Results 3,781-3,800 of 27,945 for speaker:Michael McGrath

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion with Permanent TSB (19 Dec 2012)

Michael McGrath: Mr. MacSharry and Ms Hayes are both very welcome. Is there anything at all that differentiates what the public interest directors do compared to the other directors of the company? Is there anything that differentiates their role as public interest directors, or is it literally a title in name only?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion with Permanent TSB (19 Dec 2012)

Michael McGrath: My sense is that the appointment of public interest directors was a good idea. Citizens would expect, however, that such directors would be more visible and be seen to be openly defending the public interest. Mr. MacSharry hit the core point in his opening remarks - that he has the same legal and fiduciary responsibilities as the other directors. That is the position under company law....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion with Permanent TSB (19 Dec 2012)

Michael McGrath: After having been on the board for four years, does Mr. MacSharry have any suggestions on how the role of a public interest director can be uniquely defined or improved? There must be some action that could set a public interest director's position apart from that of the other directors. The State has put billions of euro into Permanent TSB and the other banks. Accordingly, people expect...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion with Permanent TSB (19 Dec 2012)

Michael McGrath: Has Mr. MacSharry had any meetings or dialogue with the Minister directly or the Department over the past 12 months? Is there any formal communication channel that is unique to the role of public interest director?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion with Permanent TSB (19 Dec 2012)

Michael McGrath: That deals with the core issue and is a policy matter that will have to be taken up. Mr. MacSharry referred in his opening statement to the liability management exercises that have saved the bank approximately €1.2 billion. Junior bondholders who suffered losses because of such an exercise in IBRC, Irish Bank Resolution Corporation, have taken a successful case in the UK. It has...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion with Permanent TSB (19 Dec 2012)

Michael McGrath: What is Mr. MacSharry's vision for the bank? A restructuring is in place and there is the core business of providing mortgage lending. It is important that this business would be retained and developed, as well as providing more competition in the banking sector. Obviously, the bank is downsizing, has lost many staff and the directors are dealing with past mistakes. How does Mr. MacSharry...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion with Permanent TSB (19 Dec 2012)

Michael McGrath: What role does the board of directors have in dealing with mortgage arrears? How regularly does the board deal with this issue? What reports does it receive as to how the bank is dealing with mortgage arrears? Permanent TSB's arrears rate is higher than the average which is a concern as this is a core element of the bank's business. There is a frustration among borrowers that the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion with Permanent TSB (19 Dec 2012)

Michael McGrath: The directors touched on the interest rate issue in their opening statements. It is to be welcomed that the standard variable rate being charged has come down. The bank was once a significant outlier in this regard and was charging customers way in excess of what the other banks were charging. I feel very sorry for customers on a variable rate paying 4% to 4.5% when someone on a tracker is...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion with Permanent TSB (19 Dec 2012)

Michael McGrath: Is it realistic that people are looking at reductions as opposed to increases?

Written Answers — Department of Transport, Tourism and Sport: Search and Rescue Service (20 Dec 2012)

Michael McGrath: To ask the Minister for Transport, Tourism and Sport if he will provide an update on his action plan to address concerns regarding maritime transport and marine emergency response; and if he will make a statement on the matter. [57214/12]

Written Answers — Department of Finance: Household Charge (20 Dec 2012)

Michael McGrath: To ask the Minister for Finance further to Parliamentary Question No. 62 of 12 December 2012, if he will point out specifically where in the budget documentation the cessation of the household charge in 2013 is taken account of; and his views on whether fairer and more consistent presentation of the budget numbers would have involved netting off the cessation of the household charge, which...

Written Answers — Department of Finance: Mortgage Debt (20 Dec 2012)

Michael McGrath: To ask the Minister for Finance the number of regulated financial institutions that have sold all or part of their mortgage loan books in the past three years; the protection that mortgage holders are entitled to when such sales occur to institutions that are not covered by the mortgage arrears resolution process; and if he will make a statement on the matter. [57591/12]

Written Answers — Department of Finance: Mortgage Interest Relief (20 Dec 2012)

Michael McGrath: To ask the Minister for Finance the number of mortgage customers whose mortgage interest relief has been stopped in 2012 due to arrears or non payment in respect of their mortgage; the guidelines he has issued regarding same; if a person may have their mortgage interest relief re-instated once their repayments are once again on schedule; and if he will make a statement on the matter. [57592/12]

Written Answers — Department of Finance: Credit Unions Regulation (20 Dec 2012)

Michael McGrath: To ask the Minister for Finance if lending restrictions have been applied to a credit union (details supplied) by the Central Bank of Ireland [57593/12]

Written Answers — Department of Finance: Exceptional Liquidity Assistance (20 Dec 2012)

Michael McGrath: To ask the Minister for Finance if an indicative timetable has been agreed with the European Central Bank in respect of ELA lending made by the Central Bank of Ireland to Irish Bank Resolution Corporation; and if he will make a statement on the matter. [57594/12]

Written Answers — Department of Finance: Mortgage Arrears (20 Dec 2012)

Michael McGrath: To ask the Minister for Finance his views on the level of arrears across the buy-to-let mortgage book; the Government's strategy for dealing with the problem; and if he will make a statement on the matter. [57611/12]

Written Answers — Department of Finance: Promissory Notes (20 Dec 2012)

Michael McGrath: To ask the Minister for Finance if, in the absence of an agreement with the European Central Bank to restructure the liability, it is his intention to pay the €3.1 billion due to the Irish Bank Resolution Corporation on 31 March 2013 in respect of the promissory note [57613/12]

Written Answers — Department of Finance: Banking Sector Redundancies (20 Dec 2012)

Michael McGrath: To ask the Minister for Finance if he will provide details of the number of AIB employees who have applied to avail of the voluntary redundancy scheme; the estimated total cost of the voluntary redundancy scheme; if he will confirm the existing number of employees at the bank and the optimum number being targeted on the conclusion of the redundancy programme. [57614/12]

Written Answers — Department of Finance: Banking Sector Remuneration (20 Dec 2012)

Michael McGrath: To ask the Minister for Finance when he expects to have the Mercer Report on remuneration levels within the covered institutions to hand; when he expects to make decisions in respect of same and when he plans to publish the report.; and if he will make a statement on the matter. [57615/12]

Written Answers — Department of Finance: Fiscal Policy (20 Dec 2012)

Michael McGrath: To ask the Minister for Finance the anticipated adjustment in Budget 2014; if he will confirm the split between taxation and expenditure measures; and if he will confirm the amount of the adjustment that is already accounted for by way of carry forward of measures announced in Budget 2013. [57616/12]