Results 4,961-4,980 of 27,945 for speaker:Michael McGrath

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (25 Sep 2013)

Michael McGrath: The witness reached that conclusion in his mind but indicated that process was "still too slow", although "momentum is building". He has given a pretty strong defence of the bank's approach while criticising their inaction in the past and repeating some criticism about the slow speed of the process. In general, he is giving a pretty strong defence of the banks' approach. At least, that is...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (25 Sep 2013)

Michael McGrath: The reason I argue that Professor Honohan should withhold judgment is that we may be surprised at what the audits discover. For example, as the Chairman noted, the outstanding issue to emerge from the hearings we had with bank representatives three weeks ago was an extraordinary reliance on legal action or the threat of legal action to count towards mortgage arrears resolution targets....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (25 Sep 2013)

Michael McGrath: There is no question that in all the 15,000 cases in which legal letters have been issued, not every reasonable effort has been made to rescue the mortgage. The banks have not done so and Professor Honohan should not be giving an endorsement of their approach until the issue is concluded.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (25 Sep 2013)

Michael McGrath: Why did the audit of the banks' performance not commence before now, given they reported, I presume, in early July in respect of the quarter to the end of June? The Central Bank knew since last March that this would happen, so why was it not crawling all over the banks in the first week of July to check that targets had been met? The process has only commenced, so when will it be finished?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (25 Sep 2013)

Michael McGrath: Why did that not start in March?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (25 Sep 2013)

Michael McGrath: By November it is hoped to publish on the results to the end of June.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (25 Sep 2013)

Michael McGrath: A key issue is that the Central Bank has regulatory responsibility on the prudential side to supervise banks and ensure they are performing functions correctly, and there is also a regulatory function relating to consumer protection. When I consider the mortgage arrears targets programme, it is very much designed on the prudential side. I argue that it is skewed firmly in favour of banks....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (25 Sep 2013)

Michael McGrath: That is what happened. There is no definition from the consumer perspective. The Central Bank has a function, from the perspective of consumer protection, to give those in mortgage arrears a clear definition of a sustainable solution, and they have a right to a solution where they meet required criteria. Why has that not happened?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (25 Sep 2013)

Michael McGrath: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (25 Sep 2013)

Michael McGrath: Where is the definition of a sustainable mortgage from the perspective of a person in arrears?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (25 Sep 2013)

Michael McGrath: The witness made no criticism in his opening remarks of the mix of solutions offered by the banks. Considering the latest official data for the end of June, we are still not seeing long-term forbearance measures coming through in any significant way. There is no real sign of split mortgages, permanent interest rate reductions or debt-for-equity processes. Is the witness satisfied that the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (25 Sep 2013)

Michael McGrath: I will move to the issue of strategic default, as it was raised time and again by bank representatives when they came before us. One representative estimated that of the arrears book, approximately 20% is made up of strategic defaulters. They choose, for whatever reason, not to pay their mortgage despite having a capacity to do so. Professor Honohan has remained silent on this issue and I...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (25 Sep 2013)

Michael McGrath: I am glad the Governor has broken his silence on that issue today. It is important that he has described strategic default as a phony concept. The vast majority of people I meet who are in arrears are genuinely trying to make ends meet and are making great sacrifices to repay their mortgage.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (25 Sep 2013)

Michael McGrath: Yes, that is agreed. However, it is not acceptable and the Governor should challenge the assertion being made by the banks, in public, that 20% of those not paying their mortgage are deliberately not doing so. That casts a slur on the 100,000 people who are in arrears of 90 days or more, and it is not fair. The Governor should challenge it, go into the banks, test a sample of those in...

Leaders' Questions (26 Sep 2013)

Michael McGrath: What about household and all the other benefits?

Order of Business (26 Sep 2013)

Michael McGrath: When is the strategic investment fund to be put on a statutory footing? I think it comes under the NTMA (amendment) Bill. That initiative was first announced two years ago.

Written Answers — Department of Health: Home Care Packages (26 Sep 2013)

Michael McGrath: 35. To ask the Minister for Health his plans to introduce paediatric care packages for children with life-limiting conditions; and if he will make a statement on the matter. [40017/13]

Written Answers — Department of Finance: Job Creation Numbers (26 Sep 2013)

Michael McGrath: 71. To ask the Minister for Finance if he will provide in tabular form the number of jobs created under the Revenue job assist schemes; the cost of the scheme in each year from 2010 to 2012; and if he will make a statement on the matter. [40144/13]

Written Answers — Department of Finance: Tax Yield (26 Sep 2013)

Michael McGrath: 83. To ask the Minister for Finance the revenue that would be raised from extending betting tax to online bets; and if he will make a statement on the matter. [40269/13]

Written Answers — Department of Finance: Tax Yield (26 Sep 2013)

Michael McGrath: 84. To ask the Minister for Finance the revenue that would be raised from applying a 1% deduction to winning bets including online bets as recommended in the Indecon Report on the Irish Horse Racing Industry; and if he will make a statement on the matter. [40270/13]