Results 10,321-10,340 of 27,945 for speaker:Michael McGrath

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael McGrath: I wish to ask the Minister of State about the application of this section to Setanta Insurance and the associated outstanding claims. As the Minister of State is aware, more than 1,500 active claims remain arising from the collapse of that company four years ago. Will the Minister of State provide some clarity for the people who were caught up in that and who are involved in those...

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael McGrath: This might provide the opportunity for the Minister of State to address some of the points made on Second Stage. Will the Minister of State clarify why he is going for an additional new fund, as opposed to extra contributions going into the existing insurance compensation fund, ICF? We are setting up a motor insurers insolvency compensation fund but will the Minister of State explain the...

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael McGrath: That is the 2% level.

Fossil Fuel Divestment Bill 2016: Report and Final Stages (12 Jul 2018)

Michael McGrath: This is a significant amendment which essentially rewrites the Bill's objectives and what we are hoping to achieve. The amendment reflects the very good debate we had on Committee Stage where we tried to tease out the key issues to make sure the Bill is workable. It is not just symbolic, or gesture politics, it has real meaning and will make a difference, albeit a modest one, but it is an...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Credit Servicing Firms) (Amendment) Bill 2018: Committee Stage (12 Jul 2018)

Michael McGrath: I thank the Chairman, colleagues, the Minister of State and officials for attending. This is Committee Stage of the Bill. I acknowledge the work of the Department and the Minister of State. We have worked closely together to develop these proposals since the Bill passed Second Stage, with a view to reaching broad agreement on the direction of the Bill. For me and my party, the core...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Credit Servicing Firms) (Amendment) Bill 2018: Committee Stage (12 Jul 2018)

Michael McGrath: It would certainly be preferable if there was a meeting of minds between the Department and the Central Bank on this question. It would appear at present there is not and there is a difference as to the preference. I myself have been trying to tease this out to gauge the actual difference. The Minister of State has put some detail on the record there. I am focusing on the key objective...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Credit Servicing Firms) (Amendment) Bill 2018: Committee Stage (12 Jul 2018)

Michael McGrath: I move amendment No. 1:In page 4, between lines 3 and 4, to insert the following: “Amendment of section 28 of Central Bank Act 1997 2. Section 28 of the Central Bank Act 1997 is amended—(a) in subsection (1)—(i) by substituting the following definition for the definition of “credit servicing”:“ ‘credit servicing’, in relation to a...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Credit Servicing Firms) (Amendment) Bill 2018: Committee Stage (12 Jul 2018)

Michael McGrath: Currently, yes.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Credit Servicing Firms) (Amendment) Bill 2018: Committee Stage (12 Jul 2018)

Michael McGrath: The imperative in the Bill is that the owner would need to be regulated, that is the person in charge calling the shots. Deputy Doherty's key point is that if there is a credit servicing firm in the traditional sense and there is a separate loan owner that both should be regulated, because the interaction is between the consumer and the credit servicing firm, or middle man. I will reflect...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Credit Servicing Firms) (Amendment) Bill 2018: Committee Stage (12 Jul 2018)

Michael McGrath: In the event that there is a loan owner and a middle man for servicing it, what is the Department's view on requiring the middle man to also be regulated?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Credit Servicing Firms) (Amendment) Bill 2018: Committee Stage (12 Jul 2018)

Michael McGrath: We keep coming back to the core issue of the retail credit firm versus credit servicing firm. We need to hear further from the Central Bank as to why it favours the retail credit firm tier of regulation. I would like us to proceed with concluding Committee Stage and have that engagement. We should write to the Central Bank and ask its views on that and any other matter on which we want a...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Credit Servicing Firms) (Amendment) Bill 2018: Committee Stage (12 Jul 2018)

Michael McGrath: I move amendment No. 2:In page 4, between lines 12 and 13, to insert the following:“Transitional provision for existing credit servicing firms: supplementary 3.The Central Bank Act 1997 is amended by inserting the following section after section 34F:“34FA. (1) Notwithstanding section 29, a person (other than a regulated financial service provider taken to be authorised to...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Credit Servicing Firms) (Amendment) Bill 2018: Committee Stage (12 Jul 2018)

Michael McGrath: This section is no longer needed because of the change to the definitions already considered in the earlier sections.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Credit Servicing Firms) (Amendment) Bill 2018: Committee Stage (12 Jul 2018)

Michael McGrath: This section is no longer needed because of the change to transitional arrangements already considered. We had attempted to provide for transitional measures and those have been refined with the amendment we already discussed. Section 33A of the Central Bank Act 1997 provides that the bank, in dealing with a regulated business, may, among other things, make the persons' authorisation...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Credit Servicing Firms) (Amendment) Bill 2018: Committee Stage (12 Jul 2018)

Michael McGrath: This section is no longer required because of the changed definitions we have already considered.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Credit Servicing Firms) (Amendment) Bill 2018: Committee Stage (12 Jul 2018)

Michael McGrath: Again, this section is no longer required because of the changed definitions we have already agreed.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Credit Servicing Firms) (Amendment) Bill 2018: Committee Stage (12 Jul 2018)

Michael McGrath: This section is no longer required. Section 3.11 of the consumer protection code provides that where a regulated entity intends to cease operating, merge with another entity or transfer all or part of its regulated activities to another regulated entity, it must: notify the Central Bank immediately; provide at least two months notice to affected customers to enable them to make alternative...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Credit Servicing Firms) (Amendment) Bill 2018: Committee Stage (12 Jul 2018)

Michael McGrath: This section is no longer required because of the changed definitions relating to securitisation, which we have already considered and agreed.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Credit Servicing Firms) (Amendment) Bill 2018: Committee Stage (12 Jul 2018)

Michael McGrath: I do not believe it would be appropriate to leave this section in the Bill. The Central Bank deals with systemic issues rather than individual cases, which are more appropriately dealt with by the Financial Services and Pensions Ombudsman. I do not wish to proceed with section 10.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Credit Servicing Firms) (Amendment) Bill 2018: Committee Stage (12 Jul 2018)

Michael McGrath: It is intended to allow for a situation where a loan owner, such as a fund, would seek to engineer a default, for example.