Results 13,641-13,660 of 27,945 for speaker:Michael McGrath
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Michael McGrath: So 27% is the-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Michael McGrath: What proportion of credit unions would have a lower loan to asset ratio, that is, below the average?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Michael McGrath: Eighty-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Michael McGrath: How many would be below 30%?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Michael McGrath: That would be great but it would also be helpful if the witnesses could just call out the highlights.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Michael McGrath: Perhaps the witnesses could tell us how many are less than 30%, say, or the average of 27%.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Michael McGrath: There are 281 active credit union. How many of them have a lower loan to asset ratio than the average of 27%?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Michael McGrath: Therefore, almost a quarter of credit unions have a loan to asset ratio of less than 20%.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Michael McGrath: What is the Central Bank's view of a loan to asset ratio of less than 20%?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Michael McGrath: The Minister for Finance, Deputy Noonan, gave an estimate to the Seanad in October 2011 that the cost of rescuing credit unions could be up to €1 billion. What was that based on?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Michael McGrath: It was based on stress test analysis by the Central Bank.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Michael McGrath: Net of the levies they have paid, what has the cost to date been to the State of supporting credit unions?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Michael McGrath: That was funded through the sector's own fund.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Michael McGrath: In terms of public money and not the sector's own money, the cost has been €4.3 million. Is that correct?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Michael McGrath: Is it fair to say that the estimate of €1 billion was, to say the least, very wide of the mark?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Michael McGrath: It was put on the record.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Michael McGrath: Would it be fair to say the assumptions-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Michael McGrath: It gave the public message that the credit union sector was a basket case. In October 2011, the Minister went into the Seanad and said the cost of rescuing the credit union sector could be up to €1 billion. It has ended up being €4 million. What message did it send? The assumptions that were made in that stress analysis came nowhere near being met in reality.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Michael McGrath: I do not seek to diminish the serious issues that arose in a small number of credit unions. Those had to be dealt with and more may emerge and will need to be dealt with in terms of the registrar's powers. All that I would ask of her, however, is that she would work in a spirit of co-operation with the sector which is seriously frustrated. I am sure Ms McKiernan monitored the proceedings...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Michael McGrath: I ask Ms McKiernan to be very specific with them. Much of the language she has used here has been very general and broad about seeing proposals for long-term lending that are not sufficiently well structured and with sustainable aims. The registrar needs to be very clear and specific with the credit unions. If they make proposals that she believes do not meet the required standards, the...