Results 11,781-11,800 of 27,945 for speaker:Michael McGrath

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Michael McGrath: Would it be the bank's case that these customers were not legally entitled and that is the reason they were excluded all along, but having reflected on it and the Central Bank having had its say, it included them?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Michael McGrath: I am conscious of my time. Will Ms McDonagh deal with the third category in the figure of 6,000 customers?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Michael McGrath: Deputy Doherty has covered the cost. Is Ms McDonagh's current estimate of the cost still between €175 million and €200 million?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Michael McGrath: Does that include the administrative cost to the bank, that is, the staff costs of working on the tracker?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Michael McGrath: How many people are working on this?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Michael McGrath: Does the figure include the cost of any potential fine following an enforcement investigation?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Michael McGrath: Ms McDonagh mentioned that the bank is doing a review of what happened. Who is doing that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Michael McGrath: Will that be shared with the authorities? Will it be shared with the Central Bank?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Michael McGrath: In respect of the correspondence Bank of Ireland is sending out to customers who are included in the examination, are within scope and are being advised of how much redress or compensation they are entitled to, I think the manner of the correspondence is quite confusing. It sets out a table showing the interest that they were charged and what they should have been charged. It is very...

Other Questions: Credit Unions (30 Jan 2018)

Michael McGrath: I am glad to hear that the credit union advisory committee, CUAC, will focus on business model development for credit unions in 2018, which the Minister will be aware is a clause of the confidence and supply agreement which we have not seen thus far. We need this to happen. There is no tiered regulation. One of the central recommendations of the commission in 2012 was tiered regulation....

Other Questions: National Debt Servicing (30 Jan 2018)

Michael McGrath: 76. To ask the Minister for Finance if progress has been made with the European Commission in securing some flexibility on the way in which one-off proceeds such as a NAMA surplus and the sale of bank shares may be used; and if he will make a statement on the matter. [4283/18]

Other Questions: National Debt Servicing (30 Jan 2018)

Michael McGrath: This question relates to the application of the fiscal rules to one-off receipts, whether it be the sale of a stake in banks that the State might hold or a NAMA surplus which will materialise in the coming years. Has the Minister for Finance raised or made any progress with the Commission on getting additional flexibility on how such proceeds can be used as opposed to being bound by the...

Other Questions: National Debt Servicing (30 Jan 2018)

Michael McGrath: I have said on the record a number of times that there is nothing wrong with paying down debt. Many of our citizens, who could afford to do so, did it throughout the economic crisis. Many businesses have also taken the opportunity to deleverage. This issue came up last year when the State sold a stake in AIB. The Minister for Finance should at least have some flexibility such that the...

Other Questions: National Debt Servicing (30 Jan 2018)

Michael McGrath: I acknowledge the level of the national debt. I also acknowledge the most important measure is its size relative to the size of the economy. Thankfully the national debt is falling relative to the size of the economy. I also acknowledge that we are at a time of very low interest rates which certainly will not continue indefinitely. Therefore the cost of servicing the national debt could...

Other Questions: Mortgage Debt (30 Jan 2018)

Michael McGrath: I am not sure if the Minister is aware that unregulated loan owners, so-called vulture funds, have refused to engage with the Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach. The committee will write to the Minister shortly and we will put a motion before the House on the matter. Is the Minister satisfied with the situation where the loan owners remain beyond...

Priority Questions: Corporation Tax Regime (30 Jan 2018)

Michael McGrath: I thank the Minister. Will he confirm receipt of a briefing paper from the Revenue Commissioner which, it is reported, states the proposals would result in a significant fall off in corporation and payroll tax receipts for Ireland, as well as impacting negatively on the ability of the State to attract inward investment in the future? The point is also made in the briefing document that the...

Priority Questions: Corporation Tax Regime (30 Jan 2018)

Michael McGrath: 72. To ask the Minister for Finance his views on the proposals by certain EU member states on changes to the way in which digital or high tech multinational companies are taxed; and if he will make a statement on the matter. [4527/18]

Priority Questions: Corporation Tax Regime (30 Jan 2018)

Michael McGrath: I refer to the emerging EU proposals on the taxation of digital revenues. We have a particular interest in this issue, given that this is a country in which some of the world's largest Internet-based companies are located. I am aware of Revenue's guidance to the Minister which has been released through a freedom of information request. What is the Government's position on the proposals made?

Priority Questions: Corporation Tax Regime (30 Jan 2018)

Michael McGrath: Is it the intention that the OECD and EU proposals will be aligned, that is, there will be no unilateral action at EU level? Is it the Government's position that this issue needs to be dealt with on a multilateral basis that extends beyond the European Union? Will the Minister confirm that he has received a briefing document from Revenue on the emerging digital revenue proposals from some...

Priority Questions: Banking Sector (30 Jan 2018)

Michael McGrath: I thank the Minister for his reply. Permanent TSB has high levels of capital. I too have read the financial results and trading statement. Residential lending is its core business. It has a market share of 11.9% in respect of mortgage drawdown. It must also be said, however, that it has a very high level of non-performing loans at 28%. There is considerable pressure from the European...