Results 1,421-1,440 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Fiscal Policy (23 Nov 2023)

Michael McGrath: On 10 October 2023, I announced the Government's intention to establish the Future Ireland Fund and the Infrastructure, Climate and Nature Fund. The Heads of the Bill were published on 12 October and the Bill is currently in the process of being drafted. The drawdown for the use of the "Climate and Nature" element of the Infrastructure, Climate and Nature Fund has been set to begin from...

Written Answers — Department of Finance: Legislative Measures (23 Nov 2023)

Michael McGrath: In order to allow appropriate time to consider the implications of Sinn Féin’s Private Members Illegal Israeli Settlements Divestment Bill 2023, I obtained Government and subsequent Dáil approval to a ‘timed amendment’ of nine months. The timed amendment, effectively accepted the principle of the Bill but differed in terms of how it can be made operational. It...

Written Answers — Department of Finance: Economic Growth (23 Nov 2023)

Michael McGrath: I propose to take Questions Nos. 127 and 185 together. Despite large and unprecedented economic shocks in recent years, the domestic economy has proven to be remarkably resilient. This resilience is most clearly illustrated by the strength of the labour market, where the unemployment rate averaged 4.5 per cent in the third quarter of this year. Indeed, government supports to date have...

Written Answers — Department of Finance: Financial Services (23 Nov 2023)

Michael McGrath: The regulation of commodity derivative markets, including commodity futures markets, predominantly falls under the EU Markets in Financial Instruments Directive (MiFID II). MiFID II was transposed into Irish law via Statutory Instrument 375 of 2017. MiFID II established a position limit and position management regime for all commodity derivative contracts traded on trading venues and...

Written Answers — Department of Finance: Commissions of Investigation (23 Nov 2023)

Michael McGrath: I wish to inform the Deputy that there are currently no commissions of investigation under my Department. My Department is a stakeholder in one commission of investigation, however, this is set up under the Department of the Taoiseach.

Written Answers — Department of Finance: Banking Sector (23 Nov 2023)

Michael McGrath: The Government approved the publication of the Retail Banking Review and the implementation of its recommendations on 29 November 2022. Each recommendation identifies the body or bodies responsible for delivery of that recommendation and, where appropriate, contain timelines for delivery of the recommendations. It is for the relevant bodies to consider and implement the recommendations...

Written Answers — Department of Finance: Departmental Strategies (23 Nov 2023)

Michael McGrath: I published the terms of reference, for the National Payment Strategy (NPS) on 27 June 2023. Since then a team in my Department has commenced this work. The Strategy will take account of the changing payment landscape and will consider ongoing legislative developments at EU level, including proposals on instant payments, payment services, legal tender and the Digital Euro. It will be...

Written Answers — Department of Finance: Fiscal Policy (23 Nov 2023)

Michael McGrath: I propose to take Questions Nos. 136 and 150 together. On 10 October 2023, I announced the Government’s intention to establish the Future Ireland Fund and the Infrastructure, Climate and Nature Fund. The Heads of the Bill were published on 12 October and the Bill is currently being drafted. Under the draft Heads €2 billion will be invested in the Infrastructure, Climate and...

Written Answers — Department of Finance: Banking Sector (23 Nov 2023)

Michael McGrath: I fully understand the difficult situation faced by homeowners whose houses are affected by defective concrete blocks. The Government response to this issue is led by my colleague the Minister for Housing, Local Government and Heritage, who has put in place a scheme of financial support to help affected homeowners. As remedial works progress, homeowners will be eligible to apply for grant...

Written Answers — Department of Finance: Fiscal Policy (23 Nov 2023)

Michael McGrath: The EU taxonomy for sustainable activities being developed at present is a harmonised classification system for environmentally sustainable economic activities. The Taxonomy has a significant role in supporting the mobilisation of capital towards sustainable investments through providing common definitions to companies, investors and policymakers on what constitutes an environmentally...

