Results 8,781-8,800 of 26,737 for speaker:John McGuinness

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

John McGuinness: No, is that what Ms McDonagh said at that time?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

John McGuinness: She stated she felt they could not be included because they should be legally literate about these trackers.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

John McGuinness: Ms McDonagh has never said that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

John McGuinness: Okay. Senator Kieran O'Donnell said we are reaching the end. I do not think we are reaching the end. I think we have quite a way to go because a significant number of issues still remain. I am taking Ms McDonagh at face value, based on her experience and on what she has said about the purpose of the bank now. She has said that it is customer-centred and so on. I want to get an...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

John McGuinness: I will send Ms McDonagh the details of that case-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

John McGuinness: -----and a number of other cases. I am saying all of this here at this committee not because I want someone to be treated differently, but because I want the weakest in the group to feel that they are as good as the strongest within the group and that their cases will be heard as quickly and as efficiently as the cases of others. That is why I am raising these cases. It is a test, just as...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

John McGuinness: I would like to refer to the case of an individual who has been a customer of the bank since 2004. In 2011, the method of applying the interest to his loan was changed from EURIBOR to bank cost of funds. He believed he was on a tracker-type product, but just like that it was changed in the way I have described. Bearing in mind the principle of putting the customer first and giving the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

John McGuinness: This individual case involves a substantial amount of money. Obviously, it ended up in court. I have read the correspondence on it and I am going to refer to it. Ms McDonagh has it anyway. This individual has been writing to her. When someone who has been a customer of the bank since 2004 without going into arrears questions the amount of interest that was charged because of a change in...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

John McGuinness: Yes, but I am talking about the change that was made and the interest that was charged over and above what this customer should have been charged. A case has been made about it and I do not see that case being answered. It is amazing that the customers and staff of huge banks are writing to members of this committee in order to get some sort of justice. If everything Ms McDonagh said in her...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

John McGuinness: Mr. Mason spoke about what is offered to clients in difficulty. Is he familiar with the debt-for-equity scheme?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

John McGuinness: Why? It is there and outlined in legislation. PIPs do it.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

John McGuinness: The bank does not actively offer it.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

John McGuinness: Has the bank looked at debt-for-equity?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

John McGuinness: I understand it.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

John McGuinness: As an option, is it not something the bank should look at and develop?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

John McGuinness: Too complex?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

John McGuinness: I will come back to Mr. Mason on that. I do not believe it is the case. The banks should look at debt-for-equity as an option. Senator Burke asked about the cost of funds. The same thing happened as in the cost of funds issue and the commercial tracker, it was the same thing with the trackers.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

John McGuinness: When we looked into how every bank could have done the same thing at the same time the explanation offered to us at our last meeting was that perhaps the reason was that the cost of money had affected the decision of the bank relative to trackers. That explanation was offered by a bank. The tracker issue in terms of the cost of money was the same thing.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

John McGuinness: I am talking about the cost of funds because I am looking at the cost of funds and the other methodology for calculating the interest. It was down to the same thing. It was the cost that drove Bank of Ireland to change its mind on the trackers and on the commercial mortgages. It is reasonable for a customer to offer that as an argument for being overcharged. That was my point. I will...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

John McGuinness: Are those who lost their trackers as a result of restructuring included now? I want to cover off something that was said earlier. Are the customers who lost their tracker because their loans were being restructured included?