Results 12,521-12,540 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: That is fine. So the answer is "yes".
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: As part of this examination, has any of the institutions threatened legal action or threatened to go to court on the specific powers, or the execution of the powers, or the Central Bank's approach to the issue?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: I am not asking Ms Rowland to name anyone.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: Does that mean they did informally? Is that a "yes"?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: I take that to mean it was certainly raised or threatened. What is the big stick the Central Bank has ultimately in terms of sanctions against institutions? Will Ms Rowland put them on the record in terms of fines? I know some are turnover based and some are nominal. What can the Central Bank do ultimately?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: Just to be clear, does the maximum penalty of up to 10% of annual turnover or a fine of €10 million apply going back to the tracker issue, which may, in the case of an institution, have come to a head in 2009, 2010 or 2011?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: On the question of the populations of customers whom the Central Bank believes are impacted but certain banks have so far said they are not impacted, Ms Rowland said the Central Bank can require the bank to write to those customers alerting them to the fact the bank has come to the conclusion they are not impacted and that they have the right to go to the ombudsman and court. Is the Central...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: Taking the particular issue I have raised, at a minimum the Central Bank would have to come out and have some form of public information or awareness to say a certain category of customer may be informed by the bank it has not been impacted but the Central Bank would advise those customers to pursue it and challenge it. We cannot have a situation where a bank is writing to customers telling...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: I ask the Chairman if I may briefly raise an issue that is separate to the tracker issue.
- 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 in relation to mortgage pricing. What are the views of the Central Bank on prohibiting any discrimination by lenders between new and existing customers? The Governor may say it does not apply any more and, to be fair to most lenders it does not, but there are cases where different treatment still occurs. If we take, for example, Permanent TSB's existing customers, when it comes to 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 are customers who cannot switch and they are trapped. They are looking at a new customer coming in to the same bank as them in the same circumstances on a better rate. That is unfair. From a consumer protection point of view, it cannot be stood over. I ask the Governor's view on that.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: There are very few examples left. To be fair, there are some.
- 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 Mr. Sibley's view on the cash back? Is it good to have market differentiation with lenders making different offerings or are customers being exploited?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: How does one deal with that?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: Is that a matter or compensation rather than redress?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: How many mortgage accounts were examined in total by all of the banks within the scope? Approximately 13,000 accounts have now been identified as having been affected by this. What is the global figure?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: The total of 719,000 then is the global figure?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: Over what total period of years?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: The figure seems high. The mortgage arrears statistics list total private dwelling home mortgages, PDH, as-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Michael McGrath: To some extent, then, there would have been an examination of those 700,000-plus mortgages, but that was then narrowed down to 112,000 relevant cases.