Results 25,381-25,400 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Insurance Industry (22 Jun 2023)

Michael McGrath: This Government recognises that insurance fraud is one of several factors that contribute to the cost of insurance. Of course, it is important to remember that the vast majority of insurance claims are genuine and far outnumber the fraudulent cases. Nevertheless, when it does occur, insurance fraud impacts on all policyholders, by increasing overall costs. That is why as part of the...

Written Answers — Department of Finance: Insurance Coverage (22 Jun 2023)

Michael McGrath: At the outset, it is important to note that neither I, nor the Central Bank of Ireland, can direct the pricing or provision of insurance products. This position is reinforced by the EU Single Market framework for insurance (the Solvency IIDirective). Nevertheless, this Government is aware that certain groups are currently facing difficulty in terms of affordability and availability of...

Written Answers — Department of Finance: Tax Data (22 Jun 2023)

Michael McGrath: As the Deputy may be aware, all Budget tax changes are set out each year as part of the overall Budget documentation and the publications can be obtained on the following Government website: www.gov.ie/en/campaigns/budget/ In addition, the Budget documentation includes detailed distributional analysis of the tax measures announced in the Budget. The distributional analysis...

Written Answers — Department of Finance: Credit Unions (22 Jun 2023)

Michael McGrath: I thank the Deputy for his question. Minister of State Jennifer Carroll MacNeill has met with the four main representative bodies and has had extensive engagement with several credit union CEOs and directors around the country. So far in 2023 alone, Minister Carroll McNeill has attended 20 meetings and events with various credit union stakeholders including the representative bodies, the...

Written Answers — Department of Finance: Credit Unions (22 Jun 2023)

Michael McGrath: I thank the Deputy for his question. The Central Bank is subject to strict confidentiality requirements in accordance with Section 33AK of the Central Bank Act 1942 and cannot provide financial information in relation to individual credit unions. I can however provide the Deputy with aggregate information in regard to the credit union sector. As at end March 2023 there are 198 active credit...

Written Answers — Department of Finance: Departmental Policies (22 Jun 2023)

Michael McGrath: An overriding objective of the Programme for Governmentis to improve the well-being of Irish society. To that end, the Programme specifically commits to incorporating a well-being perspective into our policy-making system by developing a set of well-being indices to complement existing economic measures and by assessing these well-being measures to provide a holistic view of how Irish society...

Written Answers — Department of Finance: Public Sector Pay (22 Jun 2023)

Michael McGrath: I wish to inform the Deputy that the top ten highest paid civil servants in my Department are on the following Pay Scales: 1 Secretary General Level I appointed on/after 1/6/11 - €242,250 1 Deputy Secretary appointed on/after 1/7/10 – PPC €199,040 2 Assistant Secretary - €146,454.00 - €153,109 - €160,321 - €167,534 3 Assistant Secretary...

Written Answers — Department of Finance: Tax Reliefs (22 Jun 2023)

Michael McGrath: The National Disability Inclusion Strategy Transport Working Group (NDIS TWG), comprising members from a range of Departments, agencies and Disabled Persons Organisations, was tasked under Action 104 to review all Government-funded transport and mobility supports for those with a disability, including the Disabled Drivers and Disabled Passengers Scheme (DDS). The NDIS TWG final report was...

Written Answers — Department of Finance: Tax Reliefs (22 Jun 2023)

Michael McGrath: As I have stated previously in the House, the position is that the formulation and implementation of monetary policy in the eurozone and the setting of official interest rates is an independent matter for the ECB. The Government has no role in setting official interest rates, nor in setting the retail interest rates that lenders may charge on their loans, including mortgages. That is a...

Written Answers — Department of Finance: Legislative Reviews (22 Jun 2023)

Michael McGrath: In its 2022 Report, the Commission on Taxation and Welfare recommended that a review of the section 110 regime be undertaken. This recommendation has been incorporated into the Terms of Reference for the “Funds Sector 2030” Review which I published on 6 April this year. In line with the Terms of Reference, the Funds Review will, amongst other things, consider: ...

Written Answers — Department of Finance: Financial Services (22 Jun 2023)

Michael McGrath: Fintech firms use technology to deliver financial services and products to consumers. These services and products could be anything that relates to finance, including banking, insurance, and investing. Some fintech firms do not directly provide services to the consumer but instead use technology to support financial services. Any firm that offers a banking service, or a range of banking...

Written Answers — Department of Finance: Departmental Expenditure (22 Jun 2023)

Michael McGrath: The Code of Practice for the Governance of State Bodies 2016, Business and Financial Reporting Requirements provides that “State bodies should disclose details of expenditure on external consultancy/adviser fees in their annual report and/or financial statements for each accounting year for each entity”. The Code states that for the purpose of disclosure in financial...

Written Answers — Department of Finance: Departmental Expenditure (22 Jun 2023)

Michael McGrath: It was not possible for the Central Bank to provide the information sought in the time available and, therefore, I will make arrangements to provide the information to the Deputy in line with Standing Orders.

Written Answers — Department of Finance: Departmental Expenditure (22 Jun 2023)

Michael McGrath: The two Parliamentary Questions referred to differed in scope regarding the type of services and the financial information requested in respect of such services. Accordingly, the data provided in the two responses is not directly comparable. Parliamentary Question No. 381 of 13 June 2023, PQ reference 27962/23, sought details in respect of the total spend on consultancy services and on...

Written Answers — Department of Finance: Departmental Expenditure (22 Jun 2023)

Michael McGrath: It was not possible for the Central Bank to provide the information sought in the time available and, therefore, I will make arrangements to provide the information to the Deputy in line with Standing Orders.

Written Answers — Department of Finance: Regulatory Bodies (22 Jun 2023)

Michael McGrath: In November 2022 the Court of Justice of the European Union ruled, in Joined Cases C-37/20 and C-601/20, that a provision of the EU anti-money-laundering directive, under which information on the beneficial ownership of corporate and other legal entities, held in central registers, must be provided to the general public, is invalid. The Court found that the provision interfered with the...

Written Answers — Department of Finance: EU Directives (22 Jun 2023)

Michael McGrath: The negotiations on the scope of the Credit Servicers Directive have been concluded. It provides for a common EU framework for the transfer and management of bank-originated non-performing loans, including mortgages, which are transferred or sold after 29 December 2023. The Directive provides for an EU-wide regulatory arrangement for both the purchasers and servicers of such credit...

Written Answers — Department of Finance: Employment Support Services (22 Jun 2023)

Michael McGrath: While the Deputy refers to the Employment Wage Subsidy Scheme (EWSS), it is important to recall that the EWSS was a unique scheme which was developed and operated in exceptional circumstances during the Covid-19 pandemic. Arising from this, the governance arrangements that applied to EWSS were also exceptional. In the ordinary course of events, the position is that policy responsibility for...

Written Answers — Department of Finance: Mortgage Interest Rates (22 Jun 2023)

Michael McGrath: The formulation and implementation of monetary policy is an independent matter for the European Central Bank (ECB) and, as the Deputy is aware, the ECB has increased official interest rates over recent months as it attempts to combat inflation. The level of official interest rates influences the overall level of interest rates throughout the economy. However, the setting of retail...

Written Answers — Department of Finance: Tax Credits (22 Jun 2023)

Michael McGrath: As part of his Budget 2023 speech, my predecessor Minister Donohoe announced that he had instructed officials to explore opportunities to support the unscripted sector. This process is currently being undertaken within the Department. However, while this process is on-going, it is, as stated, an exploration of options and it should not be taken as an indication that a tax credit or...