Results 10,621-10,640 of 27,945 for speaker:Michael McGrath

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Permanent TSB (14 Jun 2018)

Michael McGrath: What about the specific MVR issue I have raised?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Permanent TSB (14 Jun 2018)

Michael McGrath: I understand that the bank underwrites at a point in time. However, the risk of those particular mortgages reduces over time as they move down the LTV band. The value of the home goes up and the mortgage is reducing, and, therefore, the risk to the bank falls and its security improves.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Permanent TSB (14 Jun 2018)

Michael McGrath: I heard Mr. Masding's comments on fixed rates. However, his answer on the managed variable rate, MVR, issue is not good enough. The fact of the matter is that those customers are being unfairly locked into a particular LTV band even though their actual band has improved over time. This is unfair to customers who are willing to go the expense of getting an up-to-date valuation and...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Permanent TSB (14 Jun 2018)

Michael McGrath: I welcome the fact that the bank is reviewing the issue concerning fixed rates. I hope it will lead to a decision and action. It is discriminatory. The best fixed rate the bank will offer its existing customers is 4.2%, whereas a new customer can potentially get a rate as low as 3.2%. If a new customer has a low LTV and signs up to a three-year new business rate, it will be as low as...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Permanent TSB (14 Jun 2018)

Michael McGrath: On that table in question 9, if one takes the SVR, why is the number of accounts significantly less than the number of customers? Normally, the number of accounts would be greater. Is it that in the case of a joint mortgage the bank counts two customers?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Permanent TSB (14 Jun 2018)

Michael McGrath: Accordingly, a joint mortgage in the name of two people will comprise two customers.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Permanent TSB (14 Jun 2018)

Michael McGrath: I know it is a technical question. However, normally the number of accounts is greater than the number of customers.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Permanent TSB (14 Jun 2018)

Michael McGrath: Again, to put on the record as we did the last time, all of those 46,700 mortgage accounts on a SVR of 4.5% can get a reduction immediately by moving on to the MVR. The reduction is a minimum 0.2% or 20 basis points. Many of them actually have a low enough LTV but never bothered to avail of the MVR about which the bank wrote to them.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Permanent TSB (14 Jun 2018)

Michael McGrath: The bank wrote to them several times and it is on their annual mortgage statements. We need to bring this to people's attention because a significant number of mortgage holders are paying more than they need to. I would argue that they should be paying an awful lot less than they are at 4.5%. Even without switching bank, they can get an immediate reduction in their mortgage. Is the bank...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Permanent TSB (14 Jun 2018)

Michael McGrath: The bank has eight accounts paying a rate of 9.1%. That is a fixed mortgage rate into which these customers would have entered some years ago. The rate is from a point in time but it would be nearly criminal at this stage. In terms of the breakage costs and in line with European changes, could such customers break out of that rate without incurring a significant penalty under the new rules...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Permanent TSB (14 Jun 2018)

Michael McGrath: Let us talk straight. Those paying that kind of rate - it is a crazy rate - signed up to it at a particular point in time and the terms and conditions were clear. Changes have been introduced in how breakage fees are calculated, however. In practice, has that made a difference? Are people able to break out of fixed rates without incurring significant penalties?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Permanent TSB (14 Jun 2018)

Michael McGrath: I welcome the decision to remove the 4,300 homes with split mortgages from Project Glas. Is the bank looking at a securitisation option? From reading his commentary at the time when he made an announcement on 16 May on this, it looks to me that it will likely be a securitisation option. Can this be executed? In that scenario, at what form of securitisation is the bank looking? Is it...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Permanent TSB (14 Jun 2018)

Michael McGrath: Does the commitment that they are to be removed stand?

Written Answers — Department of Finance: Credit Union Regulation (14 Jun 2018)

Michael McGrath: 65. To ask the Minister for Finance the number of funds in existence for the rescue and stabilisation of credit unions; the value in each of these funds; if he has a role in deciding the future of these funds and the levies charged; if this is solely a matter for the Central Bank; the value of moneys extracted from each of these funds in each of the past five years in order to protect...

Written Answers — Department of Finance: Revenue Commissioners Investigations (14 Jun 2018)

Michael McGrath: 66. To ask the Minister for Finance the number of cases in which the Revenue Commissioners have found against individuals who failed to declare rental income from renting their accommodation through a company (details supplied) in each of the past five years; the value of income tax that was unpaid as a result; the value of interest and penalties charged; and if he will make a statement on...

Written Answers — Department of Finance: Revenue Commissioners Investigations (14 Jun 2018)

Michael McGrath: 67. To ask the Minister for Finance the number of landlords or individuals included in the investigation recently commenced by the Revenue Commissioners on undeclared rental income through the use of online websites such as a website (details supplied); and if he will make a statement on the matter. [26096/18]

Written Answers — Department of Finance: Tax Code (14 Jun 2018)

Michael McGrath: 68. To ask the Minister for Finance the tax rules regarding rental income earned through the use of online websites such as a website (details supplied); the income thresholds involved; if rent-a-room relief is available to a person that rents a room on a short-term basis through a website; if rental income earned through the use of the website and similar sites falls under the same rules as...

Written Answers — Department of Education and Skills: Summer Works Scheme Applications (14 Jun 2018)

Michael McGrath: 79. To ask the Minister for Education and Skills when funding will be provided to a school (details supplied) in County Cork for an essential maintenance project; and if he will make a statement on the matter. [25954/18]

Written Answers — Department of Health: Medical Records (14 Jun 2018)

Michael McGrath: 156. To ask the Minister for Health the number of individual medical files that have been requested from the HSE or the national cervical cancer screening programme in connection with the work of the national cervical screening programme; the number of complete files that have been provided to the patient or their representative in each of the years 2015 to 2017 and to date in 2018, in...

Written Answers — Department of Health: Medical Records (14 Jun 2018)

Michael McGrath: 157. To ask the Minister for Health the number of individual medical files that have been requested from the HSE or the national bowel cancer screening programme in connection with the work of the national bowel screening programme; the number of complete files that have been provided to the patient or their representative in each of the years 2015 to 2017 and to date in 2018, in tabular...