Results 12,841-12,860 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: I am curious with regard to how the bank goes about its pricing because it arrives at a retail interest rate, it builds that up by looking at the components that feed into that pricing and it knows what the components. However, Mr. McLoughlin is telling us that he cannot break down, in numerical terms, what components comprise the 4%, 4.5% or whatever is the figure.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Michael McGrath: But does Mr. McLoughlin have it?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Michael McGrath: On the rates, Mr. McLoughlin says that 27% are on standard variable rates. Is that across the three LTV bands - the less than 60%, 60%-80% and more than 80%? I refer to the combined accounts.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Michael McGrath: Let us a consider the case of a customer who has a higher than 80% LTV. He or she will be on a rate of 4.5%. Can he or she move to a fixed rate for, say, two years at 3.2%?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Michael McGrath: If the customer's LTV is over 100% and he or she is negative equity, can he or she still move to a fixed rate of LTV at greater than 80%?
- 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 mean that customers with Bank of Ireland who are in negative equity can fix for two years at 3.2%?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Michael McGrath: That is the published rate, which is also the one-year rate.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Michael McGrath: Why does the bank not just compete on rates? It does this cash-back offer of 2% and 1% down the line. The Competition and Consumer Protection Commission looked at that in its recent report. In a way, it blinds the customer and makes it much more difficult to assess which product will provide the best value in the long term. I think the bank should compete on rates rather than what I would...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Michael McGrath: Why does the bank not introduce more granular detail in its fixed rates? It has them where there is an LTV of over 80%, but if one has a very low LTV, the risk for the bank of carrying that mortgage is minimal. Why does it not have even more competitive rates for people who are well down the road of paying their mortgages and who have a 50% LTV. The bank is not giving them any extra...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Michael McGrath: Are people who improve their LTV on submitting an up-to-date valuation allowed to move into the lower LTV band?
- 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 allows that movement.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Michael McGrath: I am well behind my colleague's time ----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Michael McGrath: I am ten minutes behind my colleague.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Michael McGrath: The Chairman needs to check his clock.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Michael McGrath: I wish to make two quick points if I may, at your discretion, Chair.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Michael McGrath: That is good. What is the bank's market share of new mortgage drawdowns in 2017 so far?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Michael McGrath: Is the bank losing or gaining ground?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Michael McGrath: Yes, but in terms of previous years.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Michael McGrath: Could the witnesses clarify the interest rate that applies to the warehouse element of a split mortgage? We had a commitment before from the CEO, Richie Boucher, that it would be 2.5%.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Michael McGrath: So there is no policy of 2.5% on the warehouse portion across the board.