Results 10,121-10,140 of 27,945 for speaker:Michael McGrath

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Property Loans (Project Glas) By Permanent TSB: Discussion (11 Oct 2018)

Michael McGrath: I thank Mr. Masding and his colleagues for appearing before us. It should be said publicly that Start Mortgages was invited to attend but declined the invitation. LoanStar has refused a number of times to appear before the committee. Contrary to the suggestion that some of the concerns held by people whose loans are being sold are unfounded, the fact that we cannot get engagement from...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Property Loans (Project Glas) By Permanent TSB: Discussion (11 Oct 2018)

Michael McGrath: What will be the next communication with customers and from whom will it be?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Property Loans (Project Glas) By Permanent TSB: Discussion (11 Oct 2018)

Michael McGrath: The next communication will be after the transfer date. People will be written to by Permanent TSB telling them that their loans have been transferred.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Property Loans (Project Glas) By Permanent TSB: Discussion (11 Oct 2018)

Michael McGrath: Whatever the transfer date will be, will the day-to-day relationship with the customer transfer immediately to Start Mortgages?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Property Loans (Project Glas) By Permanent TSB: Discussion (11 Oct 2018)

Michael McGrath: The customers will get a further letter from the purchaser giving them contact details and so on for the day-to-day management of their loans.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Property Loans (Project Glas) By Permanent TSB: Discussion (11 Oct 2018)

Michael McGrath: To cut to the chase, is there any flexibility at this stage whatsoever to remove certain loans from this transaction? I am referring to loans that have cured since the contract was signed at the end of July and are no longer non-performing. From the end of July to the end of November is four months. As I understand it, loans that have been in arrangements for 12 months where those...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Property Loans (Project Glas) By Permanent TSB: Discussion (11 Oct 2018)

Michael McGrath: In very simple terms, the transaction is locked in.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Property Loans (Project Glas) By Permanent TSB: Discussion (11 Oct 2018)

Michael McGrath: What if Permanent TSB finds errors, or finds between now and the end of November that loans were incorrectly reclassified? We have had many interactions with bank customers who are raising all sorts of issues. If the bank finds errors, can they be rectified?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Property Loans (Project Glas) By Permanent TSB: Discussion (11 Oct 2018)

Michael McGrath: There is a mixed message there.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Property Loans (Project Glas) By Permanent TSB: Discussion (11 Oct 2018)

Michael McGrath: If Permanent TSB finds that a loan lined up for sale was not correctly classified at the end of March, can it be removed?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Property Loans (Project Glas) By Permanent TSB: Discussion (11 Oct 2018)

Michael McGrath: What if Permanent TSB discovered that one or more was not?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Property Loans (Project Glas) By Permanent TSB: Discussion (11 Oct 2018)

Michael McGrath: I will come to that point. What errors might the bank identify which would result in loans being removed from the sale?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Property Loans (Project Glas) By Permanent TSB: Discussion (11 Oct 2018)

Michael McGrath: Is Permanent TSB agreeing any new restructures on loans that are included in the sale? Has the bank agreed any new restructures of those loans since the end of March?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Property Loans (Project Glas) By Permanent TSB: Discussion (11 Oct 2018)

Michael McGrath: Can that continue?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Property Loans (Project Glas) By Permanent TSB: Discussion (11 Oct 2018)

Michael McGrath: As such, Permanent TSB can and is willing, right up to the transfer date, to enter into new restructures with customers whose loans are being sold.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Property Loans (Project Glas) By Permanent TSB: Discussion (11 Oct 2018)

Michael McGrath: What does that mean?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Property Loans (Project Glas) By Permanent TSB: Discussion (11 Oct 2018)

Michael McGrath: Does Permanent TSB need the new owner's consent?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Property Loans (Project Glas) By Permanent TSB: Discussion (11 Oct 2018)

Michael McGrath: Is the restructure of a loan a joint decision?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Property Loans (Project Glas) By Permanent TSB: Discussion (11 Oct 2018)

Michael McGrath: Even now, before the transfer date?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Property Loans (Project Glas) By Permanent TSB: Discussion (11 Oct 2018)

Michael McGrath: The new owner could veto any proposed restructure Permanent TSB wishes to enter into with an individual customer between now and the transfer date?