Written Answers — Department of Finance: Tax Code (23 Nov 2023)

Michael McGrath: Government policy with regard to greenhouse gas emissions and taxation is based on the polluter-pays principle, whereby high emission energy products, fuels or vehicles are subject to the highest levels of taxation. National taxation measures are reviewed and examined as part of the annual budgetary cycle and policy options are published in the Tax Strategy Group papers. As set out in the...

Written Answers — Department of Finance: Banking Sector (23 Nov 2023)

Michael McGrath: The total recapitalisation of the domestic banks amounted to €64.1bn, of which €34.7bn was invested in Anglo Irish Bank and INBS Irish Bank Resolution Corporation (IBRC) and €29.4bn in AIB, Bank of Ireland and PTSB. To date, €23.1bn of the investment in the three remaining banks has been recovered in cash by way of disposals, investment income and liability...

Written Answers — Department of Finance: Tax Code (23 Nov 2023)

Michael McGrath: As the Deputy will be aware, I announced in my Budget 2024 speech the intention to introduce a domestic tax on e-cigarettes and vaping products as part of next year’s Budget. In light of public health interests, continuing delays to the revision of the Tobacco Products Tax EU Directive and the Programme for Government commitment to tax e-cigarettes and vapes, I instructed my officials...

Written Answers — Department of Finance: Insurance Industry (23 Nov 2023)

Michael McGrath: At the outset, it is important to note that neither I, nor the Central Bank of Ireland, can direct the pricing or provision of insurance products. This position is reinforced by the EU Single Market framework for insurance (the Solvency IIDirective). Nevertheless, this Government is aware that certain groups are currently facing difficulty in terms of affordability and availability of public...

Written Answers — Department of Finance: House Prices (23 Nov 2023)

Michael McGrath: As the Deputy will be aware, there are a wide range of factors which influence the viability of developments. These include the dynamics of our planning system, infrastructure requirements and land costs, as well as hard and soft costs. While housing policy and remediation for homeowners affected by defective blocks are matters for my colleague, the Minister for Housing, Local Government and...

Written Answers — Department of Finance: Tax Code (23 Nov 2023)

Michael McGrath: I am advised by Revenue that the VAT treatment of goods and services is subject to EU VAT law, with which Irish VAT law must comply. In accordance with the EU VAT Directive, farmers can elect whether or not to register for VAT in respect of their farming business. Farmers who register for VAT have an entitlement to reclaim VAT on costs incurred in relation to their agricultural business. A...

Written Answers — Department of Finance: Energy Prices (23 Nov 2023)

Michael McGrath: The Temporary Business Energy Support Scheme (TBESS) was designed as a temporary measure. Its aim was to mitigate the expected impact of elevated energy costs over the winter months of 2022-23, arising from the illegal invasion of Ukraine by Russia, by assisting businesses with their energy bills during that time of uncertainty. When TBESS was originally devised, it was expected that energy...

Written Answers — Department of Finance: Energy Prices (23 Nov 2023)

Michael McGrath: The Temporary Business Energy Support Scheme (TBESS) was designed as a temporary measure. Its aim was to mitigate the expected impact of elevated energy costs over the winter months of 2022-23, arising from the illegal invasion of Ukraine by Russia, by assisting businesses with their energy bills during that time of uncertainty. When TBESS was originally devised, it was expected that energy...

Written Answers — Department of Finance: Tax Rebates (23 Nov 2023)

Michael McGrath: The Disabled Drivers & Disabled Passengers Scheme (DDS) provides relief from VRT and VAT on an adapted car, as well as an exemption from motor tax and an annual fuel grant. Under DDS provisions, the reliefs from VRT and VAT are generous in nature amounting to up to €10,000, €16,000, €22,000, €32,000 or €48,000 depending on the level of adaption...

Written Answers — Department of Finance: Departmental Schemes (23 Nov 2023)

Michael McGrath: The National Disability Inclusion Strategy Transport Working Group (NDIS TWG), comprising members from a range of Departments, agencies and Disabled Persons Organisations, was tasked to review all Government-funded transport and mobility supports for those with a disability, including the Disabled Drivers and Disabled Passengers Scheme (DDS). Officials from the Department of Children,...