Results 11,961-11,980 of 27,945 for speaker:Michael McGrath

Committee on Budgetary Oversight: Local Property Tax and Commercial Stamp Duty: Department of Finance (16 Jan 2018)

Michael McGrath: On the currently exempt properties, all new and previously unused properties bought since January 2013 to October 2019 are exempt and similarly any property - in other words, not only new property - purchased in 2013 are exempt. The current estimate in respect of new and previously unused properties is of the order of €62,000. What is the cut-off point in this regard?

Committee on Budgetary Oversight: Local Property Tax and Commercial Stamp Duty: Department of Finance (16 Jan 2018)

Michael McGrath: If one divides the €470 million in LPT receipts by 1.9 million properties, the average LPT bill is approximately €250, which means the estimated additional revenue if this exemption is not renewed will be between €15 million and €20 million.

Committee on Budgetary Oversight: Local Property Tax and Commercial Stamp Duty: Department of Finance (16 Jan 2018)

Michael McGrath: On deferrals, while the number of exemptions is stable, the number of deferrals increased substantially in 2017. If my reading of the table provided to us by the parliamentary budget office is correct, the sub-category, being those below the income threshold of €46,000 to under €60,000, increased from 48,000 to 62,000. That is a fairly substantial spike in the number of...

Committee on Budgetary Oversight: Local Property Tax and Commercial Stamp Duty: Department of Finance (16 Jan 2018)

Michael McGrath: It was 41,000 homes in 2014, 41,000 again in 2015, 48,000 in 2016 and then 62,000 in 2017, so there was a significant jump. We will explore that further. I have one final question on the issue of stamp duty. There were a few questions on this from Deputy Pearse Doherty. As it is a transaction-based tax and an extra €376 million has been factored into the budget from the 4%...

Committee on Budgetary Oversight: Local Property Tax and Commercial Stamp Duty: Department of Finance (16 Jan 2018)

Michael McGrath: I thank Mr. Hogan. We are concluded. Unless Deputy Colm Brophy wants to resume the chair I will conclude.

Committee on Budgetary Oversight: Local Property Tax and Commercial Stamp Duty: Department of Finance (16 Jan 2018)

Michael McGrath: I thank Mr. Hogan and the other officials from the Department for attending and I acknowledge their contribution to the discussion. It will help the committee to prepare ex anteand ex postscrutiny reports on the topics discussed. As there is no further business that concludes our proceedings for today. We will meet the Minister, Deputy Paschal Donohoe, to discuss the rainy day fund on 31...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Discussion (16 Jan 2018)

Michael McGrath: The Minister and his officials are very welcome to this meeting. At the end of last September, 13,000 customers were identified as being affected as part of this examination, bearing in mind that this was almost two years on from the announcement by the Central Bank of this examination. In the following period of fewer than three months prior to the end of December, that number had more...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Discussion (16 Jan 2018)

Michael McGrath: I would agree with that but I would also highlight the courage of those affected, the customers, in speaking out both here and in the media generally, some of whom the Minister has met. They are largely responsible for the dramatic change in emphasis in the attention that was being given to this issue. Their human stories probably spoke louder than any words any politician, banker or...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Discussion (16 Jan 2018)

Michael McGrath: People who watch these proceedings and observed this scandal evolve over recent months will have to ask whether the Minister believes that anyone ultimately will be held accountable. Will there be any individual accountability for what happened? For example, does he believe it was an accident that all the main mortgage lenders in the State happened to make the same mistake and deny their...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Discussion (16 Jan 2018)

Michael McGrath: Can the Minister bring the committee up to date on the situation surrounding public interest directors representing him as a shareholder on the boards of the banks that we hold shares in, that is, AIB, Bank of Ireland and Permanent TSB? Can he give us the numbers? Are there vacancies at present in those public interest director posts? Moreover, does the Minister, as Minister and as...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Discussion (16 Jan 2018)

Michael McGrath: Perhaps the Minister could go through the three lenders. I am sure they are on the information note. Do we have any directors at AIB currently?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Discussion (16 Jan 2018)

Michael McGrath: Since when has that been the case?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Discussion (16 Jan 2018)

Michael McGrath: What about Permanent TSB?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Discussion (16 Jan 2018)

Michael McGrath: We currently have no public interest directors in any of the banks. Apart from advertising the appointments and putting them through the Public Appointments Service, is the Minister changing or redefining the role or giving it any legal recognition? As directors, they will have fiduciary responsibilities to their board and to their shareholders. What responsibilities will they have the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Discussion (16 Jan 2018)

Michael McGrath: Perhaps the Minister might send a note to the committee about each of the three institutions and when the resignations occurred.

Written Answers — Department of Finance: House Prices (16 Jan 2018)

Michael McGrath: 194. To ask the Minister for Finance his Department's forecast for house price inflation in 2018; and if he will make a statement on the matter. [54705/17]

Written Answers — Department of Finance: Ireland Strategic Investment Fund Investments (16 Jan 2018)

Michael McGrath: 195. To ask the Minister for Finance the investments including lending made by the Ireland Strategic Investment Fund in the area of residential and non residential property since its inception; and if he will make a statement on the matter. [54706/17]

Written Answers — Department of Finance: Insurance Industry Regulation (16 Jan 2018)

Michael McGrath: 202. To ask the Minister for Finance the rules governing the practice of certain insurance firms automatically renewing a home insurance policy and taking payment from a person's bank account in the absence of receiving communication from the customer; if he plans to renew the policy; and if he will make a statement on the matter. [55010/17]

Written Answers — Department of Finance: IBRC Liquidation (16 Jan 2018)

Michael McGrath: 208. To ask the Minister for Finance the refunds made or compensation issued by the special liquidator of IBRC in respect of payment protection insurance wrongly charged by a building society (details supplied); the recourse customers and former customers have in this regard; and if he will make a statement on the matter. [55079/17]

Written Answers — Department of Finance: Financial Services Regulation (16 Jan 2018)

Michael McGrath: 214. To ask the Minister for Finance if he has made a decision to prohibit the payment of fees, commissions or non-monetary benefits to third parties, including brokers and independent financial advisors, in the provision of independent financial advice associated with the sale of certain financial products; the details of such a decision including the products it relates to and when it takes...