Results 2,661-2,680 of 27,945 for speaker:Michael McGrath

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

Michael McGrath: Fintech firms use technology to deliver financial services and products to consumers. These services and products could be anything that relates to finance, including banking, insurance, and investing. Some fintech firms do not directly provide services to the consumer but instead use technology to support financial services. Any firm that offers a banking service, or a range of banking...

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

Michael McGrath: The Code of Practice for the Governance of State Bodies 2016, Business and Financial Reporting Requirements provides that “State bodies should disclose details of expenditure on external consultancy/adviser fees in their annual report and/or financial statements for each accounting year for each entity”. The Code states that for the purpose of disclosure in financial...

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

Michael McGrath: It was not possible for the Central Bank to provide the information sought in the time available and, therefore, I will make arrangements to provide the information to the Deputy in line with Standing Orders.

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

Michael McGrath: The two Parliamentary Questions referred to differed in scope regarding the type of services and the financial information requested in respect of such services. Accordingly, the data provided in the two responses is not directly comparable. Parliamentary Question No. 381 of 13 June 2023, PQ reference 27962/23, sought details in respect of the total spend on consultancy services and on...

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

Michael McGrath: It was not possible for the Central Bank to provide the information sought in the time available and, therefore, I will make arrangements to provide the information to the Deputy in line with Standing Orders.

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

Michael McGrath: In November 2022 the Court of Justice of the European Union ruled, in Joined Cases C-37/20 and C-601/20, that a provision of the EU anti-money-laundering directive, under which information on the beneficial ownership of corporate and other legal entities, held in central registers, must be provided to the general public, is invalid. The Court found that the provision interfered with the...

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

Michael McGrath: The negotiations on the scope of the Credit Servicers Directive have been concluded. It provides for a common EU framework for the transfer and management of bank-originated non-performing loans, including mortgages, which are transferred or sold after 29 December 2023. The Directive provides for an EU-wide regulatory arrangement for both the purchasers and servicers of such credit...

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

Michael McGrath: While the Deputy refers to the Employment Wage Subsidy Scheme (EWSS), it is important to recall that the EWSS was a unique scheme which was developed and operated in exceptional circumstances during the Covid-19 pandemic. Arising from this, the governance arrangements that applied to EWSS were also exceptional. In the ordinary course of events, the position is that policy responsibility for...

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 Credits (22 Jun 2023)

Michael McGrath: As part of his Budget 2023 speech, my predecessor Minister Donohoe announced that he had instructed officials to explore opportunities to support the unscripted sector. This process is currently being undertaken within the Department. However, while this process is on-going, it is, as stated, an exploration of options and it should not be taken as an indication that a tax credit or...

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

Michael McGrath: I propose to take Questions Nos. 212 and 213 together. The Research and Development (R&D) Tax Credit is an important feature of the Irish Corporation Tax (CT) system. The primary policy objective is to increase business R&D in Ireland, as R&D can contribute to higher innovation and productivity. More broadly, the tax credit forms part of Ireland’s corporation...

Written Answers — Department of Finance: Electronic Commerce (22 Jun 2023)

Michael McGrath: Ireland is supportive of the examination of the possibility of a digital euro by the EU institutions. A properly-designed digital euro has the potential to unlock major benefits for citizens, businesses, Member States and the overall functioning of our economic and monetary union. It would also contribute towards digitalization efforts within our economies. At the same time, it could...

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

Michael McGrath: Despite the significant headwinds faced over the past year, the fundamentals of Ireland’s economy have proven to be remarkably strong. In the first quarter of the year, modified domestic demand (MDD) grew by 2.7 per cent. The broad based nature of this growth is encouraging, with both consumption and investment contributing to robust growth over the first quarter of the year despite...

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

Michael McGrath: I propose to take Questions Nos. 216 and 220 together. Ireland’s long-standing reputation as a stable and pro-enterprise jurisdiction is reflected in the continued investment in the economy. The most recent figures show the stock of foreign direct investment (FDI) in Ireland stood at over €1.2 trillion at the end of the first quarter of 2023. The multinational sector...

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

Michael McGrath: At the end of last year public indebtedness stood at €225 billion or 83 per cent of GNI*. Public debt this year is projected at €224 billion, almost 80 per cent of national income. A stock of public debt on this scale can be managed, but only if the appropriate policy stance is in place. That is why this Government is committed to sustainable fiscal policies. As set out in...

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

Michael McGrath: Despite facing numerous economic headwinds over the past ten years, households have continued to grow their stock of deposits. According to Central Bank data, the outstanding stock of household deposits in financial institutions rose by 65 per cent between April 2013 and April 2023. The onset of the pandemic brought about a notable uptick in deposits, as public health restrictions...

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

Michael McGrath: As Minister for Finance, I do not have a direct function in the operations of any bank. Although the State is a shareholder in some of the banks operating in the State, they must be run on a commercial and independent basis, and their independence in this regard is protected by the relationship agreement. The charging of fees is a commercial decision for regulated entities, but this is...

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

Michael McGrath: Economic growth prospects across the Eurozone and the European Union remain subdued for the year ahead. In the first quarter of 2023, the European economy flat-lined with Eurozone GDP falling by 0.1 per cent, while GDP growth of 0.1 per cent was recorded for the wider European Union driven by a fall in consumption as incomes continue to be eroded by increasing prices. GDP contracted in...

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

Michael McGrath: The National Treasury Management Agency has advised me that sovereign borrowing costs have increased in the last 18 months as global central banks, including the European Central Bank, tightened monetary policy somewhat faster than had been expected in response to significant inflationary pressures. At the start of 2022, Ireland’s 10-year government bond yield stood at c. 0.2%. By the...

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

Michael McGrath: The Irish funding landscape has undergone significant change since the Global Financial Crisis in 2008. In order to address the current imbalance between supply and demand of housing across all tenure types, the Government's Housing for All plan aims to significantly increase the supply of housing to an average of 33,000 per year over the next decade. This is an ambitious plan which will...