Results 11,301-11,320 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Employment Affairs and Social Protection: Employment Rights (27 Mar 2018)

Michael McGrath: 577. To ask the Minister for Employment Affairs and Social Protection the position in relation to the rights, including terms and conditions, of au pairs working here; the obligations of the host family; and if she will make a statement on the matter. [13609/18]

Written Answers — Department of Employment Affairs and Social Protection: Carer's Allowance Eligibility (27 Mar 2018)

Michael McGrath: 580. To ask the Minister for Employment Affairs and Social Protection if there is a situation in which a portion of the income of one spouse which is directed into a legally formed trust fund for a dependant child or adult with a serious disability is not reckonable as part of the means test of the carer's allowance for the other spouse that is a full time carer for that dependant child or...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee (22 Mar 2018)

Michael McGrath: I understand we are under time pressure because of the availability of the meeting room so I suggest we defer the private business until next Tuesday's meeting and go straight into public session with Permanent TSB.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Michael McGrath: I wish to clarify a point. It is comprehensive and lengthy opening statement. I understand we have to be finished by 11.30 a.m. Is it possible to abbreviate it? Otherwise, we are looking at up to half an hour of a presentation.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Michael McGrath: I thank Mr. Masding and Mr. O'Sullivan. I also welcome their colleagues. I thank them for their opening statement and presentation provided in advance. They were quite detailed and comprehensive. I and my party come to this issue from the perspective of wanting to see a viable future for Permanent TSB. We want to see a strong profitable bank providing badly-needed competition in the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Michael McGrath: Is that spelled out?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Michael McGrath: To be clear, Mr. Groarke's understanding is that the expectation of the single supervisory regulator is that Permanent TSB should reach the European average within a couple of years.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Michael McGrath: It is deemed to be three years. I move to Project Glas, which is the Permanent TSB's proposed sale of loans with a par value of €3.7 billion. Is that the book value?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Michael McGrath: It is the loan value - the current loan balance value combined.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Michael McGrath: Some 4,300 of those relate to private dwelling home, PDH, family home mortgages where a split-mortgage arrangement has been entered into. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Michael McGrath: In how many of those 4,300 mortgages are the terms of the split-mortgage agreement being met by the borrower?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Michael McGrath: Permanent TSB's argument is that under the definition and regulations of a non-performing loan, these loans are deemed to be non-performing. Even though they have been restructured and the borrowers are meeting the terms of that restructure, they are in the same basket as other loans where there has been no engagement and perhaps no payment made for many years.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Michael McGrath: Just to tease that out in terms of the definitions, I know it gets technical, but for those split mortgage arrangements which perhaps in some cases are a number of years old, when can they emerge from being defined as a non-performing loan and come back into the performing loan bracket?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Michael McGrath: Is Mr. Groarke telling me that under the current definition, even where the terms are being fully honoured, there is no prospect of any split mortgage arrangement coming out of the definition of non-performing loan and that they will continue to be recognised as non-performing throughout the full term of the split mortgage agreement?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Michael McGrath: Mr. Masding said in his opening remarks that there is a three-year review in relation to the split mortgage arrangements but in the contracts and agreements that I have seen there is also a clause (i), which is very broad in nature, and which gives the bank the right to terminate the split mortgage agreement for such other reason as the bank in its discretion thinks fit, subject to applicable...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Michael McGrath: I understand that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Michael McGrath: It is a simple fact that there is a clause in the split mortgage agreements that entitles the bank to terminate the split mortgage agreement at will. That entitlement will carry over to a new loan owner. A vulture fund will be far more likely to terminate a split mortgage agreement than the bank. I think that is undeniable, because a vulture fund does not have a long-term investment...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Michael McGrath: Then perhaps Mr Masding might clarify, in the event that a loan is sold to an unregulated vulture fund, for example, and it is guilty of a breach of a consumer protection code or the code of conduct on mortgage arrears, what enforcement powers the Central Bank has in respect of that fund?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Michael McGrath: The answer is it has none. Anyway, we will do our job as legislators and the bank will do its job. We will work that through. Permanent TSB told us last September that it had entered into 6,279 split mortgages in respect of private dwelling houses, PDH, that is, family homes. A total of 4,300 of them are now in Project Glas. What is the status of the other 2,000 family home split...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Michael McGrath: To be specific, let us say 6,300 splits were done by PTSB in relation to family home mortgages. Is that still broadly correct?