Results 7,401-7,420 of 27,945 for speaker:Michael McGrath

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Business of Joint Committee
General Scheme of Sale of Loan Books to Unregulated Third Parties Bill 2014: Discussion (3 Dec 2014)

Michael McGrath: I welcome our guests and apologise for being late. I will pick up on the issue Deputy Pearse Doherty was teasing out. My instinct is that drawing a distinction between the service provider and the owner of a loan creates many issues and has the potential to dilute the thrust of the legislation. The Department of Finance's statement makes it clear that it has concluded that it would be...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Business of Joint Committee
General Scheme of Sale of Loan Books to Unregulated Third Parties Bill 2014: Discussion (3 Dec 2014)

Michael McGrath: I do not think anybody is saying they should not be regulated. It is not really-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Business of Joint Committee
General Scheme of Sale of Loan Books to Unregulated Third Parties Bill 2014: Discussion (3 Dec 2014)

Michael McGrath: I appreciate that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Business of Joint Committee
General Scheme of Sale of Loan Books to Unregulated Third Parties Bill 2014: Discussion (3 Dec 2014)

Michael McGrath: Can I tease out how this will work in practice if, as Mr. Joyce said, the Central Bank has not taken any enforcement action for possible non-compliance with the code of conduct on mortgage arrears against any financial institutions? If an issue did arise in this circumstance the Central Bank would take enforcement action against the service provider.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Business of Joint Committee
General Scheme of Sale of Loan Books to Unregulated Third Parties Bill 2014: Discussion (3 Dec 2014)

Michael McGrath: So if sanctions, fines, penalties and so forth were imposed the service provider would be liable. What would govern the relationship between the service provider and the owner of the loan in respect of those issues? Would the owner of the loan require the service provider to sign an indemnity that if such regulatory and compliance issues arose, the owner would not be responsible? From a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Business of Joint Committee
General Scheme of Sale of Loan Books to Unregulated Third Parties Bill 2014: Discussion (3 Dec 2014)

Michael McGrath: I accept that but one can be fairly certain on what will happen. The new owners of the loans will not take any risk of possible non-compliance by the service provider. They will make sure contractually that they are covered and indemnified on that issue. Is that the road we want to go down where the actual owner of the mortgage is effectively exempt from compliance because he or she has no...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Business of Joint Committee
General Scheme of Sale of Loan Books to Unregulated Third Parties Bill 2014: Discussion (3 Dec 2014)

Michael McGrath: I am asking if individual cases would be elevated up the line at any point to the private equity firm for final sign-off or decision or do all matters relating to the administration of the loan have to be dealt with by the service provider, including decisions on new restructurings of the loan?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Business of Joint Committee
General Scheme of Sale of Loan Books to Unregulated Third Parties Bill 2014: Discussion (3 Dec 2014)

Michael McGrath: Perhaps I can put a question to FLAC, as devil's advocate. We understand that more than 10,000 mortgages have been sold to unregulated entities. Is there a pattern of trouble? Has a pattern of alleged non-compliance with the codes emerged? The new owners, generally private equity firms, have signed up to voluntary compliance. Is that happening? I appreciate it is difficult to gauge...

Written Answers — Department of Finance: Property Taxation Rate (4 Dec 2014)

Michael McGrath: 81. To ask the Minister for Finance if he is conducting a formal review of the local property tax in particular, in respect of the revaluation date of November 2016; and if he will make a statement on the matter. [46724/14]

Written Answers — Department of Finance: Central Bank of Ireland (4 Dec 2014)

Michael McGrath: 73. To ask the Minister for Finance if he was ever briefed by the Central Bank of Ireland regarding contingency plans providing for the army to surround banks here because of a risk the banks would run out of money; the person that provided him this briefing and those who were in attendance at the meeting; if the Department of Defence was consulted on the matter in order to provide for the...

Written Answers — Department of Finance: Mortgage Lending (4 Dec 2014)

Michael McGrath: 78. To ask the Minister for Finance if the Central Bank of Ireland has indicated that there will be a delay to the introduction of the rules regarding mortgage lending which are due to come in to effect on 1 January 2015; and if he will make a statement on the matter. [46721/14]

Written Answers — Department of Finance: Tax Data (4 Dec 2014)

Michael McGrath: 79. To ask the Minister for Finance the number of persons who have paid the domicile levy in each year since its introduction; the total amount raised; the number of cases currently being pursued by the Revenue Commissioners; and if he will make a statement on the matter. [46722/14]

Written Answers — Department of Finance: Cycle to Work Scheme Data (4 Dec 2014)

Michael McGrath: 80. To ask the Minister for Finance if his Department has conducted any further analysis on the costs and benefits of the cycle to work tax incentive; and if he will make a statement on the matter. [46723/14]

Written Answers — Department of Finance: Data Protection (4 Dec 2014)

Michael McGrath: 82. To ask the Minister for Finance the regulations that currently cover the use of private investigators by financial institutions to obtain information regarding their clients; and if he will make a statement on the matter. [46725/14]

Written Answers — Department of Defence: Defence Forces Operations (4 Dec 2014)

Michael McGrath: 110. To ask the Minister for Defence if there is a record in his Department of being briefed by the Central Bank of Ireland regarding contingency plans providing for the Army to surround banks here because of a risk the banks would run out of money; if the appropriate operational arrangements were in place in the event the contingency ever arose; and if he will make a statement on the matter....

Written Answers — Department of Finance: Motor Insurance Regulation (9 Dec 2014)

Michael McGrath: 167. To ask the Minister for Finance his views that it is acceptable for insurance companies to charge an age loading for vehicles above a certain age limit even in circumstances where the vehicle owner has an up to date NCT certificate; and if he will make a statement on the matter. [47239/14]

Written Answers — Department of Finance: European Stability Mechanism (9 Dec 2014)

Michael McGrath: 176. To ask the Minister for Finance the amount of money Ireland is transferring to the ESM in 2014; the amount expected in 2015; Ireland's total financial commitment to the fund; and if he will make a statement on the matter. [46971/14]

Written Answers — Department of Transport, Tourism and Sport: Driver Licences (9 Dec 2014)

Michael McGrath: 495. To ask the Minister for Transport, Tourism and Sport if he will address a matter (details supplied) raised in correspondence regarding the driving licence system. [47247/14]

Written Answers — Department of Finance: Fuel Oil Specifications (10 Dec 2014)

Michael McGrath: 68. To ask the Minister for Finance the steps being taken to deal with the issue of petrol stretching; if the Revenue Commissioners resources have been allocated to the problem; and if he will make a statement on the matter. [47474/14]

Written Answers — Department of Finance: Insurance Compensation Fund (10 Dec 2014)

Michael McGrath: 70. To ask the Minister for Finance the progress that has been made in respect of the liquidation of Setanta Insurance; if those caught up in outstanding claims are facing any losses; the role of the Insurance Compensation Fund; and if he will make a statement on the matter. [47482/14]