Results 12,681-12,700 of 27,945 for speaker:Michael McGrath
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Michael McGrath: Does Mr. Masding think it is fair?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Michael McGrath: What impact would it have on the bank if legislation prohibited discrimination between new and existing customers and prohibited these cash back offers?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Michael McGrath: What information is the bank obliged to provide to a customer who is looking at their options across different banks? Permanent TSB is offering cash back of 2% while another bank might have a lower interest rate but no cash back. What is the bank obliged to tell the customer by way of information in terms of how much they will be paying over the full duration of that mortgage so that they...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Michael McGrath: That is what I am asking.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Michael McGrath: Regarding the issue of fixed rates, again, Permanent TSB makes a distinction between the rates it charges new customers and the rates it charges existing customers. Is it correct that a new customer can lock in for a period of up to five years at the published rates? Is it therefore correct that a new customer with a mortgage fixed for five years with an LTV of less than 60% can avail of a...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Michael McGrath: Yes, but I ask Mr. Masding to clarify for me that, as regards the treatment of an existing customer, LTV is irrelevant and that, irrespective of how low one's loan-to-value ratio is, the lowest fixed rate he or she can get with PTSB is 4.2%. Is that the case?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Michael McGrath: However, a new customer, if he or she has a low LTV ratio of below 60%, can lock in at a five-year rate of 3.4%, which is 0.8% less.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Michael McGrath: Again, that is a very stark illustration of the different treatment of new and existing customers. We are not talking about one year here. We are talking about a five-year period. A new customer can potentially get a rate up to 0.8% lower than that of an existing PTSB customer. That is completely unfair.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Michael McGrath: I suggest PTSB consider the matter further for the sake of goodwill for the bank and retention of customers. To be frank with Mr. Masding, I would advise those of the bank's existing customers who are in a position to switch to do so. His job is to try to keep them, but PTSB's rates are not competitive for its existing customers and the bank is benefiting from the inertia of a certain...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Michael McGrath: Is there complete flexibility in that a customer can move more than once if necessary if his or her LTV ratio continues to fall, or can he or she only move once to a lower managed variable rate?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Michael McGrath: Once only?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Michael McGrath: It is relatively new, so the inability to move a number of times would not have affected a huge number of customers. The bigger issue is those who have not moved at all, but-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Michael McGrath: What is PTSB's market share of new principal dwelling house mortgages?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Michael McGrath: Has that remained very stable or-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Michael McGrath: Does PTSB still have the current account offer of no fees on new current accounts or is that gone?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Michael McGrath: I am not sure whether this has already been asked, but what is the overall cost to the bank of the tracker redress programme?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Michael McGrath: What is the figure?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Michael McGrath: Again, the witnesses can tell me if this was asked. Has the tracker issue of customers being put on ECB plus 3.25% been examined, has it been addressed as part of the tracker programme, and are there many customers in that category? A number of them who believe they should be on what we would all regard as a regular tracker rate, with a margin of 3.25% for some of them, have been in touch.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Michael McGrath: Will Mr. Mitchell clarify in simple terms how it could be that there would be a margin of ECB plus 3.25%? How could the margin be of that order?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Michael McGrath: Is Mr. Mitchell saying that was the margin applied to all tracker accounts at that time, even in the case of those who were actually on trackers and not just those coming off fixed rates? Were PTSB's tracker customers around that time paying ECB plus 3.25%?