Results 25,361-25,380 of 27,945 for speaker:Michael McGrath

Written Answers — Banks Recapitalisation: Banks Recapitalisation (2 Feb 2012)

Michael McGrath: Question 79: To ask the Minister for Finance if he will confirm that the present value of payments to Irish Bank Resolution Corporation under the terms of the promissory note structure was €30.6 billion at date of issuance; if any change to the timetable for payments could potentially have implications for the solvency of that institution in the absence of additional capital provision; and...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (2 Feb 2012)

Michael McGrath: Question 80: To ask the Minister for Finance if it is his policy that the Central Bank of Ireland should not incur a loss on the provision of emergency liquidity assistance to support Irish credit institutions; if he has committed to provide for the Central Bank to receive payment to make good any shortfall that may arise on the provision of such assistance; and if he will make a statement...

Written Answers — Credit Availability: Credit Availability (2 Feb 2012)

Michael McGrath: Question 81: To ask the Minister for Finance his views on the extent to which covered institutions are meeting lending targets in terms of actual amounts of loans drawn down rather than loans approved, given that many approvals are made with onerous conditions which may result in the prospective borrower withdrawing the application; and if he will make a statement on the matter. [614 4/12]

Written Answers — EU-IMF Agreement: EU-IMF Agreement (2 Feb 2012)

Michael McGrath: Question 82: To ask the Minister for Finance if Ireland is availing of the extended loan maturities in respect of funds drawn down under the EU-IMF programme of assistance, as provided for in the 21 July 2011 heads of Government in the euro area communique. [6145/12]

Written Answers — Personal Insolvency Bill: Personal Insolvency Bill (2 Feb 2012)

Michael McGrath: Question 207: To ask the Minister for Justice and Equality if he envisages that solicitors would meet the eligibility criteria to qualify as personal insolvency trustees as set out in the Personal Insolvency Bill 2012; and if he will make a statement on the matter. [6139/12]

Leaders' Questions (1 Feb 2012)

Michael McGrath: Is the Taoiseach saying he does not know his job?

Public Finance Strategy (1 Feb 2012)

Michael McGrath: Question 1: To ask the Minister for Finance his views on the impact of the new proposed European Fiscal Compact Treaty on Ireland's public finance strategy beyond the end of the Programme for Assistance with the EU and IMF in 2013; the period of time over which he expects Ireland will have to reduce its structural deficit to 0.5% of GDP and its debt to GDP ratio to 60%; The impact this is...

Public Finance Strategy (1 Feb 2012)

Michael McGrath: I thank the Minister for his response. In assessing the provisions of the fiscal compact, this is a key question that needs to be answered. The economic and fiscal outlook document the Minister published along with the budget in December clearly sets out that nominal GDP for Ireland is forecast to be €179 billion in 2015. The Department of Finance estimates that the structural deficit...

Public Finance Strategy (1 Feb 2012)

Michael McGrath: As the Minister knows, under the treaty we are obliged to reduce the deficit on the structural side to 0.5% of GDP, so under static conditions it must be reduced to approximately €900 million, a reduction of €5.7 billion. Of course, conditions will not be static and it will be a combination of growth and the fiscal adjustment. The key question is as follows. Over what timeframe will...

Public Finance Strategy (1 Feb 2012)

Michael McGrath: The Minister mentioned the word "negotiation" and I hope that will form part of the outcome because the wording of the treaty indicates that the timeframe will be proposed by the Commission. To what extent will the input of the individual member state be taken on board? By any measure a further adjustment of almost €6 billion in nominal terms, although we hope that growth will offset...

Public Finance Strategy (1 Feb 2012)

Michael McGrath: The question is about the future though.

Public Finance Strategy (1 Feb 2012)

Michael McGrath: We have the figures for Ireland.

Economic Forecasting (1 Feb 2012)

Michael McGrath: Question 4: To ask the Minister for Finance if he has reviewed his growth projection for 2012 from the Budget day forecast of 1.3% in view of a significant number of recent downgrades; his views on the implications for this year's general Government deficit target of a growth rate of 0.5%; and if he will make a statement on the matter. [5821/12]

Economic Forecasting (1 Feb 2012)

Michael McGrath: We can all agree that growth is central to bringing us out of our economic difficulties and that forecasting is an imprecise science. However, five different bodies have downgraded Irish growth predictions since the beginning of this year. These range from Davy's saying growth will be 0.4%, Goodbody's 0.7%, ESRI 0.9%, the troika 0.5% and NCB 0.3%. The Department's current forecast is 1.3%....

Economic Forecasting (1 Feb 2012)

Michael McGrath: While we have tended to focus on the picture in 2012 because we can look at that with the highest degree of certainty, the forecasts beyond that, for 2013 of 2.4% and 2014 of 3% and our medium-term outlook are very much dependent on those rates being achieved. The Minister's medium term fiscal statement lays out clearly that if there is 1% slippage in that, our debt-to-GDP will peak at 123%...

Banks Recapitalisation (1 Feb 2012)

Michael McGrath: I thank the Minister for his reply. The purpose of the question is to establish the Government's objective in seeking to revisit the issue of bank recapitalisation costs. It is clear from the reply that the focus is on the €30.6 billion promissory note structure for the former Anglo Irish Bank and Irish Nationwide Building Society. As many commentators have pointed out and the Minister...

Banks Recapitalisation (1 Feb 2012)

Michael McGrath: If I interpret the Minister's response correctly, the objective is to identify another financial instrument through which we can refinance the sum involved and repay it over a longer period at a cheap interest rate. This appears to be the essence of his reply. I assume, therefore, that the mandate given to the officials who are engaging with the troika is not to seek a write-down of the...

Banks Recapitalisation (1 Feb 2012)

Michael McGrath: As the coupon is going into a State bank, it is not the primary issue.

Financial Services Regulation (1 Feb 2012)

Michael McGrath: I thank the Minister for his response. The interim commission report was a good day's work. There are a lot of sensible recommendations in it, many of which can be acted on in the short term. I understand the final report is due in March and that the Minister will come forward with the promised legislation to deal with the credit union sector. We need to give as much certainty as possible...

Financial Services Regulation (1 Feb 2012)

Michael McGrath: Some months ago in the Seanad the Minister estimated that the overall bill for supporting credit unions could be somewhere between €0.5 billion and €1 billion. As I understand it, he has provided €0.25 billion this year and will provide a further €0.25 billion next year. Is that still a valid estimate following the stress tests which have now been completed?