Results 1-20 of 27,655 for speaker:Michael McGrath

Ceisteanna Eile - Other Questions: Inflation Rate (21 May 2024)

Michael McGrath: The dynamics of energy prices have been key in driving the headline inflation rate over recent years. The initial driver of inflation was a surge in energy prices that followed the Russian invasion of Ukraine. This substantially disrupted the supply of energy, in particular of natural gas, of which Russia was a large exporter to Europe. Wholesale gas prices peaked at £4 per therm in...

Ceisteanna Eile - Other Questions: Inflation Rate (21 May 2024)

Michael McGrath: I thank the Deputies. We are at a point in the budgetary cycle where we have published the stability programme update. We will have the national economic dialogue next month and then we will have the summer economic statement and will consider all of the issues that the Deputies have raised in deciding on the budgetary parameters. Then, more particularly when deciding on the individual...

Ceisteanna Eile - Other Questions: Banking Sector (21 May 2024)

Michael McGrath: In short, the answer is "yes, Deputy". The access to cash legislation is at a very advanced stage of preparation. We need to consult the European Central Bank because some of the matters in the Bill are relevant to the functions of the ECB but I expect we will be sending a copy of the Bill to it in the next number of weeks. In essence the Bill will provide for the registration and...

Ceisteanna Eile - Other Questions: Economic Data (21 May 2024)

Michael McGrath: I propose to take Questions Nos. 69 and 237 together. The economic performance across the EU and Ireland was somewhat subdued last year amid weak global trade and GDP growth. In 2023, GDP grew by a modest 0.4% in the euro area and EU, while Irish GDP recorded a contraction of 3.2%. GDP growth in the euro area and Ireland is projected to pick up this year, though remaining below...

Ceisteanna Eile - Other Questions: Economic Data (21 May 2024)

Michael McGrath: We monitor inflation at the headline level but also the components of inflation quite closely, as would be expected. Every time a publication is issued by the Central Statistics Office and Eurostat, it is examined by officials in my Department, who report to me, give me a summary of them and their interpretation of the underlying trends. Of course, there is a difference between the...

Ceisteanna Eile - Other Questions: Economic Data (21 May 2024)

Michael McGrath: The truth is that GDP is measured in Ireland in exactly the same way as in every other European country, but because we have a very large multinational sector, we believe it is important to have other measures of the economy as well. This is why we have MDD and GNI* and we publish all this information regularly. The agreed international measure of economic performance, though, whether that...

Ceisteanna Eile - Other Questions: Inflation Rate (21 May 2024)

Michael McGrath: I propose to take Questions Nos. 70, 90 and 238 together. Inflation reached multidecade highs in 2022, averaging 8.1%, with a peak of 9.6% in June 2022, as measured using the harmonised method of the harmonised index of consumer prices, HICP. While the initial driver of this inflationary pressure was a surge in global energy prices, it subsequently became increasingly broad-based as...

Ceisteanna Eile - Other Questions: Small and Medium Enterprises (21 May 2024)

Michael McGrath: The Deputy's question is about interest rates facing SMEs. The changes in the interest rates being paid by SMEs were directly linked to the monetary policy environment, the ten successive interest rate increases we had from the ECB which worked their way through the system, in particular in respect of floating rate charges, variable rate loan products and then when it came to the re-pricing...

Ceisteanna Eile - Other Questions: Small and Medium Enterprises (21 May 2024)

Michael McGrath: I thank Deputy O'Sullivan for the question. SMEs are the lifeblood of the Irish economy and they account for 99.8% of all businesses in Ireland, along with 69.2% of all employment in the business economy. Recognising the importance of SMEs to Ireland, my Department has regularly carried out SME credit demand surveys since 2011. These surveys are critical tools to understand how the sector...

Ceisteanna Eile - Other Questions: Small and Medium Enterprises (21 May 2024)

Michael McGrath: I thank Deputy O'Sullivan. Overall the credit demand survey for 2023 paints a complex picture. It is multifaceted because, of course, SMEs operate in a range of sectors. Overall the results of the survey once again underline the resilience in the face of economic challenges. There is a steady demand for credit. It also highlights evolving investment patterns, one of which Deputy...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: National Treasury Management Agency (21 May 2024)

Michael McGrath: The factual position is that ISIF is statutorily independent and subject to oversight by its investment committee and the NTMA's board. Under statute, I, as Minister for Finance, do not have a role in ISIF's implementation of its investment strategy. The investment strategy does operate within an ESG framework, which the Deputy has correctly highlighted. This is not the only ESG issue it...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Customs and Excise (21 May 2024)

Michael McGrath: The Deputy will be aware that we are having this debate because the Government cut excise duty back in 2022. That was the right decision at the time. The restoration that has taken place since has been on a phased basis and one final phase of that restoration was due. I have given a commitment to the House on a number of occasions that this will be kept under review. Luckily I did not...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Customs and Excise (21 May 2024)

Michael McGrath: As I said, it is just as well I did not take the Deputy's advice-----

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Customs and Excise (21 May 2024)

Michael McGrath: -----or we would have seen an 8 cent per litre increase last month.

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Customs and Excise (21 May 2024)

Michael McGrath: It is just as well I did not take the advice or we would have seen an 8 cent per litre increase last month----------

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Customs and Excise (21 May 2024)

Michael McGrath: Sinn Féin advocated for an 8 cent increase in petrol last month. It is just as well I did not take the Deputy's advice.

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: National Treasury Management Agency (21 May 2024)

Michael McGrath: I thank the Deputy for the question. The Ireland Strategic Investment Fund, which is a business unit of the NTMA, is statutorily independent and is subject to oversight by its investment committee and the NTMA's board. My officials are in contact with the NTMA on an ongoing basis across a range of issues, including those arising from the Illegal Israeli Settlements Divestment Bill 2023. On...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: National Treasury Management Agency (21 May 2024)

Michael McGrath: Perhaps I could write to the Deputy with detail of the investments that have been divested. The majority of what was announced has been completed at this stage. She will acknowledge that difficult and harrowing as the issue is with the occupied West Bank and the conflict and the terrible events happening in Gaza because of the excessive use of force by the Israel Defense Forces, it is not...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Code (21 May 2024)

Michael McGrath: I thank the Deputy for his contribution. As he will know, I increased the vacant homes tax rate in the last budget. Just to give him the numbers, the Revenue has confirmed that as of 2 April this year, over 6,000 properties have been declared as vacant with exemptions being declared in respect of approximately 2,500 of these properties. Approximately 3,500 properties have a liability to...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Code (21 May 2024)

Michael McGrath: The vacant homes tax, as the Deputy knows, is targeting habitable properties. The Deputy is raising a number of other issues which are important and relevant when it comes to properties which are vacant but which in many instances are also derelict. My colleague, the Minister, Deputy O'Brien, published the Vacant Homes Action Plan 2023-2026 and last month the progress report from April...