Results 18,901-18,920 of 27,945 for speaker:Michael McGrath

Ceisteanna - Questions - Priority Questions: Mortgage Arrears Proposals (7 May 2015)

Michael McGrath: That is a change that we would warmly welcome. Taking the final decision out of the hands of the banks is something for which we have called for a considerable period. Be it a court of law or the insolvency service that would have the final decision-making power on objective grounds, based on an analysis of a person's repayment capacity and the available suite of options, with a view to...

Ceisteanna - Questions - Priority Questions: Mortgage Arrears Proposals (7 May 2015)

Michael McGrath: 4. To ask the Minister for Finance his plans to announce new measures to address the mortgage arrears crisis; his views on the issues currently being examined to improve the way mortgage arrears cases are dealt with; and if he will make a statement on the matter. [17819/15]

Ceisteanna - Questions - Priority Questions: Mortgage Arrears Proposals (7 May 2015)

Michael McGrath: I understand an announcement will be made next week as regards the mortgage crisis and that new measures will be announced. I look forward to that. The purpose of this question is to have a debate on the nature of the changes that we need in dealing with the mortgage crisis. For me, the single key issue is to ensure that the final word in the restructuring of a mortgage is by somebody who...

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (7 May 2015)

Michael McGrath: 1. To ask the Minister for Finance the steps he will take to ensure that standard variable mortgage interest rates are reduced; if he will provide details of his recent engagement with the Central Bank of Ireland and the banks on this issue; and if he will make a statement on the matter. [17818/15]

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (7 May 2015)

Michael McGrath: This question raises once again the issue of standard variable mortgage interest rates, an issue we debated in this House on a number of occasions. The purpose of the question is to get an update from the Minister on the steps he is taking to address the issue of excessive standard variable mortgage interest rates in Ireland, to obtain details of his engagement with the Governor of the...

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (7 May 2015)

Michael McGrath: I thank the Minister for his reply. Most people understand "variable rate" to mean that the rate will vary in line with market conditions. I am sure the Minister will agree that the banks would not be too slow in hiking up their variable interest rate if conditions deteriorated in terms their cost of funding, for example. Therefore, the rates need to come down. It is very clear now...

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (7 May 2015)

Michael McGrath: Just as IDA Ireland is knocking on the doors of multinationals abroad, the Department of Finance and agents working on the Minister's behalf should be knocking on the doors of banks abroad to determine whether they would be willing to enter the Irish mortgage market to provide badly needed competition. We also need an active switcher market. AIB, which now has the lowest rates in the...

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (7 May 2015)

Michael McGrath: That figure is a month out of date.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Michael McGrath: Thank you very much, Chair. You're very welcome, Mr. Torpey and Mr. Gallagher. Mr. Gallagher, can I start with you and just tease out the impact of the bank guarantee on Ulster Bank and on your deposit base in the immediate aftermath of the guarantee? You made reference earlier on to the €4 billion. Can you just clarify is that the quantum of deposits which flowed out of the bank...

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Michael McGrath: Okay. We heard yesterday from Mr. McCarthy that the deposit base was of the order of €20 billion to €25 billion. Is that your understanding as well, broadly?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Michael McGrath: And, when you said 4 billion, that's in euros?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Michael McGrath: Okay. So, somewhere up to 20% of your deposit base potentially flowed out of the bank in the aftermath of the guarantee; is that-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Michael McGrath: -----broadly accurate?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Michael McGrath: Okay. And how serious a situation did that become for Ulster Bank?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Michael McGrath: Sure.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Michael McGrath: But, in that critical two-week period, your main life support was the intergroup lending?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Michael McGrath: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Michael McGrath: Okay. Just staying with you, Mr. Gallagher, for a moment. On page 6 of your opening statement, on the issue of valuation policies and assumptions to assess loan security, you make reference to loan-to-value of 70% was required for commercial property. Was that applied in all cases?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Michael McGrath: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Michael McGrath: A guideline.