Results 2,641-2,660 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Mortgage Interest Rates (22 Jun 2023)

Michael McGrath: The formulation and implementation of monetary policy is an independent matter for the European Central Bank (ECB) and, as the Deputy is aware, the ECB has increased official interest rates over recent months as it attempts to combat inflation. The level of official interest rates influences the overall level of interest rates throughout the economy. However, the setting of retail...

Written Answers — Department of Finance: Tax Code (22 Jun 2023)

Michael McGrath: Since the UK left the EU Single Market and Customs Union, from 1 January 2021, the movement of goods from Great Britain into the EU is an importation from a third country and, in accordance with the terms of the Withdrawal Agreement, such goods must be declared to Customs, and are liable to customs duty (if applicable) and VAT at import. However, the EU-UK Trade and Cooperation Agreement...

Written Answers — Department of Finance: Financial Services (22 Jun 2023)

Michael McGrath: Overall, the financial sector accounted for some €2.7 billion of corporation tax receipts in 2022. This was around 12 per cent of the corporation tax yield. According to the CSO, corporate taxes paid by the financial sector were split broadly equally between domestic (48 per cent) and foreign owned (52 per cent) financial corporates in 2021. A breakdown of the financial sectors...

Written Answers — Department of Finance: Equality Issues (22 Jun 2023)

Michael McGrath: The Women in Finance Charter was developed over a number of years by the industry representative associations, Banking and Payments Federation Ireland, Financial Services Ireland, Insurance Ireland and Irish Funds, with support from government, as part of the Ireland for Finance strategy. It was launched in April 2022. Theme 3 of the Update to Ireland for Finance strategy is Diversity and...

Written Answers — Department of Finance: EU Bodies (22 Jun 2023)

Michael McGrath: The new EU Anti Money Laundering Authority - AMLA - will be established on foot of an EU Regulation that was published in July 2021 and expected to be adopted later this year. AMLA will be a significant EU institution, tasked with supervision - either directly, or indirectly - of obliged entities in the financial services sector in the first instance and eventually, those in the non-financial...

Written Answers — Department of Finance: Housing Provision (22 Jun 2023)

Michael McGrath: The Department of Finance, through the Housing for All Investment Workstream, commissioned a report on the drivers of the cost and availability of finance for residential development during 2022. The key findings from this Report in relation to funding is that there has been reasonable availability of both debt and equity for viable residential development. However, increasing global...

Written Answers — Department of Finance: Fiscal Policy (22 Jun 2023)

Michael McGrath: Last year a General Government Surplus of approximately €8 billion was recorded. However, my Department estimates that in 2022, windfall corporation tax receipts were in the region of €11 billion. Once these windfall receipts are stripped out, the headline budgetary surplus masks an underlying deficit somewhere in the region of €3 billion. Going forward, an annual average...

Written Answers — Department of Finance: Tax Code (22 Jun 2023)

Michael McGrath: I am advised by Revenue that the flat rate expense (FRE) regime it operates is done so on an administrative basis. It applies where both a specific commonality of expenditure exists across an employment category and the statutory requirement for the tax deduction as set out in section 114 Taxes Consolidation Act (TCA) 1997 is satisfied, namely, that the expenses are wholly, exclusively and...

Written Answers — Department of Finance: Departmental Meetings (22 Jun 2023)

Michael McGrath: As the Deputy will be aware, I took office as Minister for Finance on the 17 December 2022. Since taking office, I have not corresponded or had any formal meetings with the Irish Fiscal Advisory Council. My officials have, of course, met with the Fiscal Council over this period in the context of the endorsement process of the macroeconomic forecasts. The Fiscal Council play an important role...

Written Answers — Department of Finance: Insurance Industry (22 Jun 2023)

Michael McGrath: Insurance reform is a key priority for this Government as evidenced through the implementation of the Action Plan on Insurance Reform as overseen by a specific Cabinet Committee Sub-Group chaired by the Tánaiste. The latest Implementation Report demonstrates that significant progress has been made, with 90 per cent of the actions contained in the Action Plan now being delivered or...

