Results 1-20 of 27,621 for speaker:Michael McGrath

Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (15 May 2024)

Michael McGrath: No alternative sovereign wealth fund has actually been tabled by the Opposition party in question.

Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (15 May 2024)

Michael McGrath: The Bill that the Government has brought forward has been widely commended by the Irish Fiscal Advisory Council, the Central Bank of Ireland, the European Commission, the OECD and a list of ratings agencies and other independent experts, both domestic and international. I agree with Deputy Doherty about the risk of using windfall corporate tax receipts inappropriately. We will not do...

Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (15 May 2024)

Michael McGrath: I thank Deputies on all sides of the House for their co-operation in the consideration of this Bill on Second Stage, in the really good engagement we had on Committee Stage and again today on Report Stage. To those who say they are in favour in principle of a sovereign wealth fund but are against the specific one brought forward by the Government after a huge amount of work, I say, "Please...

Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (15 May 2024)

Michael McGrath: I am well able to acknowledge the scale of the challenge and Deputy Gould should have the good grace to acknowledge where progress is being made. Progress is being made not just in Cork but all over the country. I will let the Deputy speak to Niall Ó Donnabháin, Brian Geaney or whoever in Cork City Council. They will take him through the numbers. The council is making progress,...

Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (15 May 2024)

Michael McGrath: Of course we need to do more, but if the Deputy looks at-----

Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (15 May 2024)

Michael McGrath: HAP is State-supported housing. We can dance on a pinhead about what it is. Of course it is not council housing, but it is State-supported housing in that the State is paying. It is not the ideal. We want people to be in secure affordable homes with long-term secure tenure. That is the State's objective and why we have gone back to building at real scale. A total of 800 social housing...

Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (15 May 2024)

Michael McGrath: I thank Deputy Doherty for tabling these amendments and all the other Deputies for their contributions. We had a good discussion of this issue on Committee Stage. We do not agree entirely, that is for sure, but I set out then and am happy to set out now the reasons we are adopting the approach we are. I reiterate at the outset that housing will benefit from the establishment of the...

Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (15 May 2024)

Michael McGrath: That is not true.

Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (15 May 2024)

Michael McGrath: I thank Deputy Doherty for his contribution. We will discuss the issue of housing in more detail in the next group of amendments. It is fair to point out the role of the Ireland Strategic Investment Fund, which is focused on investment in the Irish economy across the four key investment themes of climate, housing and enabling investments, scaling indigenous businesses, and food and...

Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Report and Final Stages (15 May 2024)

Michael McGrath: I thank the Deputies opposite for their constructive engagement on the Bill so far, particularly on Committee Stage when we had a good and lengthy discussion on the different sections, the purpose of setting up these two new funds and the different perspectives on how the funds might be managed. I thank the Members for their co-operation in facilitating the swift progression of this...

Written Answers — Department of Finance: Insurance Industry (15 May 2024)

Michael McGrath: As the Deputy will appreciate, 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 II Directive). Notwithstanding this, reforming the insurance sector is a key policy objective for the Government. Through the comprehensive Action Plan for Insurance...

Written Answers — Department of Finance: Financial Services (14 May 2024)

Michael McGrath: I note the Deputy's query in relation to individual savings schemes. It is important to highlight the existing tax free savings products which are available in Ireland and provide and efficient and attractive way for people to save. The National Treasury Management Agency (NTMA), through State Savings products, offers a wide range of tax free savings products to the general public,...

Written Answers — Department of Finance: Insurance Coverage (14 May 2024)

Michael McGrath: As the Deputy is aware, neither I, nor the Central Bank of Ireland, can interfere in the provision or pricing of insurance products. This is set out in the EU framework for insurance – the Solvency II Directive – and limits the actions that Government can take in relation to insurance for thatched properties. Nevertheless, I can assure the Deputy that this Government is...

Written Answers — Department of Finance: Tax Code (14 May 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: Regulatory Bodies (14 May 2024)

Michael McGrath: The Financial Services and Pensions Ombudsman (FSPO) is an independent, impartial, fair and free service that helps resolve complaints against financial service and pension providers from consumers and small businesses. I approved the FSPO'S Workforce Plan in December 2023, which increased the sanctioned staff complement in the FSPO from 90.2 to 128. I have been informed that arising...

Written Answers — Department of Finance: Housing Policy (14 May 2024)

Michael McGrath: The Ireland Strategic Investment Fund (ISIF) has a statutory mandate to invest on a commercial basis in a manner designed to support economic activity and employment in Ireland. In line with this mandate, ISIF focusses its efforts on making transformational investments across its impact themes of Housing and Enabling Investments, Climate, Scaling Indigenous Businesses, and Food and...

Written Answers — Department of Finance: Tax Data (14 May 2024)

Michael McGrath: I propose to take Questions Nos. 237, 238, 239, 240 and 241 together. The Tax Debt Warehousing Scheme was introduced in May 2020 to provide a vital liquidity support to businesses impacted by Covid-19 trading restrictions. The scheme allowed businesses to temporarily ‘park’ eligible taxes on an interest-free basis. After the interest-free period, a low interest rate of 3per cent...

Written Answers — Department of Finance: Employment Rights (14 May 2024)

Michael McGrath: I am advised by the bodies under the aegis of my Department that they are not aware of any cases of bogus self-employment in their organisations in the timeline specified. Neither are there any cases currently before the Scope section of the Department of Social Protection for investigation or determination.

Written Answers — Department of Finance: Tax Data (14 May 2024)

Michael McGrath: I am advised by Revenue that the Mineral Oil Tax (MOT) receipts, broken out by Non-Carbon Component (NCC) and Carbon Component (CC), and estimated VAT receipts collected on Marked Gas Oil (MGO) or green diesel, in each of the past ten years, are shown in the following table. In relation to VAT, I am further advised by Revenue that traders are not required to identify the VAT yield generated...

Written Answers — Department of Finance: Tax Exemptions (14 May 2024)

Michael McGrath: The VAT treatment 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 has a standard VAT rate of...