Results 22,161-22,180 of 27,945 for speaker:Michael McGrath
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Michael McGrath: If an estate has been completed satisfactorily-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Michael McGrath: Experience would tell us that where there is an unfinished estate and there is a bond in place, the bond is insufficient to cover the value of the outstanding works.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Michael McGrath: If we could be given an update-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Michael McGrath: Yes. I ask the Chairman to ensure we get up-to-date information on that.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Michael McGrath: I assume KPMG would have been acting as a receiver appointed by IBRC in respect of some IBRC assets under IBRC debtors prior to the liquidation, or prior to the appointment of the special liquidators. How has that worked out since the appointment of the special liquidators? Where stands the interaction between their role as receivers for certain assets and their role as special liquidators...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Michael McGrath: The credit committee of-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Michael McGrath: How many such cases were there? I refer to cases in which the liquidators had active receiverships under KPMG when they were appointed.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Michael McGrath: Okay.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Michael McGrath: I appreciate that.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Michael McGrath: In the opening statement, it was stated: Thirty three of the borrower groups [in the IBRC loan book] representing 0.2% of total groups are being offered for sale on a stand-alone basis. No IBRC borrower is being provided with an exclusive opportunity to buy back their loans at a discount.How many IBRC borrowers actually bought back their loans?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Michael McGrath: My question was about how many cases there have been in which the original borrower bought back the loan, presumably at a substantial discount. I am referring to the large commercial debtors of IBRC.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Michael McGrath: What is the typical discount that would apply?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Michael McGrath: In the last 24 hours, when they indicated their willingness to comply voluntarily, was there any indication from the bidders that they would be prepared to pay less for the mortgage book if the commitment were a binding condition of the sale? Is there any evidence to suggest they would actually pay less to the special liquidator for the IBRC mortgage book where it was a binding condition of...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Michael McGrath: Has that been indicated to the special liquidators by any of the bidders?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Michael McGrath: We now have two different standards of protection for Irish mortgage holders who took out a mortgage from an entity in Ireland regulated by the Central Bank in respect of their family home. We are not discussing investment properties but family homes. We now have a vista in which we have two different standards of protection. If one is a customer of AIB, Bank of Ireland, Permanent TSB or...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Michael McGrath: Can Ms Nolan confirm that irrespective of the intentions of any unregulated fund that might hold the mortgages, there will be no access to the ombudsman for the IBRC mortgage holders? It is a statutory issue.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Michael McGrath: It is a major issue, as the Financial Services Ombudsman is the statutory watchdog for Irish consumers who have complaints about financial products sold to them. That avenue will be completely closed off for IBRC mortgage holders who will have their mortgages sold by the special liquidator. There is a serious vacuum in the law which must be addressed urgently. I revert to how this issue...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Michael McGrath: What Ms Nolan is saying is in fact worse. She is saying the issue was considered but a decision was taken not to insist that these mortgage holders would be left in no better or worse position. The Department felt that insisting these protections be retained might diminish the value of the loan book and so decided to exclude them.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Michael McGrath: Ms Nolan knows as well as I do the conditions of a contract of sale of a mortgage. If anyone looks at their mortgage document and if that is the limit of their protection, it is apparent that it is skewed heavily in favour of the lender. Essentially, if one gets into any level of difficulty with a mortgage, it can be called in at any time. That is why a statutory code of conduct was put in...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Michael McGrath: I thank the liquidators and the officials from the Department of Finance. I want to keep this exchange as interactive as we possibly can. I will start with last night's statement of voluntary compliance by the bidders. What status does that have? Can Mr. Wallace advise where that will be written down in this sales process? What piece of paper will that be on?