Results 11,761-11,780 of 27,945 for speaker:Michael McGrath
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)
Michael McGrath: How many customers are in that category that the bank deems not to have been impacted but received the memo and were on a fixed staff rate?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)
Michael McGrath: Yes, that would be helpful.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)
Michael McGrath: It would be helpful if the data was forwarded to the committee
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)
Michael McGrath: There is an arguable case that the staff customers of the bank had an entitlement or, at a minimum, an expectation to go on a tracker rate as specified in the documentation. The CEO said in her opening statement:I concluded that a clear emphasis had been placed on the legal interpretation of our mortgage agreements. However, while the bank had considered the voice of the customer when...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)
Michael McGrath: My query is based on the cohort that Mr. O'Beirne knows exist. He will supply the committee with the data in writing. It would be helpful if the CEO included her reasons for concluding that the cohort are not included or impacted. I wish to reconcile the numbers given by the CEO. Earlier today she said that overall 9,400 customers have been impacted. In her statement last November she...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)
Michael McGrath: I still cannot reconcile a figure of 1,000 customers. Maybe it is distinction between customers and accounts because one customer could have a number of accounts. As the CEO said in the statement she issued on 9 November: "Approximately 4,300 customers will shortly be written to by the Bank with an offer of compensation. Please note that those are separate from the 6,000 additional...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)
Michael McGrath: Yes.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)
Michael McGrath: The statement clearly stated "4,300 customers".
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)
Michael McGrath: Okay.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)
Michael McGrath: Yes.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)
Michael McGrath: What is the revised number of accounts?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)
Michael McGrath: The statement states 9,400 customers.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)
Michael McGrath: That is the problem. The words "customers" and "accounts" are being used interchangeably. They are very different things. It is very difficult to reconcile. This evening, Mr. O'Beirne is stating that the number of accounts is 9,400 and that there would be a smaller number of customers.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)
Michael McGrath: Mr. O'Beirne cannot be precise but the number of customers is slightly lower.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)
Michael McGrath: I am sorry that I had to waste time on that. Perhaps it is the accountant in me that is trying to reconcile the numbers. Everything was pointing to about 10,500. As I have said, using the terms accounts and customers interchangeably can lead to confusion.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)
Michael McGrath: Regarding the figure of the extra 6,000 that were included in November, can Ms McDonagh paint the picture of those customers' situations and why they were excluded initially? Will Ms McDonagh describe that cohort? Are the characteristics of their situation that of a homogenous cohort?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)
Michael McGrath: Between products?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)
Michael McGrath: In regard to that second group, am I correct that these customers were not on a tracker rate, rather they were on a fixed or a variable rate having switched to that, but had an entitlement in their contract to go back to a tracker rate but were not offered it?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)
Michael McGrath: Would their contract have explicitly entitled them to revert to a tracker rate?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)
Michael McGrath: Even though Mr. O'Beirne is not convinced that they were legally entitled to a tracker rate?