Results 11,721-11,740 of 27,945 for speaker:Michael McGrath

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Ulster Bank (1 Feb 2018)

Michael McGrath: Have the 1,000 customers who no longer are with Ulster Bank been contacted?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Ulster Bank (1 Feb 2018)

Michael McGrath: Am I correct that of that 1,000, half of them have not been contacted yet by Ulster Bank?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Ulster Bank (1 Feb 2018)

Michael McGrath: Why not?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Ulster Bank (1 Feb 2018)

Michael McGrath: The impact on them is no less great than on current customers of Ulster Bank.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Ulster Bank (1 Feb 2018)

Michael McGrath: Some of them may have switched to another provider and they could be arrears or may have lost their homes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Ulster Bank (1 Feb 2018)

Michael McGrath: I suspect that this has not been assessed in respect of those customers, given they have not yet been contacted by the bank. As stated by Mr. Stanley, the bank is unable to identify who they are, where they are or what state they are in.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Ulster Bank (1 Feb 2018)

Michael McGrath: In regard to the 100 cases in respect of which the bank is having challenges, is the problem that the bank cannot find contact details?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Ulster Bank (1 Feb 2018)

Michael McGrath: Of the 1,000 who are no longer customers of Ulster Bank, how many have received redress and compensation? Mr. Stanley mentioned earlier that the bank has contacted 500 of them.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Ulster Bank (1 Feb 2018)

Michael McGrath: How many of the 1,000 who no longer are customers have had redress and compensation?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Ulster Bank (1 Feb 2018)

Michael McGrath: Approximately 360 of the 1,000 people who are no longer customers of Ulster Bank have had redress and compensation.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Ulster Bank (1 Feb 2018)

Michael McGrath: The remaining 500 need to be a priority for the bank. It is two years since the examination commenced in late 2015, and in the case of Ulster Bank, March 2016. We are now into February 2018 and 500 customers have not yet heard from the bank. That is not good enough.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Ulster Bank (1 Feb 2018)

Michael McGrath: In regard to the customers who switched from Ulster Bank, how does the bank calculate redress for them? Is redress paid only up to the point at which they switched their mortgage?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Ulster Bank (1 Feb 2018)

Michael McGrath: The differential in the interest rate between what they are currently paying and what should have been paying had they remained with Ulster Bank and retained their tracker mortgage is paid up to the end of the mortgage term.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Ulster Bank (1 Feb 2018)

Michael McGrath: Okay. Where they are returned to a tracker mortgage, are the terms identical to the terms of their original mortgage contract?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Ulster Bank (1 Feb 2018)

Michael McGrath: Can Mr. Stanley clarify the position in regard to former First Active customers?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Ulster Bank (1 Feb 2018)

Michael McGrath: Am I correct that First Active merged into Ulster Bank in late 2009 and ceased trading in early 2010?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Ulster Bank (1 Feb 2018)

Michael McGrath: Are former First Active customers affected and included?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Ulster Bank (1 Feb 2018)

Michael McGrath: Does Mr. Stanley know the number of customers involved in this regard?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Ulster Bank (1 Feb 2018)

Michael McGrath: So, those customers are being treated in the same way as everybody else.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Ulster Bank (1 Feb 2018)

Michael McGrath: Is Mr. Stanley saying that their mortgages have been examined and if they had an entitlement to a tracker, that is now being vindicated?