Results 10,821-10,840 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Culture, Heritage and the Gaeltacht: Departmental Funding (22 May 2018)

Michael McGrath: 631. To ask the Minister for Culture, Heritage and the Gaeltacht further to Parliamentary Question No. 51 of 9 May 2018, the purpose of the €1 million paid to date to Cork City Council; if this €1 million was reimbursed to the council in respect of costs incurred; the breakdown of the €1 million; if, on completion of her Department's analysis of the project, it must then...

Written Answers — Department of Culture, Heritage and the Gaeltacht: Departmental Funding (22 May 2018)

Michael McGrath: 632. To ask the Minister for Culture, Heritage and the Gaeltacht further to Parliamentary Question No. 51 of 9 May 2018, the terms and conditions of the service level agreement in place between her Department and Cork City Council in respect of the €12 million that has been committed to date for the project; if there is a time limit in the agreement within which the €12 million...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Michael McGrath: My thanks to our three guests for their interesting opening statements and good engagement. In response to Mr. Burgess, were the funds to come in, they would get a fair hearing. They would get lots of questions, for sure, but would get every opportunity to set out their case in a factual manner. I do not think they are not coming in because they are afraid of being asked hard questions or...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Michael McGrath: My question for Dr. O'Hagan-Luff essentially is based on the international experience. I am not asking her to predict what is going to happen here but internationally, when such loans are purchased, many of which have 15 to 20 years left in them, and this does not align with the business model of such funds, do they close out these loans over a period or do they sell them on?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Michael McGrath: Who buys loans from vulture funds?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Michael McGrath: Not just in the case of mortgages but commercial debt as well-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Michael McGrath: Is the witness is saying is that banks could end up buying back distressed loans, because they would be buying them at a reduced price, where the loans are no longer then accounted for as non-performing loans, NPLs, on their books?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Michael McGrath: Does it not depend on what they paid for the loan?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Michael McGrath: I know that is a technical issue. What I am trying to tease out here is the endgame as to where all of this goes. Around Dublin I have seen that professional advisers have lists of loans and are offering them to people who they think may be interested in buying these loans. It is not the loans that are being marketed. It is the property behind the loan. It could be land, commercial...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Michael McGrath: In a case where a family home mortgage is purchased by a fund and one's mortgage has 15 years to run, is there any scenario in which that fund will be accepting one's final mortgage payment in 15 years time?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Michael McGrath: That is the point. Is it appropriate that an institution with a very short-term investment horizon is buying long-term financial products that may have 15 or 20 years left in them? Such an institution would have no interest in working out those mortgages over the full duration of the contract. Something has to give in that scenario.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Michael McGrath: Dr. O'Hagan-Luff mentioned the issue of securitisation in the context of Lone Star, which securitised loans that originated with Irish Nationwide. I ask her to explain the impact of securitisation, the benefit for the bank and where the ownership of the loan resides. Where does the beneficial ownership lie and who is making the day-to-day decisions on the work-out or management of that...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Michael McGrath: Who owns the loan when it is securitised?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Michael McGrath: In both scenarios, does the bank continue to service the loan and make decisions on it?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Michael McGrath: Who is the borrower's contact in that scenario?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Michael McGrath: I thank Dr. O'Hagan-Luff. I will move on. We have heard Mr. Burgess's critique of the existing system but I ask him to be clear about what he is advocating. What change is he asking for? Does he want changes to the court process? In the examples he cited, orders were granted in only two cases. Is there a reluctance on the part of judges to issue repossession orders? Is there an issue...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Michael McGrath: Yes, but Mr. Burgess is also saying that he wants to see 10,000 repossessions. How-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Michael McGrath: What does this new system look like? Is Mr. Burgess saying that the mortgage arrears resolution process, MARP, would be changed for those scenarios and that such cases would get to court faster? What is he advocating?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Michael McGrath: Is legislation required?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)

Michael McGrath: I wish to ask Mr. David Hall a question on restructured mortgages, of which he has a lot of direct experience. Are funds restructuring loans or not? We have the Central Bank's quarterly mortgage arrears statistics which tell us the number of restructured loans on the books of unregulated loan owners. However, the statistics cannot tell us whether the fund did the restructuring or whether...