Results 10,141-10,160 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: As such the new owner is in control of the portfolio now with regard to any changes to individual 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: In practice, are new restructures being agreed?
- 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: Of what nature? Does that include the full suite of restructuring agreements?
- 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, long-term restructures are getting the sign-off from 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: Restructures such as term extension and arrears capitalisation are happening with the support of 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: Yes, but that does not oblige it to offer any particular restructure.
- 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: Yes, but equally Start Mortgages can choose not to carry out certain restructures. That is open to it. The code does not require a regulated entity to consider all restructures.
- 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: It is important that we are clear about the message to the customers affected by this transaction. There is still a window in which to agree a restructure of their loan between now and the end of November. Do the witnesses wish to put out the message that they are still willing to restructure mortgages, though it has to be with the agreement of 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: Are there transactions or proposed restructures that Permanent TSB has recommended and Start Mortgages has refused to endorse?
- 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: When in advance of the announcement at the end of July was the Minister for Finance alerted to the proposed sale? When did the formal consultation take place as required under the relationship framework agreement?
- 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: Was it in July?
- 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 form did it take? The bank wrote to him and he wrote back. Was that it?
- 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: Very well. The Minister raised no objections to 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: I know it is the final 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: I very much welcome the removal of the split mortgages. When Permanent TSB confirmed that, it indicated it may look at a securitisation option for the 4,000-plus split mortgages. Does Mr. Masding have any update for the committee on that issue?
- 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: People feel particularly aggrieved if their family home mortgage, which is in full compliance with the original mortgage contract, is being sold or where a restructure has been in place for a long period and they are meeting the terms of that restructure but are included in the sale by virtue of being connected to a buy-to-let loan, which may have been on interest only by agreement from the...
- 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 seek clarification. Is a buy-to-let loan, which has been on interest only by agreement from the very beginning and no payment ever missed, classified as non-performing?
- 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 point is that many of these family home mortgages will be fully repaid and are essentially being sold on as part of a bundle at a discount of 38% even though they will be fully repaid. That is the cream on the top of this transaction for the buyer, Start Mortgages. The perfectly good loans will be fully redeemed, fully repaid, and a discount of 38% is being applied in the aggregate.
- 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 would Mr. Masding say to his loyal customers who have been making their best effort to pay their mortgage, have engaged, have entered into restructures and now find their loan sold from under their feet? They feel very aggrieved and feel it is very unfair and unnecessary. I would not understate the level of stress, anxiety and mental health issues this transaction is causing for a...
- 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: That is only for the duration of the agreement.