Results 24,141-24,160 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Business Supports (24 Jan 2023)

Michael McGrath: The Temporary Business Energy Support Scheme (TBESS) was introduced to support qualifying businesses with increases in their electricity or natural gas (energy) costs over the winter months. A business can make a claim under the scheme if it is tax compliant, carries on a Case I trade or Case II profession, and has experienced a significant increase of 50 percent or more in its electricity...

Written Answers — Department of Finance: Mortgage Interest Rates (24 Jan 2023)

Michael McGrath: The interest rate charged by a Central Bank regulated entity is, subject to the terms of the particular contract, a commercial matter for the creditor and, as you know, I cannot instruct mortgage creditors on the interest rate they charge or the type of mortgage products they offer to their customers. However, the Central Bank has put in place a range of measures in order to protect...

Written Answers — Department of Finance: Banking Sector (24 Jan 2023)

Michael McGrath: I understand the difficult situation faced by homeowners whose houses are affected by defective concrete blocks. The Government response to the MICA issue is led by my colleague the Minister for Housing, Local Government and Heritage, who has put in place a scheme of financial support to help affected homeowners. In terms of financial institutions who provide mortgages to help people buy...

Written Answers — Department of Finance: Public Procurement Contracts (24 Jan 2023)

Michael McGrath: I can advise the Deputy that my Department does not have any record of contracts awarded by the Department to the company mentioned in the details supplied since June 2017. The Deputy will be aware that the ‘National Public Procurement Policy Framework’, issued by the Office of Government Procurement (OGP) in November 2019, sets out the procurement procedures to be followed...

Written Answers — Department of Finance: Economic Policy (24 Jan 2023)

Michael McGrath: I propose to take Questions Nos. 255 and 263 together. Ireland has a long-standing reputation internationally as a stable and pro-enterprise economy, reflected in our continued ability to attract and retain foreign direct investment (FDI). I am conscious of the need to maintain our competitive position on an international stage, given the contribution of this FDI to the domestic economy....

Written Answers — Department of Finance: Economic Policy (24 Jan 2023)

Michael McGrath: As a small open and highly globalised economy, we are, by our very nature particularly susceptible to economic shocks and periods of volatility. In the last half decade alone, our economy has endured several once in a generation type shocks. Firstly, we had to contend with the long drawn-out effects of Brexit, this was followed by a global pandemic which brought large parts of our economy...

Written Answers — Department of Finance: Financial Services (24 Jan 2023)

Michael McGrath: I propose to take Questions Nos. 257 and 258 together. The authorisation and broader regulatory requirements applicable to regulated financial service providers (RFSPs) operating in Ireland is dependent on the nature of the regulated activities carried out and as such RFSPs may be subject to authorisation and regulatory requirements under different regimes. The Central Bank of...

Written Answers — Department of Finance: Inflation Rate (24 Jan 2023)

Michael McGrath: I propose to take Questions Nos. 259 and 260 together. Consumer price (HICP) inflation picked up sharply over the past year, with annual average inflation of just over 8 per cent recorded in 2022, compared with around ½ per cent over the past decade. Every advanced economy is in the same position, with euro area inflation averaging 8.4 per cent last year. The key drivers of global...

Written Answers — Department of Finance: Economic Growth (24 Jan 2023)

Michael McGrath: I propose to take Questions Nos. 261 and 262 together. The invasion of Ukraine and Russia’s weaponisation of gas supplies has triggered an exceptionally large energy price shock and undermined global economic prospects. Given its reliance on Russia for gas imports, the European economy is facing a significant terms of trade shock, manifesting in multi-decade high inflation rates....

Written Answers — Department of Finance: Financial Services (24 Jan 2023)

Michael McGrath: Ireland is now one of Europe’s major financial centres, with direct and indirect employment across investment management, banking, insurance, aviation financing, fintech and payments. Direct employment in international financial services at the end of 2021 stood at over 52,800 with over 30% regionally based. Data for 2022 should be available shortly, but it is fair to say that the...

