Results 11,981-12,000 of 27,945 for speaker:Michael McGrath

Finance Bill 2015: Report Stage (Resumed) (25 Nov 2015)

Michael McGrath: I support the amendments and this important new initiative which was overdue, although I would like it to go further. The reality is that much of the investment we are seeking to attract for high potential start-ups, which are operating in highly competitive international environments, is, by its nature, very mobile. This is a modest step in the right direction and does not put us on a...

Finance Bill 2015: Report Stage (Resumed) (25 Nov 2015)

Michael McGrath: I move amendment No. 18:In page 78, between lines 18 and 19, to insert the following:“50.The Minister shall, within 6 months of the passing of this Act, prepare and lay before Dáil Éireann a report on the potential introduction of a capped Value-Added Tax compensation scheme for charities.”. The amendment requests that within six months of the passing of the Act the...

Finance Bill 2015: Report Stage (Resumed) (25 Nov 2015)

Michael McGrath: That is a very similar response to what we received on Committee Stage when we discussed the issue. The Minister's key concern seems to be that it would lead to other calls by other organisations which are not in a position to claim back VAT, and the area he has specified is sporting organisations. This is a legitimate point, but the response is that there is an opportunity to cap any...

Finance Bill 2015: Report Stage (Resumed) (25 Nov 2015)

Michael McGrath: I move amendment No. 20:In page 88, after line 31, to insert the following:"66. The Minister shall, within three months of the passing of this Act, prepare and lay before Dáil Éireann a report on options available for reducing the burden of Inheritance Tax on persons inheriting an average size family home.". We have examined the transcripts of our Committee Stage debate and the...

Finance Bill 2015: Report Stage (Resumed) and Final Stage (25 Nov 2015)

Michael McGrath: I move amendment No. 25:In page 103, between lines 28 and 29, to insert the following: “87. The Minister shall, within one month of the passing of this Act, prepare and lay before Dáil Éireann a report on options available for the charging of Deposit Interest Retention Tax at rate equivalent to the individual’s marginal income tax rate.”. This amendment relates...

Finance Bill 2015: Report Stage (Resumed) and Final Stage (25 Nov 2015)

Michael McGrath: I thank the Minister of State for his reply, which is very similar to the debate we had on Committee Stage, and I acknowledge that. I acknowledge that it would take time to introduce a system of this kind because of the cost involved and the complexity that would necessarily be involved in introducing such a system. However, it is unfair to tax this form of income in a fundamentally...

Finance Bill 2015: Report Stage (Resumed) and Final Stage (25 Nov 2015)

Michael McGrath: I move amendment No. 26:In page 103, between lines 28 and 29, to insert the following:“87. The Principal Act is amended by insertion the following section after section 195A:“195B. (1) In this section—‘expenses’ means vouched expenses; ‘normal place of work’ means the location where an employee or director undertakes the majority of the...

Finance Bill 2015: Report Stage (Resumed) and Final Stage (25 Nov 2015)

Michael McGrath: Does the Department intend to produce a report on this aspect? The public consultation period ended and various submissions were made. It is fine that, as the Minister of State stated, the issues raised continue to be examined but is it the case that, if the Minister of State believes no further action is warranted, we will not hear about the matter again? Will a report be published by...

Finance Bill 2015: Report Stage (Resumed) and Final Stage (25 Nov 2015)

Michael McGrath: On that basis, I will withdraw the amendment.

Credit Union Sector: Motion (Resumed) [Private Members] (25 Nov 2015)

Michael McGrath: Hear, hear.

Written Answers — Department of Agriculture, Food and the Marine: Single Payment Scheme Payments (25 Nov 2015)

Michael McGrath: 114. To ask the Minister for Agriculture, Food and the Marine when a single payment will issue to persons (details supplied) in County Cork. [41973/15]

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (25 Nov 2015)

Michael McGrath: I welcome the three organisations before the committee, namely, the Credit Union Development Association, CUDA, the Credit Union Managers' Association, CUMA, and the Irish League of Credit Unions. This meeting is a great opportunity for the credit union movement to state its case before an Oireachtas joint committee, and in their presentations the witnesses have done this clearly and...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (25 Nov 2015)

Michael McGrath: As my time is limited, I have one question each for the league and for CUMA. In the dark days of October 2011, the Minister for Finance told the Seanad that the cost of rescuing credit unions could be between €500 million and €1 billion, but thankfully this was far wide of the mark. However, Mr. Farrell probably is best placed to tell members today what is the underlying...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (25 Nov 2015)

Michael McGrath: I thank Mr. Farrell. I will discuss with Mr. Hosford the issue of section 35 lending restrictions. Representing the managers' body, he is well placed to tell us what impact they are having. The commission recommended a review of the operation of section 35, but lending is credit unions' bread and butter. Without being able to lend, they do not have a viable business model. What impact...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (25 Nov 2015)

Michael McGrath: I thank Mr. Hosford.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (25 Nov 2015)

Michael McGrath: I have a technical question on the signing into law of the regulations. Is it open to the Minister to sign those any day or is he due to sign them at the very end of the year, to come into effect on 1 January? This is in the context of my opening remarks about our meeting the registrar and still being in time to possibly influence the decision of the Minister.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (25 Nov 2015)

Michael McGrath: I suggest that we write to the Minister and ask him to allow us time and opportunity to have an engagement with the registrar prior to taking any step. At least he might give us that window. The onus will then be on us. I will be putting a proposal to the committee after that hearing that we ask the Minister not to sign at all.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (25 Nov 2015)

Michael McGrath: Thank you.

Leaders' Questions (26 Nov 2015)

Michael McGrath: Tuesday night's RTE "Prime Time" programme made for shocking viewing. It exposed the scandal of banks denying mortgage customers their contractual right to return to a tracker rate following a period of time on a fixed or variable rate. Customers have been forced to go through the banks' own internal appeal systems, the Financial Services Ombudsman, the Central Bank, and the courts system...

Leaders' Questions (26 Nov 2015)

Michael McGrath: There is a widespread suspicion that banks have been using subtle tactics, and in some cases not so subtle tactics, in recent years to nudge customers off the tracker rate they are entitled to. The banks have no fear of the Central Bank on this issue and that is the sad reality. They are not afraid of a slap on the wrist. The truth is that the Central Bank has been examining this issue...