Results 3,541-3,560 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Banking Sector Remuneration (7 Nov 2012)

Michael McGrath: To ask the Minister for Finance if all current employees of Allied Irish Bank have now been transferred to a new defined contribution scheme; and if he will make a statement on the matter. [49042/12]

Written Answers — Department of Finance: Banking Sector Remuneration (7 Nov 2012)

Michael McGrath: To ask the Minister for Finance further to Parliamentary Question No. 52 of 24 October 2012, if he considered requesting the bank to make a section 50 application to the Pension Board to reduce the benefits payable to retired chief executive and other returned senior executives of the bank as part of the transfer of assets into the pension scheme to meet the new funding requirements; and if...

Written Answers — Department of Justice and Equality: Immigrant Investor Programme (7 Nov 2012)

Michael McGrath: To ask the Minister for Justice and Equality the number of applications received and approved to date under the immigrant investor programme and the start up entrepreneur scheme; and if he will make a statement on the matter. [48808/12]

Written Answers — Department of Transport, Tourism and Sport: Sports Capital Programme (7 Nov 2012)

Michael McGrath: To ask the Minister for Transport, Tourism and Sport the date on which he expects to publish the list of grants under the 2012 sports capital grant programme. [48776/12]

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Statement of Strategy 2011-2014: Discussion with Department of Finance (7 Nov 2012)

Michael McGrath: I welcome Mr. Moran and his colleagues from the Department. I wish to focus on some of the goals that are set out in the Department's statement of strategy. In the context of the macroeconomic picture and the fiscal forecasts, when will the Department publish its medium-term fiscal statement?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Statement of Strategy 2011-2014: Discussion with Department of Finance (7 Nov 2012)

Michael McGrath: Okay. As Mr. Moran will be aware, earlier today the European Commission again downgraded Ireland's growth forecast for the current year to 0.4%. The Department is still forecasting a rate of 0.7%. The Commission has predicted a rate of 1.1% for next year, while the Department is still predicting a rate of 2.2%. Is Mr. Moran in a position to advise as to the Department's revised forecasts...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Statement of Strategy 2011-2014: Discussion with Department of Finance (7 Nov 2012)

Michael McGrath: In light of Mr. Moran's acknowledgement that the forecasts for this year and next year will have to be revised downward - I presume this will also be the case for 2014 - there is no doubt but that both the public finances and the adjustment path that has been set out in respect of 2015 will be impacted upon. Will the revisions in question have an impact on the forthcoming budget? Is it...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Statement of Strategy 2011-2014: Discussion with Department of Finance (7 Nov 2012)

Michael McGrath: What does that mean in the context of the challenge for next year?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Statement of Strategy 2011-2014: Discussion with Department of Finance (7 Nov 2012)

Michael McGrath: To be fair, this is not a policy matter. It is a factual issue.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Statement of Strategy 2011-2014: Discussion with Department of Finance (7 Nov 2012)

Michael McGrath: Is Mr. Moran suggesting that this could have an impact on the forthcoming budget?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Statement of Strategy 2011-2014: Discussion with Department of Finance (7 Nov 2012)

Michael McGrath: To put it in specific terms, based on the numbers Mr. Moran is looking at currently, is an adjustment of €3.5 billion sufficient to achieve a deficit next year of 7.5%? He is focused on achieving the targets, and we all agree on that, but what are the numbers telling him in terms of what is required to get to the target next year given that downward revision of growth?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Statement of Strategy 2011-2014: Discussion with Department of Finance (7 Nov 2012)

Michael McGrath: Is it still the Department's position that our national debt is sustainable?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Statement of Strategy 2011-2014: Discussion with Department of Finance (7 Nov 2012)

Michael McGrath: When Ministers such as the Minister of State, Deputy Brian Hayes, and the Minister, Deputy Ruairí Quinn, say that Ireland's debt is not sustainable, that is at variance with the official Government position and the official Department of Finance position at this point in time.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Statement of Strategy 2011-2014: Discussion with Department of Finance (7 Nov 2012)

Michael McGrath: It is sustainable according to the Department. The document The Irish Economy in Perspective, which the Department published last May, clearly states that the debt is sustainable. That is the official position of the Department and therefore of the Government. We have had mixed messages.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Statement of Strategy 2011-2014: Discussion with Department of Finance (7 Nov 2012)

Michael McGrath: Is it still the Department's position that the overall debt to GDP ratio will peak next year at 120.3% and then begin to decline? As Mr. Moran will be aware, the Fiscal Advisory Council holds the view that there is a 40% chance that the debt will not stabilise by 2015 and could continue to grow as a percentage of GDP. Is he still predicting that it will peak next year and then begin to decline?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Statement of Strategy 2011-2014: Discussion with Department of Finance (7 Nov 2012)

Michael McGrath: I will move on to the issue of mortgages. Mr. Moran made some comments at the recent Irish Banking Federation conference at which Fiona Muldoon from the Central Bank also spoke. There was a common theme of some frustration at the speed with which the banks are dealing with the mortgage crisis. Mr. Moran made the point that there will be a need for some level of debt write-down or debt...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Statement of Strategy 2011-2014: Discussion with Department of Finance (7 Nov 2012)

Michael McGrath: Does Mr. Moran think that is an issue of operational capacity or an issue of a willingness to tackle the issue? Each bank has deployed hundreds of staff to deal with mortgage arrears but they are not getting down to the level of agreeing sustainable restructuring of debt with people. They are moving them to interest-only mortgages and extending the term of mortgages. The advance...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Statement of Strategy 2011-2014: Discussion with Department of Finance (7 Nov 2012)

Michael McGrath: On the issue of unemployment, it remains stubbornly high at 14.8%. I appreciate it is officially a matter for the Department of Jobs, Enterprise and Innovation, but it is dealt with in the Department of Finance's statement of strategy. It remains stubbornly high and it is difficult to see how it will come down, particularly in the absence of any recovery on the domestic side of the economy...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Statement of Strategy 2011-2014: Discussion with Department of Finance (7 Nov 2012)

Michael McGrath: Does Mr. Moran think that the level will not be coming down at the moment?

Credit Union Bill 2012: Second Stage (8 Nov 2012)

Michael McGrath: I am pleased to have an opportunity to contribute to the Second Stage debate on the Credit Union Bill, which we all agree is important legislation. There is broad acceptance within the credit union movement of the need for change in the area and of the need for the regulatory regime to be improved, and that should be the starting point of our debate on the Bill. We have been advised by the...