Results 8,401-8,420 of 27,945 for speaker:Michael McGrath

Residential Mortgage Interest Rates: Motion (Resumed) [Private Members] (1 Apr 2015)

Michael McGrath: I thank all the Deputies who contributed to this debate. Listening to all the Deputies, including from the Government side, I am not sure anyone spoke against the motion. Perhaps it will be passed unanimously in a few moments. None the less, the important thing is that the issue be dealt with comprehensively. The bottom line is that tabling the motion and the debate on it have resulted in...

Residential Mortgage Interest Rates: Motion (Resumed) [Private Members] (1 Apr 2015)

Michael McGrath: It is to be hoped the Minister will deliver a very clear and strong message. Everyone in this House stands behind him in delivering that message. If he does not want to deliver it in a forthright and strong manner in public, which I understand, I expect him to do it in private. He should not be afraid to bang the table and deliver the message on behalf of the people and their...

Written Answers — Department of Finance: Mortgage Arrears Proposals (1 Apr 2015)

Michael McGrath: 20. To ask the Minister for Finance his plans to tackle the deteriorating situation in relation to sub-prime mortgages; and if he will make a statement on the matter. [13052/15]

Written Answers — Department of Finance: Tax Code (1 Apr 2015)

Michael McGrath: 21. To ask the Minister for Finance his views on recent moves at European level towards the introduction of a common consolidated corporate tax base; and if he will make a statement on the matter. [13053/15]

Written Answers — Department of Finance: Stability and Growth Pact (1 Apr 2015)

Michael McGrath: 33. To ask the Minister for Finance his views on the need for flexibility in the application of budgetary rules under the fiscal compact and the two pack; the flexibility he is seeking to negotiate for Ireland; the way these rules will impact on his decision making in budget 2016; and if he will make a statement on the matter. [13050/15]

Written Answers — Department of Finance: Mortgage Arrears Rate (1 Apr 2015)

Michael McGrath: 40. To ask the Minister for Finance his views on the reason the number of persons in long-term mortgage arrears over two years continues to rise; and if he will make a statement on the matter. [13051/15]

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)

Michael McGrath: I welcome all the witnesses and thank them for their time and for their opening statements. It certainly is a complex issue. It is something of a mess at the moment and there is obviously quite a legal wrangle going on which is going to have an impact in terms of the liquidation and the way that claimants will be dealt with as part of this process. First, I will go through some of the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)

Michael McGrath: The information given to this committee, I believe by the Department or Central Bank in July 2014, was that there were in the region of 2,000 claimants, with claims amounting to €35 million. Does that €35 million now equate to the gross claim liability of €67.7 million?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)

Michael McGrath: Fifty-three?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)

Michael McGrath: Can the witness reconcile that €53 million with the gross claim liability of €68 million?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)

Michael McGrath: Okay. But we must plan on the basis that this is a possibility-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)

Michael McGrath: Yes, but the scale of the claims reserve increase could be from €28 million one year ago to a figure of potentially over €90 million, if Towers Watson's worst case scenario comes to pass.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)

Michael McGrath: But it is fair to say that the picture has deteriorated considerably since Mr. Mercieca's appointment?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)

Michael McGrath: The claims reserve may have gone up from €28 million to as high as €95.2 million, if Towers Watson is correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)

Michael McGrath: Is it correct that the witness has 1,748 Irish claims on the books?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)

Michael McGrath: Have payments been made to any claimants so far?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)

Michael McGrath: None whatsoever? Mr. Mercieca estimates that 30% of the value of the outstanding claims will be met.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)

Michael McGrath: Does that hold true even if the total claims liability reaches €90 million?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)

Michael McGrath: What is preventing the witness from commencing the process of making payments in respect of claims which are agreed? Where a settlement is agreed, why can the 30% not be paid?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)

Michael McGrath: But Mr. Mercieca will not know the full extent of the liabilities until each and every case is concluded.