Results 8,901-8,920 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Central Bank of Ireland Enforcement Actions (18 Apr 2019)

Michael McGrath: 76. To ask the Minister for Finance the number of enforcement proceedings initiated by the Central Bank in each of the years from 2016 to 2018 and to date in 2019, by type of licensed institution; the number of proceedings that have led to enforcement actions by the Central Bank; the value of fines, by type, that have been imposed in each year, in tabular form; and if he will make a statement...

Written Answers — Department of Finance: Real Estate Investment Trusts (18 Apr 2019)

Michael McGrath: 77. To ask the Minister for Finance the amount of property-related income earned by all real estate investment trusts, REITs, in each of the years from 2013 to 2018 and to date in 2019; the amount that is from rent; the amount that is from the sale of properties; the amount of net distributions made in each of the years since 2013; the amount of those distributions paid to domestic income...

Written Answers — Department of Finance: Real Estate Investment Trusts (18 Apr 2019)

Michael McGrath: 78. To ask the Minister for Finance the number of distributions made each year since 2013 from REITs to pension plans, charities and other dividend withholding tax exempt shareholders; and if he will make a statement on the matter. [18339/19]

Written Answers — Department of Finance: Life Insurance Policies (18 Apr 2019)

Michael McGrath: 79. To ask the Minister for Finance the yield from life assurance exit tax in 2018; the forecasted yield in 2019; and if he will make a statement on the matter. [18340/19]

Written Answers — Department of Finance: Life Insurance Policies (18 Apr 2019)

Michael McGrath: 80. To ask the Minister for Finance the yield from the 1% levy on life assurance policies in each of the years from 2015 to 2018; the projected yield in 2019; and if he will make a statement on the matter. [18341/19]

Committee on Budgetary Oversight: Stability Programme Update: Minister for Finance and for Public Expenditure and Reform (18 Apr 2019)

Michael McGrath: I welcome the Minister and his officials and thank the Minister for his abbreviated opening statement. In-year expenditure growth has been raised by the Irish Fiscal Advisory Council, which has been critical of the Government in this area. Taking the figures prepared by the Parliamentary Budget Office for 2018, in October 2017, forecasted expenditure for 2018 stood at €60.9 billion....

Committee on Budgetary Oversight: Stability Programme Update: Minister for Finance and for Public Expenditure and Reform (18 Apr 2019)

Michael McGrath: Corporation tax receipts continue to surge. While I know the first quarter is not a big one for corporation tax, the first quarter outturn in the fiscal report shows that receipts were much higher than anticipated. Some weeks ago, when I questioned the Minister on this issue, he said he was seeking another way of measuring the sustainability of corporation tax receipts. I asked him to...

Committee on Budgetary Oversight: Stability Programme Update: Minister for Finance and for Public Expenditure and Reform (18 Apr 2019)

Michael McGrath: On capital spending, the national children's hospital project is running over budget by at least €450 million. The Taoiseach has referred to a figure of €3 billion for the national broadband plan. We have heard of other projects. At a local level in Cork, the Dunkettle interchange contract is yet to be signed but there are rumours - that is all they are - that the project...

Committee on Budgetary Oversight: Stability Programme Update: Minister for Finance and for Public Expenditure and Reform (18 Apr 2019)

Michael McGrath: It normally increases later in the year.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: No Consent, No Sale Bill 2019: Discussion (Resumed) (18 Apr 2019)

Michael McGrath: I welcome the witnesses and thank them both for the submissions and opening statements on this Bill. I will start with the issue of the CCMA and its non-statutory basis, to which both have referred. Can they clarify that for me? Early on, the CCMA states, "This Code is issued under Section 117 of the Central Bank Act 1989." Can they explain why it is not statutory? The Central Bank...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: No Consent, No Sale Bill 2019: Discussion (Resumed) (18 Apr 2019)

Michael McGrath: In essence, Mr. Joyce is saying that this code is a voluntary code.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: No Consent, No Sale Bill 2019: Discussion (Resumed) (18 Apr 2019)

Michael McGrath: Sure.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: No Consent, No Sale Bill 2019: Discussion (Resumed) (18 Apr 2019)

Michael McGrath: That is a critique of its content as well, as much as the basis.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: No Consent, No Sale Bill 2019: Discussion (Resumed) (18 Apr 2019)

Michael McGrath: FLAC's opening statement referenced the standard clause in mortgage contracts that enables banks to sell loans on, and suggested that could be challenged under the EU directive on unfair terms in consumer contracts. Is it FLAC's view that this clause, which has not been adjudicated on by the High Court at this stage, could be struck down? We cannot know what the court will decide but is...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: No Consent, No Sale Bill 2019: Discussion (Resumed) (18 Apr 2019)

Michael McGrath: I seek Mr. Joyce's opinion, given that that clause is in existing mortgage contracts. If this Bill is enacted and becomes law, can it be applied in respect of contracts already written, where that clause is there and has been signed up to by both parties? What is Mr. Joyce's legal view on that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: No Consent, No Sale Bill 2019: Discussion (Resumed) (18 Apr 2019)

Michael McGrath: Can it be retrospective, in Mr. Joyce's legal opinion?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: No Consent, No Sale Bill 2019: Discussion (Resumed) (18 Apr 2019)

Michael McGrath: It is repeated ad nauseamby the Central Bank, the Minister, and others that protections travel with loans, and that borrowers are no worse off if their loan is sold on to a so-called vulture fund. The issue was raised in the FLAC opening statement that it does not see any specific legal obligation on the new loan owner to honour a restructure agreement that has been entered into. Is there a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: No Consent, No Sale Bill 2019: Discussion (Resumed) (18 Apr 2019)

Michael McGrath: No.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: No Consent, No Sale Bill 2019: Discussion (Resumed) (18 Apr 2019)

Michael McGrath: My final question is for Mr. Hall. We hear from the Minister and the Central Bank that there are no data to show that borrowers are in any way disadvantaged or that vulture funds are more likely to take enforcement proceedings. They say that the repossession statistics do not bear out the claim that vulture funds are more aggressive. Can Mr. Hall give us his response to that claim we...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: No Consent, No Sale Bill 2019: Discussion (Resumed) (18 Apr 2019)

Michael McGrath: I want to commend both organisations on the work they do with borrowers. They play a very important role and have helped an awful lot of people collectively. I apologise that I must attend another committee meeting, whose time clashes with this meeting.