Results 8,981-9,000 of 27,945 for speaker:Michael McGrath

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Michael McGrath: It is the same as the last time we teased this out. A customer with an overdraft of €50,000 who is currently €10,000 overdrawn can max that out, so to speak, prior to 7 June and then it carries over to their everyday account.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Michael McGrath: It will cease to exist as an overdraft and what follows is a matter for the new relationship.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Michael McGrath: I want to ask Dr. Hunt a final question about the overall position with non-performing exposures, NPEs. He said the latest transaction that AIB announced will bring it to circa 8%. The aim is to get to 5% by year end and Dr. Hunt is laying a clear marker that that is not a destination but a step along the road to reducing them further but, in nominal and book value terms, by how much does...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Michael McGrath: We can easily work it out from the figures Dr. Hunt has provided.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Michael McGrath: With regard to the share price and the State's shareholding in the bank, the price was €4.40 at the time of the initial public offering, IPO, in June 2017. It is currently trading at about €4.10. There seems to be a drag on bank share prices generally across Europe. Market capitalisation is €11.1 billion and, as Dr. Hunt pointed out, 71% of that is about €8...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Michael McGrath: With regard to the issue of interest rates and risk-weighted assets, the report recently published by the Department of Finance was very helpful in highlighting the link between interest rates and the capital requirements in terms of the risk weighting. In respect of the figures for AIB it reports for the first half of 2018, 30% is the total figure quoted while the figure for performing...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Michael McGrath: It is important to put on record that AIB has led the way in rate reductions. It is interesting that when one looks back over the past number of years - one of the tables in the questionnaire is quite useful - one can see that in June 2013, the variable interest rate for loan to value between 50% and 80% was 4.29%. It is now 2.95%. Similarly, for lower loan to value of less than 50%, it...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Michael McGrath: The Irish Banking Culture Board will issue its report on Monday. Perhaps Dr. Hunt might give us a sense of what AIB is doing in tangible terms to improve its culture. As I said, Dr. Hunt referred to a customer focused culture. We await the recommendations of the Irish Banking Culture Board. AIB is part of and co-funds the board and presumably will buy into whatever recommendations it...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Michael McGrath: Is this a person?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Michael McGrath: That brings me to my final point, which is reverting back to the whole tracker and prevailing rate issue. It is an ask on my part because there are a lot of people who are watching in about this issue or who will read the transcript later on. I encourage AIB to move away from what I would regard as an overly legalistic approach to this issue. I know that Ms Dooley has a job and she is...

Saincheisteanna Tráthúla - Topical Issue Debate: Hospitals Building Programme (10 Apr 2019)

Michael McGrath: The Minister of State has not given any additional reassurance that the project will be funded to phase 3 and beyond. He says it is included in the Project Ireland 2040 initiative. That is little comfort to those who are waiting for this investment. I assume the Minister of State is referring to the national development plan, which still has many years to run. Without this investment,...

Saincheisteanna Tráthúla - Topical Issue Debate: Hospitals Building Programme (10 Apr 2019)

Michael McGrath: Thank you, a Cheann Comhairle, for choosing this Topical Issue debate. It is an important issue not only for Cork but for the Munster area. As Minister of State at the Department of Health and as a Cork-based Deputy, Deputy Jim Daly will be quite familiar, I imagine, with this issue and will have an interest in it. I imagine the Government does not want issues around a children's hospital...

Civil Liability and Courts (Amendment) Bill 2019: First Stage (10 Apr 2019)

Michael McGrath: I move: "That the Bill be taken in Private Members' time."

Civil Liability and Courts (Amendment) Bill 2019: First Stage (10 Apr 2019)

Michael McGrath: I move:That leave be granted to introduce a Bill entitled an Act to amend the Civil Liability and Courts Act 2004 and to provide for related matters. I thank the Chair for allowing me to introduce the Bill which forms part of a series of constructive measures we, as a party, have brought forward to tackle the issue of high insurance costs for businesses and individuals throughout the country....

Written Answers — Department of Finance: Insurance Compensation Fund (10 Apr 2019)

Michael McGrath: 55. To ask the Minister for Finance if a court date has been set for the withdrawal of funds from the insurance compensation fund in relation to a company (details supplied); if so, the date; and if he will make a statement on the matter. [16907/19]

Written Answers — Department of Finance: Financial Services Regulation (10 Apr 2019)

Michael McGrath: 56. To ask the Minister for Finance when legislation to better regulate personal contract plans in line with the conclusions from the review of regulation of personal contract plans will be introduced; his plans to introduce amending legislation to the Consumer Credit Act 1995; his further plans to introduce legislation that will force PCP providers to be regulated by the Central Bank; if the...

Written Answers — Department of Finance: Small and Medium Enterprises Supports (10 Apr 2019)

Michael McGrath: 57. To ask the Minister for Finance the take-up of the key employee engagement programme in each month since its establishment; the number of companies that have availed of the scheme in each of these months by multinational companies and SME companies; and if he will make a statement on the matter. [16910/19]

Written Answers — Department of Finance: Employment Investment Incentive Scheme Data (10 Apr 2019)

Michael McGrath: 58. To ask the Minister for Finance the number of applications for tax relief certificates under the employment and investment incentive scheme in each year since its creation and in each month of 2018; the number of applications awaiting processing and approval, respectively by the Revenue Commissioners; the average time taken between original application and the final approval for tax...

Written Answers — Department of Finance: Employment Investment Incentive Scheme Data (10 Apr 2019)

Michael McGrath: 59. To ask the Minister for Finance the number of outstanding applications for tax relief certificates under the employment and investment incentive scheme awaiting processing and approval by the Revenue Commissioners at the end of each month in each of the years 2016 to 2018 and to date in 2019, in tabular form; and if he will make a statement on the matter. [16912/19]

Written Answers — Department of Finance: Central Bank of Ireland Reports (10 Apr 2019)

Michael McGrath: 60. To ask the Minister for Finance his plans to introduce legislation to bring accountability to the banking industry in line with the recommendations of the Central Bank in section 6A of its report on the culture and behaviour of the main retail banks; and if he will make a statement on the matter. [16913/19]