Results 26,501-26,520 of 27,945 for speaker:Michael McGrath

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Housing Schemes (23 Nov 2023)

Michael McGrath: In the format in which we are operating, it is only possible for any of us to quote certain extracts from the report. The report is published and speaks for itself. The Government has considered it. In relation to phasing out the scheme, the House has just legislated for the extension of the scheme to the end of 2025, so that is the Government’s policy. For much of our history,...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Economic Data (23 Nov 2023)

Michael McGrath: I propose to take Questions Nos. 83 and 121 together. In its autumn forecasts released earlier this month, the European Commission projected Irish GDP to decline by 0.9% this year and to grow by 3% next year. This represents a downward revision from forecasts published in May, amid developments in the multinational-dominated sectors and normalising domestic demand. This negative GDP...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Economic Data (23 Nov 2023)

Michael McGrath: I thank both Deputies for their contributions. I will start with Deputy Doherty's questions. We are in a period of lower growth and we are forecasting broadly 2% growth in the domestic economy for next year, which is in line with what the Commission has forecast. When we compare last year's outturn, both in modified domestic demand and GDP which was almost 10%, we will feel the effects of...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Economic Data (23 Nov 2023)

Michael McGrath: It is all local. I assure the Deputy that the Government will continue to maintain a high level of public capital investment. It will be more than €13 billion next year. I hope, with the support of the House, we will have the new infrastructure, climate and nature fund which will help to ensure that over the years ahead, come what may economically, we will be able to sustain a high...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Economic Data (23 Nov 2023)

Michael McGrath: My assessment is that the labour market will continue to be tight. We will experience some softening over the period ahead but we remain confident in the outlook overall. We stand by the projections we made on the fiscal side and the macroeconomic side in the budget just a few short weeks ago. The next opportunity to update those projections will be in the stability programme update which...

Ceisteanna Eile - Other Questions: Universal Social Charge (23 Nov 2023)

Michael McGrath: As part of budget 2024, I introduced a personal income tax package to the value of €1.3 billion in 2024 and €1.5 billion in a full year. The tax package is built around three key pillars. These are changes to tax credits, the standard rate band and USC. The Government has sought to use each of these levers to spread the benefit of the available package as effectively as...

Ceisteanna Eile - Other Questions: Universal Social Charge (23 Nov 2023)

Michael McGrath: I thank Deputy Lawless. It is worth acknowledging that we are implementing the agreed position of the three parties in government. We negotiated a programme for government that provides for indexation of credits and bands as earnings have begun to grow following Covid. We have made significant progress on tax credits. Increasing credits results in a fair distribution of the benefit. We...

Ceisteanna Eile - Other Questions: Tax Code (23 Nov 2023)

Michael McGrath: I propose to take Questions Nos. 86 and 93 together. I thank Deputy Dillon for raising this issue. It has been the long-standing position of Government that the international tax system needs to keep pace with changes in how business is being conducted globally. In terms of the action occurring on tax issues in the crypto-asset sector, officials in the Department of Finance and Revenue...

Ceisteanna Eile - Other Questions: Tax Code (23 Nov 2023)

Michael McGrath: It is a complex area, and one that is rapidly evolving. My Department is paying close attention to developments in this area. It is important to say that Ireland is already recognised as a global leader in the exchange of information. Exchanging information on crypto-assets is important and reinforces our commitment to best international practice and tax transparency. Given the nature of...

Ceisteanna Eile - Other Questions: Tax Code (23 Nov 2023)

Michael McGrath: I assure the Deputy that the Revenue Commissioners are active in this space. It is important we take every opportunity to remind people of what the taxation obligations are, in particular in an emerging area such as digital assets. That is why, in April last year, the Revenue Commissioners updated their guidance on crypto-assets. They did not change their general guidance with regard to...

Ceisteanna Eile - Other Questions: Banking Sector (23 Nov 2023)

Michael McGrath: The credit servicers directive 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. It sets out an EU-wide regulatory arrangement for both the purchasers and servicers of such credit agreements, and in particular provides for a new EU authorisation framework for...

Ceisteanna Eile - Other Questions: Banking Sector (23 Nov 2023)

Michael McGrath: This directive will not substantially change the existing domestic regulatory framework governing loan sales, other than in the case of loans falling within scope, that is, non-performing loans sold by a bank to a non-bank from 30 December 2023. The purchaser of such loans will not now have to be authorised by the Central Bank or by a comparable competent authority in another member state....

Ceisteanna Eile - Other Questions: Banking Sector (23 Nov 2023)

Michael McGrath: First, it is a directive, so transposition is a requirement. We will transpose the directive by means of a ministerial order in the coming weeks and active work on that is ongoing. We already have a very well established body of law to protect the rights of consumers. We have the 2015 Act, amended by the 2018 Act. In many respects what the EU is doing here is catching up with what...

Ceisteanna Eile - Other Questions: Disability Services (23 Nov 2023)

Michael McGrath: I propose to take Questions Nos. 88, 106, 119 and 120 together. The national disability inclusion strategy transport working group, NDIS TWG, comprising members from a range of Departments, agencies and disabled persons' organisations, was tasked to review all Government-funded transport and mobility supports for those with a disability, including the disabled drivers and disabled...

Ceisteanna Eile - Other Questions: Disability Services (23 Nov 2023)

Michael McGrath: I thank the Deputies. As well as being a Minister in a Government, I am a practising TD and deal with individual cases all the time. That has helped me to reach the conclusion that the existing scheme is not the best way to address the needs of persons with a disability, whether they are drivers or passengers. It is a tax-based scheme. The gateway criterion entails eligibility for the...

Ceisteanna Eile - Other Questions: Disability Services (23 Nov 2023)

Michael McGrath: I thank the Deputies for their contributions. I believe they will acknowledge it is not a competence of the Department of Finance to define who should be eligible for transport supports and mobility supports arising from disability. We are continuing to administer the existing scheme and will do so until it is replaced. I have shown willingness to respond to events that have arisen and...

Ceisteanna Eile - Other Questions: Disability Services (23 Nov 2023)

Michael McGrath: I thank all the Deputies. We should acknowledge that many are benefiting from the existing scheme. I had the figures to hand during Committee Stage of the Finance Bill. Between the VRT, the tax, and the fuel grant, the figure for this year was in the order of €70 million to €80 million. Therefore, many are benefiting from the scheme. It is working well for them. However,...

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

Michael McGrath: The Disabled Drivers and Disabled Passengers (Tax Concessions) Scheme (DPD), legislated for under Statutory Instrument No. 353 of 1994 as amended, provides for the repayment or remission of VAT and Vehicle Registration Tax (VRT) on the purchase of an adapted vehicle for the transport of a person with specific severe and permanent physical disabilities. Qualification for the scheme also...

Written Answers — Department of Finance: Banking Sector (22 Nov 2023)

Michael McGrath: The Government approved the publication of the Retail Banking Review and the implementation of its recommendations on 29 November 2022. Each recommendation identifies the body or bodies responsible for delivery of that recommendation and, where appropriate, contain timelines for delivery of the recommendations. It is for the relevant bodies to consider and implement the recommendations...

Written Answers — Department of Finance: Prize Bonds (22 Nov 2023)

Michael McGrath: The NTMA have advised me as follows in respect of the information requested by the Deputy. The table below shows both the total amount of Prize Bond winnings from a monetary and volume perspective from November 2021 to October 2022 and from November 2022 to October 2023. - € prizes # prizes November 2021 to October 2022 15,801,100...