Results 61-80 of 27,655 for speaker:Michael McGrath

Written Answers — Department of Finance: Fiscal Data (9 May 2024)

Michael McGrath: I propose to take Questions Nos. 157 and 158 together. The Housing Finance Agency (HFA) is classified as a non-commercial agency within the general government sector. On this basis, the revenue and expenditure of the HFA are included in the calculation of the general government balance. As the nature of the HFA’s activity is to borrow or raise funds to on-lend to local...

Written Answers — Department of Finance: Housing Policy (9 May 2024)

Michael McGrath: The National Treasury Management Agency (NTMA) have informed me that the Ireland Strategic Investment Fund (ISIF) has a statutory mandate to invest on a commercial basis in a manner designed to support economic activity and employment in Ireland. In line with this mandate, ISIF focusses its efforts on making transformational investments across its impact themes of Housing and Enabling...

Written Answers — Department of Finance: Departmental Expenditure (9 May 2024)

Michael McGrath: The Deputy will be aware that the ‘National Public Procurement Policy Framework’ issued by the Office of Government Procurement (OGP) sets out the procurement procedures to be followed by government departments and state bodies in accordance with EU rules and national guidelines. In addition, my Department has its own internal policy and guidance documents to assist staff to...

Written Answers — Department of Finance: Exchequer Deficit (9 May 2024)

Michael McGrath: The SPU fiscal forecasts incorporate Exchequer borrowing in both 2026 and 2027 when there is a projected Exchequer deficit. However, it should be noted that there is also borrowing included in the projections for 2024 and 2025, when the Exchequer is projected to run a surplus. There is also maturing debt that will require refinancing: for example, based on the current maturity profile of...

Committee on Budgetary Oversight: Stability Programme Update: Discussion (8 May 2024)

Michael McGrath: I thank the Chair and colleagues for being here. I am pleased to be here with my colleague, the Minister, Deputy Donohoe, and our respective officials today to discuss the stability programme update. As members are aware, the document was published in draft form on 23 April this year. In accordance with our legal requirements, the final version of the document was submitted to European...

Committee on Budgetary Oversight: Stability Programme Update: Discussion (8 May 2024)

Michael McGrath: I thank Deputy Conway-Walsh. The activity of the Housing Finance Agency, HFA, is included in the forecasts published in the SPU. As the nature of the agency's activity is to borrow or raise funds to support housing delivery through on-lending to local authorities, approved housing bodies, AHBs, and so on, the majority of its accounts are financial transactions and do not impact the general...

Committee on Budgetary Oversight: Stability Programme Update: Discussion (8 May 2024)

Michael McGrath: I will provide the note and whatever background information the Deputy requires about the accounting treatment and classification of activity at the HFA. I know the Deputy has some parliamentary questions in on that issue too. We will provide whatever additional information is needed.

Committee on Budgetary Oversight: Stability Programme Update: Discussion (8 May 2024)

Michael McGrath: We have a range of different sources of funding for social and affordable housing, cost rental and so on, including through the Land Development Agency, LDA, where there is capital capacity of about €5 billion of funding for the development of such homes. We have HBFI. We have ISIF, which is focused on private development, but that yields social and affordable housing as well in the...

Committee on Budgetary Oversight: Stability Programme Update: Discussion (8 May 2024)

Michael McGrath: I will come back to the Deputy with the detail of that.

Committee on Budgetary Oversight: Stability Programme Update: Discussion (8 May 2024)

Michael McGrath: The note will address that as well.

Committee on Budgetary Oversight: Stability Programme Update: Discussion (8 May 2024)

Michael McGrath: Even within the net expenditure rule, you can spend however much you want, but you have to raise revenue to match it. It is a binding rule. It is a net expenditure rule. You have to set out your medium-term path for the duration of the parliament of that country. In the case of Ireland, it is five years. There is the opportunity for a reset following a general election, when a Government...

Committee on Budgetary Oversight: Stability Programme Update: Discussion (8 May 2024)

Michael McGrath: There is an escape clause provision that could be considered by the European authorities and provided to individual member states or collectively. There is the provision and flexibility to address that scenario.

Committee on Budgetary Oversight: Stability Programme Update: Discussion (8 May 2024)

Michael McGrath: There is that provision for the escape clause but I would underline the point that it is-----

Committee on Budgetary Oversight: Stability Programme Update: Discussion (8 May 2024)

Michael McGrath: Yes, it can.

Committee on Budgetary Oversight: Stability Programme Update: Discussion (8 May 2024)

Michael McGrath: It can be by agreement for an individual member state. Bear in mind that the rule is a net expenditure rule. If a government wishes to respond and spend additional money in a particular area, provided it can be funded by additional revenue-raising measures, the net expenditure rule is still maintained and respected, so there is in-built flexibility as well, which is fundamentally the net...

Committee on Budgetary Oversight: Stability Programme Update: Discussion (8 May 2024)

Michael McGrath: If I can I add a point, the Deputy makes a fair point about the reality that in parts of the country, the cost of building a new home is such that the price that would have to be charged is more than the market in that area is able to support. That is a challenge. The question is how do we calibrate the supports introduced by the Minister, Deputy O'Brien, funded by the Minister, Deputy...

Committee on Budgetary Oversight: Stability Programme Update: Discussion (8 May 2024)

Michael McGrath: I thank the Deputy. The legal requirement is to provide the forecasts for the current year plus three, so we have done that up to the end of 2027. The SPU is governed by EU-wide rules. As the summer economic statement, SES, is not, we are now examining how much further into the future horizon we can go as part of the summer economic statement. I have asked my officials to work towards a...

Committee on Budgetary Oversight: Stability Programme Update: Discussion (8 May 2024)

Michael McGrath: We met the legal requirements-----

Committee on Budgetary Oversight: Stability Programme Update: Discussion (8 May 2024)

Michael McGrath: That also will be part of the new five-year medium-term plan that will be laid out in the autumn. It will incorporate that time horizon as well, which is why both Departments have a lot of work to do in respect of the SES first, then of course the budget and, as part of that, the medium-term fiscal plan which will have to look five years into the future using all of the key fiscal metrics.