Results 81-100 of 27,590 for speaker:Michael McGrath

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (1 May 2024)

Michael McGrath: I thank An Leas-Chathaoirleach and colleagues on the committee for the opportunity to come before them today. I thank Deputy Conway-Walsh for raising this issue. It is probably relevant to the first group of amendments as I read it.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (1 May 2024)

Michael McGrath: We have amendments Nos. 2 and 3. Deputy Conway-Walsh's colleague, Deputy Doherty, has an amendment, namely, amendment No. 3, which is around the strategy having regard to the promotion and the economic development and stability of the State, across sectors including housing, infrastructure, energy and water. They come under section 7 but we are on section 6 at this point.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (1 May 2024)

Michael McGrath: I thank both Deputies for their contributions to the debate on the investment strategy of the future Ireland fund and their proposed amendments to section 7 of the Bill. As I understand, Deputy Nash’s proposal is to provide for the NTMA, in consultation with a member of Government, to develop proposals for investment of the resources of the fund in that sector in order to support...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (1 May 2024)

Michael McGrath: I thank the Deputies. I want to give the NTMA the capacity to earn the best possible financial return for the State from the investment of the funds we will entrust it with. We have to go back to the primary purpose of setting up this fund. I have looked at the trends and data and the challenges we will face in coming years. In the absence of these funds, and to a lesser extent even with...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (1 May 2024)

Michael McGrath: I will set out the approach to dealing with ESG in the context of the two funds. In the investment strategy, the NTMA will be required to describe how it proposes to manage ESG risks - in effect, how it will identify and assess such risks as part of its investment process. In addition, the NTMA will be required to set out in the strategy the basis on which it identifies categories of...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (1 May 2024)

Michael McGrath: I have not yet given consideration to the level of detail that will go into the letter of expectations. I will consult on that issue within the Department and across the Government. I would be happy to take the views of the Oireachtas on board and perhaps give the committee an opportunity to input into that before I would finalise such a letter. I have an open mind on the level of detail....

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (1 May 2024)

Michael McGrath: Environmental, social and governance risks. They are a broad range.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (1 May 2024)

Michael McGrath: What I said was that a letter of expectation would issue from me as Minister to the NTMA as regards its investment strategy, which it would then take on board in finalising the strategy, given that the strategy has to come before the Minister and gets put before the Government for consideration and noting.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (1 May 2024)

Michael McGrath: Because we are not dealing with the individual ESG risks, of which there are many, in the primary legislation. What we are doing here is setting out the overall framework, the investment policy and then the strategy and setting out how the strategy will ultimately be developed and agreed. It will have to take into account the ESG risks that are set out, but there will be the letter of...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (1 May 2024)

Michael McGrath: Yes, we are mirroring the provisions in the ISIF legislation in terms of the text referring to ESG, but it is not intended to be an exhaustive consideration of ESG risks. That will be considered by the NTMA, having regard to the legislation, and then it will devise an investment strategy that will come to the Minister.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (1 May 2024)

Michael McGrath: There is not a statutory review period but our expectation would be for this to happen approximately every three years.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (1 May 2024)

Michael McGrath: I do not want to be overly prescriptive in the review of an investment strategy, which is a considerable body of work. We want the National Treasury Management Agency, NTMA, to make decisions which it believes will maximise the financial return to the State from the investment it makes. I believe a review is appropriate but prescribing the precise period in legislation for when it would...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (1 May 2024)

Michael McGrath: I certainly recognise that that is an environmental, social and governance, ESG, risk that we would need to take on board in order to address the precise wording and it is one that would require consideration and legal advice. I would not recognise that as being an explicit ESG risk.

Petrol and Diesel Excise Rate Increases: Motion [Private Members] (30 Apr 2024)

Michael McGrath: I move: To delete all the words after "Dáil Éireann" and substitute the following: "notes that: — the volatility in fuel prices experienced now and over the last two years is due to a variety of geopolitical issues, including conflict in the Middle East and Ukraine, none of which the Government has control or influence over; — crude oil is an internationally...

Written Answers — Department of Finance: Vehicle Registration Tax (30 Apr 2024)

Michael McGrath: Imported vehicles which have been registered previously in another jurisdiction and imported into Ireland are registered with and pay VRT to the Revenue Commissioners. The Minister for Finance can outline the numbers of Ukrainian vehicles that have re-registered in Ireland in this way since 2022. Once an imported vehicle is re-registered in Ireland it is immediately treated the same way...

Written Answers — Department of Finance: Ports Policy (30 Apr 2024)

Michael McGrath: I am advised by Revenue that x-ray scanners, which are an integral component of its response framework targeting fraud, illicit trade, smuggling and organised crime, are just one component of a suite of resources, detection equipment and technologies deployed by them, in addition to the application of the comprehensive legal framework as set out in relevant tax and customs legislation....

Written Answers — Department of Finance: Pension Provisions (30 Apr 2024)

Michael McGrath: The Deputy has raised the important matter of plans designed to incentive young people to invest in retirement. Supplementary pensions have their own special treatment within the tax system to encourage these preparations, referred to as an exempt-exempt-taxed or EET system. Contributions to pensions, within certain limits, are exempted from income tax, pension fund gains are exempted from...

Written Answers — Department of Finance: Tax Reliefs (30 Apr 2024)

Michael McGrath: Section 473A of the Taxes Consolidation Act (TCA) 1997 provides for tax relief at the standard rate of income tax (20%) in respect of “qualifying fees” paid by an individual for a third level education course, subject to the terms and conditions set out in the legislation. “Qualifying fees” broadly means tuition fees in respect of an approved course at an...

Written Answers — Department of Finance: Customs and Excise (30 Apr 2024)

Michael McGrath: I propose to take Questions Nos. 227 and 235 together. The Finance Act 1999 provides for the application of excise duty, in the form of Mineral Oil Tax (MOT), to liquid fuels used for motor or heating purposes. MOT comprises a carbon component, or carbon charge, which is usually referred to as carbon tax. MOT also comprises a non-carbon component which is often referred to as...

Written Answers — Department of Finance: Broadband Infrastructure (30 Apr 2024)

Michael McGrath: I can advise the Deputy that the Data and Telephony, which is voice over IP (VOIP), communication lines for my Department are fibre optic communication lines. There are 36 copper communication lines in operation across my Department and the Department of Public Expenditure, NDP Delivery and Reform (as part of a shared services arrangement whereby my Department pays the monthly costs)....