Results 13,561-13,580 of 27,945 for speaker:Michael McGrath

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Scrutiny of EU Legislative Proposals (6 Dec 2016)

Michael McGrath: When Mr. Hession says the CCCTB would be mandatory for multinationals with a group turnover of more than €750 million, approximately how many such multinationals are tax-resident in Ireland?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Scrutiny of EU Legislative Proposals (6 Dec 2016)

Michael McGrath: How much of our corporation tax receipts are accounted for by companies that would be captured by the mandatory provision of having turnover of more than €750 million?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Scrutiny of EU Legislative Proposals (6 Dec 2016)

Michael McGrath: They almost certainly would, surely. I have a question for Ms Levey. The selection of the principal tax authorities is determined by the jurisdiction in which the parented group is tax-resident. Therefore, these proposals do not involve a change in the residency rules per se. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Scrutiny of EU Legislative Proposals (6 Dec 2016)

Michael McGrath: However, the relevance of this is diluted if these proposals are brought into effect because of the apportionment of the profits. If the consolidation aspect happens, the jurisdiction in which the company is resident is less significant. Is that fair to say?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Scrutiny of EU Legislative Proposals (6 Dec 2016)

Michael McGrath: I thank our guests for their presentation. From my observations on the CCCTB proposals, I do not see them going anywhere. I cannot see how these proposals are not encroaching on member state competence over taxation. The Commission is essentially seeking to rewrite our entire corporation tax code. It tells us the rate is a matter for Ireland but the rate will apply to something...

Written Answers — Department of Finance: Corporation Tax Regime (8 Dec 2016)

Michael McGrath: 70. To ask the Minister for Finance the status of discussions with the Brazilian authorities in relation to their decision to designate Ireland as a tax haven; his views on the implications of the decision for Irish businesses; and if he will make a statement on the matter. [39236/16]

Written Answers — Department of Health: General Practitioner Co-operatives (8 Dec 2016)

Michael McGrath: 173. To ask the Minister for Health further to Parliamentary Question No. 148 of 23 November 2016, the extent to which general practitioners in the local community have signed up to the project; the range of services he expects to be delivered at the centre; and the estimated cost of completing the project [39192/16]

Written Answers — Department of Communications, Energy and Natural Resources: Renewable Energy Generation Targets (8 Dec 2016)

Michael McGrath: 233. To ask the Minister for Communications, Energy and Natural Resources the assessment that has been carried out on the impact of EU fines as a result of missing binding renewable targets by 2020; the possible implications for the Exchequer; and if he will make a statement on the matter. [39185/16]

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Michael McGrath: I thank Mr. Sibley and his colleagues from the Central Bank for attending. I also thank him for his opening remarks. As Mr. Sibley will know, the Bill passed Second Stage unopposed in the Dáil last May. We are now approaching the end of the pre-legislative scrutiny phase that takes places before embarking on a detailed analysis of the Bill on Committee Stage. I have always...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Michael McGrath: Before Mr. Sheridan comments I wish to state that the Central Bank is the ultimate judge of what is fair, under the consumer protection code, in terms of mortgage pricing. Mr. Sibley has given a number of examples and asked whether it is fair. We are talking about existing customers and new customers availing of the same product but being given different offers. Clearly, inaction by the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Michael McGrath: A fixed rate product is very different and confers different rights and obligations on the borrower. There will be a loss of flexibility, for example. If the variable rate falls below the fixed rate the borrower cannot avail of same. If he or she wants to make a lump sum payment or move house and switch the mortgage penalties will be incurred. Mr. Sibley's answer is not good enough.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Michael McGrath: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Michael McGrath: The Central Bank's 2015 report entitled Influences on Standard Variable Mortgage Pricing in Ireland sets out all of the factors that feed into the rate that is charged to the borrower. Taking all of that into account, is it the view of the Central Bank that variable rate mortgages in Ireland are appropriately priced, in particular the cost of funds, capital and risk of default? I accept that...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Michael McGrath: Borrowers who can switch should switch and should shop around in that regard. I strongly support that. Will the Central Bank help borrowers by publishing a code of conduct on mortgage switching, for example, to make that process easier?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Michael McGrath: If a bank or a non-regulated loan owner such as a vulture fund is currently charging a customer 4% or 4.5% and it decides to double the charge to 8% or 9% and the customer is not in a position to switch because he or she may be in negative equity or in different financial circumstances and so on, what can the Central Bank do about that? If such a lender decides to charge, say, 10%, does the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Michael McGrath: Is Mr. Sheridan saying that as of today if a vulture fund decided to charge 10% on a mortgage for an existing customer there is nothing the Central Bank can do about it?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Michael McGrath: What powers does the bank have to do something about it?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Michael McGrath: I am inquiring what powers the bank currently has to deal with that type of situation.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Michael McGrath: Is it that the bank's powers are limited or does it have any powers in this regard?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Michael McGrath: In regard to the European Central Bank's opinion on the Bill, in regard to which the witnesses made a number of similar arguments in their presentations today, it was interesting to note that the ECB has acknowledged that in a number of member states there are restrictions on interest rates charged in respect of property. For example, in regard to mortgages, there are restrictions in place...