Results 1,801-1,820 of 6,944 for speaker:Michael McNamara
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)
Michael McNamara: Mr. Kelly said 10% of the bank's customers are on variable rates and the other 90% are on fixed rates. For a variety of reasons the bank prefers fixed rates. The fixed rates are lower and it is obvious. What percentage of people who take out a new mortgage are on variable rates?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)
Michael McNamara: What percentage of people whose fixed rate comes to an end after the three- or five-year term choose stay with Bank of Ireland? How many leave once the fixed rate expires?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)
Michael McNamara: How long does it take? Can people fix again in advance of coming off a fixed rate?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)
Michael McNamara: The bank charges various variable rates. When people come off a fixed rate they go onto a variable rate, which changes in accordance with loan-to-value ratios. How does the bank calculate the loan-to-value rates?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)
Michael McNamara: People who come off fixed rates and end up on a variable rate by default-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)
Michael McNamara: People might be on a loan-to-value rate of 4.5%. Not alone are they paying more than they would if they had a mortgage with the bank's competitors but they are also paying it on an historic loan-to-value ratio because, presumably, they initially fixed for three, five or perhaps ten years. The value of the home and the ratio of the loan to that value is entirely different now from the value...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)
Michael McNamara: Mr. Kelly knows it has increased considerably. This could be to the disadvantage of the bank given the latest news that house prices have exceeded the peak of the Celtic tiger. The bank knows that these values are now higher than they have ever been in history but it is charging loan-to-value variable rates based on much lower values.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)
Michael McNamara: It is quite a big difference, is it not? It is 0.3%.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)
Michael McNamara: What is the rationale for this? It is quite a big difference.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)
Michael McNamara: However, it is nothing to do with capability. Obviously, people with the lowest carbon footprint will probably have a heat pump system that takes in air and heats via under-floor heating etc. However, essentially, one is heating with electricity, which is as we know going up. Is this then a matter of commitment to the environment, rather than people's capability to pay back money?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)
Michael McNamara: Okay, well can I just have-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)
Michael McNamara: I am particularly interested in Bank of Ireland, because-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)
Michael McNamara: Can I ask three questions? These are related questions.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)
Michael McNamara: Has Mr. Kelly ever been to Miltown Malbay? Has he ever been there during the Willie Clancy Summer School? Has he any idea that the impact of taking the bank out of Miltown Malbay has had? There is a post office there and the people who run it are excellent, progressive people. Inevitably, however, post offices close at a particular time. Even the supermarkets have ATMs, but they close at...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)
Michael McNamara: Mr. Kelly said that he met with community representatives in all of the branches. I do not expect him to know off the top of his head which community representatives he met in Miltown Malbay, Tulla and Kilkee, but can he provide the names of the people?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)
Michael McNamara: Last, given the debacle this summer, does Mr. Kelly think that he got lucky with the timing of his announcement, compared with his competitors in AIB?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)
Michael McNamara: I have more questions, but I appreciate the constraints.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)
Michael McNamara: I should declare a potential conflict of interest. I have a constituency office account. It is with Permanent TSB.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)
Michael McNamara: I have nothing to complain about.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)
Michael McNamara: Exactly.