Results 4,281-4,300 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Mortgage Resolution Processes (27 Mar 2013)

Michael McGrath: To ask the Minister for Finance the reason certain banks operating in Ireland are covered by the recent announcement dealing with the restructuring of mortgages; if he intends to address this matter to ensure that the same opportunities are afforded to mortgage holders of banks not covered by the initiative; and if he will make a statement on the matter. [15382/13]

Written Answers — Department of Finance: Tax Code (27 Mar 2013)

Michael McGrath: To ask the Minister for Finance his views on the criteria used by Revenue to determine if a person engaged in work for one organisation is an employee of that organisation or qualifies legitimately to be a contractor. [15444/13]

Written Answers — Department of Finance: NAMA Staff Employment History (27 Mar 2013)

Michael McGrath: To ask the Minister for Finance the total number of members of the Board and Management Team of the National Assets Management Agency, with data separated between the Republic of Ireland and Northern Ireland who were previously employed, or acted as consultants to Ulster Bank, Bank of Ireland, Anglo-Irish Bank, Permanent TSB or Irish Nationwide within the past 10 years; and if he will make a...

Written Answers — Department of Finance: NAMA Portfolio Issues (27 Mar 2013)

Michael McGrath: To ask the Minister for Finance if his attention has been drawn to the practice of the National Assets Management Agency requiring the appointment of independent consultants or non-Executive Directors to the Boards of companies with loans outstanding to NAMA; if he will outline the recruitment and selection process for such consultants or non-Executive directors; if clear criteria is in place...

Written Answers — Department of Finance: NAMA Portfolio Issues (27 Mar 2013)

Michael McGrath: To ask the Minister for Finance if he will list those companies to which the National Assets Management Agency has recommended the appointment of independent consultants non-Executive Directors; if he will provide the identity of such individuals with numbers broken down between the Republic of Ireland and Northern Ireland; and if he will make a statement on the matter. [15476/13]

Written Answers — Department of Finance: NAMA Portfolio Issues (27 Mar 2013)

Michael McGrath: To ask the Minister for Finance if the National Assets Management Agency agrees that any non-Executive Director appointed to the Board of a company with loans outstanding to NAMA owes his or her fiduciary duty to the client company under the relevant company law of the Republic of Ireland or Northern Ireland as appropriate; and if he will make a statement on the matter. [15477/13]

Credit Reporting Bill 2012: Second Stage (28 Mar 2013)

Michael McGrath: I welcome the opportunity to speak on Second Stage of the Credit Reporting Bill 2012. I acknowledge that the Department has engaged in significant consultation with the key stakeholders in the finance industry, the Central Bank and the Data Protection Commissioner. I also acknowledge and thank the Oireachtas Library and Research Service for its excellent information on the Bill and the...

Other Questions: Diplomatic Representation (28 Mar 2013)

Michael McGrath: To ask the Tánaiste and Minister for Foreign Affairs and Trade if he has reviewed the effectiveness of having a non-resident ambassador to the Holy See; and if he will make a statement on the matter. [15599/13]

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Recovery and Resolution Framework for Financial lnstitutions: Discussion (4 Apr 2013)

Michael McGrath: I would like to welcome Mr. Carrigan and his colleagues from the Department of Finance and the Central Bank. I welcome the fact that a common bank resolution regime will eventually be in place throughout Europe. It is long overdue. It is a great pity one was not put in place a number of years ago, which could potentially have been to our benefit in Ireland. I will continue in the same...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Recovery and Resolution Framework for Financial lnstitutions: Discussion (4 Apr 2013)

Michael McGrath: I hear what Mr. Dempsey is saying, but I find it very unsatisfactory that that is the position. I know he is just explaining the current status of the ongoing negotiations, but that is the nub of the issue. The prevention and recovery plans, which are absolutely necessary, are prepared; this should have been done a long time ago. However, if it does come down to a situation in which there...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Recovery and Resolution Framework for Financial lnstitutions: Discussion (4 Apr 2013)

Michael McGrath: Is it the intention that that omission, as I would regard it, will be filled during the negotiations? Will more flesh be put on the bones concerning what one does with the losses at that point in the bail-in, after shareholders and subordinated bondholders have been hit? Will that be fleshed out or could it be left the way it is, which is inconclusive?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Recovery and Resolution Framework for Financial lnstitutions: Discussion (4 Apr 2013)

Michael McGrath: What is the current legal position? I understand that, aside from ECB policy, one of the reasons senior bondholders were not burned was that they ranked pari passu with depositors. They were equal in law. Is that still the case under Irish law?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Recovery and Resolution Framework for Financial lnstitutions: Discussion (4 Apr 2013)

Michael McGrath: If the banks, God forbid, needed more money and the EU was not prepared to sanction the deployment of the ESM to recapitalise them directly, shareholders and subordinated bondholders would take the hit. If depositors and senior bondholders are equal in law, what would happen with regard to them?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Recovery and Resolution Framework for Financial lnstitutions: Discussion (4 Apr 2013)

Michael McGrath: I hear what you are saying. It is a reasonable question to ask. This is a work in progress and, hopefully, greater clarity will be brought to bear before matters are finalised. Given what happened in Cyprus, people are entitled to ask where they stand as a matter of law - and will stand when the directive is finalised - in respect of any deposits they hold in excess of €100,000.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Recovery and Resolution Framework for Financial lnstitutions: Discussion (4 Apr 2013)

Michael McGrath: Up to €100,000.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Recovery and Resolution Framework for Financial lnstitutions: Discussion (4 Apr 2013)

Michael McGrath: If there are losses and a bank needs to be recapitalised, what will determine whether the ESM is used or the bail-in tools are deployed and losses are distributed?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Recovery and Resolution Framework for Financial lnstitutions: Discussion (4 Apr 2013)

Michael McGrath: A resolution fund was established in Ireland under the 2011 Act. How much money is in the fund? I understand €250 million was put in last year and that an equivalent amount is to be invested this year. Has part of the fund been drawn down by credit unions in need of additional capital and have we started to levy the financial institutions to repay the Minister the money he put in on...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Recovery and Resolution Framework for Financial lnstitutions: Discussion (4 Apr 2013)

Michael McGrath: How much has been received?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Recovery and Resolution Framework for Financial lnstitutions: Discussion (4 Apr 2013)

Michael McGrath: Is that the full amount for the current year? How much per year is being paid in?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Recovery and Resolution Framework for Financial lnstitutions: Discussion (4 Apr 2013)

Michael McGrath: I ask that the committee be sent a note by the officials setting out in tabular form the money that has been put into the fund, any outgoings to date, the interest earned and payments made by the eligible institutions.