Results 20,541-20,560 of 27,945 for speaker:Michael McGrath

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Business of Joint Committee
General Scheme of Sale of Loan Books to Unregulated Third Parties Bill 2014: Discussion (3 Dec 2014)

Michael McGrath: So if sanctions, fines, penalties and so forth were imposed the service provider would be liable. What would govern the relationship between the service provider and the owner of the loan in respect of those issues? Would the owner of the loan require the service provider to sign an indemnity that if such regulatory and compliance issues arose, the owner would not be responsible? From a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Business of Joint Committee
General Scheme of Sale of Loan Books to Unregulated Third Parties Bill 2014: Discussion (3 Dec 2014)

Michael McGrath: I accept that but one can be fairly certain on what will happen. The new owners of the loans will not take any risk of possible non-compliance by the service provider. They will make sure contractually that they are covered and indemnified on that issue. Is that the road we want to go down where the actual owner of the mortgage is effectively exempt from compliance because he or she has no...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Business of Joint Committee
General Scheme of Sale of Loan Books to Unregulated Third Parties Bill 2014: Discussion (3 Dec 2014)

Michael McGrath: I am asking if individual cases would be elevated up the line at any point to the private equity firm for final sign-off or decision or do all matters relating to the administration of the loan have to be dealt with by the service provider, including decisions on new restructurings of the loan?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Business of Joint Committee
General Scheme of Sale of Loan Books to Unregulated Third Parties Bill 2014: Discussion (3 Dec 2014)

Michael McGrath: Perhaps I can put a question to FLAC, as devil's advocate. We understand that more than 10,000 mortgages have been sold to unregulated entities. Is there a pattern of trouble? Has a pattern of alleged non-compliance with the codes emerged? The new owners, generally private equity firms, have signed up to voluntary compliance. Is that happening? I appreciate it is difficult to gauge...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Business of Joint Committee
General Scheme of Sale of Loan Books to Unregulated Third Parties Bill 2014: Discussion (3 Dec 2014)

Michael McGrath: I welcome our guests and apologise for being late. I will pick up on the issue Deputy Pearse Doherty was teasing out. My instinct is that drawing a distinction between the service provider and the owner of a loan creates many issues and has the potential to dilute the thrust of the legislation. The Department of Finance's statement makes it clear that it has concluded that it would be...

Order of Business (3 Dec 2014)

Michael McGrath: I wish to ask the Taoiseach about a few pieces of legislation. The first is the Gambling Control Bill, which is a very important piece of legislation to deal with the regulation of gambling, particularly problem gambling which is becoming a growing phenomenon. It deals with the protection of vulnerable people and many other important issues. When will the Bill come before this House for...

Leaders' Questions (3 Dec 2014)

Michael McGrath: They are not doing that either.

Leaders' Questions (3 Dec 2014)

Michael McGrath: We need both.

Leaders' Questions (3 Dec 2014)

Michael McGrath: If the tragic death of Mr. Jonathan Corrie is to mean anything, it has to be a catalyst for change. Anyone who saw the place where he had tragically passed away could not have been untouched. One cannot be untouched by the sense of desolation, loneliness, coldness and sadness he must have experienced in the hours before he passed away on Sunday night or Monday morning. If that does not...

Leaders' Questions (3 Dec 2014)

Michael McGrath: I do not get a sense from the Taoiseach's response that he grasps the seriousness of the crisis, how urgent it is and what it means for those who find themselves in this situation. The reality is that the profile of people in this country who are becoming or are about to become homeless is not like it was before; it is not all about drug and alcohol addiction.

Leaders' Questions (3 Dec 2014)

Michael McGrath: They are, of course, factors in many cases but not all. The reality is that the rental sector is completely dysfunctional and in crisis. The policy of the Government of not allowing an increase in rent caps is resulting in many families not being able to rent privately and no council houses are available for them. Such families are living in emergency accommodation and many of them are, in...

Ceisteanna - Questions - Priority Questions: Tax Code (3 Dec 2014)

Michael McGrath: I thank the Minister for clarifying the issue, as it is important that small businesses and self-employed persons have certainty for the next 12 months. They will welcome the news that the pay and file date will not change for 2015. That leads me to the next question of whether it is still the Minister's intention to change the pay and file date in the future. We do not want to have a...

Ceisteanna - Questions - Priority Questions: Tax Code (3 Dec 2014)

Michael McGrath: I thank the Minister for providing clarity. The experience in the past 12 months or so bears out the point that we and many others raised at the time that the income stream from self-employed returns was in the region of €1 billion. Even if the estimate was out by 15%, the difference would be €150 million. In the overall context, such a sum would be somewhat immaterial and...

Ceisteanna - Questions - Priority Questions: Tax Code (3 Dec 2014)

Michael McGrath: 4. To ask the Minister for Finance his plans to introduce changes to the pay and file arrangements for 2015, particularly in respect of filing dates; his views on the need to give certainty as soon as possible for professional advisers and self-employed persons; and if he will make a statement on the matter. [46376/14]

Ceisteanna - Questions - Priority Questions: Tax Code (3 Dec 2014)

Michael McGrath: The purpose of this question is to seek clarity on the Minister's intentions regarding the pay and file arrangements. I understand the issue affects up to 600,000 self-employed persons and small businesses. Last year the Minister rowed back on plans to change the pay and file return date for 2014, although he signalled his intention to bring it forward. I am seeking clarity on his...

Ceisteanna - Questions - Priority Questions: Banking Sector (3 Dec 2014)

Michael McGrath: 1. To ask the Minister for Finance his plans for the future of the State's ownership of AIB; the reason for his recent comments in relation to the price of AIB shares; his plans to dispose of a stake in the bank in 2015; how the proceeds of any such sale would be used; and if he will make a statement on the matter. [46375/14]

Ceisteanna - Questions - Priority Questions: Banking Sector (3 Dec 2014)

Michael McGrath: The purpose of my first question is to establish the Minister's intentions regarding the State's ownership of AIB in view of the appointment of a panel of professional advisors to assist in the possible sale of a stake in the bank and the Minister's recent comments about the share price. I am hoping the Minister will give some clarity on his intentions in the short and medium term regarding...

Ceisteanna - Questions - Priority Questions: Banking Sector (3 Dec 2014)

Michael McGrath: I thank the Minister for his reply. Does the Minister believe that the State will recoup all of the €20.8 billion that was injected into AIB? He has just said that he believes the current valuation of AIB is in excess of the €11.6 billion figure that the NPRFC put on the bank at the end of 2013. When I quizzed the CEO of AIB, Mr. David Duffy, at a recent meeting of the Joint...

Ceisteanna - Questions - Priority Questions: Banking Sector (3 Dec 2014)

Michael McGrath: I am glad to hear that the Minister is not rushing it, because there is no need to rush it. The State came to AIB's rescue in its hour of need and injected an absolutely colossal amount of money to save the bank - almost €21 billion. People will be glad to hear that over time, albeit an indefinite amount of time, the State will recoup all of that money; the sooner the better, of...

Written Answers — Department of Social Protection: Social Insurance Payments (2 Dec 2014)

Michael McGrath: 145. To ask the Minister for Social Protection if PRSI has to be paid on the interest income from the State savings scheme products administered by An Post; and if she will make a statement on the matter. [46100/14]