Results 21,761-21,780 of 27,945 for speaker:Michael McGrath

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Central Bank of Ireland (30 Apr 2014)

Michael McGrath: May I raise the issue of consistency of treatment, which the Chairman raised with the Governor? There are dramatic inconsistencies between the various banks and their approaches to mortgage arrears with individual customers. The outcome for somebody in arrears seems very much to depend on what bank he or she is with. We are witnessing that in regard to the policy on debt forgiveness, for...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Central Bank of Ireland (30 Apr 2014)

Michael McGrath: Can Professor Honohan see how that hands-off approach can result in inequities among individual customers? The institution one is with can be the difference between keeping one's home and not keeping it. If one bank is prepared to write off part of a mortgage to make it sustainable and another is not prepared to countenance that under any circumstances, there could not be two more radically...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Central Bank of Ireland (30 Apr 2014)

Michael McGrath: People from abroad?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Central Bank of Ireland (30 Apr 2014)

Michael McGrath: Has that happened?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Central Bank of Ireland (30 Apr 2014)

Michael McGrath: It is not just rhetoric because we are encountering individual cases that arise as a consequence. We had the advocacy groups here before inviting the banks. It is not just rhetoric. The groups gave us examples of what is happening in practice. Radically different approaches are being taken by the banks.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Central Bank of Ireland (30 Apr 2014)

Michael McGrath: Some are more ruthless.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Central Bank of Ireland (30 Apr 2014)

Michael McGrath: Can I ask the Governor about the circumstances of many mortgage holders whose mortgages were originally taken out from a regulated financial institution but which are now held by an entity not regulated by the Central Bank of Ireland, with all the consequences, such as the code of conduct on mortgage arrears and various statutory protections not applying? Is the Governor satisfied to preside...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Central Bank of Ireland (30 Apr 2014)

Michael McGrath: Have the statements of some hedge funds — US funds — that they will voluntarily comply with the code no standing in the eyes of the Central Bank? If a consumer or mortgage holder feels a fund is not complying with the code, the Central Bank has no enforcement role whatsoever at present.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Central Bank of Ireland (30 Apr 2014)

Michael McGrath: May I ask the Governor about the outcome of the court case yesterday? I refer to the sentencing of two former senior Anglo Irish Bank executives.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Central Bank of Ireland (30 Apr 2014)

Michael McGrath: I welcome the Governor, Professor Honohan. During the course of our hearings with the banks in recent weeks, when we collated all of the data which were being presented, it became clear that in excess of 30,000 individual mortgage arrears cases were either in the legal process or had a threatening legal letter issued by their bank. It seems, from looking at the figures, that while the banks...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Central Bank of Ireland (30 Apr 2014)

Michael McGrath: I suppose the point is that in the lead-up to the targets programme being introduced, there were not many of these letters being issued.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Central Bank of Ireland (30 Apr 2014)

Michael McGrath: One might say there were not enough of them being issued.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)

Michael McGrath: My question is for Mr. O'Connor. From the point of view of a debtor, the personal insolvency practitioners, PIPs, are licensed by the Insolvency Service of Ireland. Debt management firms are licensed and regulated by the Central Bank; therefore, if borrowers in distress go to a PIP for advice, it is inevitable that he or she will try to direct them towards an insolvency arrangement. If...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)

Michael McGrath: It may involve the debt management firms coming within the ISI's remit instead of that of the Central Bank.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)

Michael McGrath: I will move on to a few other issues. The ISI has set out reasonable living expense guidelines, which play an important role in deciding whether a debtor is able to avail of an arrangement. Where a debtor has an income that is below the level of reasonable living expenses, is it the case that he or she cannot avail of one of the arrangements? PIPs seem to be claiming that, ironically,...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)

Michael McGrath: I agree entirely and am not in any way suggesting that the guidelines' figures be changed. However, I am hearing from some PIPs that a sizable proportion of the people approaching them will not be able to avail of DSAs or PIAs because they have no financial capacity to make additional contributions to their debts. This is a problem. Mr. O'Connor has mentioned other options. For example,...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)

Michael McGrath: Is Mr. O'Connor satisfied with how the system of fees charged by PIPs is working? In certain cases, upfront fees are being charged. For some people, does this place a barrier to accessing a system that they need?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)

Michael McGrath: I know.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)

Michael McGrath: I will move on to the issue of a family home in a bankruptcy scenario. A list of scenarios was helpfully provided in Appendix 1. It is difficult for people to get their heads around this issue when facing the stressful decision of whether to apply for bankruptcy. I put a point to Mr. Ross Maguire when he appeared before the committee a number of weeks ago. He advocated bankruptcy as a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process (Resumed): Insolvency Service of Ireland (30 Apr 2014)

Michael McGrath: I thank Mr. Lehane.