Results 121-140 of 14,712 for speaker:Michael McGrath in 'Written Answers'

Written Answers — Department of Finance: Banking Sector (9 Apr 2024)

Michael McGrath: I propose to take Questions Nos. 311 and 312 together. The regulation of gambling is the responsibility of my colleague the Minister for Justice, who is bringing the Gambling Regulation Bill 2022 through the Oireachtas. The Bill sets out the framework and legislative basis for the establishment of a new, independent statutory body – Údarás Rialála Cearrbhachais na...

Written Answers — Department of Finance: Company Law (9 Apr 2024)

Michael McGrath: I am assuming that the Deputy is referring specifically to companies that derive profit from activities in illegal Israeli settlements, as defined by the database maintained by the United Nations Human Rights Council. On the 20th of March 2024, the Director of the Ireland Strategic Investment Fund (ISIF) attended the Committee on Finance, Public Expenditure and Reform, and Taoiseach...

Written Answers — Department of Finance: Transport Policy (9 Apr 2024)

Michael McGrath: As the Deputy will be aware, the VAT rating of goods and services is subject to EU VAT law, with which Irish VAT law must comply. In general, the VAT Directive provides that all goods and services are liable to VAT at the standard rate unless they are exempt from VAT or fall within Annex III of the Directive, in which case lower VAT rates may apply subject to certain rules. Currently Ireland...

Written Answers — Department of Finance: EU Directives (9 Apr 2024)

Michael McGrath: I am advised by Revenue that the VAT rating of goods and services is subject to EU VAT law, with which Irish VAT law must comply. In general, the VAT Directive provides that all goods and services are liable to VAT at the standard rate unless they are exempt from VAT or fall within Annex III of the Directive, in which case lower VAT rates may apply subject to certain rules. Currently Ireland...

Written Answers — Department of Finance: Employment Schemes (9 Apr 2024)

Michael McGrath: I propose to take Questions Nos. 317 to 319, inclusive, together. Section 28B of the Emergency Measures in the Public Interest (Covid-19) Act 2020 provided for the Employment Wage Subsidy Scheme (EWSS) which was an economy-wide enterprise support for eligible businesses in respect of eligible employees. The EWSS was a unique scheme which was developed and operated in exceptional...

Written Answers — Department of Finance: Economic Data (9 Apr 2024)

Michael McGrath: I propose to take Questions Nos. 320 and 322 together. Economic growth across Ireland, the EU and the Eurozone was somewhat subdued in 2023. Irish modified domestic demand – my preferred measure of the domestic economy – grew modestly by ½ a per cent in 2023. GDP in both the EU and Eurozone similarly grew by ½ a per cent last year, with the German economy notably...

Written Answers — Department of Finance: Prize Bonds (9 Apr 2024)

Michael McGrath: In response to the Deputy's question the NTMA have supplied me with the attached table setting out the total number of prizes won by prize bond holders on a monthly basis in each of the past two years to date. The number of prizes is determined by the interest rate applied to the value of the Prize Bonds outstanding. The NTMA also informs me that the Prize Bond winners are selected in a...

Written Answers — Department of Finance: Insurance Industry (9 Apr 2024)

Michael McGrath: It is my understanding that it is difficult to obtain reliable data to compare the cost of insurance here to that in other European jurisdictions. I am informed that international organisations, such as the OECD and Eurostat, do not publish comparative data on the cost of insurance between countries. It should also be noted that while EIOPA – the European Insurance and Occupational...

Written Answers — Department of Finance: House Prices (9 Apr 2024)

Michael McGrath: My Department continues to monitor all aspects of the housing market, including the rate of property price inflation. As of January 2024, annual property price inflation was 5.4 per cent. The Government’s primary response to mitigating residential price inflation is to increase supply. I am encouraged by the momentum in housing delivery at present. Last year, there were 32,695...

Written Answers — Department of Finance: Brexit Issues (9 Apr 2024)

Michael McGrath: My Government colleagues and I have remained alert to the challenges and the potential economic impacts arising from Brexit, including paying particular attention to the effective implementation of the Trade and Cooperation Agreement (TCA) and to the Withdrawal Agreement, which includes the Protocol on Ireland and Northern Ireland. Building on its early and extensive contingency planning...

