Results 23,841-23,860 of 27,945 for speaker:Michael McGrath

Finance (Local Property Tax) (Amendment) Bill 2013: Second Stage (1 Mar 2013)

Michael McGrath: Neither does Sinn Féin.

Finance (Local Property Tax) (Amendment) Bill 2013: Second Stage (1 Mar 2013)

Michael McGrath: I welcome the opportunity to contribute to the Second Stage debate on the Finance (Local Property Tax) (Amendment) Bill 2013. It is little surprise to me and to many colleagues in this House that just two months after the property tax legislation was rushed through the Dáil and the Seanad, we are here debating an amendment Bill to it. The original legislation was unsatisfactory for a...

Other Questions: Mortgage Interest Rates (28 Feb 2013)

Michael McGrath: This question relates to tracker mortgages. There is a real issue here. Having a tracker rate is enormously valuable to a mortgage holder. They could be paying 1.5% or 1.75% interest as opposed to somebody on a variable rate paying 4% or 4.5%. This makes a massive difference to the monthly mortgage payment they have to make. They are trapped where they are because even people with...

Other Questions: Mortgage Interest Rates (28 Feb 2013)

Michael McGrath: Under the proposal I am suggesting, the banks would be no worse off because the mortgage holder would just keep the tracker on that portion of the mortgage. Obviously, the balance of the new mortgage would move to a variable rate. That is the key issue. There is no doubt that it would be healthy for the economy and generate movement and activity. It is something that should be looked at....

Other Questions: Mortgage Restructing (28 Feb 2013)

Michael McGrath: In my experience of helping constituents - I deal with many individual cases, trying to help people to get mortgages restructured - is that it is fairly straightforward to get interest-only arrangements, arrears capitalisation and term extensions. Perhaps 99% of the restructuring arrangements that have been made use those traditional methods. However, to achieve more innovative solutions,...

Other Questions: Banks Recapitalisation (28 Feb 2013)

Michael McGrath: The Minister has a job to do.

Other Questions: Banks Recapitalisation (28 Feb 2013)

Michael McGrath: He is very tetchy today.

Other Questions: Banks Recapitalisation (28 Feb 2013)

Michael McGrath: I seek clarification on one point. When the Minister spoke about the amount of money he would like to get back, he referred to the recapitalisation that took palce in March 2011 that followed the prudential capital assessment review. I assume all of the money put in, even before March 2011, is in the pot and on the table for negotiation through the ESM. Perhaps the Minister might clarify...

Other Questions: Banks Recapitalisation (28 Feb 2013)

Michael McGrath: Yes.

Ceisteanna - Questions - Priority Questions: Local Property Tax (28 Feb 2013)

Michael McGrath: To ask the Minister for Finance if he will review the plans for the implementation of the local property tax to take ability to pay into account in view of the problems in the economy including mortgage arrears, unemployment and weak disposable income. [10832/13]

Ceisteanna - Questions - Priority Questions: Local Property Tax (28 Feb 2013)

Michael McGrath: I thank the Minister for his reply. We will have a fuller debate on this issue tomorrow when the legislation comes before the House, but today I want to focus on the issue of ability to pay. The Government's efforts to take ability to pay into account are woefully inadequate. For example, a family earning anything more than €480 per week gross - before tax and other deductions - is...

Ceisteanna - Questions - Priority Questions: Local Property Tax (28 Feb 2013)

Michael McGrath: With respect, it will not meet my suggestion. Essentially, it provides that somebody entering an insolvency arrangement may be entitled to a deferral, even if that person's income is in excess of the limit. A gross amount of €480 per week for a family with children is a very small amount of money. Half of it alone is spent on groceries and the rest is quickly accounted for by the...

Ceisteanna - Questions - Priority Questions: Local Property Tax (28 Feb 2013)

Michael McGrath: Fine Gael said it would not introduce it.

Ceisteanna - Questions - Priority Questions: Local Property Tax (28 Feb 2013)

Michael McGrath: There was an allowance for income. That is not true.

Ceisteanna - Questions - Priority Questions: Local Property Tax (28 Feb 2013)

Michael McGrath: The Minister is wrong on that. That is not true. We allowed for €120 million a year to provide appropriate exemptions for people.

Ceisteanna - Questions - Priority Questions: Local Property Tax (28 Feb 2013)

Michael McGrath: Yes. Go back and look at our proposal.

Other Questions: Banks Recapitalisation (28 Feb 2013)

Michael McGrath: In the round, this issue deals with approximately half of the money that went into the banks, approximately €30 billion between the two pillar banks and Permanent TSB. What is the Government's objective with regard to the negotiations that are under way? Obviously, the ESM does not have any track record in holding shares in banks. A key issue in this regard will be the basis for...

Ceisteanna - Questions - Priority Questions: Budget Targets (28 Feb 2013)

Michael McGrath: There are several moving parts but the Government can indicate a statement of principle. The Government could state that it believes the benefits of the deal should be extended to the public, that there should be a dividend to people and that people should be given some form of relief. The Minister is saying he cannot speculate and I realise that is the traditional position of Ministers for...

Ceisteanna - Questions - Priority Questions: Budget Targets (28 Feb 2013)

Michael McGrath: It is not about spending it. It is about giving people relief.

Ceisteanna - Questions - Priority Questions: Budget Targets (28 Feb 2013)

Michael McGrath: The Minister needs to start telling his Government colleagues that.