIB (13 Nov 2014)
Michael McGrath: What is Mr. Duffy's view as to the best way of achieving the maximum return for the State, with a view to getting back the full €21 billion?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: AIB (13 Nov 2014)
Michael McGrath: Does Mr. Duffy see it as desirable to sell a stake in the bank to the markets?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: AIB (13 Nov 2014)
Michael McGrath: Or by paying dividend over time?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: AIB (13 Nov 2014)
Michael McGrath: Mr. Duffy said he is confident the State will get all its money back. How long does he think that will take?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: AIB (13 Nov 2014)
Michael McGrath: Mr. Duffy must have some basis for his confidence that the money will be paid back in full?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: AIB (13 Nov 2014)
Michael McGrath: Is Mr. Duffy confident the State will have all its money back within ten years?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: AIB (13 Nov 2014)
Michael McGrath: It is a fair question. Mr. Duffy says he is confident the moneys will be repaid but for all we know, that could be in 50 years time. His confidence must surely be grounded in an assessment of when the money can actually be paid back.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: AIB (13 Nov 2014)
Michael McGrath: I very much welcome the announcement of a reduction in the standard variable interest rate. This is a significant move by AIB and makes it a market leader in this regard. I hope it will trigger a round of further cuts by other banks. Does AIB management intend to put some money behind that move in terms of marketing to customers of other banks? Will it try to entice people who have their...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: AIB (13 Nov 2014)
Michael McGrath: I thank Mr. Duffy and his colleagues for all the detailed information sent in advance as it is very comprehensive and such information allows us prepare properly for sessions like this. In terms of measurement of the bank's performance, there has been a marked improvement but I am not here to pat the witnesses on the back. We are here to ask hard questions and I am sure they understand...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: AIB (13 Nov 2014)
Michael McGrath: I take it, then, that the bank is in discussion with the Department of Finance about the capital structure of AIB and it is expected there will be an exercise to tidy the capital structure. I presume this is what Mr. Duffy means when he refers to the capital requirement and how the newly shaped bank might look in terms of capital structure. The discussions are underway.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: AIB (13 Nov 2014)
Michael McGrath: There has not been any discussion with the Department about the possible sale of a stake in the bank.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: AIB (13 Nov 2014)
Michael McGrath: Has the possibility of the European Stability Mechanism taking a stake in AIB through a deal on retroactive bank recapitalisation been discussed with the Department?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: AIB (13 Nov 2014)
Michael McGrath: In a sense, I think Mr. Duffy is saying he is preparing AIB to go before the market in a saleable state.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)
Michael McGrath: Mr. Brown will probably say that the bank is constantly keeping its rates under review. In view of the reduction in the rate by AIB, is Ulster Bank examining its rates currently?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)
Michael McGrath: Ulster Bank has a rate of 3.9% for customers who have a loan-to-value ratio of less than 60%. Is the UFirst account product open to switcher customers? If a person has a mortgage with another bank but meets the Ulster Bank criteria, is the bank actively seeking and marketing this product to people who are mortgage holders with other banks?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)
Michael McGrath: Is that product available to existing Ulster Bank customers who have mortgages with the bank and whose loan-to-value ratio has improved over time, or are they locked in at the same loan-to-value rate at which they entered the mortgage?