Results 3,501-3,520 of 27,945 for speaker:Michael McGrath

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Michael McGrath: Has that happened yet?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Michael McGrath: How are these particular pensions funded? Does the money come from a separate AIB executive defined benefit pension scheme? Is it separate from the normal scheme AIB is changing from a defined benefit to a defined contribution scheme? Is there a specific executive pension scheme?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Michael McGrath: Am I correct in saying that is the same scheme that has benefited from the transfer of the €1.1 billion of loan assets transferred from the bank to the pension scheme in order to meet its funding requirements and future pension liabilities?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Michael McGrath: Essentially, money that is owed to the bank by its debtors, instead of being repaid to the bank, is being paid into a pension scheme which will now fund the payment of enormous pensions to Mr. Sheehy, Mr. Doherty and many others. Is that the case?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Michael McGrath: I wish to move on to the issue of mortgages. In the questionnaire submitted AIB has indicated that even at a 4% standard variable rate for mortgages, variable mortgages are still loss making. In the presentation Mr. Duffy has pointed out that the cost of funding now is 2.79%. I presume he is taking into account ELG costs, bad debt provision, etc. in saying that even at 4%, the bank is...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Michael McGrath: The essential issue is that the tracker mortgages are haemorrhaging in terms of losses. The variable-rate mortgages might be marginally loss-making but if one is charging 1.75% on tracker mortgages, the losses there are absolutely enormous. I know the bank denies the claim that variable-rate customers are subsidising tracker mortgages but essentially they are. One would not need to charge...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Michael McGrath: With regard to the advanced forbearance options referred to in the presentation, such the split mortgage trade down and mortgage-to-rent, Mr. Murphy said that these have been available on a pilot basis since July 2012 and full roll-out is in train. Am I correct in saying that the bank has actually executed some of these solutions for individual distressed borrowers? They have been piloted....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Michael McGrath: In respect of split mortgages, which Mr. Murphy said the bank was implementing, is the part-capital element of the mortgage accruing interest under the AIB model?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Michael McGrath: There is inherent debt forgiveness built into that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Michael McGrath: That is happening?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Michael McGrath: They are laser points.

Public Health (Tobacco) (Amendment) Bill 2012: First Stage (6 Nov 2012)

Michael McGrath: I move:That leave be granted to introduce a Bill entitled an Act to amend the Public Health (Tobacco) Act 2002 to regulate the retail packaging and appearance of tobacco products in order to improve public health and to discourage the use of tobacco products and for related purposes.

Public Health (Tobacco) (Amendment) Bill 2012: First Stage (6 Nov 2012)

Michael McGrath: I move: "That the Bill be taken in Private Members' time."

Fiscal Responsibility Bill 2012: Report Stage (6 Nov 2012)

Michael McGrath: I welcome the opportunity to contribute to Report Stage of the Fiscal Responsibility Bill. I did not have much success with the amendments I tabled on Committee Stage and so did not repeat them again on Report Stage. However, I wish to make some comments on the amendments tabled by Deputy Pearse Doherty, many of which relate to the plan the Government is required to introduce under the...

Written Answers — Department of Agriculture, Food and the Marine: Fishing Industry Development (6 Nov 2012)

Michael McGrath: To ask the Minister for Agriculture, Food and the Marine if he intends publishing a policy on the development of the inshore fishing industry for coastal and island communities; and if he will make a statement on the matter. [48270/12]

Written Answers — Department of Agriculture, Food and the Marine: Island Communities (6 Nov 2012)

Michael McGrath: To ask the Minister for Agriculture, Food and the Marine the role his Department plays in ensuring the viability of island communities in particular in relation to the development of farming and fishing and the provision of piers on islands; and if he will make a statement on the matter. [48271/12]

Written Answers — Department of Finance: Banking Sector Staff (6 Nov 2012)

Michael McGrath: To ask the Minister for Finance the number of staff who have left Irish Bank Resolution Corporation Limited since January 1 2011 to join AIB and Bank of Ireland; if he will provide details of the posts which these persons vacated at IBRC and the posts they took up in AIB and Bank of Ireland. [47863/12]

Written Answers — Department of Finance: Banking Sector Remuneration (6 Nov 2012)

Michael McGrath: To ask the Minister for Finance the number of staff that are on a total remuneration package including pension payments, allowances and benefits of between €100,000 and €200,000, between €200,000 and €300,000, between €300,000 and €400,000, between €400,000 and €500,000; and the number with more than €500,000 at IBRC. [47864/12]

Written Answers — Department of Finance: National Asset Management Agency (6 Nov 2012)

Michael McGrath: To ask the Minister for Finance the number of staff that are on a total remuneration package including pension payments, allowances and benefits between €100,000 and €200,000, between €200,000 and €300,000, between €300,000 and €400,000, between €400,000 and €500,000; and the number with more than €500,000 at the National Assets...

Written Answers — Department of Finance: National Asset Management Agency (6 Nov 2012)

Michael McGrath: To ask the Minister for Finance the number of staff departures there have been from National Assets Management Agency since it was established in December 2009. [47866/12]