Results 10,961-10,980 of 27,945 for speaker:Michael McGrath

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

Michael McGrath: Does it say that in the correspondence, Chairman?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

Michael McGrath: I am not sure that they are involved on an ongoing basis but I ask Ms Rowland to check that because it would be important that there is-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

Michael McGrath: My point is that the working out of those complaints should involve independent input. It should not be run entirely by the bank.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

Michael McGrath: Ms Rowland can come back to us on that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

Michael McGrath: In addition, my understanding is not that the bank has identified affected customers. It has dealt with complaints that have come in. I do not believe the bank has done a trawl and identified people. It responds and processes complaints submitted to the GRG complaints process.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

Michael McGrath: That is fine. Will the representative bodies be represented on the credit union CEO forum? Who will be on that forum? I do not believe it is up and running yet.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

Michael McGrath: There is a CEOs representative body as well.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

Michael McGrath: Mr. Sibley might consider that the representative bodies would be involved. Regarding personal contract purchases, PCPs, in the car finance area, we now have the Central Bank letter. We have the Competition and Consumer Protection Commission, CCPC, report and therefore we now have a handle on the scale of this new form of finance. It is very substantial at approximately €1.5...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

Michael McGrath: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

Michael McGrath: All I know at the moment is that if one does an online search in Ireland one will see all of these advertisements pop up which say that a bad credit history is no problem and that one can get a PCP and a new car. The fact that there are no protections is being exploited. No affordability assessment has to be done. We do not have any statistics on default levels or arrears levels, do we?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

Michael McGrath: They will only be crystallising in the next couple of years. It is coming.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

Michael McGrath: No. I am not saying that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

Michael McGrath: I would say the Governor does not need a PCP himself. Who is going to publish regular statistics on them?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

Michael McGrath: So the Central bank will be doing it. Okay.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

Michael McGrath: We will continue to raise the matter. I would briefly like to encourage the Central Bank to continue its efforts towards the development of a single European market in financial services from a consumer perspective in respect of insurance, mortgages, small and medium enterprise, SME, borrowing and so on. We do not currently have it. We have questioned European Commissioners and so on here....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

Michael McGrath: That review is live.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

Michael McGrath: On the tracker issue, this has been gone into earlier on but the outstanding issues which continue to be referred to us would include the AIB prevailing rate and related issues in Permanent TSB. Bank of Ireland staff members continue to report issues. We are getting emails from former customers of First Active who are now customers of Ulster Bank. Customers of EBS are also sending in...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

Michael McGrath: We had a discussion on the issue of credit servicing firms and so on. My suggestion to the Central Bank would be to write to these regulated entities, the credit servicing firms, of which there is only a small number, and to ask them to provide information on the forbearance agreements they have entered into for their customers, which are the funds and the borrowers. Would the witnesses be...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

Michael McGrath: The Central Bank can ask them for that information.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

Michael McGrath: On the other point which the Chairman made about small and medium enterprise, SME, loans, we have no data on the quantum of SME loans that have been sold to these funds, on arrears levels and so on, or we certainly have not been able to access it. We have that for mortgages. It is published on a quarterly basis. We do not have it for SMEs. That should be sought and provided.