Results 13,561-13,580 of 27,945 for speaker:Michael McGrath

Priority Questions: Insurance Costs (4 Apr 2017)

Michael McGrath: The Minister of State is correct in identifying the hospitality sector and businesses in the services sector generally, such as pubs, hotels, nightclubs and anywhere there is public footfall, as being where the issue is most acute, given the uncertainty and inconsistency around the level of awards. The matter has to be dealt with. The quality of cover is diminishing and the issue of...

Priority Questions: Ireland Strategic Investment Fund Investments (4 Apr 2017)

Michael McGrath: 37. To ask the Minister for Finance if he is satisfied with the level and quality of investments made to date by the Ireland Strategic Investment Fund; his views on whether the fund could play a greater role in providing investment in necessary capital infrastructure here; and if he will make a statement on the matter. [16513/17]

Priority Questions: Ireland Strategic Investment Fund Investments (4 Apr 2017)

Michael McGrath: This question relates to the Ireland Strategic Investment Fund, established in December 2014. I wish to establish the views of the Minister on the effectiveness of the fund thus far. We have had about two and a half years of experience with it and it has made a range of investments. It could do a lot more at a time when we are crying out for investment in the economy, in particular capital...

Priority Questions: Insurance Costs (4 Apr 2017)

Michael McGrath: 35. To ask the Minister for Finance the status of the second phase of the cost of insurance working group, with particular regard to the increasing cost of insurance for businesses; and if he will make a statement on the matter. [16512/17]

Priority Questions: Insurance Costs (4 Apr 2017)

Michael McGrath: There has rightly been a significant focus on motor insurance in recent times, but there has been less of a focus on business insurance, which is the subject of this question. I am asking about employer liability insurance and public liability insurance, in particular, because businesses across the country are facing an insurance crisis. The cost of some premiums has increased by 30%, 40%...

Priority Questions: Insurance Costs (4 Apr 2017)

Michael McGrath: I thank the Minister of State. As I said in my introductory remarks, the cost of business insurance is causing a real crisis around the country. I have a list of examples. A hotel in rural Ireland has seen its insurance costs increase from €22,000 to €40,000. A small pub that serves food has been quoted €45,000 for insurance. An issue seems to have arisen with...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with Central Bank of Ireland (4 Apr 2017)

Michael McGrath: I welcome the Governor of the Central Bank, Professor Lane, and his colleagues. I thank him for his opening statement and acknowledge the update issued by the Central Bank on the examination of tracker mortgages. While it did not answer every question, it went a long way. On customers being denied their contractual rights, does Professor Lane believe the practice was systemic and...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with Central Bank of Ireland (4 Apr 2017)

Michael McGrath: Are all 15 lenders under examination co-operating?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with Central Bank of Ireland (4 Apr 2017)

Michael McGrath: Have they all completed phase one?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with Central Bank of Ireland (4 Apr 2017)

Michael McGrath: How many of the 15 lenders have identified customers affected by the tracker mortgage issue?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with Central Bank of Ireland (4 Apr 2017)

Michael McGrath: I put it to the Governor that this is a classic example of consumers being denied their contractual rights. The Central Bank is the consumer watchdog and consumers expect it to be the watchdog that not only will bark but, if necessary, bite. Is Professor Lane prepared to do this?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with Central Bank of Ireland (4 Apr 2017)

Michael McGrath: Professor Lane has said that so far the cost of compensation and redress is €78 million in respect of 2,600 customers. If we extrapolate from the figure pro rataand say there are in the region of 10,000 customers - I know that it is 10,000 accounts - we are looking at a bill of about €300 million. We know that in the cases of PTSB and Springboard Mortgages, the cost in respect...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with Central Bank of Ireland (4 Apr 2017)

Michael McGrath: In respect of the individual customers who are also our priority, Professor Lane has said that in more than 90% of cases where a problem has been identified they have been put on the correct mortgage interest rate.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with Central Bank of Ireland (4 Apr 2017)

Michael McGrath: The first priority, therefore, is to stop the problem and the harm. Presumably, it is a priority to get the remainder put on the correct rate as quickly as possible. On the question of the prevailing rate, I know Professor Lane will not be drawn into a debate around individual banks. However, this issue arises in the case of a number of banks. AIB is certainly one of them where it has...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with Central Bank of Ireland (4 Apr 2017)

Michael McGrath: It is not the banks' interpretation.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with Central Bank of Ireland (4 Apr 2017)

Michael McGrath: Okay. It is ongoing. In respect of individual cases, will Professor Lane clarify who is the ultimate arbitrator or ultimate decision-maker? Where can consumers ultimately take their case for a final decision? Is it the ombudsman? Will Professor Lane clarify that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with Central Bank of Ireland (4 Apr 2017)

Michael McGrath: Fine. If I may, Chairman, I have a final question on a separate topic. I wish to ask the Governor about house prices. The latest data from the myhome.iesurvey show that annual house price inflation is 9% nationally and over 10% in Dublin. For newly listed properties, the rate is 5.5% nationally in the first three months of this year and 6% in Dublin. Is the Central Bank concerned by what...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with Central Bank of Ireland (4 Apr 2017)

Michael McGrath: Does Professor Lane think the scheme is pushing up house prices?

Written Answers — Department of Finance: Central Bank of Ireland Supervision (4 Apr 2017)

Michael McGrath: 50. To ask the Minister for Finance if he is satisfied with the Central Bank's response to the placing of 2,141 SME customers into a global restructuring group by a bank (details supplied); his views on whether a formal review is required by the Central Bank to assess whether any SME customers here were inappropriately treated; and if he will make a statement on the matter. [16412/17]

Written Answers — Department of Finance: Construction Sector Strategy (4 Apr 2017)

Michael McGrath: 75. To ask the Minister for Finance the amount of lending carried out by a company (details supplied) to the construction sector to date; his views as to whether the State can do more to ensure the construction sector has access to finance to build the required homes and office accommodation around the country; and if he will make a statement on the matter. [16413/17]