Results 20,021-20,040 of 27,945 for speaker:Michael McGrath

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Estimates for Public Services 2015
Vote 7 - Office of the Minister for Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (18 Feb 2015)

Michael McGrath: Is there much contact between the Department, Revenue, and the European Commission? Is the contact intensive or ongoing?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Estimates for Public Services 2015
Vote 7 - Office of the Minister for Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (18 Feb 2015)

Michael McGrath: The jobs are in Cork.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Estimates for Public Services 2015
Vote 7 - Office of the Minister for Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (18 Feb 2015)

Michael McGrath: That is where we want them to stay. Under the headings of administration and odd pay, suphead (a)(2)(5), the issue of office equipment and external IT services, there is a significant increase for Revenue of about €6 million in 2015, up to about €52.5 million, relating mainly to expenditure on IT. The Minister referred to a series of urgent projects which will ensure that the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Estimates for Public Services 2015
Vote 7 - Office of the Minister for Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (18 Feb 2015)

Michael McGrath: I have one quick question for the Minister. The change to this Vote seems to relate to the proposed establishment of the new tax appeals commission. When does the Minister expect that commission to be established for the purposes of these Estimates? Presumably, it will be operational for part of the year, subject to the legislation being passed.

Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)

Michael McGrath: I welcome Mr. Buti. This is an inquiry into the banking crisis which cost the State approximately €64 billion. When the European Commission examined Ireland's stability programme update reports from 2001 to 2007, it made no reference whatsoever to our banking sector and the risks being built up within it. Will Mr. Buti explain why this is the case?

Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)

Michael McGrath: Is it the case the Commission did not see the risks in the Irish banking system which were being built up in the pre-crisis years?

Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)

Michael McGrath: The Commission did not see the risk in the banks building up large losses on their balance sheets because of their dependence on property-related lending. The Commission did not see this risk and its possible impact on the financial stability of the State.

Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)

Michael McGrath: Equally, is it the case there was nothing preventing the European Commission from raising concerns in its annual assessments of Ireland's stability programme update concerning the banking sector and the risks inherent in it? There was nothing preventing the Commission from doing so, was there?

Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)

Michael McGrath: I understand. The tools available to the European Commission during the pre-crisis years were an early warning mechanism and formal policy advice. Was the criticism of Ireland in 2001 an early warning?

Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)

Michael McGrath: There were no subsequent early warnings pertaining to Ireland before the crisis struck?

Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)

Michael McGrath: Was there any formal policy advice from the European Commission to Ireland?

Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)

Michael McGrath: Mr. Buti has made a number of points about the risks highlighted by the European Commission over a number of years. Some emphasis must also be placed on the positive comments it made. For example, its assessment of the 2005 to 2007 stability programme report was that the fiscal position could be considered as sound and the budgetary strategy provided a good example of fiscal policies...

Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)

Michael McGrath: Mr. Buti raised the issue of the Government's response to the crisis and the intervention to prevent the collapse of the banks. He referred to what would have been catastrophic consequences for the banks and the Irish economy, and went on to criticise the broad nature of the guarantee. What, in his view, given the criticism he has made, would have been an appropriate intervention by the...

Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)

Michael McGrath: I welcome Dr. Donovan. I will continue with that theme for a moment. Do we know who the holders of the €20 billion of unsecured senior bonds that came out of guarantee at the end of September 2010 were? Another €20 billion of such bonds were secured as they had collateral attached.

Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)

Michael McGrath: Z01700 type: 1 --> Absolutely. I ask because Dr. Donovan said a moment ago that a certain proportion of the €20 billion of bonds was held by Irish institutions.

Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)

Michael McGrath: Does Dr. Donovan have a basis for that?

Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)

Michael McGrath: Okay.

Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)

Michael McGrath: Okay. That is fine. We know as fact that the figure for the amount of unsecured bonds coming out of guarantee at its end was approximately €20 billion.

Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)

Michael McGrath: We have parliamentary questions with those figures.

Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)

Michael McGrath: What is Dr. Donovan's understanding of the nature of the efforts that were made in November 2010 during the negotiation of the bailout programme and subsequently when the new Government came into office in the spring and summer of 2011 to impose losses on those senior bondholders? What is his understanding of the nature of the resistance to those efforts? Who did that resistance come from?...