Written Answers — Department of Finance: Economic Data (9 Apr 2024)

Michael McGrath: My Department produces, and publishes, two set of macroeconomic projections each year – its spring forecasts (set out in the annual Stability Programme Update) and its autumn forecasts (set out in the Economic and Fiscal Outlook that accompanies the Budget). Under European law, both sets of forecasts are subject to independent endorsement by the Irish Fiscal Advisory Council. In...

Written Answers — Department of Finance: Banking Sector (9 Apr 2024)

Michael McGrath: The Government is aware of the pressure that the rising interest rate environment may have on borrowers. I convened a meeting with lenders active in the mortgage market on 31 August of last year. The Central Bank of Ireland, the Insolvency Service of Ireland, the Citizens Information Board and Money Advice and Budgeting Service also attended. Following this meeting, on 6 September the...

Written Answers — Department of Finance: Banking Sector (9 Apr 2024)

Michael McGrath: Small and medium-sized enterprises (SMEs) play a significant role in the Irish economy, representing 99.8% of the total enterprise population in 2021. Additionally, they contributed to 69.2% of the total persons employed in 2021. Their key role in Ireland's economy is why my Department conducts the SME Credit Demand Survey and has been doing so biannually since 2011. The SME Credit Demand...

Written Answers — Department of Finance: Banking Sector (9 Apr 2024)

Michael McGrath: The charging of fees is a commercial decision for regulated entities, within the parameters of the regulatory framework. Under Section 149 of the Consumer Credit Act, 1995 (as amended) (the Act), credit institutions (which includes all banks operating in the Republic of Ireland and retail credit firms since 2022) must notify the Central Bank if they wish to introduce any new customer...

Written Answers — Department of Finance: Tax Code (21 Mar 2024)

Michael McGrath: The Residential Zoned Land Tax (RZLT) was introduced in Finance Act 2021 and seeks to increase housing supply by encouraging the activation of development on lands which are suitably zoned and appropriately serviced. It aims to bring those lands which have benefitted from investment in services and are capable of being developed forward for housing. The tax is an action contained in Housing...

Written Answers — Department of Finance: Fiscal Policy (21 Mar 2024)

Michael McGrath: The NTMA inform me that the Ireland Strategic Investment Fund (ISIF) constructs its portfolio within the legislative framework set for it by the Oireachtas and will align it with any changes it makes. ISIF endeavours to be a responsible investor, actively integrating ESG factors into its decision-making processes with a view to enhancing the overall outcomes for the Fund and ultimately its...

Written Answers — Department of Finance: Official Travel (21 Mar 2024)

Michael McGrath: The response to this question is being finalised by my officials at the moment and will be shared with Deputy Toibín shortly.

Written Answers — Department of Finance: Financial Services (21 Mar 2024)

Michael McGrath: I propose to take Questions Nos. 183 and 184 together. There is a robust consumer protection framework in place in relation to mortgages and other credit agreements. This consumer protection framework provides the same protections for all consumers, regardless of the regulated entity with whom they are dealing such as a bank, a retail credit firm or a credit servicing firm. This framework...

Written Answers — Department of Finance: Tax Code (21 Mar 2024)

Michael McGrath: I understand that the Deputy is referring to “Near Neighbour Payments” made from Community Benefit Funds established by renewable energy projects supported under the Renewable Electricity Support Scheme, which are to be made on an ex-gratia basis. Where a payment is made to an individual, in circumstances where renewable energy activities are being undertaken on neighbouring...

Written Answers — Department of Finance: Tax Data (21 Mar 2024)

Michael McGrath: I am advised by Revenue that the estimated cost to the Exchequer of not proceeding with the scheduled increases in rates on Mineral Oil Tax (MOT) for petrol and auto diesel on 1 April 2024, 1 August 2024, and 9 October 2024, is shown in the following table. The yield will not accrue if these increases do not proceed as scheduled Fuel Type MOT €m VAT...