Results 9,901-9,920 of 27,945 for speaker:Michael McGrath

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Michael McGrath: I know, I expect----

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Michael McGrath: Yes, so give us the number anyway.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Michael McGrath: I know it's not just about the number.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Michael McGrath: It must be my training. Numbers tend to be important.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Michael McGrath: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Michael McGrath: Sure. Final question, Mr. Moran, and it's on the issue of the advice that the Department would have been giving to the Minister on fiscal policy and, as you say on page 8 of your witness statement, the Department did give advice to the Minister in terms of the pro-cyclical nature of budgetary policy. But then you ... you cite some of the criticisms in the Wright report: ...it is critical...

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Michael McGrath: -----and I suppose, there seemed to be a tendency from the reports I've read that that was viewed as a starting point in the budget process and that, you know, that there would be a natural increase in expectations from there to the budget. But what was the Department doing from June, when it gave that memo to the Minister, to December and all the horse trading that went on in between?

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Michael McGrath: So clarify the verbal advice which was given and then apart from the budget memo in June, what other steps did the Department take to put a control on the fiscal spending?

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Michael McGrath: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Michael McGrath: Thank you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Michael McGrath: Thanks Chair, I just have one question for Mr. Moran, and it relates to the various reports, the Wright report, Honohan, Regling-Watson etc. What changes and recommendations set out in those reports, including the Wright report in respect of the Department, are still outstanding, and what plans are there to introduce these changes in the future? So what are the key issues arising from those...

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (23 Jun 2015)

Michael McGrath: 98. To ask the Minister for Finance the number of banks with which officials of his Department have met which have made a definitive commitment to reduce their standard variable mortgage rate, as distinct from offering new fixed rates to customers; his views on the outcome of these discussions; and if he will make a statement on the matter. [24812/15]

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (23 Jun 2015)

Michael McGrath: This priority question relates to the issue of standard variable rate mortgages and, in particular, the issue of the excessive variable interest rates being charged by banks in Ireland to approximately 300,000 variable rate customers. The Minister concluded a series of meetings with the banks about a month ago and they have until 1 July, which is another week or so, to come up with their...

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (23 Jun 2015)

Michael McGrath: I thank the Minister for his response. I am sure it will not have escaped him that, so far, not a single bank has reduced its variable interest rate as a result of the meeting held with him, although there is another week to go. AIB had pre-announced a rate cut before meeting with the Minister, while Bank of Ireland has announced a reduction in its fixed rates. To my knowledge, there has...

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (23 Jun 2015)

Michael McGrath: The Minister may not feel he is in a position to get a response because there is still a week to go. However, I can give a response, which is that, so far, the response from the banks has been deeply disappointing. The fact is a reduction in the fixed rate is not a substitute for a reduction in the standard variable rate. While some customers can make cash savings on their monthly...

Ceisteanna - Questions - Priority Questions: Tax Code (23 Jun 2015)

Michael McGrath: 101. To ask the Minister for Finance his plans to review the way in which capital acquisitions tax is applied, in particular in respect of inheritance of the family home; if he will consider an annual indexation of thresholds, and a reduction in the rate on interest which applies to persons, who by virtue of their circumstances need to pay a capital acquisitions tax bill by instalments; and...

Ceisteanna - Questions - Priority Questions: Tax Code (23 Jun 2015)

Michael McGrath: This question relates to inheritance tax. From 2009, the thresholds for the different bands were reduced dramatically. The threshold for parent to child inheritance, for example, fell by almost 60% over the period. That has resulted in an increase of 34% in the number of people liable for inheritance tax. What plan does the Minister have to address the issue? I also touch on the issue of...

Ceisteanna - Questions - Priority Questions: Tax Code (23 Jun 2015)

Michael McGrath: I welcome that the Minister is reviewing a number of aspects of the inheritance tax regime because we have been through a very fraught and difficult number of years. The fact that the threshold for gifts from parents to children has reduced by almost 60% since 2009 is quite stark. We now have a toxic combination of that drastic cut in the threshold, the increase in the rate from as low as...

Ceisteanna - Questions - Priority Questions: Tax Code (23 Jun 2015)

Michael McGrath: I thank the Minister for his reply. Reading between the lines, we are likely to see some movement on this issue in the budget in October. I hope it is a significant move because the changes made over the last few years have been quite drastic. This situation has been created by the increase in the number of people who are liable for inheritance tax, the significant increase in the rate,...

Other Questions: Irish Fiscal Advisory Council (23 Jun 2015)

Michael McGrath: 104. To ask the Minister for Finance his views on the role of the Irish Fiscal Advisory Council in providing commentary and advice to the Government; his plans to address the specific issues raised by the council in its recent assessment of the spring economic statement; and if he will make a statement on the matter. [24577/15]