Results 23,561-23,580 of 27,945 for speaker:Michael McGrath

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael McGrath: I thank the Minister for his response. Some of the issues I raised are pretty obvious and the fingerprints of the financial services sector are evident in reading the section. It does not go far enough, and consumers are entitled to information about the performance of financial service firms. There should not be any specification of the number of complaints that must be upheld against a...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael McGrath: Are the Minister and the Central Bank satisfied that the way in which it is being proposed to do this is broadly consistent with the Law Reform Commission's proposals on the regulation of the sector? Is the Central Bank satisfied that it will be adequately equipped by these powers to regulate the sector properly?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael McGrath: Amendments Nos. 73 and 87 to 94, inclusive, are being discussed together.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael McGrath: I move amendment No. 73:In page 33, before section 44, but in Part 6, to insert the following new section: “44.—Part V of the Central Bank Act 1997 is amended by the insertion of the following after section 36: “36A.—The Bank shall be the authority in the State for the authorisation of debt management advisors. 36B.—It shall be an offence for a company...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael McGrath: I thank the Minister for his response and for going through the elements of the Private Members' Bill that have and have not been incorporated here. The Bill we proposed was an honest effort to put the spotlight on the issue and was by no means the finished article. Do the Minister's amendments comprehensively deal with the issue of firms that provide household budgeting services? There...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael McGrath: I thank the Minister. I accept that my amendment was blunt, but he understands the principle underlying it. Nobody wants the Central Bank to be bogged down in bureaucracy and undertaking unnecessary investigations. We are all sent a great deal of material by aggrieved persons on various issues. It is impossible to investigate all of the complaints made, but there should be traceability of...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael McGrath: I move amendment No. 39: In page 21, before section 33, to insert the following new section:“33.—The Bank shall investigate any information provided to it by way of a protected disclosure under Part V.”.The protected disclosure is defined in section 33 of the Bill, providing for circumstances where a whistleblower would bring information to the attention of the Central...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael McGrath: The Minister's speaking note was lengthy. When the Central Bank is of the view that a firm needs to be investigated or have a report prepared on an issue, why is it preferable for the firm to appoint another to compile the report, as opposed to the Central Bank, as the independent watchdog and regulator, appointing a firm to do the work? There was a considerable amount of material in the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael McGrath: I know comparisons are not always valid, but if one was a building regulations inspector with a concern about the quality of a certain building and told the developer to bring a report on a particular aspect of the way the building was constructed, would one have more confidence in that report than in a report commissioned by the building inspectorate? No, one would not. It is a matter of...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael McGrath: I move amendment No. 7: In page 9, before section 6, to insert the following new section:“6.—Section 2 of the Statute of Limitations (Amendment) Act 1991 is amended—(a) in subsection (1), between the words “for the purposes of any provision of this Act whereby the time within which an action in respect of an injury” and the words “may be...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael McGrath: I am aware of the reports of the Law Reform Commission on the Statute of Limitations. What I seek from the Minister is an indication of whether he supports some movement in principle on the issue. It can often take much longer than six years for consumers of various financial products to realise that the product is not what they thought it was. I take the example of a self-employed person...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael McGrath: I move amendment No. 8: In page 10, subsection (1), line 18, to delete "the reviewee" and substitute "a reviewer".I went back over my speech on Second Stage, which was made over a year and half ago. I raised the issue addressed by amendments Nos. 8 to 15, inclusive, at that point. Where a company is investigated by the Central Bank, it will nominate a firm or an individual to prepare a...

Written Answers — Department of Finance: Tax Reliefs Cost (24 Apr 2013)

Michael McGrath: 75. To ask the Minister for Finance if he will set out in tabular form the total number of investors and the gross cost to the Exchequer of Section 481 Film Tax relief in each year from 2002 to 2012; his estimate of the number of jobs supported by this scheme; and if he will make a statement on the matter. [19455/13]

Topical Issue Debate: Mortgage Arrears Proposals (23 Apr 2013)

Michael McGrath: I am glad the Minister of State did not read the full reply.

Topical Issue Debate: Mortgage Arrears Proposals (23 Apr 2013)

Michael McGrath: I thank him for getting to the point quickly. Split mortgages are a really good solution for many people with distressed mortgages. However, if one is going to hammer one group of customers with a full interest rate while others get a good deal through interest-free warehousing, we are not going to achieve the consistency and fairness we want in bringing about a resolution of the mortgage...

Topical Issue Debate: Mortgage Arrears Proposals (23 Apr 2013)

Michael McGrath: I thank the Ceann Comhairle for choosing this important topic. We all want to see the mortgage arrears problem solved. We can all agree that one of the potential solutions for many borrowers is the split mortgage model. At the end of 2012 there were only 52 such split mortgages, but the evidence of the past couple of months is that the banks are beginning to offer split mortgages to...

Written Answers — Department of Jobs, Enterprise and Innovation: Credit Guarantee Scheme Implementation (23 Apr 2013)

Michael McGrath: 103. To ask the Minister for Jobs, Enterprise and Innovation his assessment of the impact of the Credit Guarantee Act to date; the amount of jobs that have been supported by this investment to date; and if he will make a statement on the matter. [18670/13]

Written Answers — Department of Finance: Property Taxation Exemptions (23 Apr 2013)

Michael McGrath: 178. To ask the Minister for Finance if he will provide details of the exemptions in property value for persons who have a disability in respect of the local property tax; and if he will make a statement on the matter. [18226/13]

Written Answers — Department of Finance: National Debt (23 Apr 2013)

Michael McGrath: 226. To ask the Minister for Finance the average maturity of each of the components and the overall average maturity of the general Government debt; and if he will make a statement on the matter. [18487/13]

Written Answers — Department of Finance: Mortgage Arrears Proposals (23 Apr 2013)

Michael McGrath: 227. To ask the Minister for Finance his views on reports that banks are refusing to restructure mortgages until customers stop paying the credit unions and other unsecured debts; and if he will make a statement on the matter. [18488/13]