Results 11,341-11,360 of 27,945 for speaker:Michael McGrath

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: How many buy-to-lets have been restructured and are meeting the terms? Are there 4,000 buy-to-lets in Project Glas?

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: With regard to Deputy Pearse Doherty's question about the number of split mortgages in total in Project Glas, we know that 4,300 are in the €900 million bundle. I think the witnesses indicated that perhaps 1,000 have been held back overall. Is it about 5,000?

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: Will the witnesses also include information on buy-to-lets? They did 443 as of last September. Will they confirm how many of those are currently in Project Glas?

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

Michael McGrath: I welcome our witnesses. I find Mr. O'Keeffe's unwillingness to give any information whatsoever about Project Redwood quite disturbing. Project Redwood has been covered quite extensively in the media. While Permanent TSB has opened up, to an extent, in terms of the content of its Project Glas and has subjected itself to detailed scrutiny, which is appropriate, AIB is refusing to make any...

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

Michael McGrath: It remains the case that the bank is giving no information whatsoever and yet I can read reports from reputable media organisations which tell us that Goldman Sachs is the frontrunner and that Oaktree, Apollo and Deutsche Bank are among the firms assessing the portfolio. I can read that, as part of the sale, there is a condition that the owner must be a regulated entity or own a regulated...

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

Michael McGrath: It seems to me that it is at a very advanced stage. It is not an alleged portfolio sale. Reputable journalists who seem very well informed have been writing about Project Redwood for months. Mr. Bourke has just characterised the sale as being those who have largely not engaged, who have consistently not engaged. I cannot probe that or question Mr. Bourke on that because he is not...

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

Michael McGrath: They are getting the information from somewhere and AIB has not contradicted anything that has been reported by the media.

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

Michael McGrath: Can Mr. Bourke confirm if the claim that there is a condition in the sale that the other party must be regulated is true?

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

Michael McGrath: What is the state of knowledge of the Minister as the principal shareholder of AIB in respect of Project Redwood?

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

Michael McGrath: The Chairman might need to change the channel on the monitor here so that we might see a vote coming up in the Dáil. Is the Minister aware of any specific plans for portfolio sales by AIB?

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

Michael McGrath: So I take it that the Department and the Minister are fully up to date. On the numbers, the non-performing exposures are €10.2 billion which includes €6.3 billion of impaired loans. Did Mr. Bourke say that it is the €6.3 billion figure that has to get to the €3 billion to €4 billion level?

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

Michael McGrath: So the impaired loans must be reduced to the order of €3 billion to €4 billion?

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

Michael McGrath: We are distracted here as I think that we must adjourn.

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

Michael McGrath: Has the SSM given a direct instruction to AIB that it must bring its NPLs in line with European norms by the end of next year?

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

Michael McGrath: It is as a result of direct engagement between the regulator and the bank. Before the vote, Mr. O'Keeffe said that €6.3 billion of impaired loans need to be reduced to €3 billion to €4 billion. 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): Allied Irish Banks (22 Mar 2018)

Michael McGrath: The opening statement indicated that the bank expects over €3 billion will exit NPE status as customers complete the probationary period or conclude property sales. Does the €6.3 billion take account of that? Is the €6.3 billion after the €3 billion has moved out?

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

Michael McGrath: Therefore the €6.3 billion needs to be reduced by a further €2 billion to €3 billion to bring the bank to the European norm of 5% or so.

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

Michael McGrath: I return to Project Redwood. I am sure Mr. O'Keeffe reads all these press articles. On 23 February the Irish Independenthad an article which stated:AIB has selected three distressed debt funds for the final round of bidding on its sale of soured commercial and residential loans, once worth €3.7 bn. The Irish Independent understands Lone Star, Cerberus and Goldman Sachs outmuscled...

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

Michael McGrath: How are those bits of information coming into the public domain?

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

Michael McGrath: It is very detailed and it is very specific in relation to Project Redwood. Again, as a final point I reiterate how unsatisfactory it is that there is no accountability or transparency whatsoever. We cannot question, challenge or probe the composition of Project Redwood or to what extent, for example, there are customers - small business owners or buy-to-let investors - who have engaged,...