Results 23,081-23,100 of 27,945 for speaker:Michael McGrath

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Michael McGrath: Just so that we are clear in respect of the figures, Mr. Bell indicated that 1,148 of the 5,172 cases in question involved some form of arrangement agreed with customers and that the other 4,124 involved the initiation of legal action in a formal sense.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Michael McGrath: All of the 929 buy-to-let cases involved rent receivership.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Michael McGrath: Is Mr. Bell in a position to provide a breakdown in respect of the 1,148 arrangements that were arrived at?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Michael McGrath: So Mr. Bell is stating that in excess of 80% would involve interest plus some capital. It would, therefore, be something less than the full repayment but more than would be obtained under an interest-only arrangement.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Michael McGrath: Will Mr. Bell provide an indication of the position with regard to the remaining cases in this category?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Michael McGrath: If we consider that quarter in isolation, it is evident that in the region of 80% and 85% of Ulster Bank's sustainable solutions under the Central Bank's targets programme were accounted for by the appointment of rent receivers or some form of legal action being undertaken.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Michael McGrath: I am sure Mr. Bell can see from where I am coming in respect of this matter. I am trying to drill down into the numbers in order to obtain a sense of what Ulster Bank has been doing, particularly under the formal regulatory targets programme. It seems that in the region of five out of every six of the offers under discussion relate to legal action which could, in many cases, result in...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Michael McGrath: In the context of the targets, under this measurement Ulster Bank has already achieved the end of September target. Earlier, Bank of Ireland gave a figure of 53% and indicated that it has achieved its end-of-year target in the context of resolution. There is a serious mismatch between what people understood to be sustainable solutions and the actual measures being rolled out by the banks....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Michael McGrath: The term "economic concession" was used and it was indicated that the bank has approximately 1,000 cases in which reduced interest rates have been applied. Are such reductions temporary?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Michael McGrath: Where does that fall under the Central Bank's quarterly statistics?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Michael McGrath: I welcome Mr. Brown, Mr. Bell and Mr. Leahy. I wish to continue along the theme the Chairman started. Mr. Brown outlined that the target in respect of the 20% measure used by the Central Bank was 3,784 and he has given us a breakdown of the 18,000 customers that Ulster Bank currently has in arrears of 90 days or more. How does he regard the bank's performance against that target? Does the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)

Michael McGrath: In that scenario would it be in the first two columns?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)

Michael McGrath: I understand.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)

Michael McGrath: We are not in a position to analyse the offers, but Bank of Ireland has indicated they will be in a similar vein to the measures that have been agreed and by and large they are the typical forbearance measures. Bank of Ireland has begun to roll out the split mortgages. Is it doing debt for equity arrangements of any kind yet?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)

Michael McGrath: Does Bank of Ireland provide any permanent interest rate reductions?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)

Michael McGrath: With regard to the current number - to July or August - of those who are involved in legal-resolution processes, Bank of Ireland indicated that by the end of June there were approximately 3,100 of these in the owner-occupier sector. How many were there in the buy-to-let sector at that stage?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)

Michael McGrath: Let us focus for a moment on the owner-occupier properties. Approximately 3,100 of these were involved in legal-resolution processes. Has that figure changed much or is that pretty much the ball park figure for the number currently involved?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)

Michael McGrath: At the end of June, the figure of 3,100 meant there was formal, legal correspondence under way between the borrower and the banks. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)

Michael McGrath: So there is a strong chance in the majority of those cases that the house will be forfeited, either by voluntary surrender or -----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)

Michael McGrath: I will move on because my time is limited. On the issue of split mortgages, some 309 were agreed across the sector by the end of June, 226 of which were agreed by Bank of Ireland. Sorry, this includes buy-to-let properties.