Results 20,781-20,800 of 27,945 for speaker:Michael McGrath

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Permanent TSB (12 Nov 2014)

Michael McGrath: My last question concerns mortgage arrears. The last time Permanent TSB was before the committee was in April. On that occasion Mr. O'Sullivan said that the bank expects to repossess between 2,000 and 4,000 homes, which were mainly buy-to-lets but included some family homes as well. Let us look at the numbers in today's presentation. It is stated that there are more than 6,200 principal...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Permanent TSB (12 Nov 2014)

Michael McGrath: I welcome Mr. Masding and his colleagues to the joint committee and thank them for the information they sent us in advance and which has been very helpful. It is vital for consumers and the wider economy that the future of Permanent TSB be secured. We do not want to concentrate any further power in the hands of the pillar banks, as that would not be in the interests of the economy. We need...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Permanent TSB (12 Nov 2014)

Michael McGrath: Moving to the recent stress tests and the capital requirements of the bank, Mr. Masding has said 80% of the €855 million shortfall in the adverse scenario has been provided for. Will he confirm the size of the shortfall? Is it in the region of €150 million to €200 million?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Permanent TSB (12 Nov 2014)

Michael McGrath: When does the contingent capital note of €400 fall due for repayment to the State?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Permanent TSB (12 Nov 2014)

Michael McGrath: The bank is now counting that figure towards the overall sum.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Permanent TSB (12 Nov 2014)

Michael McGrath: Therefore, the bank is looking for €100 million to €150 million, touring the markets and has met potential investors. Mr. Masding has said there is interest in the bank's story. The question is how much of the bank is potentially up for grabs. What percentage stake in the bank is it looking to dispose of to raise the €100 million to €150 million? Is it seeking...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Permanent TSB (12 Nov 2014)

Michael McGrath: Until when does the bank have to finalise a deal?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Permanent TSB (12 Nov 2014)

Michael McGrath: Clearly, potential investors will try to get the maximum stake in the bank for as little money as possible. That is the nature of what they do. I do not expect Mr. Masding to respond, but I express my concern about seeing the State's shareholding in Permanent TSB diluted significantly as a result of the investment the bank is seeking. I would not like this. The State has invested...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Permanent TSB (12 Nov 2014)

Michael McGrath: I hear what Mr. Masding says and accept that his bank is in a different position from some of the others in that it is still losing money and must become profitable. However, it also has to compete, which is the nature of the market. A young person or couple seeking to buy a home by taking out a mortgage will look for the best rate. If the bank wants to increase its share of the mortgage...

Written Answers — Department of Finance: IBRC Mortgage Loan Book (12 Nov 2014)

Michael McGrath: 59. To ask the Minister for Finance further to Parliamentary Question No. 308 of 4 November 2014, in view of the fact that these loans have gone through two rounds of auctions and remain unsold, if the liquidator of the Irish Bank Resolution Corporation will now invite the mortgage holders themselves to bid for their own loans, and will he encourage the State owned banks AIB and PTSB,...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Michael McGrath: Is there any change in substance here to what was envisaged under the old section 125, which again referred to the Companies Acts? Is that just being spelled out in greater detail and enclosing it in the legislation? Is it the same issue and instead of cross referencing it is being included in the Bill.

Written Answers — Department of Social Protection: Defined Benefit Pension Schemes (11 Nov 2014)

Michael McGrath: 172. To ask the Minister for Social Protection the changes contained in both Social Welfare and Pensions Acts 2009 and 2013 in respect of the entitlements of deferred members of pension schemes in the event of the schemes being wound up; and if she will make a statement on the matter. [43087/14]

Written Answers — Department of Finance: Semi-State Bodies (11 Nov 2014)

Michael McGrath: 186. To ask the Minister for Finance the market test criteria that Irish Water and other semi-State companies must meet in order for their costs not to be included in the general Government accounts; and if he will make a statement on the matter. [42850/14]

Written Answers — Department of Finance: Semi-State Bodies (11 Nov 2014)

Michael McGrath: 187. To ask the Minister for Finance in a situation where a commercial semi-State collected, as distinct from billed, less than 50% of its revenue from non-State source, if it will still pass the market test not to be included on the State's books; and if he will make a statement on the matter. [42851/14]

Written Answers — Department of Finance: Semi-State Bodies (11 Nov 2014)

Michael McGrath: 217. To ask the Minister for Finance when EUROSTAT will make a determination as to whether Irish Water meets the criteria as an off-balance sheet entity; and if he will make a statement on the matter. [43204/14]

Written Answers — Department of Finance: Irish Water Establishment (11 Nov 2014)

Michael McGrath: 188. To ask the Minister for Finance the level of equity capital he expects to provide Irish Water to meet its requirements; and if he will make a statement on the matter. [42854/14]

Written Answers — Department of Finance: Revenue Documents Publication (11 Nov 2014)

Michael McGrath: 189. To ask the Minister for Finance if the Revenue Commissioners expects to continue the practice of publishing income statistics; and if he will make a statement on the matter. [42867/14]

Written Answers — Department of Finance: VAT Rate Application (11 Nov 2014)

Michael McGrath: 209. To ask the Minister for Finance the reason the 2015 place of supply VAT changes in the budget 2015 will only bring in €100 million in 2015 but will bring in €125 million in 2017 and €150 million in 2019; if any glide path arrangements were made with any companies to allow them bring in the new VAT rate over a period of time; if he will identify these companies; if...

Written Answers — Department of Finance: Pensions Reform (11 Nov 2014)

Michael McGrath: 216. To ask the Minister for Finance regarding the changes contained in section 63(1) of the Finance Bill which exempts administration services of defined contribution occupational pension schemes from VAT, except one member arrangements, if that clause was inserted in order to comply with the European Court of Justice ruling in the so-called ATP case; if he is aware that the vast majority of...

Written Answers — Department of Finance: Irish Water Funding (11 Nov 2014)

Michael McGrath: 218. To ask the Minister for Finance if he will provide in detail moneys transferred to date or committed to Irish Water as investments on behalf of the State; and if he will make a statement on the matter. [43205/14]