Results 10,081-10,100 of 27,945 for speaker:Michael McGrath
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Governance and Regulation of Receivers: Discussion (18 Oct 2018)
Michael McGrath: Let us suppose a receiver is appointed to a business. I know the Department officials will make a distinction between whether it is a company or otherwise. In the case of a company the provisions of the Companies Act will apply. Who is the receiver accountable to? What obligation, if any, does the receiver have to the business that is the subject of the appointment? My experience is...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Governance and Regulation of Receivers: Discussion (18 Oct 2018)
Michael McGrath: I know the Chairman wants to move on. There are two parts to my final question. What is the position on the regulation of fees charged by receivers appointed to a business? Second, if someone wishes to bring a complaint about the conduct of a receivership, or the behaviour of a receiver, where do they go? What does the data say about complaints taken against receivers and the outcome of...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Loans to Unregulated Private Investment Funds: Discussion (18 Oct 2018)
Michael McGrath: I thank all our witnesses for their opening statements. If I may start on either the farm or the business end of matters - I do not mind which of the witnesses takes this question - can they characterise for us what their members report as to what these funds are like to deal with and what are the prospects of getting a deal? We sometimes hear from supporters and advocates of these funds...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Loans to Unregulated Private Investment Funds: Discussion (18 Oct 2018)
Michael McGrath: Mr. Stapleton is talking about the credit-servicing firm, the intermediary.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Loans to Unregulated Private Investment Funds: Discussion (18 Oct 2018)
Michael McGrath: How does it work in practice? Is all the borrower's contact with the agent?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Loans to Unregulated Private Investment Funds: Discussion (18 Oct 2018)
Michael McGrath: Who is the IFA negotiating with in that case?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Loans to Unregulated Private Investment Funds: Discussion (18 Oct 2018)
Michael McGrath: Does the IFA get to meet the fund directly in some cases?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Loans to Unregulated Private Investment Funds: Discussion (18 Oct 2018)
Michael McGrath: The IFA has had engagement with them about their strategy and so on.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Loans to Unregulated Private Investment Funds: Discussion (18 Oct 2018)
Michael McGrath: When the IFA gets a meeting on an individual farmer's case, it is with the credit servicing agent.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Loans to Unregulated Private Investment Funds: Discussion (18 Oct 2018)
Michael McGrath: In the IFA's view and experience, who makes the final decision? If the IFA puts forward a proposal on behalf of a farmer-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Loans to Unregulated Private Investment Funds: Discussion (18 Oct 2018)
Michael McGrath: The fund makes the decision but the IFA cannot have any direct engagement with it on an individual case.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Loans to Unregulated Private Investment Funds: Discussion (18 Oct 2018)
Michael McGrath: Is it Mr. Stapleton's experience that they are not making any decision?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Loans to Unregulated Private Investment Funds: Discussion (18 Oct 2018)
Michael McGrath: They just say they will bring the proposal to the fund and then come back with-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Loans to Unregulated Private Investment Funds: Discussion (18 Oct 2018)
Michael McGrath: What type of restructures, if any, is Mr. Stapleton seeing get done and get fully approved through the system that do not involve repossession and the loss of the asset? I put the same question to Mr. McDonnell. Are they seeing funds enter into loan restructures with farmers that may be extended debt or arrangements whereby some of the debt is parked or the interest rate reduced? Is that...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Loans to Unregulated Private Investment Funds: Discussion (18 Oct 2018)
Michael McGrath: Typically, though, an asset sale is involved.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Loans to Unregulated Private Investment Funds: Discussion (18 Oct 2018)
Michael McGrath: What is Mr. McDonnell's experience of ISME's member firms' dealings with funds and the prospect of getting a deal which involves the restructure of the debt over a period of years into the future?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Loans to Unregulated Private Investment Funds: Discussion (18 Oct 2018)
Michael McGrath: In cases in which there is no receiver in the picture-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Loans to Unregulated Private Investment Funds: Discussion (18 Oct 2018)
Michael McGrath: Mr. McDonnell mentioned the issue of confidentiality and gagging clauses in settlement agreements. What is the experience in this regard?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Loans to Unregulated Private Investment Funds: Discussion (18 Oct 2018)
Michael McGrath: The use of these clauses would apply whether one is dealing with a bank or a fund.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Loans to Unregulated Private Investment Funds: Discussion (18 Oct 2018)
Michael McGrath: They are quite common. The first loans to be sold were sold, what, four or five years ago? How much experience is there now across the witnesses' organisations of dealing with this issue? I know it is building and growing all the time as more and more loans are sold, but there must be several years of experience now.