Results 13,221-13,240 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Tax Code (20 Oct 2016)

Michael McGrath: 99. To ask the Minister for Finance if the proposed change to the rate of DIRT tax will also apply to the exit tax on life assurance policies; and if he will make a statement on the matter. [31422/16]

Written Answers — Department of Finance: Fiscal Data (20 Oct 2016)

Michael McGrath: 100. To ask the Minister for Finance the fiscal space available in 2018 if tax bands and credits are indexed and if they are not indexed; and if he will make a statement on the matter. [31424/16]

Written Answers — Department of Finance: Tax Agreements (20 Oct 2016)

Michael McGrath: 105. To ask the Minister for Finance if his Department has received a reply to the formal request for the Brazilian listing of Ireland as a tax haven to be suspended from the Brazilian Federal Revenue Service; and if he will make a statement on the matter. [31448/16]

Written Answers — Department of Housing, Planning, Community and Local Government: Mortgage to Rent Scheme Data (20 Oct 2016)

Michael McGrath: 129. To ask the Minister for Housing, Planning, Community and Local Government the total number of mortgage to rent transactions that have been fully completed at this stage; if he will provide a breakdown of that number by local authority and by lender; if he will confirm the authoritative source of information on the scheme for distressed borrowers; and if he will make a statement on the...

Written Answers — Department of Public Expenditure and Reform: Capital Expenditure Programme (20 Oct 2016)

Michael McGrath: 163. To ask the Minister for Public Expenditure and Reform the nominal amount of capital expenditure, the capital expenditure as a percentage of GDP for each year since 2000 to 2015 and to include the estimates for 2017-2021, in tabular form; and if he will make a statement on the matter. [31353/16]

Written Answers — Department of Public Expenditure and Reform: Budget 2017 (20 Oct 2016)

Michael McGrath: 164. To ask the Minister for Public Expenditure and Reform the full year effect of the spending measures announced in budget 2017; and if he will make a statement on the matter. [31423/16]

Written Answers — Department of Transport, Tourism and Sport: Appointments to State Boards (20 Oct 2016)

Michael McGrath: 291. To ask the Minister for Transport, Tourism and Sport the procedures that apply to ministerial appointments to the board of commercial semi-State companies operating under his Department's remit; the way persons interested in forthcoming vacancies may register their interest or apply; and if he will make a statement on the matter. [31266/16]

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Michael McGrath: I am delighted the finance committee is now examining this legislation on pre-legislative scrutiny stage. Pre-legislative scrutiny of this Bill was not a requirement but I agreed to it because it may be helpful and result in the Bill being improved over the coming weeks. The other relevant point is that the Bill is currently with the European Central Bank as part of the consultation we are...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Michael McGrath: I will be responding to questions about the Bill but the Deputy is equally free to put questions to the Minister about policy, etc.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Michael McGrath: I have read the report, which goes through all the key elements of pricing in terms of interest rates, the cost of funds, the cost of credit risk associated with the lending, the operational costs of running the bank, the cost of capital and the competitive environment faced by the banks. The Central Bank position is well known. There are some interesting points in the report. For example,...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Michael McGrath: Before we move on, I want to respond to the suggestion that the publication of the Bill directly led to a 10% fall in bank share prices. There is no evidence whatsoever to back that up. I looked at that claim in some detail at the time and it was not borne out by the facts. On 11 May there was a trading statement by Permanent TSB and immediately following that there was an 11% drop in the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Michael McGrath: The facts have moved on - that is the Minister's problem.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Michael McGrath: Is the Minister denying that the Permanent TSB share price fell by 11% immediately following the publication of its trading statement on 11 May, which made no reference to mortgage pricing? Is the Minister denying that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Michael McGrath: It was not. That is nonsense.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Michael McGrath: Banks are commercial organisations and they have to be profitable. What Deputy Paul Murphy is suggesting is that the State would set up a mortgage lender. Credit unions in Ireland can lend but are constrained by regulatory limits on the proportion of their loan books that can be lent out over a long period. Some of them want to invest much more in that side of their business. Some people...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Michael McGrath: It will cover regulated lenders.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Michael McGrath: A lender must be regulated if it wishes to lend. Regulated entities that are in the mortgage market will be contemplated by the Bill.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Michael McGrath: Section 5 sets out a number of intervention options that are open to the Central Bank. It sets out four different options in terms of what the bank could do if it arrived at the conclusion that there has been a market failure in the case of one lender or a group of lenders or in the market generally. In such circumstances, it could intervene and set a cap on a particular rate. It could...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Michael McGrath: The Senator's argument is the one put forward by the Minister - and to which the Central Bank referred - that this provision could be a deterrent to new entrants to the market. In recent years, Pepper has started lending some mortgages in the market. I understand Frank mortgages has also applied for permission to lend, although I do not believe the application has been fully processed in...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Michael McGrath: No, I do not accept that. The legislation places a cap on mortgage interest rates. The Senator is arguing that because of the relationship with the average rate, it may end up pushing rates up.