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McGrath, Michael

Friday, 14 December 2012

Dáil Éireann Debate
Vol. Nbr.

Credit Institutions (Stabilisation) Act 2010: Motion (Continued)

I thank the Minister for his remarks on the motion and confirm that Fianna Fáil will be supporting it. However, I take the opportunity to make a number of points on the operation of the banking sy...More Button

It is true to say there are signs of stability within the banking system. The Minister has highlighted that stability has been brought to the deposit base of the banks. As we all know, there wa...More Button

In a number of respects, we need to ask the fundamental question whether the banking system is working, it is functioning in the way we want it to function and meeting the needs of the economy. ...More Button

The first which we have discussed many times in the House is the issue of credit. In the budget announced last week I welcomed the inclusion of new initiatives with regard to the National Pensio...More Button

The Minister has said the pillar banks are required to provide €3.5 billion of new credit in the case of AIB and Bank of Ireland. I do not believe we have satisfactorily dealt with the issue of ...More Button

I have received a number of calls from people involved in business in particular, people who have commercial loans and people who invested in properties and who are coming under enormous pressure...More Button

We will return to the issue of mortgage arrears later when we discuss the property tax Bill. Again, this is an area in which the banks have singularly failed to meet their responsibilities. The...More Button

We now have a situation in which almost one in four family home mortgages is in some sort of distress. They are either in arrears or have already been restructured. We cannot ignore the fact that...More Button

I also want to highlight the plight of variable-rate mortgage holders. Many of them are typically being charged 4% to 4.5% while someone on a tracker mortgage only pays 1.5% to 1.75%. That make...More Button

The Minister referred to the liability management exercises the banks have undertaken over the past several years under this legislation. Up to €15 billion has been saved by way of the impositio...More Button

The Minister has commissioned Mercer to conduct a review of pay levels in the covered institutions, which it is hoped will be completed by Christmas. If the Minister is not satisfied with the re...More Button

Ordinary staff members of the banks have borne the brunt of what has happened in the banking system. Thousands of them have lost their jobs and thousands more are to be made redundant in the nex...More Button

Fianna Fáil will support this motion. Will the Minister address the issues I raised when wrapping up? We must ensure the banking system meets its responsibilities. It is fine to meet the troik...More Button

Finance (Local Property Tax) Bill 2012: Second Stage (Continued)

That is very good.More Button

I wish to share time with Deputy Cowen.More Button

I reiterate our opposition to the Bill being rammed through the Dáil with such haste. That Second Stage is being guillotined today and Committee and Remaining Stages are being pushed through on Tu...More Button

The initial deadline given to the Opposition for the submission of amendments was 11 a.m. on Wednesday, 12 December - two days before the Second Stage commenced. That was a joke and an insult. ...More Button

The Minister, Deputy Noonan, concluded his speech by saying: "This tax is also structured to adhere to the Government's other key objective to be fair and progressive - the wealthiest will pay th...More Button

In the case of two neighbouring properties, for example, one of the households might have an annual income of €200,000, say, while the other might be relying on jobseeker's allowance. Despite this...More Button

That is deeply unfair. The principle of exemptions is established in the Bill. The Minister is exempting people who buy a new house now or who will buy a property in the near future. If Fianna F...More Button

I note the Minister does not propose to carry over directly the list of estates currently exempt from the household charge. He is going to draw up a new list which takes account of factors liste...More Button

Some of the powers extended to Revenue by way of the Bill are draconian. People in receipt of social welfare as their sole means of financial support could well have an undefined amount deducted...More Button

We oppose the Bill. We believe it is fundamentally unfair. It is regressive and will hit low and middle income families and people on social welfare. The Bill does not take into account in any...More Button

That is not what the Minister for Finance says.More Button