Written Answers — Department of Finance: Insurance Industry (22 Jun 2023)

Michael McGrath: This Government recognises that insurance fraud is one of several factors that contribute to the cost of insurance. Of course, it is important to remember that the vast majority of insurance claims are genuine and far outnumber the fraudulent cases. Nevertheless, when it does occur, insurance fraud impacts on all policyholders, by increasing overall costs. That is why as part of the...

Written Answers — Department of Finance: Insurance Coverage (22 Jun 2023)

Michael McGrath: At the outset, it is important to note that neither I, nor the Central Bank of Ireland, can direct the pricing or provision of insurance products. This position is reinforced by the EU Single Market framework for insurance (the Solvency IIDirective). Nevertheless, this Government is aware that certain groups are currently facing difficulty in terms of affordability and availability of...

Written Answers — Department of Finance: Tax Data (22 Jun 2023)

Michael McGrath: As the Deputy may be aware, all Budget tax changes are set out each year as part of the overall Budget documentation and the publications can be obtained on the following Government website: www.gov.ie/en/campaigns/budget/ In addition, the Budget documentation includes detailed distributional analysis of the tax measures announced in the Budget. The distributional analysis...

Written Answers — Department of Finance: Credit Unions (22 Jun 2023)

Michael McGrath: I thank the Deputy for his question. Minister of State Jennifer Carroll MacNeill has met with the four main representative bodies and has had extensive engagement with several credit union CEOs and directors around the country. So far in 2023 alone, Minister Carroll McNeill has attended 20 meetings and events with various credit union stakeholders including the representative bodies, the...

Written Answers — Department of Finance: Credit Unions (22 Jun 2023)

Michael McGrath: I thank the Deputy for his question. The Central Bank is subject to strict confidentiality requirements in accordance with Section 33AK of the Central Bank Act 1942 and cannot provide financial information in relation to individual credit unions. I can however provide the Deputy with aggregate information in regard to the credit union sector. As at end March 2023 there are 198 active credit...

Written Answers — Department of Finance: Departmental Policies (22 Jun 2023)

Michael McGrath: An overriding objective of the Programme for Governmentis to improve the well-being of Irish society. To that end, the Programme specifically commits to incorporating a well-being perspective into our policy-making system by developing a set of well-being indices to complement existing economic measures and by assessing these well-being measures to provide a holistic view of how Irish society...

Written Answers — Department of Finance: Public Sector Pay (22 Jun 2023)

Michael McGrath: I wish to inform the Deputy that the top ten highest paid civil servants in my Department are on the following Pay Scales: 1 Secretary General Level I appointed on/after 1/6/11 - €242,250 1 Deputy Secretary appointed on/after 1/7/10 – PPC €199,040 2 Assistant Secretary - €146,454.00 - €153,109 - €160,321 - €167,534 3 Assistant Secretary...

Written Answers — Department of Finance: Tax Reliefs (22 Jun 2023)

Michael McGrath: The National Disability Inclusion Strategy Transport Working Group (NDIS TWG), comprising members from a range of Departments, agencies and Disabled Persons Organisations, was tasked under Action 104 to review all Government-funded transport and mobility supports for those with a disability, including the Disabled Drivers and Disabled Passengers Scheme (DDS). The NDIS TWG final report was...

Written Answers — Department of Finance: Tax Reliefs (22 Jun 2023)

Michael McGrath: As I have stated previously in the House, the position is that the formulation and implementation of monetary policy in the eurozone and the setting of official interest rates is an independent matter for the ECB. The Government has no role in setting official interest rates, nor in setting the retail interest rates that lenders may charge on their loans, including mortgages. That is a...

Written Answers — Department of Finance: Legislative Reviews (22 Jun 2023)

Michael McGrath: In its 2022 Report, the Commission on Taxation and Welfare recommended that a review of the section 110 regime be undertaken. This recommendation has been incorporated into the Terms of Reference for the “Funds Sector 2030” Review which I published on 6 April this year. In line with the Terms of Reference, the Funds Review will, amongst other things, consider: ...