Results 23,281-23,300 of 27,945 for speaker:Michael McGrath

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)

Michael McGrath: They may do the work as an agent of the ECB.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)

Michael McGrath: The Minister mentioned in his contribution that he hopes the deposit guarantee scheme will be agreed at European level. What changes are proposed in that regard? Does this mean, for example, that the €100,000 figure guaranteed here will be the standard across Europe? Will it be a standard figure and will the agreement have an impact on the deposit protection account the Central Bank...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)

Michael McGrath: Currently, there is more than €300 million in the deposit protection account with the Central Bank. If the banking system collapsed tomorrow morning, that would not go anywhere near meeting the requirements of the insured deposits of up to €100,000. Will there be an insurance element which will involve third parties?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)

Michael McGrath: At present, that liability would run into tens of billions of euro. My final question relates to the budget process here. The Minister referred to the changes brought about by the two-pack agreement in Europe and our budget has been brought forward to 15 October. What is the role of the European authorities in regard to that budget? For example, is the Minister required to submit a draft...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)

Michael McGrath: Thank you.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)

Michael McGrath: I, too, compliment the Minister; the Minister of State, Deputy Brian Hayes, and their officials on their work at ECOFIN. I am aware that it has required much personal commitment in the past six months and in the period leading up to the start of the Presidency. I acknowledge all of the hard work done and the progress made on a number of important fronts. Deputy Stephen S. Donnelly raised...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)

Michael McGrath: That is fine. Will senior bondholders take the hit first?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)

Michael McGrath: That is an important development and to be welcomed. I compliment the Minister on getting it in place. I understand it will be 2018 before the bail-in procedures are fully applied. Will they apply in the case of banks that fail and also banks that require capital if there is a capital adequacy issue?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)

Michael McGrath: Will it require the introduction of domestic legislation in every country?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)

Michael McGrath: That is fine. It clarifies also the potential role of the ESM, depending on the scale of the issue within a bank, whether it is beyond the threshold figure of 8%.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)

Michael McGrath: Perhaps I can move to the single European banking supervisor. I listened carefully to the Minister's comments when he said it would relate to all major or systematically important banks and that there would be differentiation, depending on the size and significance of the banks involved. Will he translate for us what it will mean in Ireland's case in respect of the direct regulation of the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)

Michael McGrath: Under the regulations.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Terms of Reference of Sub-Committee on Global Taxation: Motions (3 Jul 2013)

Michael McGrath: I will be brief. I spoke on this matter when the sub-committee met and my views have not changed. I agree with virtually everything Deputy Donnelly has said. As far as I am concerned, the focus of the sub-committee's work is on policy issues. It is dealing with taxation architecture, the corporation tax code in Ireland as it relates to multinationals, and the relationship between our...

Written Answers — Department of Education and Skills: Special Educational Needs Expenditure (3 Jul 2013)

Michael McGrath: 33. To ask the Minister for Education and Skills the impact of the special needs assistant cap on access to special needs support from next September in view of the increase in demand; and if he will make a statement on the matter. [32273/13]

Written Answers — Department of Finance: Banking Sector Investigations (3 Jul 2013)

Michael McGrath: 79. To ask the Minister for Finance if he will state, in respect of each of the former covered institutions, if internal and or external telephone calls were recorded by the bank; when the recording of telephone calls commenced; the present practice; if any such recordings from the period 2008 onwards have been passed on to the authorities as part of their investigation into certain matters...

Written Answers — Department of Finance: Bank Liabilities (3 Jul 2013)

Michael McGrath: 80. To ask the Minister for Finance if he will provide the official breakdown by class of liability of the total amount of bank liabilities at 30 September 2008 covered by the bank guarantee announced on that day and subsequently enshrined in legislation. [32528/13]

Written Answers — Department of Finance: Central Bank of Ireland Investigations (3 Jul 2013)

Michael McGrath: 81. To ask the Minister for Finance if he will provide details of each of the separate investigations currently underway by the Central Bank of Ireland into the banking collapse; the subject matter being investigated; if he will provide an update in respect of each investigation; and if he will make a statement on the matter. [32531/13]

Written Answers — Department of Finance: Bank Guarantee Scheme Administration (3 Jul 2013)

Michael McGrath: 82. To ask the Minister for Finance the amount of money held by the then Central Bank and Financial Services Authority of Ireland at 30 September 2008 in respect of the deposit guarantee scheme for banks and building societies; and to specify the amount currently being held by the Central Bank of Ireland in respect of the same scheme. [32532/13]

Written Answers — Department of Finance: Economic Data (3 Jul 2013)

Michael McGrath: 83. To ask the Minister for Finance his views on the recent fall in GDP; the actions the Government will take to arrest the decline in output; and if he will make a statement on the matter. [32534/13]

Written Answers — Department of Finance: Bond Redemption (3 Jul 2013)

Michael McGrath: 84. To ask the Minister for Finance if sales have taken place to date by the Central Bank of Ireland of the portfolio of Irish Government bonds it holds which replaced the Irish Bank Resolution Corporation promissory notes; the total value of such transactions; and if he will make a statement on the matter. [32608/13]