Results 4,021-4,040 of 27,945 for speaker:Michael McGrath

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Access to Credit Provision: Discussion with Credit Review Office (20 Feb 2013)

Michael McGrath: I would class that as being drawn down.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Access to Credit Provision: Discussion with Credit Review Office (20 Feb 2013)

Michael McGrath: So the amount of new money available was €2.5 billion.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Access to Credit Provision: Discussion with Credit Review Office (20 Feb 2013)

Michael McGrath: The terms "lending targets", "draw-downs" and "sanctions" are used on an interchangeable basis. However, the reality is that the amount of new money from the €7 billion the banks were required to lend into the economy was €2.5 billion.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Access to Credit Provision: Discussion with Credit Review Office (20 Feb 2013)

Michael McGrath: The SMEs made repayments of approximately €4.5 billion and, as a result, the balance sheets of the banks actually contracted by approximately €2 billion. This means that the amount of money circulating in the economy in 2012 was €2 billion less than expected.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Access to Credit Provision: Discussion with Credit Review Office (20 Feb 2013)

Michael McGrath: I accept that demand is depressed. There is certainly no question about that. Will Mr. Trethowan indicate why so much of the sanctioned lending is not drawn down? Does his office ever assess the reasonableness of the conditions that are attached to loan offers? Businesses have informed me that the security requirements that are attached and the interest rates that form part of the loan...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Access to Credit Provision: Discussion with Credit Review Office (20 Feb 2013)

Michael McGrath: I am trying to get to the reason the numbers are so low. Will Mr. Trethowan give me an indication of the timeframe from when an SME first submits an application for a loan to the bank to when the application eventually ends up on his desk? I know the SME must first get a decision from the bank and then appeal the decision within the bank and that it is only following that decision that it...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Access to Credit Provision: Discussion with Credit Review Office (20 Feb 2013)

Michael McGrath: Mr. Trethowan is confirming that from the day the SME first applies to the bank for credit the application can end up on his desk within 30 working days.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Access to Credit Provision: Discussion with Credit Review Office (20 Feb 2013)

Michael McGrath: That has not been my experience. When SMEs come to me, I point to the option to go to the Credit Review Office, but they are so weary of dealing with banks for weeks and months they do not want to hear about going through another process. They apply to the banks and a few weeks later they comes back to them to look for more information that they did not look for initially - it is like...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Access to Credit Provision: Discussion with Credit Review Office (20 Feb 2013)

Michael McGrath: With the permission of the Chair, I have two other questions. What is the cost of the Credit Review Office? Has it cost approximately €1.5 million to date?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Access to Credit Provision: Discussion with Credit Review Office (20 Feb 2013)

Michael McGrath: It costs approximately €500,000 a year to run the office. Mr. Trethowan has upheld about 120 appeals so far and the banks have agreed to implement his recommendations in these cases. That works out at a figure of €12,500 for each successful appeal. Does this represent value for money?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Access to Credit Provision: Discussion with Credit Review Office (20 Feb 2013)

Michael McGrath: Mr. Trethowan has said only AIB and Bank of Ireland come under his umbrella and that AIB, Bank of Ireland and Ulster Bank are lending to SMEs in the economy. There is a distinct lack of competition. Does Mr. Trethowan have evidence of this and is it coming through in the way banks are interacting with customers? Has the lack of competition among banks in extending credit to SMEs become a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Access to Credit Provision: Discussion with Credit Review Office (20 Feb 2013)

Michael McGrath: Thank you, Mr. Trethowan.

Written Answers — Department of Jobs, Enterprise and Innovation: Retail Sector (21 Feb 2013)

Michael McGrath: To ask the Minister for Jobs, Enterprise and Innovation if, in view of the difficulties at retailers across the country, if he will examine the problems facing the sector; and if he will make a statement on the matter. [9077/13]

Written Answers — Department of Jobs, Enterprise and Innovation: Business Licences (21 Feb 2013)

Michael McGrath: To ask the Minister for Jobs, Enterprise and Innovation the measures that have been taken to reduce the number of licences required by businesses; and if he will make a statement on the matter. [9089/13]

Written Answers — Department of Finance: IBRC Staff (21 Feb 2013)

Michael McGrath: To ask the Minister for Finance his plans to improve the redundancy terms available to the employees of the Irish Bank Resolution Corporation, in special liquidation, in view of the fact that other staff members recently left the bank on significantly better redundancy terms and some of those who remained did so on the basis they would receive the same terms on the eventual wind down of the...

Written Answers — Department of Finance: IBRC Liquidation (21 Feb 2013)

Michael McGrath: To ask the Minister for Finance his plans to amend the Irish Bank Resolution Corporation Act 2013 to remove the stay on legal actions against the bank; and if he will make a statement on the matter. [9475/13]

Written Answers — Department of Finance: IBRC Liquidation (21 Feb 2013)

Michael McGrath: To ask the Minister for Finance the date on which his Department first communicated with KPMG regarding the possibility of their being appointed as special liquidator of the Irish Bank Resolution Corporation; the procurement procedures that applied; the estimated value of the contract; and if he will make a statement on the matter. [9476/13]

Written Answers — Department of Finance: Promissory Note Negotiations (21 Feb 2013)

Michael McGrath: To ask the Minister for Finance if it is his intention, provided all other economic indicators remain in line with the projections made in Budget 2013, to use the circa €1 billion improvement in the general Government balance as a result of the deal on the promissory notes to reduce the planned €3.1 billion adjustment in Budget 2014; and if he will make a statement on the...

Written Answers — Department of Finance: Revenue Commissioners Investigations (21 Feb 2013)

Michael McGrath: To ask the Minister for Finance if he will provide details of the actions taken by the Revenue Sheriff in 2012 including the number and value of goods and property seized; the number and value of attachment orders issued; and if he will make a statement on the matter. [9478/13]

Written Answers — Department of Finance: Revenue Commissioners Investigations (21 Feb 2013)

Michael McGrath: To ask the Minister for Finance if he will provide a detailed breakdown of the number, type and value of goods and property seized by County Sheriffs and County Registrars in 2012; and if he will make a statement on the matter. [9479/13]