Results 3,381-3,400 of 27,945 for speaker:Michael McGrath

Ceisteanna Eile - Other Questions: Tax Code (7 Mar 2023)

Michael McGrath: The economic assessment recommends that the 9% rate be brought to an end. I have been clear about this in written parliamentary replies that I have provided in recent days. It fell to a political decision to be made as to when that would be executed. We have made the political decision that it will happen at the end of August. It is important that I am straight with the sector. The...

Ceisteanna Eile - Other Questions: Tracker Mortgages (7 Mar 2023)

Michael McGrath: I thank Deputy Doherty. The Department continues to work closely with the Central Bank on all mortgage related matters. Changes in the interest rate on a tracker mortgage are determined by any movement in the underlying rate being tracked and, in line with the terms and conditions of the mortgage contract, these changes are applied to tracker mortgages customers by their lenders. This...

Ceisteanna Eile - Other Questions: Banking Sector (7 Mar 2023)

Michael McGrath: I assure the Deputy that work is under way in my Department on these specific recommendations and the heads of a Bill on access to cash are currently being prepared. We will need to decide what level of access to cash it is appropriate to protect. I recognise it is an important issue for communities and small businesses and for ordinary citizens. We also intend to ensure automatic teller...

Ceisteanna Eile - Other Questions: Banking Sector (7 Mar 2023)

Michael McGrath: We are seeing an evolution in the significant move towards digital payments. The Covid-19 pandemic accelerated that. However, cash still has an important role to play in our society and economy. Insofar as is practicable, people have a right to use cash. Having said that, I am conscious that not every public body is in a position to accept cash in the provision of every public service....

Ceisteanna Eile - Other Questions: Tax Code (7 Mar 2023)

Michael McGrath: As the Deputy will be aware, in making any decision on VAT rates or other taxation measures, the Government must balance the costs of the measures in question against their impact and the overall budgetary framework. In the case of the tourism and hospitality sectors, an extension of the 9% VAT rate to the end of 2023 would cost more than €500 million. However, the Government...

Ceisteanna Eile - Other Questions: Tax Code (7 Mar 2023)

Michael McGrath: I thank all the Deputies for raising this issue. As has been said, it the impact is not only on the tourism and hospitality sector. It also covers cinemas, theatres, hairdressers, historic houses, natural heritage facilities, open farms and amusement parks, to name a number of examples. We had to take a range of factors into account at a political level, not least the fact that if the VAT...

Ceisteanna Eile - Other Questions: Banking Sector (7 Mar 2023)

Michael McGrath: I thank the Deputy for her good wishes. I also thank her for submitting this question. The Government approved the publication of the retail banking review and the implementation of its recommendations on 29 November. Each recommendation identifies the body or bodies responsible for delivery of that recommendation and, in some cases, contains timelines for delivery of the...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Motor Industry (7 Mar 2023)

Michael McGrath: There is no escaping the fact that we have to undergo this transition to using more environmentally-friendly vehicles. It is not easy. We recognise the costs involved in the purchase of electric vehicles. That is why we have a range of supports in place. The technology is getting better all the time. Battery life is improving, as is the range of electric vehicles. The transport...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Banking Sector (7 Mar 2023)

Michael McGrath: I thank the Deputy for raising this issue. I am informed by the Central Bank that it does not collect this granularity of data in relation to the total number of victims of authorised push payment fraud or the compensation paid by payment service providers and payment institutions to victims of authorised push payment fraud. The provisional crime statistics for 2022, released by An Garda...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Banking Sector (7 Mar 2023)

Michael McGrath: The Deputy has submitted parliamentary question on this issue recently. As PSD2 is a maximum harmonisation directive, member states may not maintain or introduce provisions through the European Union payment services regulations other than those laid down in the directive, including the introduction of provisions to require reimbursement from payment service providers to victims of...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Banking Sector (7 Mar 2023)

Michael McGrath: The advice received from my officials at this point is that the best way of addressing this issue is through the review the European Commission is undertaking of PSD2, which it is expected will result in a new legislative proposal to bring forward PSD3. The Deputy has raised a valid point. I acknowledge that there is a gap here for the people who are directly affected. It is not...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Motor Industry (7 Mar 2023)

Michael McGrath: At the outset, the Deputy should note that neither the Government nor the Minister for Finance has a role in dictating the list price of vehicles, which are decided by car manufacturers or car dealerships. My colleague, the Minister for Transport, has overall policy responsibility for transport policy including managing the national vehicle and driver file, which is a database containing...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Motor Industry (7 Mar 2023)

Michael McGrath: I absolutely accept that the Government and I are responsible for taxation policy in respect of motor vehicles. While the second-hand market for electric vehicles is in the relatively early stages of development, it is happening and we are seeing more and more second-hand electric vehicles available in the market and being bought. That is why it is so important that we continue with the...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Mortgage Interest Rates (7 Mar 2023)

Michael McGrath: I thank the Deputy. For many customers who are with the non-bank sector at the moment, there is a way back in terms of switching. Many of those customers are fully repaying their mortgages. Those are no longer non-performing loans and those customers should be in a position to switch their loans back to a main retail lender. Many of the loans were sold because they were in distress....

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Code (7 Mar 2023)

Michael McGrath: I thank the Deputy. The Government is acutely aware of the difficulties in the housing market. As I have said on many occasions, the key problem is a lack of supply. This is why the Government is committed to increasing the supply of all types of homes, including social, affordable, rental and owner-occupier. The Minister for Housing, Local Government and Heritage has primary...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Code (7 Mar 2023)

Michael McGrath: I thank the Deputy. The truth is there are many reasons individual landlords decide to leave the market. The numbers are clear and the trend and pattern is unequivocal. Many are making the choice to get out of the market at this time. The Deputy raised the question of tax, which is one element of the issue but there are also other elements. Property values have increased significantly so...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Code (7 Mar 2023)

Michael McGrath: I have previously made the point in the House that we need to be careful in using taxation policy in the context of the property market. There is a time and place for such interventions and there are measures that are appropriate if they are designed properly. However, it is worth making the point that taxation is paid on the profit. A significant number of reliefs are already available....

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Mortgage Interest Rates (7 Mar 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...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Mortgage Interest Rates (7 Mar 2023)

Michael McGrath: I acknowledge the work of the Oireachtas Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach, of which the Deputy is a member, in examining this issue and engaging with those who have direct knowledge and experience of this very important issue. I am directly engaging with the Central Bank of Ireland on this. I know the Deputy met with Central Bank officials yesterday....

Written Answers — Department of Finance: Mortgage Interest Rates (7 Mar 2023)

Michael McGrath: The Government appreciates the difficulties that the current inflation and interest rate environment is causing for many households, including those households servicing or applying for a mortgage. The European Central Bank (ECB), which has an independent mandate to maintain price stability, is taking action to bring inflation down to its desired target of two per cent over the medium term....