Results 5,161-5,180 of 27,945 for speaker:Michael McGrath

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Local Property Tax: Discussion with Revenue (7 Nov 2013)

Michael McGrath: I am sure they would not mind not having the choice of paying it now.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Local Property Tax: Discussion with Revenue (7 Nov 2013)

Michael McGrath: Approximately 40,000 have as of today had their debit or credit cards debited for the LPT.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Local Property Tax: Discussion with Revenue (7 Nov 2013)

Michael McGrath: Absolutely. With regard to why Revenue cannot retain the card details and put the transaction through in the new year, is that a contractual issue with the payment provider?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Local Property Tax: Discussion with Revenue (7 Nov 2013)

Michael McGrath: I refer to penalties relating to returns. There has been considerable confusion and public commentary on the issue. I know that Revenue has extended by one week the deadline for paper filing, which is welcome. However, what will be the Revenue approach to people who miss the filing deadline? Will it take a lenient approach given that there has been such confusion?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Local Property Tax: Discussion with Revenue (7 Nov 2013)

Michael McGrath: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Local Property Tax: Discussion with Revenue (7 Nov 2013)

Michael McGrath: Ms Feehily indicated that the compliance rate for the 2013 liability is approximately 91%, which is a high rate. However, it still leaves approximately 150,000 property owners who have not complied. What approach is Revenue taking with those? I know a few Deputies who refused to pay the tax have had their salaries deducted. Is the net closing on the 9% or 10% who have not paid?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Local Property Tax: Discussion with Revenue (7 Nov 2013)

Michael McGrath: What commitment is Ms Feehily making to the committee on the key issue of the payment in advance? She mentioned examining the contract to see what could be done on that issue. What commitment can she give us and more importantly taxpayers that the issue of paying in advance will not occur again?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Local Property Tax: Discussion with Revenue (7 Nov 2013)

Michael McGrath: I thank Ms Feehily.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)

Michael McGrath: I thank Mr. Carrigan and his colleagues for coming before us. In what circumstances will the single resolution mechanism kick in? Will it be where a bank goes bust or where a need for additional capital is identified following stress tests?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)

Michael McGrath: Therefore, it can apply where a bank completely fails and is going out of business or where it is in real trouble and a resolution formula is required.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)

Michael McGrath: Does the single resolution proposal set out the detail of the hierarchy relating to how losses are to be distributed from equity investors to junior bondholders all the way down to insured deposits?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)

Michael McGrath: When is it is envisaged that the SRM will be up and running and that the common resolution hierarchy, the bail-ins as such, will be in operation?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)

Michael McGrath: With regard to the resolution fund and the contribution by the financial institutions to it, will that start in 2015 as well?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)

Michael McGrath: It would be at a level of 1% of covered deposits. Is there any estimate of what would cost Irish banks?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)

Michael McGrath: Would that then replace any national fund or will the banks be paying into a national resolution fund and an European one?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)

Michael McGrath: Are they currently paying into a national resolution fund?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)

Michael McGrath: Europe-wide stress tests will be carried out next year and if that process were to reveal a black hole in the banks' balance sheets and that they need additional capital, then even if this was up and running, that matter would not be dealt with under the SRM, rather it would still be a matter for the investors or whoever to make good the capital shortfall.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)

Michael McGrath: Okay.

Access to Credit: Motion [Private Members] (12 Nov 2013)

Michael McGrath: I welcome the opportunity to contribute on this debate, the importance of which is the reason Fianna Fáil decided to dedicate our Private Members' time to the issues of lending and the establishment of a State-owned, SME-focused new enterprise bank. The debate's starting point is to acknowledge that we have a real problem. If we do not acknowledge the problem with availability of...

Written Answers — Department of Finance: Property Taxation Exemptions (12 Nov 2013)

Michael McGrath: 94. To ask the Minister for Finance if he will arrange for the Revenue Commissioners to cease deducting the local property tax from a person's wages (details supplied) in County Cork as this person qualifies for an exemption as a first-time buyer. [48030/13]