Results 20,761-20,780 of 27,945 for speaker:Michael McGrath

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)

Michael McGrath: With regard to Mr. Brown's answer to the question on mortgage arrears in the questionnaire, Ulster Bank has almost 4,700 customers whose principal dwelling houses are the legal area of voluntary surrender or assisted voluntary sale. That seems to be a high number of loans that the bank is pursuing, which will result in the loss of these homes in many cases.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)

Michael McGrath: My last question is about the proposed new rules from the Central Bank. Mr. Brown gave quite a stark statistic in his opening statement, stating that 68% of first-time buyer mortgages approved by Ulster Bank this year would have fallen outside the new rules. That means that almost seven out of ten people who were approved for a mortgage from Ulster Bank would have fallen foul of the new...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)

Michael McGrath: Will Ulster Bank be making a submission in this regard?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)

Michael McGrath: Thank you.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)

Michael McGrath: I welcome Mr. Brown and his colleagues and I thank him for his opening remarks. I was disappointed with the questionnaire Ulster Bank returned to us. The bank appears to have taken a minimalist approach in terms of the responses. The bank cited commercial sensitivity eight times as a reason for not answering the questions. It was the last response we received from any of the banks. I...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)

Michael McGrath: Is Mr. Brown confident that the likelihood of a repeat scenario is remote?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)

Michael McGrath: What was the overall cost of the episode to Ulster Bank? Was it €59 million in terms of redress for customers as well as the fine of €3.5 million?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)

Michael McGrath: It was a costly lesson.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)

Michael McGrath: I will move on to the issue of standard variable interest rates. Let us compare the rates Ulster Bank is charging in Ireland with the offering it is making to customers in Northern Ireland. There is quite a difference. The bank has not disclosed its cost of funds in its response to us, but based on the information we have from the other banks I am assuming it is in the region of 1% to...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Permanent TSB (12 Nov 2014)

Michael McGrath: Has the bank agreed to any write-off where the customer remains in the home? I refer to a current mortgage holder where at the end of the process an amount has been written off, or is it only in cases in which the home is forfeited?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Permanent TSB (12 Nov 2014)

Michael McGrath: I thank the Chairman for allowing me back in and I will try to keep this brief. I like Permanent TSB's current account initiative which I know has been very successful and has attracted more than 80,000 customers - about 80,000 accounts are stretched. What commitment is the bank making to new customers regarding the period of time for which it will honour that deal? I know that the bank...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Permanent TSB (12 Nov 2014)

Michael McGrath: I presume the logic of the bank is that it is winning new customers. It is not making money from them in terms of their current account, but it is hoping to get other business, mortgages, personal loans, etc.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Permanent TSB (12 Nov 2014)

Michael McGrath: For those who start with a high LTV, if over time they are paying their mortgage or the value of their house increases and they can move to a lower LTV band, are they locked into the interest rate for the band in which their mortgage was drawn down or can they submit a revaluation and reduce the interest rate?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Permanent TSB (12 Nov 2014)

Michael McGrath: The mortgage holder is locked in to it.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Permanent TSB (12 Nov 2014)

Michael McGrath: Mr. Mitchell answered a question earlier about the tracker portability product. He indicated that only 97 customers had moved to it. I know that it is a relatively new product and it is the most attractive product, of which I am aware in the market. I think Permanent TSB should put some money behind marketing it. It has 57,000 customers with tracker mortgages, many of whom are living in...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Permanent TSB (12 Nov 2014)

Michael McGrath: I recently attended the opening of a revamped PTSB branch in Douglas in Cork. I was told me it was hoped to start a new SME lending initiative. When will it get under way? What is the bank's focus in that area?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Permanent TSB (12 Nov 2014)

Michael McGrath: Will it provide working capital?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Permanent TSB (12 Nov 2014)

Michael McGrath: Does the bank have an envelope of money in mind - a potential fund of a certain amount?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Permanent TSB (12 Nov 2014)

Michael McGrath: The bank is not limiting or putting a line under it.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Permanent TSB (12 Nov 2014)

Michael McGrath: Has the writing-off of mortgage debt happened? Is this a solution for customers who remain in their homes or is it only considered where the home is lost and there is a residue of debt still owing?