Results 11,821-11,840 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Motor Insurance (24 Jan 2018)

Michael McGrath: 77. To ask the Minister for Finance the date his Department officially requested advice from the Attorney General in relation to the collapse of a company (details supplied) following the decision handed down by the Supreme Court; when he expects that advice to be forthcoming; and if he will make a statement on the matter. [3568/18]

Report on the Joint Committee on the Eighth Amendment of the Constitution: Statements (Resumed) (23 Jan 2018)

Michael McGrath: I will share my time with Deputy Butler. I welcome the opportunity to make a contribution to this most important of debates. As did other colleagues, I thank all the members of the Citizens' Assembly for their work and contribution and, of course, our Oireachtas colleagues on the joint committee for the painstaking work in which they engaged over a number of months. It certainly was not an...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)

Michael McGrath: I welcome Mr. Byrne and his colleagues and I thank him for his opening statement. I would like to recap the overall picture and link that to the first part of the statement as to how this happened in the first place. A total of 96% of the first large cohort of approximately 3,500 customers identified by the bank have been redressed and compensated. They were once on a tracker, came off it,...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)

Michael McGrath: They were on one at some point.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)

Michael McGrath: A margin issue affected the cohort of 939.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)

Michael McGrath: In some cases, they were only affected for a few days.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)

Michael McGrath: Let us call the remaining 4,000 customers the prevailing rate cohort and I will come to that shortly. Adding all these cohorts together gives a total of 9,348, but is that customers or accounts?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)

Michael McGrath: Of those, the prevailing rate cohort has not been paid while the margin issue cohort of 939 will be paid by June of this year meaning the vast bulk of the first two categories have been paid. Perhaps 140 of the 3,500 cohort have not been paid and 178 of the 939 cohort. Overall, approximately 5,200 have not yet been redressed or compensated. Is that fair to say?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)

Michael McGrath: I refer to Mr. Byrne's explanation for how the problem arose. He said that in late 2008 the bank withdrew the tracker product and "the unforeseen and unintended consequence of this decision was that certain customers, who held a tracker product at some point previously but had already moved off the tracker product prior to this decision, were not able to revert to the tracker product"....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)

Michael McGrath: But the customers had a pre-existing contractual commitment and the bank took the view that the clause fell when it withdrew the tracker product.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)

Michael McGrath: Is there any evidence of a discussion within the bank on the issue or any consideration given to it? Was it identified at the time as being a risk or something that would need to be examined? AIB was ending the tracker product, but it had thousands of customers who were not on a tracker at the time but who had a contractual entitlement to return to a tracker. Was that issue not even thought...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)

Michael McGrath: AIB states in its questionnaire that it has identified 14 customers who lost their homes. How were they compensated?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)

Michael McGrath: Have those cases been resolved to the satisfaction of the customers?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)

Michael McGrath: Two cases went to appeal and-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)

Michael McGrath: -----may still be outstanding in some form.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)

Michael McGrath: It is impossible for any of us who have not been in that situation to understand what those people went through. The least that they deserve is to get a home that they are satisfied with and is of a similar standard to what they had. That does not compensate them for what they went through but I think that the bank needs to ensure that all those cases are resolved fully to the satisfaction...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)

Michael McGrath: I appreciate that AIB is in a closed period but I wish to confirm the cost of this whole issue to the bank. Its provision is €190 million since 2015. It has utilised €133 million of that. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)

Michael McGrath: Does the provision of €190 million include the cost of staff and the administrative cost of the 500 people in the bank working on this?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)

Michael McGrath: It does not, so it is purely redress and compensation for the customer.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)

Michael McGrath: What is AIB's percentage range of redress and compensation?