Results 24,081-24,100 of 27,945 for speaker:Michael McGrath

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Economy and Funding Requirements: Discussion with NTMA (24 Jan 2013)

Michael McGrath: I presume it is with the National Treasury Management Agency and the Department of Finance. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Economy and Funding Requirements: Discussion with NTMA (24 Jan 2013)

Michael McGrath: Mr. Corrigan said in his opening remarks that the markets have priced in, to a greater or lesser extent, relief on the promissory notes and other bank-related debt. How important is it for the country that we get a good deal on the promissory notes by the end of March and that there is a roadmap to the European Stability Mechanism lifting some of the burden, ideally all of the burden, of the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Economy and Funding Requirements: Discussion with NTMA (24 Jan 2013)

Michael McGrath: How much cash does the country have on hand at present?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Economy and Funding Requirements: Discussion with NTMA (24 Jan 2013)

Michael McGrath: Mr. Corrigan stated earlier that the plan is to raise a further €7.5 billion between now and the end of the current year. He said in his opening remarks that we would then be funded for one full year in advance. Essentially, the projection is that by the end of this year if we raise an additional €7.5 billion we will be funded through to the end of 2014. Is that the position?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Economy and Funding Requirements: Discussion with NTMA (24 Jan 2013)

Michael McGrath: Let us consider this in simple terms. The current programme ends at the end of 2013. If the NTMA is successful in its plans to raise an additional €7.5 billion between now and then, Ireland will be funded through to the end of 2014 in that scenario. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Economy and Funding Requirements: Discussion with NTMA (24 Jan 2013)

Michael McGrath: Then surely we are well on track to exit the programme, barring some negative or unforeseen event that may occur. Staying out of a programme and staying off any future official funding may be a different matter. Is it possible for Mr. Corrigan to go any further than he did at the beginning when he said he saw no reason we would not exit? That is not quite a statement of overwhelming...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Economy and Funding Requirements: Discussion with NTMA (24 Jan 2013)

Michael McGrath: There were meetings earlier this week of the Eurogroup and ECOFIN. The key outcome for Ireland was the possibility of extending the maturity of the money we have drawn down so far, under both of those streams of funding, over a longer term. The maturity was not set but presumably it will apply over a 30 year term or possibly longer. Has the NTMA calculated the potential savings for Ireland...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Economy and Funding Requirements: Discussion with NTMA (24 Jan 2013)

Michael McGrath: Based on reasonable assumptions with regard to the issues to which Mr. Corrigan has referred, will there be potential savings of billions of euro or hundreds of millions? Surely there has been some preliminary analysis.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Economy and Funding Requirements: Discussion with NTMA (24 Jan 2013)

Michael McGrath: It was based on certain assumptions. Is that the position?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Economy and Funding Requirements: Discussion with NTMA (24 Jan 2013)

Michael McGrath: The NTMA made changes to several State savings products before Christmas. At short notice - in fact, overnight - the NTMA significantly reduced some of the interest rates being paid on many of the products offered by the NTMA through An Post. This will have a major impact for many savers. No doubt the NTMA will point out that they are still competitive and I believe the rates are still...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Economy and Funding Requirements: Discussion with NTMA (24 Jan 2013)

Michael McGrath: Did the Department seek a reduction?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Economy and Funding Requirements: Discussion with NTMA (24 Jan 2013)

Michael McGrath: My final question relates to senior executives employed by the NTMA, perhaps in some cases seconded to the Department of Finance, moving on to senior positions in banks without any cooling-off period. This issue was brought into focus recently with the case of Mr. Michael Torpey, who moved from the Department of Finance to a senior position in the Bank of Ireland. I presume he was still...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Economy and Funding Requirements: Discussion with NTMA (24 Jan 2013)

Michael McGrath: I welcome Mr. Corrigan, Mr. Whelan and Mr. Murphy and thank Mr. Corrigan for his opening statement, which was very balanced. He highlighted many of the positives as well as some of the key risks facing the country at present. In the short time afforded to me, I will endeavour to stick to questioning and would appreciate if we could keep our discussion as interactive as possible. In his...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Economy and Funding Requirements: Discussion with NTMA (24 Jan 2013)

Michael McGrath: Are those potential credit lines being explored at this point in time, whether they be through the ESM, outright monetary transactions with the ECB or through the IMF? Are those possible credit lines being actively explored as a backstop for when we exit the programme? Is that work actively under way?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Economy and Funding Requirements: Discussion with NTMA (24 Jan 2013)

Michael McGrath: Can Mr. Corrigan give any further details as to what those credit lines may be? I have mentioned some options already but-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Economy and Funding Requirements: Discussion with NTMA (24 Jan 2013)

Michael McGrath: I understand but does Mr. Corrigan believe that such contingent credit lines are a necessary condition of Ireland successfully exiting the programme? Are they an integral part of the exit strategy? Is it essential that they are in place?

Euro Area Loan Facility (Amendment) Bill 2013: Committee and Remaining Stages (24 Jan 2013)

Michael McGrath: In the event of such a resolution coming before the House, will the Government provide for a full debate? Will the Minister of State give such a commitment?

Euro Area Loan Facility (Amendment) Bill 2013: Committee and Remaining Stages (24 Jan 2013)

Michael McGrath: While the Fianna Fáil Party views the agreement as necessary, it is not a solution. Greece remains on a life support machine and this agreement will not change that. I predict that further amendments will be made to the Greek loan facility because it still has some distance to travel. The European Union's handling of the Greek debt crisis is an example of how not to deal with a...

Euro Area Loan Facility (Amendment) Bill 2013: Committee and Remaining Stages (24 Jan 2013)

Michael McGrath: I raised an issue relating to this section on Second Stage. Section 2 provides that in future, any further changes to the Greek loan facility can be passed by this House by way of resolution and would not require any further primary legislation. The issue we are debating, essentially the third amendment to the Greek loan facility, must come before the House by way of legislation. A full...

Written Answers — Department of Jobs, Enterprise and Innovation: Industrial Production (24 Jan 2013)

Michael McGrath: To ask the Minister for Jobs, Enterprise and Innovation his proposals to strengthen industrial output in the wake of its recent decline; and if he will make a statement on the matter. [3334/13]