Results 14,521-14,540 of 27,945 for speaker:Michael McGrath

Asian Infrastructure Investment Bank Bill 2017: Second Stage (18 May 2017)

Michael McGrath: Before I address the Bill, I note that the Minister has made a significant statement today that he will not seek reappointment to his current post when a new Taoiseach takes office. I pay tribute to him for his public service and stewardship of the Department of Finance and the economy in recent years. He is certainly leaving the economy in a much better state than in which he found it....

Asian Infrastructure Investment Bank Bill 2017: Second Stage (18 May 2017)

Michael McGrath: Fianna Fáil is supporting the Bill. People looking in and members of society in general might validly ask why it is in Ireland's national interest to join the Asian Infrastructure Investment Bank. When one looks at Ireland's strategic interests, economic development and deepening trade relations with many Asian countries, however, it becomes clear that it is certainly in our interests...

Ceisteanna - Questions - Priority Questions: Tax Yield (18 May 2017)

Michael McGrath: 1. To ask the Minister for Finance the position regarding the review of Exchequer tax revenue in view of 2017 tax revenue to April coming in €344 million under target, with specific reference to the shortfall in income tax, including the universal social charge, USC, corporation tax and excise; his views on the possibility of this persisting throughout 2017; the potential impact on the...

Ceisteanna - Questions - Priority Questions: Tax Yield (18 May 2017)

Michael McGrath: This question relates to the Exchequer returns and, in particular, to the shortfall we have seen under a number of different tax headings so far this year. Income tax, corporation tax, excise duty and stamps are running well below profile. What are the Minister's views on the implications of this? Does he believe the trend is likely to continue during the course of the year? What are the...

Ceisteanna - Questions - Priority Questions: Tax Yield (18 May 2017)

Michael McGrath: I thank the Minister for his reply. It is early days yet and the alarm bells should not be ringing completely but the trend is a concern. It is not just a trend over one month; we are now looking at data for four months. I accept the point about corporation tax. We have not had any significant months for corporation tax receipts. Later in the year will tell a story in that regard....

Ceisteanna - Questions - Priority Questions: Tax Yield (18 May 2017)

Michael McGrath: My question really concerns how the approach needs to be adjusted if the trend continues. I refer to the budget in October, for example. What impact could there be on the calculation of fiscal space? I acknowledge a number of variables feed into that. It is not just a question of income tax and corporation tax. The excise yield, for example, is 6.3% below profile. I realise it can be...

Ceisteanna - Questions - Priority Questions: Help-To-Buy Scheme (18 May 2017)

Michael McGrath: 3. To ask the Minister for Finance the position regarding the independent impact assessment on the help-to-buy scheme as introduced as part of budget 2017; the number of approved applications to date; the cost of the scheme to date; the number of persons yet to be approved; his views on whether the €50 million estimate is sufficient; and if he will make a statement on the matter. [23772/17]

Ceisteanna - Questions - Priority Questions: Help-To-Buy Scheme (18 May 2017)

Michael McGrath: This question relates to the help-to-buy scheme for first-time purchasers of new houses, which was introduced in the budget last October. I seek an update on the number of approved applications, on whether the estimated cost of the scheme at €50 million has changed, given the number of applications was higher than the Minister expected, and on the independent impact assessment he has...

Ceisteanna - Questions - Priority Questions: Help-To-Buy Scheme (18 May 2017)

Michael McGrath: I thank the Minister his reply and for the updated numbers. There have been more than 6,000 stage 1 applications, with in excess of 3,600 approved and 1,677 completed at a cost to date of €17 million with applications worth €5 million in the system, giving a total of €22 million. The cut-off date was 19 July 2016. The Minister seems to be saying the cost is likely to...

Ceisteanna - Questions - Priority Questions: Help-To-Buy Scheme (18 May 2017)

Michael McGrath: A number of issues arise but one issue that is not often mentioned is the impact on non-first-time buyers. The combined impact of the scheme and the 20% deposit requirement disadvantage these buyers when it comes to buying a new home. First-time buyers require a 10% deposit for a €400,000 house, which is €40,000, and they can get half that under this scheme. Their deposit,...

