Results 5,521-5,540 of 27,945 for speaker:Michael McGrath

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Estimates for Public Services 2014
Vote 7 - Office of the Minister for Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (15 Jan 2014)

Michael McGrath: I have a question for the Minister. The matter is dealt with on page 31, context and impact indicator related information. It compares the targets that the office faced at the end of September, and then the outcome. It is falling considerably behind on accounts to be certified by the end of September 2013. It was to be 252 and in practice, it was 204. The percentage of current year...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Estimates for Public Services 2014
Vote 7 - Office of the Minister for Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (15 Jan 2014)

Michael McGrath: The Revenue Commissioners seem to be adopting a much more forensic and targeted approach to audits. One of the outputs from 2013 was that risk-based audit and compliance interventions yielded over €550 million. The targeted output for 2014 points to an increased yield from such interventions. Clearly, the Revenue Commissioners have had a lot of success in this regard. Can the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Estimates for Public Services 2014
Vote 7 - Office of the Minister for Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (15 Jan 2014)

Michael McGrath: The high-yield areas that have been identified.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Estimates for Public Services 2014
Vote 7 - Office of the Minister for Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (15 Jan 2014)

Michael McGrath: That is quite a lot. I thank the Minister.

Ceisteanna - Questions - Priority Questions: IBRC Liquidation (16 Jan 2014)

Michael McGrath: 1. To ask the Minister for Finance the current state of the liquidation process for the Irish Bank Resolution Corporation; the level of discount he expects will apply to IBRC’s loan book; if he expects to make a payment to the National Asset Management Agency in respect of the loans it will take on; and if he will make a statement on the matter. [1767/14]

Ceisteanna - Questions - Priority Questions: IBRC Liquidation (16 Jan 2014)

Michael McGrath: The purpose of this question is to get a sense of the status of the liquidation of IBRC. It is almost 12 months since this House passed emergency legislation to appoint special liquidators. The truth is that we are very firmly in the dark as to how that liquidation process is going in terms of valuations and the book value of the assets. Yesterday the Minister for Finance gave some...

Ceisteanna - Questions - Priority Questions: IBRC Liquidation (16 Jan 2014)

Michael McGrath: The fundamental question is when will we have a comprehensive picture of what is going on in respect of the liquidation of IBRC. That, in essence, is what I seek to find out. Is it not the case that the prohibition that exists in the case of NAMA, which we discussed at a meeting of the Oireachtas Select Sub-committee on Finance yesterday, preventing that organisation from selling loans back...

Ceisteanna - Questions - Priority Questions: IBRC Liquidation (16 Jan 2014)

Michael McGrath: I thank the Minister for his reply. When will we see all of that information, even in aggregate form? The instruction the Minister gave was that the assets would be sold by 31 December or as soon as practicable thereafter. I think those were the words he used in the instruction to the special liquidators. When will the drawbridge come down on this? Is it at the end of the first quarter...

Ceisteanna - Questions - Priority Questions: IBRC Liquidation (16 Jan 2014)

Michael McGrath: Some protections are outside the contract because they are statutory protections. That is the point.

Ceisteanna - Questions - Priority Questions: Small and Medium Enterprises Supports (16 Jan 2014)

Michael McGrath: 4. To ask the Minister for Finance when finance from KfW will be available to Irish small and medium-sized enterprises, SMEs; the amount of funding he expects to be available; the type of lending that will be undertaken; if a memorandum of understanding has been drawn up with KfW; and if he will make a statement on the matter. [1768/14]

Ceisteanna - Questions - Priority Questions: Small and Medium Enterprises Supports (16 Jan 2014)

Michael McGrath: As the Minister knows, the Taoiseach announced in November a new collaborative initiative with a German development bank, KfW. The purpose of my question is to seek additional information as to how the discussions between the Irish and German authorities have been proceeding. Will the Minister give the House a picture of how the new arrangement will work in practice and how KfW will be able...

Ceisteanna - Questions - Priority Questions: Small and Medium Enterprises Supports (16 Jan 2014)

Michael McGrath: I thank the Minister for his reply. Any potential new source of funding for SMEs is to be welcomed. I am seeking new information on the shape of the arrangement. The Minister referred to KfW in Germany extending finance to SMEs through commercial banks. As such, one would assume that a similar arrangement would apply in Ireland. This would necessitate the involvement of the Irish banks....

Ceisteanna - Questions - Priority Questions: Small and Medium Enterprises Supports (16 Jan 2014)

Michael McGrath: This new initiative, which I welcome, is recognition of the fact that Irish banks are not meeting the lending needs of the economy fully. A new initiative such as this one is necessary. I acknowledge the Minister's point that the initiative's announcement helped to promote a positive backdrop for Ireland as we exited the programme. Have the Irish banks been involved in discussions on the...

Other Questions: Banking Sector Issues (16 Jan 2014)

Michael McGrath: 8. To ask the Minister for Finance the implications for banks’ capital levels and their capacity to increase lending of the bank Asset Quality Review; and if he will make a statement on the matter. [1628/14]

Other Questions: Banking Sector Issues (16 Jan 2014)

Michael McGrath: This question relates to the recent Asset Quality Review of the main Irish banks which is a precursor to the European-wide stress tests next year. My concern is the element of uncertainty created following the announcements by the banks of the affect of the outcome of that review on their balance sheets. All of the banks have stated that they are still above the minimum regulatory capital...

Other Questions: Banking Sector Issues (16 Jan 2014)

Michael McGrath: I thank the Minister for his reply. Can the Minister confirm that the European Central Bank has accepted that the bank balance sheet review will form part of the stress tests that will take place later this year? In other words, does it accept that that box has been ticked and the balance sheets do not have to be reviewed again? I am concerned that the Central Bank did not announce the...

Other Questions: Banking Sector Issues (16 Jan 2014)

Michael McGrath: When Mario Draghi spoke in December, he was questioned about the outcome of the balance sheet reviews. He referred to decisive action being required in respect of the Irish banks. That was seen in the context of the balance sheet reviews which had just been published and interpreted by the banks. Will the Minister give us his interpretation of what Mr. Draghi was referring to when he spoke...

Other Questions: Mortgage Arrears Proposals (16 Jan 2014)

Michael McGrath: 9. To ask the Minister for Finance if he is satisfied with the pace and manner in which the banks are implementing the mortgage arrears resolution targets; and if he will make a statement on the matter. [1629/14]

Other Questions: Mortgage Arrears Proposals (16 Jan 2014)

Michael McGrath: This relates to the issue that Deputy Doherty raised in respect of the handling by the banks of the mortgage arrears crisis and, in particular, the mortgage arrears resolution targets programme. Following its audit of the arrears targets programme, the Central Bank confirmed that in the first quarter, 60% of the proposed solutions were in the surrender or repossession category. The figure...

Other Questions: Mortgage Arrears Proposals (16 Jan 2014)

Michael McGrath: It is important the letters threatening repossession and the cases resulting in voluntary surrender are recorded in a separate category. They are not sustainable solutions. They result in the ending of the mortgage. One could regard them as a permanent solution from the point of view of the banks. However, the Department of Finance and the Central Bank should be adopting the same...