Results 14,361-14,380 of 27,945 for speaker:Michael McGrath

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Michael McGrath: However, they are in a different category to credit institutions like banks.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Michael McGrath: It is a separate licence to be a retail credit firm.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Michael McGrath: If that is the case why then was the Central Bank of the view and why does it continue to be of the view that the actual loan owners should be regulated directly?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Michael McGrath: But it is not ideal.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Michael McGrath: Can Mr. Sheridan clarify for me whether there are any restrictions now on who can buy a bundle of loans? If I were a wealthy individual, could I buy a bundle of mortgages and engage Pepper as a credit servicing firm to administer them and act as the contact point?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Michael McGrath: If one carries that over to the SME sector, it opens up all sorts of issues. We have had a lot of loans bought by unregulated funds from NAMA, the IRBC special liquidator and the banks. Those business loans are now owned by funds which will churn them. They will turn them over within a three to five-year horizon. My concern is vulture funds to one extent but this has played out in other...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Michael McGrath: The example I will give may be an extreme one. If somebody takes a loan from a bank which is subsequently sold to a fund and sold on several more times, it could end up in the hands of a semi-organised crime gang. This gang may then appoint a credit servicing firm as an intermediary and instruct it to shut down all the businesses involved and call in the loans. This can be done provided it...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Michael McGrath: When the legislation was being introduced we put it to the Government that the owner of the loan should always be a regulated entity. The argument used by the Government was that such a requirement would restrict the origination of new loans from non-bank lenders and with the sources of finance in the economy broadening, which is a good thing, it would cause problems if the entities involved...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Michael McGrath: Is it fair to state that from a data point of view, the Central Bank does not have any oversight of loans that are sold on more than once? In other words, a fund could sell on a bundle of loans to somebody else and the Central Bank would not even know about it.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Michael McGrath: On the tracker address programme, when will the Central Bank announce the outcome of the programme on an industry wide basis?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Michael McGrath: Yes, when will we have the detail bank by bank?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Michael McGrath: Will the update provided before Christmas be on a lender-by-lender basis?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Michael McGrath: What are the maximum penalties open to the Central Bank under current legislation?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Michael McGrath: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Michael McGrath: Will the higher of the two figures apply?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Michael McGrath: Vacancy rates in the Central Bank were mentioned. The Minister for Finance provided information on this issue in reply to a parliamentary question I tabled during the week. In the section of the Cental Bank that deals with regulating credit institutions, the staff vacancy rate stands at 12%. The vacancy rate in the area of insurance supervision is 9%, while the vacancy rate in the area of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Michael McGrath: I thank Mr. Sibley.

Written Answers — Department of Finance: Corporation Tax Regime (8 Dec 2016)

Michael McGrath: 70. To ask the Minister for Finance the status of discussions with the Brazilian authorities in relation to their decision to designate Ireland as a tax haven; his views on the implications of the decision for Irish businesses; and if he will make a statement on the matter. [39236/16]

Written Answers — Department of Health: General Practitioner Co-operatives (8 Dec 2016)

Michael McGrath: 173. To ask the Minister for Health further to Parliamentary Question No. 148 of 23 November 2016, the extent to which general practitioners in the local community have signed up to the project; the range of services he expects to be delivered at the centre; and the estimated cost of completing the project [39192/16]

Written Answers — Department of Communications, Energy and Natural Resources: Renewable Energy Generation Targets (8 Dec 2016)

Michael McGrath: 233. To ask the Minister for Communications, Energy and Natural Resources the assessment that has been carried out on the impact of EU fines as a result of missing binding renewable targets by 2020; the possible implications for the Exchequer; and if he will make a statement on the matter. [39185/16]