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]