Results 13,701-13,720 of 27,945 for speaker:Michael McGrath

Ceisteanna - Questions (Resumed) - Priority Questions: State Banking Sector (17 Jan 2017)

Michael McGrath: The purpose of the question is to seek clarity on the Minister's plans for a sale of a stake in Allied Irish Banks in 2017. Is it a Government objective to proceed with the sale of a stake this year? What factors will the Minister take into account in making a final decision on AIB and bringing a proposal to Government in the matter?

Ceisteanna - Questions (Resumed) - Priority Questions: State Banking Sector (17 Jan 2017)

Michael McGrath: I thank the Minister for his reply. He indicated that it is intended to proceed with an IPO if market conditions allow and are favourable. I assume that is the Government's position. It would be a policy decision as to how much of the Government's stake in AIB it would sell. Has the Minister given consideration to that issue or is it a matter on which he will take advice? Does he have...

Ceisteanna - Questions (Resumed) - Priority Questions: State Banking Sector (17 Jan 2017)

Michael McGrath: Does the Minister have an estimate of the likely proceeds from the sale of such a stake? In some respects, the valuations available to us are meaningless because there is no active market in the trading of AIB shares because the State owns approximately 99.8% of them. Will the Minister confirm that the proceeds of such a sale would be used to pay down debt and that, as a financial...

Ceisteanna - Questions (Resumed) - Priority Questions: State Banking Sector (17 Jan 2017)

Michael McGrath: There is a high degree of uncertainty in the markets and some volatility linked with international developments. There are also some question marks about the underlying health of certain European banks. We are all well aware, for example, of the problems with Italian banks and it is not yet clear how these will play out. At this remove, early in 2017, when will be the opportune time to...

Ceisteanna - Questions (Resumed) - Priority Questions: Loan Books Purchasers (17 Jan 2017)

Michael McGrath: 33. To ask the Minister for Finance his plans to introduce further protections for mortgage holders and SMEs whose loans have been sold to unregulated loan owners, including so-called vulture funds; his further plans to bring these funds fully within the ambit of financial regulation; and if he will make a statement on the matter. [1894/17]

Ceisteanna - Questions (Resumed) - Priority Questions: Loan Books Purchasers (17 Jan 2017)

Michael McGrath: I am sure the Minister saw the RTE documentary, "The Great Irish Sell Off", which dealt with the sale of mortgage loans and SME loans to so-called vulture funds and the growing concerns among those in the farming community who are trying to negotiate some way forward with some of the vulture funds who own their loans. The Minister and I disagree on whether there is a need to strengthen...

Ceisteanna - Questions (Resumed) - Priority Questions: Loan Books Purchasers (17 Jan 2017)

Michael McGrath: I thank the Minister. There is one example that really sums up what is wrong in all this. I have a letter here from Maris Capital to a mortgage holder stating two firms have been appointed as the credit-service firms. The contact details are given as a PO box number in Dublin 2. There is no address given for the credit-servicing firms and no telephone number to contact. If one is in...

Ceisteanna - Questions (Resumed) - Priority Questions: Loan Books Purchasers (17 Jan 2017)

Michael McGrath: I sent this letter to the Central Bank, to the Director of Consumer Protection. It is all in order under the credit-servicing legislation of 2015. A loan owner can appoint as many credit-servicing firms as it wants to deal with a particular loan. That is the reality at present. The Minister has obliged the intermediary, which is typically a call centre, to be a regulated entity. I have...

Other Questions: Tax Code (17 Jan 2017)

Michael McGrath: It is bizarre that this question was not grouped. There are five other related questions, Nos. 36, 38, 39, 42 and 82. All the relevant Deputies are present. The questions are pretty much on the same issue, the patronage shares. Why were the questions not grouped? Is it too late for them to be grouped now to ensure everybody gets in? Otherwise everybody may not get in.

Other Questions: Tax Code (17 Jan 2017)

Michael McGrath: All the Deputies are here.

Other Questions: Tax Code (17 Jan 2017)

Michael McGrath: If they were not grouped, Deputies would have 30 seconds each in which to introduce the questions.

Other Questions: Tax Code (17 Jan 2017)

Michael McGrath: Twenty-four minutes now.

Other Questions: Tax Code (17 Jan 2017)

Michael McGrath: No.

Other Questions: Motor Insurance Regulation (17 Jan 2017)

Michael McGrath: 37. To ask the Minister for Finance his views on the fact that, almost three years on from the collapse of a company (details supplied), 1,666 claims are still not dealt with; the position regarding the implementation of the motor insurance compensation framework announced in July 2016; and if he will make a statement on the matter. [1726/17]

Other Questions: Motor Insurance Regulation (17 Jan 2017)

Michael McGrath: This is a long-running sore for many former Setanta policyholders. As the Minister knows the insurer collapsed in April 2014 and unfortunately almost 1,700 claimants remain hanging in limbo with their outstanding claims estimated to have an overall potential cost of about €95 million. This is a very serious issue in the lives of many people who have been largely forgotten about while...

Other Questions: Motor Insurance Regulation (17 Jan 2017)

Michael McGrath: There are many human stories behind the collapse of Setanta insurance, one of which was brought to my attention last week. A gentleman had an accident in 2012 when his vehicle was hit from behind by a driver who was insured by Setanta. Unfortunately for him, the claim was not concluded by the time the company collapsed in April 2014 and it remains not concluded. He says that he is...

Other Questions: Motor Insurance Regulation (17 Jan 2017)

Michael McGrath: I thank the Minister for his reply. It is a sorry saga from which I hope lessons are learnt - not just in Ireland but elsewhere in Europe. It shows that an EU-wide system of regulation is only as strong as its weakest link. The Central Bank needs to ensure that when firms passport in their services into Ireland and are only regulated here for conduct of business purposes that is made known...

Written Answers — Department of Finance: Central Bank of Ireland (17 Jan 2017)

Michael McGrath: 43. To ask the Minister for Finance if is satisfied with the staffing levels at the Central Bank; his views on the level of vacancies; if he is satisfied that the Central Bank is adequately prepared for the financial services firms that could potentially come to Ireland in view of Brexit; and if he will make a statement on the matter. [1724/17]

Written Answers — Department of Finance: Common Consolidated Corporate Tax Base Proposals (17 Jan 2017)

Michael McGrath: 61. To ask the Minister for Finance his views on the latest set of common consolidated corporate tax base proposals from the European Commission; his further views on whether these proposals would have a significantly negative impact on Ireland; and if he will make a statement on the matter. [1728/17]

Written Answers — Department of Finance: Financial Services Regulation (17 Jan 2017)

Michael McGrath: 73. To ask the Minister for Finance if his attention has been drawn to the fact that the Central Bank has no record of the number of SME loans that have been sold on to unregulated loan owners; if he will discuss this matter with the Central Bank; and if he will make a statement on the matter. [1727/17]