Results 11,661-11,680 of 27,945 for speaker:Michael McGrath
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: KBC Bank (6 Feb 2018)
Michael McGrath: Was communication with them not clear or did their contract entitle them to a tracker through the duration of their mortgage even if they had a few journeys within that period?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: KBC Bank (6 Feb 2018)
Michael McGrath: KBC, however, clearly resisted the inclusion of these customers. This was two years into the tracker investigation.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: KBC Bank (6 Feb 2018)
Michael McGrath: If we consider that group of customers, it is possible that some of them have been on the wrong rate for a decade. Most of them, presumably, were on-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: KBC Bank (6 Feb 2018)
Michael McGrath: When was the earliest that the mortgages in this group of 1,907 mortgages were taken out?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: KBC Bank (6 Feb 2018)
Michael McGrath: Was that a fixed rate for one or two years?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: KBC Bank (6 Feb 2018)
Michael McGrath: Maybe, therefore, these customers have been on the wrong rate for nine years as opposed to ten years. Are those customers, generally, on variable rates now?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: KBC Bank (6 Feb 2018)
Michael McGrath: Would that be 3.5% or 4%?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: KBC Bank (6 Feb 2018)
Michael McGrath: That is 4.25%, or 4.05% if they have a current account with KBC.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: KBC Bank (6 Feb 2018)
Michael McGrath: What is the tracker margin they are entitled to?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: KBC Bank (6 Feb 2018)
Michael McGrath: Typically, Mr. Verbraeken is saying 1.25% above the ECB rate. Some of them today are paying 4.25%, a difference of 3% on their mortgage, nine years later. If they have a mortgage of €200,000 in simple interest terms, not annuity but simple interest, that is €6,000 a year of a difference in the interest. The impact of that over a period of up to nine years on those people is...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: KBC Bank (6 Feb 2018)
Michael McGrath: I appreciate that.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: KBC Bank (6 Feb 2018)
Michael McGrath: Today, if a person has a mortgage of €200,000, that is €6,000 a year.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: KBC Bank (6 Feb 2018)
Michael McGrath: That is €500 a month extra which is still being taken. By when has KBC committed that they will all be on the correct rate?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: KBC Bank (6 Feb 2018)
Michael McGrath: By the end of February, that is the commitment. There is a lot of work to do in February if it is going to make that deadline.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: KBC Bank (6 Feb 2018)
Michael McGrath: Does the €120 million cost include the cost of the 100 staff?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: KBC Bank (6 Feb 2018)
Michael McGrath: What is the administrative cost to KBC of staff time and resources?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: KBC Bank (6 Feb 2018)
Michael McGrath: Already 33 homes have been lost and Mr. Verbraeken says he expects that number to increase.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: KBC Bank (6 Feb 2018)
Michael McGrath: On what is he basing that expectation?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: KBC Bank (6 Feb 2018)
Michael McGrath: How many of the total number of accounts relate to people who no longer are customers of KBC?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: KBC Bank (6 Feb 2018)
Michael McGrath: Approximately 615 of the 2,974 are extinguished.