Results 12,761-12,780 of 27,945 for speaker:Michael McGrath
- Committee on Budgetary Oversight: Business of Select Committee
Ex-ante Scrutiny of Budget 2018 (Resumed): Minister for Finance (27 Sep 2017) Michael McGrath: Is there any scenario in which it would significantly change by up to €100 million or €200 million?
- Committee on Budgetary Oversight: Business of Select Committee
Ex-ante Scrutiny of Budget 2018 (Resumed): Minister for Finance (27 Sep 2017) Michael McGrath: In regard to the Coffey report that has been published and on which the Minister has indicated a consultation exercise will commence on budget day, Mr. Coffey has said that some of his recommendations should be the subject of a consultation period but he does not make that point for them all. Is the Minister considering including some measures in the budget to deal with certain...
- Committee on Budgetary Oversight: Business of Select Committee
Ex-ante Scrutiny of Budget 2018 (Resumed): Minister for Finance (27 Sep 2017) Michael McGrath: The Minister is not ruling out moving to implement some of the recommendations through the finance Bill.
- Committee on Budgetary Oversight: Business of Select Committee
Ex-ante Scrutiny of Budget 2018 (Resumed): Minister for Finance (27 Sep 2017) Michael McGrath: There has been little or no reference to Brexit during today's meeting. Will the budget contain a Brexit package, in particular for SMEs operating in sectors that are potentially very exposed to the outcome of Brexit? Some complacency may now be entering the debate on this issue because of the growing likelihood of a transition period after March 2019 but that is not certain and we do not...
- Committee on Budgetary Oversight: Business of Select Committee
Ex-ante Scrutiny of Budget 2018 (Resumed): Minister for Finance (27 Sep 2017) Michael McGrath: Can the Minister confirm he has the report on the taxation of rental income, which is relevant to the housing crisis, and if it is being considered in the context of the budget? What does he intend to do with it?
- Committee on Budgetary Oversight: Business of Select Committee
Ex-ante Scrutiny of Budget 2018 (Resumed): Minister for Finance (27 Sep 2017) Michael McGrath: Will it be subject to consultation or published and decisions made?
- Committee on Budgetary Oversight: Business of Select Committee
Ex-ante Scrutiny of Budget 2018 (Resumed): Minister for Finance (27 Sep 2017) Michael McGrath: Last year the then Minister, Deputy Noonan, committed to the introduction of a share-based remuneration scheme in this year's budget. Can the Minister elaborate on what has been done in that regard? I do not ask him to make any budget day announcements but that commitment was given. Have the necessary steps been taken in preparation for it?
- Committee on Budgetary Oversight: Business of Select Committee
Ex-ante Scrutiny of Budget 2018 (Resumed): Minister for Finance (27 Sep 2017) Michael McGrath: Similarly, although it is ultimately a matter for the Minister to confirm or not on budget day, in respect of announcements made last year but which have a multi-annual dimension there was an announcement that DIRT tax will be reduced by 2% per annum over a four-year period. Will those commitments carry through to this budget and the two to follow and how does the Minister regard...
- Committee on Budgetary Oversight: Business of Select Committee
Ex-ante Scrutiny of Budget 2018 (Resumed): Minister for Finance (27 Sep 2017) Michael McGrath: The issue of a sugar tax was raised. Last year the then Minister, Deputy Noonan, stated the intention should be to introduce the tax to coincide with the introduction of a sugar tax in the UK in April 2018. Can the Minister update the committee on the position in relation to a sugar tax in the UK and what impact, if any, that will have on his decision in the context of the budget?
- Committee on Budgetary Oversight: Business of Select Committee
Ex-ante Scrutiny of Budget 2018 (Resumed): Minister for Finance (27 Sep 2017) Michael McGrath: I have not seen the report on the taxation of rental income. I recognise that REITs have played a role, but the difference between the tax treatment of an individual Irish landlord or an Irish company involved in renting out properties compared to the tax treatment of institutional landlords, namely REITs, is very stark. It is an issue which needs to be examined and I will be interested to...
- Flooding in County Donegal: Motion [Private Members] (26 Sep 2017)
Michael McGrath: I join my colleagues, as well as every Member across the House, in thanking Deputy McConalogue for bringing forward this motion. I want to acknowledge the Acting Chairman’s work in dealing with flooding issues as Fianna Fáil spokesperson on flood relief. In the coming weeks, the Minister of State will receive an invitation from the Oireachtas finance committee to deal with...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)
Michael McGrath: I welcome Mr. Byrne and his colleagues and thank them for the information provided to the committee in advance, including the detailed questionnaire and the opening statement. Much ground such as the wider background and so on has been covered in the opening statement. I will focus on a few micro issues to start with, if I may. I welcome the recent mortgage rate reduction announcement by...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)
Michael McGrath: Can Mr. Byrne speak for EBS?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)
Michael McGrath: So Mr. Byrne can speak for it. Does he acknowledge the higher interest rate paid by EBS mortgage customers is directly linked to the fact it offers cashback for new mortgage customers?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)
Michael McGrath: Mr. Byrne needs to understand how existing EBS customers feel, particularly those for whom switching is not an option. Typically they pay more than a half of one percent, that is more than 50 basis points, more than corresponding AIB customers in the same loan to value band. They feel very aggrieved at this and we have been asked to make this point forcibly. Mr. Byrne is indicating there...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)
Michael McGrath: On a related point, what is Mr. Byrne's view of these cashback offers? The Competition and Consumer Protection Commission, CCPC, commented on them in its recent report on mortgage pricing. I am of the view they distort the market. They make it very difficult for customers to properly assess what is in their long-term best interest and from what mortgage product they would get the best...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)
Michael McGrath: On another point of detail, is it possible for AIB customers to move down the loan to value band and benefit from a reduced interest rate, in line with an improving loan to value ratio they might have? Is it possible for customers to benefit from getting a new house valuation from a panel of valuers nominated by the bank? Is it possible for customers who took out an original loan at a 90%...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)
Michael McGrath: That is fine, and is it the case that they are not limited to one such reduction? Irrespective of whether they started with a standard variable rate or a loan to value mortgage, is it the case that if they now have a much improved loan to value ratio they can benefit from the reduction?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)
Michael McGrath: There is a slight contradiction between what the two witnesses have said. To clarify it absolutely, if somebody gets and submits to AIB a valuation on his or her home from an approved panel of valuers that shows an improved loan to value, which brings the person into a lower band with a lower interest rate, that person will be given that interest rate.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Allied Irish Banks (26 Sep 2017)
Michael McGrath: That is the case. On the issue of the tracker examination, Mr. Byrne included a few lines in his opening statement that AIB has paid redress and compensation to approximately 2,900 customer accounts to date. Will he put this in context? Are these all of the accounts the bank has identified as being affected in the current examination of this tracker issue?