Results 12,621-12,640 of 27,945 for speaker:Michael McGrath
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)
Michael McGrath: He is referring to the fact that phase 2 was to have been completed by the end of September.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)
Michael McGrath: The issue of LIBOR in the UK was raised and RBS was fined £390 million in 2013 by the UK and US authorities. Was there any EURIBOR equivalent issue in Ireland for Ulster Bank?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)
Michael McGrath: There is a reference in the 2014 and 2015 Ulster Bank Ireland Limited accounts to a request by the Central Bank to the group, as well as to other Irish banks, to carry out a review of interest rate hedging products sold in the Republic from 2001 to 2012. It states that the review is being processed in line with the RBS approach and with the infrastructure of the wider RBS project. Was that...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)
Michael McGrath: Did it raise any issues?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)
Michael McGrath: What was the fall-out for Ulster Bank customers in Ireland? What was the global effect?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)
Michael McGrath: Perhaps the witnesses will include the figure as part of its reply to the list of issues on which it is to get back to the committee. I have a question on the tracker examination and the approximately 1,000 customers of the 3,000 whom we regard as switchers. They have not got a huge amount of attention so far in relation to any of the banks and there has been little public debate on what is...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)
Michael McGrath: Does Mr. Stanley accept the principle that if these customers are, now and for the remainder of their loans, paying over and above what they should be paying to Ulster Bank on a tracker, this has to be part of the redress and compensation scheme?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)
Michael McGrath: On variable interest rates generally, there are three different loan-to-value, LTV, bands so if somebody submits an up-to-date valuation of their home and it results in them falling into a different LTV band, are they charged the new interest rate for their new band? Is it Ulster Bank policy that a customer can move?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)
Michael McGrath: There has to be a valuation from an approved panel of valuers.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)
Michael McGrath: Does the customer pay for the valuation?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)
Michael McGrath: I take it customers are not limited to moving just once, if their equity continues to improve.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)
Michael McGrath: If the Oireachtas were to move to ban cashback offers and to prohibit discrimination between new and existing customers, what impact, if any, would that have on Ulster Bank?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)
Michael McGrath: Except that the bank pays up to €1,500 in legal fees.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)
Michael McGrath: There are a range of different rates in Northern Ireland and the lowest is a mouthwatering one of 1.48%, where the loan-to-value is less than 6% in which case the rate is offered, on a fixed-rate basis, for two years. What happens at the end of the two-year period? What rate does the customer revert to?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)
Michael McGrath: Is the offer only available for two years or can they roll it forward for a further period?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)
Michael McGrath: I am not an expert on the Northern Irish market but my understanding is that, following on from these very attractive initial fixed-rate offers there is a lot of competition and the people on 1.5% do not go up to 3% or 4% after two years but get another offer, either from the bank or another lender. Is that the practice?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)
Michael McGrath: It raises the obvious question of why there is such a differential. A customer in the North can get a two-year fixed rate for as little as 1.48% if they have low loan to value but in the Republic it is a three-year rate of between 2.9% to 3.25%.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)
Michael McGrath: The bank has a two-year rate in the North at 1.48% but the nearest here is a three-year rate at between 2.9% and 3.25%. It is an incredible difference, basically half.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)
Michael McGrath: So it is a regulatory issue.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)
Michael McGrath: Could Ulster Bank in the Six Counties sell a mortgage to somebody with an address in the Twenty-six Counties?