Results 23,121-23,140 of 27,945 for speaker:Michael McGrath

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Michael McGrath: Therefore, the bank is sitting on in excess of 1,000 buy-to-let properties where no payment has been made in six months. Many of these, presumably, are rented out and the landlord is receiving the rent, but AIB has just appointed a few dozen rent receivers. What is the justification for that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Michael McGrath: Does Mr. O'Connor accept that what AIB has been doing in this area so far has not been good enough? It has not been active enough in that area. Bank of Ireland had appointed over 1,100 rent receivers over the same period. The Minister for Finance, Deputy Noonan, responded to me in mid July that the figure for AIB was in low single digit figures. That is not good enough.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Michael McGrath: I have a question for Mr. Duffy regarding the residents of Priory Hall. Some of these residents are AIB customers and I understand AIB has been involved in the conciliation process under Mr. Justice Finnegan. I understand that in most cases the mortgages have been subject to a moratorium, but interest is still accruing on many of them. As a first step, the residents want these mortgages to...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Michael McGrath: The main reason is a time lag, so they will come through in the official numbers.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Michael McGrath: The witnesses have thrown a great many numbers at us in the last ten minutes. I welcome the fact that they are prepared to give them, but we should have had them before this meeting commenced. We are taking down notes, looking at numbers and trying to frame questions. That is not acceptable. We should have had all of that information in advance of the meeting. The witness gave us an...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Michael McGrath: The point must be made that of the numbers the witnesses have given us, approximately 60% of the so-called sustainable solutions the bank offered in the second quarter under the Central Bank targets programme were threatening legal letters. That is the bottom line.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Michael McGrath: They are.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Michael McGrath: So it is 40% in the year to date. However, 60% of the bank's solutions in the second quarter were threatening legal letters. That is the bottom line. Mr. Duffy can say there is an issue there because of the Dunne judgment and the bank was not advancing files to that point because of the legal-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Michael McGrath: What was the bank doing up to now with those files?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Michael McGrath: I welcome Mr. Duffy and his colleagues from Allied Irish Banks. There are many areas I would like to cover and I will try to get through as many as I can in the time allocated to me. I would like first to deal with the numbers in relation to the mortgage arrears resolution targets, some of which Mr. Duffy alluded to in his engagement with the Chairman. Perhaps Mr. Duffy would take us...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Michael McGrath: The figures given earlier by Mr. Duffy were for the second quarter.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Michael McGrath: In the second quarter, 8,600 offers were made.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Michael McGrath: Am I correct in saying the that figure is made up of 153 split mortgages, 439 voluntary surrenders, 448 cash payments, ten capital plus interest plus arrears and more than 5,000 cases in respect of which legal letters have been issued?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Michael McGrath: I will come back to that. On the split mortgages, Mr. Duffy said that in the year to date some 1,600 offers had been made. Why are we not seeing those in the official Central Bank statistics to the end of June? Is that because of a trial period issue? How many split mortgages were implemented up to the end of June?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Michael McGrath: The Central Bank figures are cumulative figures. They are the position at the end of June, at which the total number of restructured mortgages which were split mortgages was 309. Mr. Duffy says the bank made approximately 1,600 offers. How does he reconcile those figures?

Committee on Finance, Public Expenditure and Reform: Joint Sub-Committee on Global Corporate Taxation: Global Taxation Architecture: Discussion with Director of the OECD Centre for Tax Policy and Administration (23 Jul 2013)

Michael McGrath: My question is on the key issues of base erosion and profit shifting that were addressed in the report by Mr. Saint-Amans. Is there anything unique about Ireland's corporation tax regime that has contributed to these two problems?

Committee on Finance, Public Expenditure and Reform: Joint Sub-Committee on Global Corporate Taxation: Global Taxation Architecture: Discussion with Director of the OECD Centre for Tax Policy and Administration (23 Jul 2013)

Michael McGrath: I thank Mr. Saint-Amans for that answer. My final question is to ask him to clarify his core objective with the report. Is it to get multinational companies to pay more tax globally on an overall aggregate basis or to redistribute where corporation tax is paid, depending on where the profits are finally residing? How confident is Mr. Saint-Amans that he will achieve progress in the...

Committee on Finance, Public Expenditure and Reform: Joint Sub-Committee on Global Corporate Taxation: Global Taxation Architecture: Discussion with Director of the OECD Centre for Tax Policy and Administration (23 Jul 2013)

Michael McGrath: I thank Mr. Saint-Amans.

Committee on Finance, Public Expenditure and Reform: Joint Sub-Committee on Global Corporate Taxation: Global Taxation Architecture: Discussion with Director of the OECD Centre for Tax Policy and Administration (23 Jul 2013)

Michael McGrath: I thank Mr. Saint-Amans for giving us his time today. I will follow on with the questioning where the Chairman finished. As he is aware, the proceedings will be closely monitored not just in this country but internationally. Like most jurisdictions our priority in reading the report he has compiled is to inquire and interrogate its impact on our tax environment. In that regard I wish to...

Committee on Finance, Public Expenditure and Reform: Joint Sub-Committee on Global Corporate Taxation: Global Taxation Architecture: Discussion with Director of the OECD Centre for Tax Policy and Administration (23 Jul 2013)

Michael McGrath: I thank Mr. Saint-Amans for clarifying the point. He has confirmed to the Chairman that the corporation tax rate in each country is a sovereign matter for that country, but when he was in Ireland recently he made a comment that if a country has a 12.5% rate then he would like to see companies actually paying 12.5%. That comment was seen very much in the context of the debate that has been...