Other Questions: Financial Services Sector (18 May 2017)

Michael McGrath: The question about the IFSC is directed at the Minister of State, Deputy Eoghan Murphy. It asks how the Government and, in particular, the Department, is promoting the IFSC as an ideal location in which to do business. It also asks for a report on the IFSC Clearing House Group. The Minister of State can widen his response beyond the IFSC as a location in which to do business and address...

Other Questions: Financial Services Sector (18 May 2017)

Michael McGrath: I thank the Minister of State for his reply. I have read the action plan for 2017 and the 40 action points set out in it. I hope their implementation is going according to plan. Will the Minister of State give us an idea of the constraints and the issues being raised by firms with which he and IDA Ireland are engaging? In terms of regulatory capacity in Ireland, is he satisfied that there...

Other Questions: Financial Services Sector (18 May 2017)

Michael McGrath: I acknowledge that the Department has engaged in the regions and in my own city of Cork. I know that the Minister of State has engaged quite significantly with Cork Chamber and UCC. There is a financial technology centre at UCC which collaborates very strongly with industry, including with State Street and other financial institutions. UCC also has an important tie-up with China. I...

Written Answers — Department of Finance: Banking Sector Regulation (18 May 2017)

Michael McGrath: 11. To ask the Minister for Finance if he is satisfied with the Central Bank’s response to a bank's (details supplied) placing of 2,141 SME customers into a bank; his views on whether a formal review is required by the Central Bank to assess whether SME customers here were inappropriately treated; and if he will make a statement on the matter. [23534/17]

Written Answers — Department of Finance: Financial Services Regulation (18 May 2017)

Michael McGrath: 16. To ask the Minister for Finance if he has given consideration to the need to establish a code of conduct on mortgage switching, similar to the code of conduct on the switching of payment accounts with payment service providers, in view of the recent research undertaken by the Central Bank on mortgage switching; and if he will make a statement on the matter. [23531/17]

Written Answers — Department of Finance: Ireland Strategic Investment Fund Investments (18 May 2017)

Michael McGrath: 24. To ask the Minister for Finance the amount of lending carried out by a company (details supplied) to date in 2017 to the construction sector; his views on whether the State can do more to ensure the construction sector has access to finance to build the required homes and office accommodation around the country; and if he will make a statement on the matter. [23533/17]

Written Answers — Department of Finance: Tracker Mortgages Examination (18 May 2017)

Michael McGrath: 30. To ask the Minister for Finance the position regarding the Central Bank’s tracker mortgage review; the number of mortgages involved in the review; the number of persons who have received redress and compensation to date; if he is satisfied that the independent appeal systems put in place by the banks are sufficient for aggrieved customers; and if he will make a statement on the...

Written Answers — Department of Finance: Sale of State Assets (18 May 2017)

Michael McGrath: 86. To ask the Minister for Finance the differences in terms of Eurostat rules or other restrictions in terms of the use of proceeds, between the sale of State assets such as Aer Lingus and Bord Gáis and the pending sale of a share in a bank (details supplied); and if he will make a statement on the matter. [23829/17]

Written Answers — Department of Finance: Sale of State Assets (18 May 2017)

Michael McGrath: 87. To ask the Minister for Finance the way in which proceeds will be treated within the ISIF and the NTMA following the sale of a portion of the State's share in a bank (details supplied); if it is technically possible from a Eurostat perspective to transfer the proceeds to the discretionary portfolio within the ISIF; and if he will make a statement on the matter. [23830/17]

Written Answers — Department of Finance: Protected Disclosures Data (18 May 2017)

Michael McGrath: 88. To ask the Minister for Finance the number of protected disclosures that were made to the Central Bank in each of the years 2008 to 2016 and to date in 2017; the number that led to further investigation from the Central Bank; the number which led to findings being made by the Central Bank against the financial institutions; the penalties imposed by the Central Bank for each of the...