Results 12,501-12,520 of 27,945 for speaker:Michael McGrath
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: Would that effectively represent all that were engaged in lending in a significant way and that had tracker mortgage books?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: In effect, all of those who were affected. I do not believe this was an accident. I do not believe that all the main lenders just happened to make the same mistake, which was against the interests of their customers. They wanted to get customers off their tracker mortgages and people are looking to the Central Bank to get an answer as to how this happened. How is it that all the main...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: Will our guests please answer a direct question? Is it within the Central Bank's scope to find out in each case how this happened and why?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: Has the bank found any evidence so far that would invoke its statutory obligations to report certain behaviour or practices to other authorities, including the Garda, or any practices, behaviours or decisions that would invoke fitness and probity provisions under its regulations?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: What is the current advice for customers who have not heard anything from their bank and believe that they are impacted but would not appear to be within the scope of what the banks are doing? We hear from many of them.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: So they should complain.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: To their banks? Okay.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: Another issue for many customers is the prevailing rate debate, particularly in AIB where customers have been put back on a tracker rate of 3.67%. In Permanent TSB, customers have been put back on a tracker rate of 3.25%. I have looked at the documentation and think it is clear cut. The tracker rate comprises the European Central Bank, ECB, rate, which is variable and the margin is fixed...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: Is it in scope? People want to know if the appropriate prevailing rate is in scope in the examination being led by the Central Bank.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: Professor Lane says in his report that he is concerned that two lenders failed to identify populations of impacted customers. That really concerns me because that is not a matter of finding a customer here and there but of finding groups of customers. I suspect some may be people who switched their mortgage or who had redeemed or repaid their mortgage in full. Will Professor Lane give us a...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: There is a vote in the Dáil.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: I will finish up on that point. Two enforcement investigations are ongoing and they were named in the update – Permanent TSB and Ulster Bank. Two more investigations are in train, according to the term used. In relation to enforcement investigations, is it the case that there are a number of on-site visits and investigations in general?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: To clarify, what was the reference to nine inspections? We have two names.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: Which involve?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: So it would be wrong to say that taking this in the round that the Central Bank has gone into two banks.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: That is the 11.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: It is important to be clear. On the question of powers, we have gone through the 2013 issue, aside from the 2013 Act is it the case that the Central Bank already had the powers and retained the powers to do an enforcement investigation outside of the 2013 Act? Is it the case that the administrative sanctions procedures are available outside the 2013 Act so the bank has the power to go into...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: Do section 22 requests under the 2013 Act, whereby the Central Bank can require documents and information from regulated entities, apply even in respect of matters that were pre-2013?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: The Central Bank was given that power in the 2013 Act, but can the Central Bank invoke it in respect of documentation that relates to a tracker issue in 2009 or 2010?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: Yes.