Results 12,821-12,840 of 27,945 for speaker:Michael McGrath
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Michael McGrath: Overall, the numbers have not changed since last year when we were previously advised. I think there were 3,916 on a tracker rate that was out by 0.15%, or 15 basis points, and 602 accounts that were wrongfully denied a tracker. The examination in recent months has not unearthed new accounts affected.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Michael McGrath: Is phase 2 complete?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Michael McGrath: The bank has not completed the trawl of the accounts that may be affected. Is Mr. McLoughlin saying the number may change?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Michael McGrath: When does the bank expect to pay redress and compensation to the affected customers?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Michael McGrath: Has the bank quantified how much will be involved or how is it going about working out the appropriate compensation and redress?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Michael McGrath: I was aware of the 2,100. What was the issue for the other 3,000 Mr. McLoughlin mentioned?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Michael McGrath: That was in accordance with the contract but they did not lose any time as such.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Michael McGrath: Their contract had not expired. What is the cost estimate so far of this issue for Bank of Ireland?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Michael McGrath: What does that involve? Does it include redress and compensation?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Michael McGrath: Does that €25 million include the 2010-11 trawl and the 5,000 accounts?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Michael McGrath: The €25 million relates to the current examination in terms of cost to the bank.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Michael McGrath: The bank really needs to repay the money that customers overpaid. That should be an absolute priority for the bank. If the shoe was on the other foot and people owed the bank money it would not be shy about chasing them and asking for it straightaway.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Michael McGrath: There were reports that some Bank of Ireland staff felt they were wrongly denied the right to return to a tracker rate after a period on a fixed rate. Where do matters stand in that regard?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Michael McGrath: No decision has been made.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Michael McGrath: When one adds up all these accounts, the 5,100 accounts in 2010-2011, the 3,900 or so that were put on the wrong rate, albeit 15 basis points, and now the approximately 600 that the Bank of Ireland has found, we are approaching 10,000 accounts which were affected in some way. Has the bank figured out how it happened?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Michael McGrath: I accept that. The priority should be to look after the customers but I would assume that with a cock-up of this scale, which is not unique to Mr. McLoughlin's bank - and we will question the other banks as well - Bank of Ireland would have carried out its own internal investigation as to how it happened. How is it that thousands of customers were wrongly denied a tracker rate to which they...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Michael McGrath: I agree with Mr. McLoughlin about that.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Michael McGrath: To pick up from Deputy Pearse Doherty's questions, the Central Bank published a report on influences on variable rate mortgage pricing in 2015. The bank has provided its report to us and it shows the cost of funds at 41 basis points. There other elements that go into mortgage pricing. That report went through the cost of capital, the cost of credit risk and the operating costs of running...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Michael McGrath: Are they in the form of basis points?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Michael McGrath: They are not in the form of basis points. Is it possible to convert them to that metric?