Results 12,721-12,740 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: Is the witness saying to the committee that, in the current review, all the customers the bank has identified as being on the incorrect rate - there may be others - have been put back on the correct 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: There are many in dispute or not yet complete.
- 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 find it extraordinary and am struggling with the fact that the bank started looking at this issue in detail under the direction of the regulator since March 2016. It is now almost October 2017 and it still has not got a handle on it. It cannot even give an estimate as to when it will have completed the assessment. It is more than a year and a half and the bank cannot even give us an...
- 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: How is the bank communicating with the customers captured by the review.
- 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: When did the bank last write to all the customers it is examining?
- 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. Verbraeken saying there are customers in scope, who are being examined and who have been captured since March 2016 who may still be on the wrong rate and that the bank has not written to them?
- 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 extraordinary. I welcome the presence of the bank in Ireland and welcome the competition the bank provides but believe it will not last very long if that is how it treats customers. Has Mr. Verbraeken any answer?
- 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 have a couple of quick questions on interest rates. Mr. Verbraeken provided a schedule of existing interest rates, as well as a table of the categories of customers and of the total number of mortgages, between owner-occupier and buy-to-let properties. Some 49% or just under 42,000 accounts are on the standard variable rate. Is that a rate of 4.25% or 4.05% if they hold a current account...
- 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: As that is correct, approximately half the mortgage book is paying interest at 4.05% or 4.25%
- 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: Okay. Of those 42,000 customers, what proportion have their current account with KBC and therefore are on the 4.05% rate, as opposed to the 4.25% 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: I appreciate that. Of the 41,970 customers currently on what Ms Deering calls the standard variable rate, is it only 4% of those who have their current account with KBC?
- 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: The vast majority do not and therefore are paying a rate of 4.25%.
- 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 requirement? Is it that customers hold their current account from which they pay the mortgage in KBC?
- 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 that the only requirement? Is there no requirement for a minimum balance to be held?
- 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 it the case that some 40,000 people could get a reduced rate tomorrow by opening a current account with KBC and paying the mortgage out of that current account?
- 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: In respect of the loan-to-value loan rates, the rate for loans with an 80% to 90% LTV is 3.7%. If somebody has a higher LTV, is there no LTV band for them and therefore they are on standard variable rates?
- 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 3.7% fixed rate applies to those with a higher than 90% LTV. I do not see that option in the table.
- 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 a two-year fixed 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: For customers who have an improving LTV, have they the opportunity to move down the band on submitting a valuation to KBC?
- 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: May the customers do this more than once?