Results 6,821-6,840 of 27,945 for speaker:Michael McGrath

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)

Michael McGrath: How much will potentially be in the pot for direct recapitalisation?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)

Michael McGrath: That is not being leveraged to raise more money. It is the quantum of money that is potentially available for direct recapitalisation.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)

Michael McGrath: The €60 billion is not for a set period. If part of it is used, would the fund be replenished to the €60 billion level?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)

Michael McGrath: What happens when that is gone?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)

Michael McGrath: The policy is that it is €60 billion for as long as it lasts.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)

Michael McGrath: Then there is the issue of the possible retroactive direct recapitalisation. Where does that fit with this?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)

Michael McGrath: Again, the window opens for that application at the same time as the ESM is formally constituted.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)

Michael McGrath: It is anticipated that will happen in November.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)

Michael McGrath: Are discussions under way on the issue of retroactive recapitalisation between the ESM and officials in the Department on behalf of the Government?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)

Michael McGrath: There are no discussions at this stage.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)

Michael McGrath: Are there other direct implications for Ireland in this legislation?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)

Michael McGrath: An example would be the financial contribution to the ESM.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)

Michael McGrath: In practical terms, if money is drawn down to meet a new capital shortfall, for example, and the Department goes through the relevant procedures and is successful and secures direct recapitalisation from the ESM, does the ESM then become a shareholder of the bank? What is its status? Is it an investment, equity or a loan?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)

Michael McGrath: Is it equity in ordinary share capital or preference share capital?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)

Michael McGrath: If the ESM becomes a significant shareholder in a bank, presumably its representative will sit on the board with a right to participate and vote.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)

Michael McGrath: If it becomes a majority shareholder and effectively in charge of running a bank, how is that envisaged that will work? Will it have a separate unit for dealing with the operational activities of a bank?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)

Michael McGrath: It would manage the investments.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)

Michael McGrath: Is there any provision for the ESM to pay more than the market value of shares? How does the valuation issue work?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)

Michael McGrath: In a retroactive one, is it case by case?

Written Answers — Department of Social Protection: Household Benefits Scheme (25 Sep 2014)

Michael McGrath: 32. To ask the Minister for Social Protection to set out the cost in 2015 of planned €100 payment to persons in receipt of the household benefits package to alleviate the impact of water charges; the additional cost of extending the payment to recipients of the fuel allowance who do not receive the household benefits package; and if she will make a statement on the matter. [36238/14]