Written Answers — Department of Finance: Tax Yield (24 Jan 2023)

Michael McGrath: I am advised by Revenue that the total excise tax receipts in respect of fuel and energy for the past five years for Mineral oil tax (MOT) Solid fuel (SF), Natural Gas (NG) and Electricity Tax (ET) are provided in the table below. Year MOT €m SF Carbon Tax €m NG Carbon Tax €m ET €m Total €m ...

Written Answers — Department of Finance: Financial Services (24 Jan 2023)

Michael McGrath: The Central Bank has put in place a range of measures in order to protect consumers who take out or have a mortgage. This consumer protection framework seeks to ensure that lenders are transparent and fair in all their dealings with borrowers and that borrowers are protected from the beginning to the end of the mortgage life cycle, for example, through protections at the initial...

Written Answers — Department of Finance: Business Supports (24 Jan 2023)

Michael McGrath: The Department of Finance publishes a Tax Expenditure Report annually, as required under the EU Budgetary Framework Directive. A tax expenditure reduces or postpones revenue for a certain population of taxpayers relative to the tax base and can take a number of forms including exemptions, allowances, credits, preferential rates or deferral rules. The 2022 Tax Expenditure Report was...

Written Answers — Department of Finance: Inflation Rate (25 Jan 2023)

Michael McGrath: It is important to note from the outset this Government has acted forcibly and decisively to help ease the burden of inflation on households and businesses across the country. Budget 2023 was a 'Cost of Living' Budget, incorporating a total package of €11 billion with the focus on protecting the most vulnerable from rising costs. This built on some €3 billion in measures...

Written Answers — Department of Finance: Tax Data (25 Jan 2023)

Michael McGrath: I am advised by Revenue that, to date, it has refunded €530 million to PAYE taxpayers in respect of 2019; €474 million in 2020; €554 million in respect of 2021 and €193 million in respect of 2022. Each year Revenue issues reminder letters to taxpayers who did not claim any additional credits in the previous four years, advising them that they may be entitled to...

Written Answers — Department of Finance: Tax Collection (25 Jan 2023)

Michael McGrath: I am informed by Revenue that Local Property Tax (LPT) may be deferred in certain circumstances and subject to certain conditions. However, a deferral is not an exemption from LPT, and the outstanding liability remains as a charge on the property until it is paid. Regarding the property referred to by the Deputy, payment by way of deductions from the property owner’s salary, were made...

Written Answers — Department of Finance: Disability Services (25 Jan 2023)

Michael McGrath: I propose to take Questions Nos. 81 and 82 together. The Disabled Drivers and Disabled Passengers Scheme provides relief from Vehicle Registration Tax and VAT on an adapted car, as well as an exemption from motor tax and an annual fuel grant. The Scheme is open to severely and permanently disabled persons as a driver or as a passenger and also to certain charitable organisations. In...

Written Answers — Department of Finance: Legislative Measures (25 Jan 2023)

Michael McGrath: In recent years, the banking landscape has changed significantly in Ireland. The number of banks serving the sector reduced from 12 to 3 as banks were amalgamated or closed down and foreign owned entrants exited the Irish retail market. We have also seen a considerable acceleration in technological developments and the pace of uptake has been accelerated by the COVID-19 pandemic. With that...

Written Answers — Department of Finance: Financial Services (25 Jan 2023)

Michael McGrath: The Central Bank Code of Conduct on Mortgage Arrears (CCMA) is the key consumer protection measure for borrowers who are experiencing difficulty in relation to a mortgage which is secured on a primary residence. This statutory based Code, which is issued by the Central Bank under section 117 of the Central Bank Act 1989, sets out how regulated mortgage creditors must treat borrowers in or...

Written Answers — Department of Finance: Energy Prices (26 Jan 2023)

Michael McGrath: The Temporary Business Energy Support Scheme (TBESS) was introduced to support qualifying businesses with increases in their electricity or natural gas costs over the winter months. Sections 100 to 102 of the Finance Act 2022 make provision for the TBESS. The scheme provides support to qualifying businesses - including companies, sole-traders, self-employed individuals and partnerships - in...