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Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages and Differential Pricing in Insurance: Discussion (19 Nov 2019)

Michael McGrath: The bank will be made aware of the outcome, as will the complainant and Mr. Deering can publish this.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages and Differential Pricing in Insurance: Discussion (19 Nov 2019)

Michael McGrath: What we heard from the Central Bank, as Mr. Deering knows because I know he was following the hearing, was that it would expect that if a decision made is in favour of the complainant it would expect the lender to apply that across the board to other cases in the basket, provided the circumstances and characteristics are similar. Mr. Deering will facilitate this.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages and Differential Pricing in Insurance: Discussion (19 Nov 2019)

Michael McGrath: It might save him work.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages and Differential Pricing in Insurance: Discussion (19 Nov 2019)

Michael McGrath: The number of tracker-related complaints Mr. Deering has closed out so far is 455. Mediation is the most popular way of resolving them. It is great to see that is working in approximately half of those cases that were closed out. Some 146 cases were closed during the investigation, adjudication and legal services process. Why is that figure so much higher than the number of decisions made?...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages and Differential Pricing in Insurance: Discussion (19 Nov 2019)

Michael McGrath: The case settled is in effect.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages and Differential Pricing in Insurance: Discussion (19 Nov 2019)

Michael McGrath: Is that recorded as an outcome by the Financial Services and Pensions Ombudsman?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages and Differential Pricing in Insurance: Discussion (19 Nov 2019)

Michael McGrath: Is the detail of that outcome recorded?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages and Differential Pricing in Insurance: Discussion (19 Nov 2019)

Michael McGrath: It is placed in the category of having been investigated and adjudicated and is then closed?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages and Differential Pricing in Insurance: Discussion (19 Nov 2019)

Michael McGrath: Few cases have gone to full decision so far.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages and Differential Pricing in Insurance: Discussion (19 Nov 2019)

Michael McGrath: I have a couple of other quick questions, if I may. On the length of time it takes to deal with a complaint, what is the timeframe for dealing with a complaint that comes in to Mr. Deering's office in November 2019?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages and Differential Pricing in Insurance: Discussion (19 Nov 2019)

Michael McGrath: While we hope that most complaints will not go the distance, if a complaint goes the distance, full investigation and adjudication does not work and a decision is required, the process takes between 12 and 18 months.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages and Differential Pricing in Insurance: Discussion (19 Nov 2019)

Michael McGrath: Has Mr. Deering received complaints on the issue of insurance and dual pricing?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages and Differential Pricing in Insurance: Discussion (19 Nov 2019)

Michael McGrath: On the issue of price differentiation in the mortgage market, banks may provide better rates to new customers than they do to existing customers and may provide a cash-back incentive, for example, to new customers and not existing customers. Has Mr. Deering's office examined those issues through any individual complaints that have come in? Are those practices consistent with the 2017 Act...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages and Differential Pricing in Insurance: Discussion (19 Nov 2019)

Michael McGrath: Does Mr. Deering have examples of cases where his office reached a decision in favour of a complainant and has observed that the practice in question is continuing to be applied in a general sense by financial service providers in the industry? If the office observes that such a practice is continuing, does it bring the matter to the attention of the Central Bank?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages and Differential Pricing in Insurance: Discussion (19 Nov 2019)

Michael McGrath: I thank Mr. Deering.

Written Answers — Department of Finance: Ireland Strategic Investment Fund Investments (14 Nov 2019)

Michael McGrath: 49. To ask the Minister for Finance the list of projects backed by a company (details supplied), in tabular form; the amount invested by the company in each project; the number of homes planned for each project; the number of homes built in each project; the funding invested to date from the Ireland Strategic Investment Fund; the details of a new private funder of the company; the way in...

Written Answers — Department of Finance: Proposed Legislation (14 Nov 2019)

Michael McGrath: 50. To ask the Minister for Finance when he expects to bring forward the central bank (amendment) Bill; when the legislation will be passed; when he expects the new regulations will be put in place; and if he will make a statement on the matter. [47034/19]

Written Answers — Department of Finance: Carbon Tax Yield (14 Nov 2019)

Michael McGrath: 51. To ask the Minister for Finance when legislation is being introduced to ring-fence the increase in carbon tax in 2020 and onwards; and if he will make a statement on the matter. [47035/19]

Written Answers — Department of Finance: Departmental Expenditure (14 Nov 2019)

Michael McGrath: 52. To ask the Minister for Finance if he continues to plan to not invest €500 million into the Rainy Day Fund from the Exchequer in 2019 in view of Brexit; if so, his plans for €500 million; if it will be used in 2019 on expenditure; if it will be kept in the Exchequer account until 2020; and if he will make a statement on the matter. [47036/19]

Consumer Insurance Contracts Bill 2017: Report and Final Stages (13 Nov 2019)

Michael McGrath: Am I correct that we are speaking to all of the remaining amendments?