Results 16,641-16,660 of 27,945 for speaker:Michael McGrath

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Allied Irish Banks (22 Mar 2018)

Michael McGrath: It is very detailed and it is very specific in relation to Project Redwood. Again, as a final point I reiterate how unsatisfactory it is that there is no accountability or transparency whatsoever. We cannot question, challenge or probe the composition of Project Redwood or to what extent, for example, there are customers - small business owners or buy-to-let investors - who have engaged,...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Allied Irish Banks (22 Mar 2018)

Michael McGrath: That is all the more reason to provide us with the information.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Allied Irish Banks (22 Mar 2018)

Michael McGrath: Are the witnesses giving a commitment to review the bank's position on not divulging information concerning Project Redwood and a commitment to come back to the committee with a considered response?

Ceisteanna - Questions (Resumed) - Priority Questions: Mortgage Resolution Processes (27 Mar 2018)

Michael McGrath: 58. To ask the Minister for Finance if he or his officials have had contact with the Single Supervisory Mechanism, SSM, regarding the classification of certain restructured mortgages as non-performing loans on the books of banks; and if he will make a statement on the matter. [14183/18]

Ceisteanna - Questions (Resumed) - Priority Questions: Mortgage Resolution Processes (27 Mar 2018)

Michael McGrath: The context of this question will be well known to the Minister. It relates to the proposed sale of loan portfolios on the open market by certain banks, quite possibly to so-called vulture funds, and to the issue of the inclusion of certain mortgage loans which have already been restructured and which are now deemed to be non-performing and are therefore being included in the basket of loans...

Ceisteanna - Questions (Resumed) - Priority Questions: Mortgage Resolution Processes (27 Mar 2018)

Michael McGrath: As we speak, the reality is that sitting within Permanent TSB's Project Glas are split mortgages relating to 4,300 family homes. That may be as many as 5,000 actual mortgages. These are people who have done all the right things. They have followed the advice of Government and the Central Bank, they have engaged with their lenders, they have reached restructuring agreements and, more than...

Ceisteanna - Questions (Resumed) - Priority Questions: Mortgage Resolution Processes (27 Mar 2018)

Michael McGrath: That engagement needs to be stepped up. The Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach has invited Danièle Nouy from the SSM to come before it. Last week, we heard evidence from AIB and Permanent TSB that was completely contradictory. AIB's representatives testified that its split mortgages are deemed to be performing whereas Permanent TSB's...

Ceisteanna - Questions (Resumed) - Priority Questions: Central Bank of Ireland Investigations (27 Mar 2018)

Michael McGrath: 60. To ask the Minister for Finance the status of a case involving companies (details supplied); the steps the Central Bank is taking to ensure that the complaints process is fair and independent for the businesses involved and that redress and compensation schemes are adequate; the details of the contact between the Central Bank and the Financial Conduct Authority in the UK; and if he will...

Ceisteanna - Questions (Resumed) - Priority Questions: Central Bank of Ireland Investigations (27 Mar 2018)

Michael McGrath: As the Minister is aware, the report from the Financial Conduct Authority, FCA, in the UK into Royal Bank Of Scotland's Global Restructuring Group, GRG, has been published. GRG also operated in Ireland under the guise of Ulster Bank. Its treatment of many SMEs has been a source of considerable controversy. I will go into the report in a moment, but the purpose of my question is to...

Ceisteanna - Questions (Resumed) - Priority Questions: Central Bank of Ireland Investigations (27 Mar 2018)

Michael McGrath: The report that was published makes for quite remarkable reading. For example, it identified certain widespread inappropriate treatment of SME customers, which should also be considered to be symptomatic. There is no reason to believe that similar treatment of SMEs in Ireland did not take place. One striking element of the report is contained in annexe 4, which reproduces a document...

Ceisteanna - Questions (Resumed) - Priority Questions: Central Bank of Ireland Investigations (27 Mar 2018)

Michael McGrath: I respect the role of the Central Bank but we also have a duty to request information and advocate for SMEs, which believe they were essentially put into a graveyard when they were put into GRG. More than 2,000 businesses went into it but fewer than 100 came out alive. For some time, we have heard that the Central Bank is engaging with Ulster Bank. I still do not really know what that...

Other Questions: Mortgage Book Sales (27 Mar 2018)

Michael McGrath: In an effort to be constructive, I wish to add to what I said earlier. Will the Minister ask the officials in his Department's shareholder management unit to examine the transcript of the proceedings of last Thursday's meeting of the Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach, and focus, in particular, on the issue I raised earlier about the different...

Other Questions: Mortgage Book Sales (27 Mar 2018)

Michael McGrath: It is not acceptable that AIB refused last week to provide any information whatsoever on Project Redwood. It would not confirm its existence but if I look up that "alleged" portfolio sale, as AIB called it, online I see a running commentary including the fact that it is down to the last phase with Lone Star, Cerberus and Goldman Sachs, which is expected to be completed by June. While I...

Other Questions: Mortgage Book Sales (27 Mar 2018)

Michael McGrath: They gave none.

Other Questions: Tax Appeals Commission (27 Mar 2018)

Michael McGrath: 68. To ask the Minister for Finance if he is satisfied that the additional numbers to be hired in the Tax Appeals Commission will be sufficient to meet the growing number of appeals it has to deal with; when he expects the number of outstanding appeals to begin reducing; and if he will make a statement on the matter. [13645/18]

Other Questions: Tax Appeals Commission (27 Mar 2018)

Michael McGrath: The question is to establish what progress is being made in dealing with the substantial backlog of cases that has built up before the Tax Appeals Commission.

Other Questions: Tax Appeals Commission (27 Mar 2018)

Michael McGrath: Something dramatic has to be done to deal with this issue. Some of the facts the Minister mentioned in his reply highlight my concerns that this problem is actually growing. There is now about €1.6 billion of disputed tax caught up in the tax appeal system. There are more than 3,600 cases and the number is growing month on month because if the commission is receiving about 200...

Written Answers — Department of Finance: Credit Unions (27 Mar 2018)

Michael McGrath: 71. To ask the Minister for Finance the steps he is taking or plans to take to create a new strategy for the growth and development of the credit unions; and if he will make a statement on the matter. [13646/18]

Written Answers — Department of Finance: Central Bank of Ireland Data (27 Mar 2018)

Michael McGrath: 72. To ask the Minister for Finance if he will request the Central Bank to compile up to date data on the number and value of SME and farm loans held by unregulated loan owners; if the Central Bank can compile such data; and if he will make a statement on the matter. [13644/18]

Written Answers — Department of Finance: Corporation Tax (27 Mar 2018)

Michael McGrath: 90. To ask the Minister for Finance when he expects the escrow account to be set up with regard to a matter (details supplied); when he expects the company concerned to start paying into the escrow account; and if he will make a statement on the matter. [13647/18]