Results 4,661-4,680 of 27,945 for speaker:Michael McGrath
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)
Michael McGrath: Will certain functions be delegated to the domestic central bank, such as site visits, inspections and that kind of work?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)
Michael McGrath: Here, the pillar banks will be in category 1. Therefore, all direct contact between those banks and their regulator will be with the ECB directly. Is that the thrust of it?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)
Michael McGrath: What are the consequences of this for our Central Bank? Clearly, it will still have a role in regard to non-category 1 regulated entities. What are the implications in terms of the resources that will be needed? Staff currently involved in regulating the pillar banks will no longer be doing that for the Central Bank. Is there a strategy involved?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)
Michael McGrath: They may do the work as an agent of the ECB.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)
Michael McGrath: The Minister mentioned in his contribution that he hopes the deposit guarantee scheme will be agreed at European level. What changes are proposed in that regard? Does this mean, for example, that the €100,000 figure guaranteed here will be the standard across Europe? Will it be a standard figure and will the agreement have an impact on the deposit protection account the Central Bank...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)
Michael McGrath: Currently, there is more than €300 million in the deposit protection account with the Central Bank. If the banking system collapsed tomorrow morning, that would not go anywhere near meeting the requirements of the insured deposits of up to €100,000. Will there be an insurance element which will involve third parties?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)
Michael McGrath: At present, that liability would run into tens of billions of euro. My final question relates to the budget process here. The Minister referred to the changes brought about by the two-pack agreement in Europe and our budget has been brought forward to 15 October. What is the role of the European authorities in regard to that budget? For example, is the Minister required to submit a draft...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)
Michael McGrath: Thank you.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)
Michael McGrath: I asked earlier if all of this applied to both failing banks and banks needing capital, and the Minister said that it did.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)
Michael McGrath: Bail-in rules will not be there for five years anyway.
- Leaders' Questions (4 Jul 2013)
Michael McGrath: I want to raise with the Tánaiste some comments by the outgoing Financial Regulator which I believe have not got the attention they deserve so far. During a recent appearance before the Committee of Public Accounts, Matthew Elderfield called for a review of Ireland's regime for dealing with white collar crime. I fully support that call. To be clear, I am not looking for a response on...
- Leaders' Questions (4 Jul 2013)
Michael McGrath: I thank the Tánaiste for his reply, which I largely welcome. I was clear that my comments were not directed in any way at the current investigations. The Tánaiste is correct in saying there is already a substantial body of law in place. Investigations are under way and offences will have to be dealt with through the criminal justice system. That is taken as a given. The issue I...
- Leaders' Questions (4 Jul 2013)
Michael McGrath: That is regulation.
- Order of Business (4 Jul 2013)
Michael McGrath: I wish to raise a couple of Bills. The Government has announced again that the strategic investment fund will be established on a statutory basis, with the Bill in question the National Treasury Management Agency (amendment) Bill. It comes almost two years from the original announcement in September 2011 but it is a very important Bill that will help to channel upwards of €6 billion...
- Order of Business (4 Jul 2013)
Michael McGrath: That is not true.
- Central Bank (Supervision and Enforcement) Bill 2011: Amendments from the Seanad (4 Jul 2013)
Michael McGrath: Does amendment No. 4 on the Bankers' Books Evidence Act 1879 - I would be the first to acknowledge that I am not terribly familiar with it - relate to any issue that has been raised with the Department concerning the admissibility of evidence? Is it something officials have identified themselves or is it something that has arisen in the course of ongoing investigations?
- Central Bank (Supervision and Enforcement) Bill 2011: Amendments from the Seanad (4 Jul 2013)
Michael McGrath: Well spotted.
- Other Questions: Child Care Services Provision (4 Jul 2013)
Michael McGrath: 10. To ask the Minister for Children and Youth Affairs the resources that will be required to ensure the successful implementation of the Síolta and Aistear strategies; and if she will make a statement on the matter. [32563/13]
- Mortgage Arrears Proposals: Motion [Private Members] (9 Jul 2013)
Michael McGrath: I move:“That Dáil Éireann: notes:-- the latest mortgage arrears statistics published by the Central Bank showing a further increase in the number of arrears cases with 142,118 family home mortgages in arrears at 31st March, 2013; -- that, as a result of various initiatives by Government and the Central Bank, the balance of power has shifted firmly in favour of the banks and...
- Mortgage Arrears Proposals: Motion [Private Members] (9 Jul 2013)
Michael McGrath: This is the second time in six months that we have tabled a Private Members' motion relating to the mortgage crisis which is hitting every community across the country. Despite promises at the time from Ministers that decisive action was being taken to confront the problem head on, we now see the situation is actually getting worse. In the intervening period the numbers of arrears cases...