Results 13,241-13,260 of 27,945 for speaker:Michael McGrath

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 question one must ask is where are the new entrants. This has been spoken about often in recent years.

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

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

Michael McGrath: That is a very convoluted argument and it is a certain-----

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

Michael McGrath: New entrants to the market will always be welcome and will be able to charge a rate from which they can achieve a fair return. They will be able to charge a rate that is above their cost of funds, taking into account all of the other factors that feed into variable rates. I do not accept the Senator's argument.

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 issue here is that the appeal will be made to the Central Bank and, as such, it will be internal to the Central Bank.

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

Michael McGrath: Yes, appeal mechanisms are not always provided in legislation. For example, the proposal for planning applications involving more than 100 units will now go directly An Bord Pleanála. What appeal mechanism applies in those circumstances? There is none. The Senator raises a point of detail. We will consider amendments if members believe an appeal mechanism would render 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: This is an important issue. There is a gap in the existing legislation around credit servicing. Many of the vulture funds that bought loan books are not directly regulated in Ireland. However, they must appoint an intermediary, which is regulated, that is to say, a credit servicing firm. Pepper is probably the best-known example. The legislation could only apply to regulated entities...

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 does, because the intermediary is a regulated entity. Therefore, it would come under the legislation. The customer's direct relationship is with the intermediary, even though the intermediary does not own the overall loan. It is only a matter of a short time, I hope, before the Oireachtas will deal with the issue of bringing the owners of loans directly within the ambit of regulation....

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 powers that we are proposing to give to the Central Bank can be applied to the intermediary. The Central Bank does not have a direct relationship with many of those funds, because they are not regulated in Ireland. The Central Bank powers will apply to the intermediary, and that can be of benefit to the consumer. There is a gap, however. It is a gap that can be traced back to last...

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 Central Bank can apply the powers in respect of the intermediary that I hope will be given to it through this Bill. That could have an impact on the rate charged to the customer.

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 would have thought the Minister would have sought the advice of the Attorney General after Second Stage of the Bill was completed in May but it appears this has not happened. As we are not in the business of advancing legislation that is unconstitutional, that issue will need to be clarified. The Bill is with the Parliamentary Counsel so we will get an opinion from that source. 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: I thank Mr. Burgess, Mr. Goor and Mr. McNally for appearing before the committee today. I thank the campaign group for all the work it has done over the last few years. It started with the Permanent TSB issue and the rates of over 6%, which affected Mr. McNally. I thank Mr. McNally and Mr. Goor for sharing their personal stories. They are representative of many thousands of others who 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 apologise, but we have to go and vote in the Dáil.

Finance Bill 2016: Second Stage (25 Oct 2016)

Michael McGrath: I welcome the opportunity to speak on the Finance Bill 2016. When we reflect on the results of the general election earlier this year we can see the Irish people wanted to see a new direction in Irish politics. It was clear they wanted a move away from the budgets of the previous Government. They wanted a fairer, less divided and more inclusive Ireland. The core message of our party's...

Finance Bill 2016: Second Stage (25 Oct 2016)

Michael McGrath: It is totally different.

Written Answers — Department of Justice and Equality: Direct Provision System (25 Oct 2016)

Michael McGrath: 139. To ask the Minister for Justice and Equality if she will address matters raised in correspondence (details supplied) concerning the direct provision system; and if she will make a statement on the matter. [31775/16]

Written Answers — Department of Finance: Help-To-Buy Scheme (25 Oct 2016)

Michael McGrath: 176. To ask the Minister for Finance to outline the way the help-to-buy tax rebate for first time buyers will be reckoned in full in the calculation of the deposit required in view of the fact that one of the requirements laid down by the Revenue Commissioners is that mortgage approval details are made available, including loan-to-value ratio, in order to obtain the rebate; and if he will...

Written Answers — Department of Finance: Help-To-Buy Scheme (25 Oct 2016)

Michael McGrath: 177. To ask the Minister for Finance when, in the process of buying a newly built house, a first time buyer will receive the help-to-buy tax rebate; if it will be when the deposit is placed or when the contract to buy the home is signed; and if he will make a statement on the matter. [31747/16]

Written Answers — Department of Housing, Planning, Community and Local Government: Water Charges Data (25 Oct 2016)

Michael McGrath: 251. To ask the Minister for Housing, Planning, Community and Local Government the amount of money actually collected in respect of domestic water charges for 2015 and separately for 2016; and if he will make a statement on the matter. [31659/16]

Written Answers — Department of Housing, Planning, Community and Local Government: Flood Relief Schemes (25 Oct 2016)

Michael McGrath: 277. To ask the Minister for Housing, Planning, Community and Local Government if there is a national policy in relation to the granting of planning permission for developments in towns and villages where OPW flood relief schemes have been completed; and if he will make a statement on the matter. [31947/16]