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McGrath, Michael

Thursday, 18 May 2017

Dáil Éireann Debate
Vol. Nbr.

Proposed Sale of AIB Shares: Motion (Resumed) [Private Members] (Continued)

 I move amendment No. 4:More Button

Asian Infrastructure Investment Bank Bill 2017: Second Stage (Continued)

Before I address the Bill, I note that the Minister has made a significant statement today that he will not seek reappointment to his current post when a new Taoiseach takes office. I pay tribute ...More Button

Fianna Fáil supports the Bill. People looking in and members of society in general might validly ask why it is in Ireland's national interest to join the Asian Infrastructure Investment Bank. Whe...More Button

There is, of course, a cost to this, which is €25 million over a five year period. In the context of the level of trade we have and which we aspire to have with the Asian economy it is a modest in...More Button

I note the Minister for Finance of the day will become a governor of the Asian Infrastructure Investment Bank so Ireland will have a seat at the table, and this is to be welcomed. In addition, I...More Button

I note from the Minister's speech that it is the objective of the Government that the contribution of €25 million will be recognised as part of Ireland's overseas development aid requirement, whi...More Button

The trade missions to Asia in recent years, which have been led by various Ministers and heavily supported by Enterprise Ireland and other State agencies, have been successful. There is an econo...More Button

The Asian Infrastructure Investment Bank is a very new bank. I have to say I did not know a whole lot about it until I started researching it in anticipation of the debate today. China will be ...More Button

The Bill itself is quite short and, in effect, what we are doing is providing for the approval of the articles of agreement of the new bank and consent for the payments to be made. We should ens...More Button

Tax Yield

Asked the Minister for Finance: the position regarding the review of Exchequer tax revenue in view of 2017 tax revenue to April coming in €344 million under target, with specific reference to the shortfall in income tax, includin...More Button

This question relates to the Exchequer returns and, in particular, to the shortfall we have seen under a number of different tax headings so far this year. Income tax, corporation tax, excise duty...More Button

I thank the Minister for his reply. It is early days yet and the alarm bells should not be ringing completely but the trend is a concern. It is not just a trend over one month; we are now looking...More Button

The income tax issue is intriguing because although the receipts are up 1.2% year on year, we are 3.1% below profile. The unemployment rate is falling, thankfully, so one would expect income tax...More Button

My question really concerns how the approach needs to be adjusted if the trend continues. I refer to the budget in October, for example. What impact could there be on the calculation of fiscal sp...More Button

It is not just a question of income tax and corporation tax. The excise yield, for example, is 6.3% below profile. I realise it can be difficult to forecast what the receipts will be in a parti...More Button

Tax Yield (Continued)

However, if the trend continues pro rata - it has been €344 million over the first four months - throughout the remainder of the year, the shortfall will be in the region of €1 billion....More Button

Help-To-Buy Scheme

Asked the Minister for Finance: the position regarding the independent impact assessment on the help-to-buy scheme as introduced as part of budget 2017; the number of approved applications to date; the cost of the scheme to date;...More Button

This question relates to the help-to-buy scheme for first-time purchasers of new houses, which was introduced in the budget last October. I seek an update on the number of approved applications, o...More Button

I thank the Minister his reply and for the updated numbers. There have been more than 6,000 stage 1 applications, with in excess of 3,600 approved and 1,677 completed at a cost to date of €17 mill...More Button

I welcome the fact that the Minister has honoured his commitment to conduct an independent assessment to examine the impact of the scheme on the supply of new homes, the prices of new homes and t...More Button

A number of issues arise but one issue that is not often mentioned is the impact on non-first-time buyers. The combined impact of the scheme and the 20% deposit requirement disadvantage these buye...More Button

Financial Services Sector

The question about the IFSC is directed at the Minister of State, Deputy Eoghan Murphy. It asks how the Government and, in particular, the Department, is promoting the IFSC as an ideal location in...More Button

I thank the Minister of State for his reply. I have read the action plan for 2017 and the 40 action points set out in it. I hope their implementation is going according to plan. Will the Ministe...More Button

Financial Services Sector (Continued)

There are some encouraging signs, in the context of Brexit, of announcements that may be about to come our way. I ask the Minister of State to address those particular issues. Where are the const...More Button

I acknowledge that the Department has engaged in the regions and in my own city of Cork. I know that the Minister of State has engaged quite significantly with Cork Chamber and UCC. There is a fi...More Button

Finally, on the net issue of the Central Bank, is the Minister of State satisfied with its approach? The Minister of State raised concerns in recent months about the role that other countries ar...More Button

Banking Sector Regulation

Asked the Minister for Finance: if he is satisfied with the Central Bank’s response to a bank's (details supplied) placing of 2,141 SME customers into a bank; his views on whether a formal review is required by the Central Bank t...More Button

Financial Services Regulation

Asked the Minister for Finance: if he has given consideration to the need to establish a code of conduct on mortgage switching, similar to the code of conduct on the switching of payment accounts with payment service providers, i...More Button

Ireland Strategic Investment Fund Investments

Asked the Minister for Finance: the amount of lending carried out by a company (details supplied) to date in 2017 to the construction sector; his views on whether the State can do more to ensure the construction sector has access...More Button

Tracker Mortgages Examination

Asked the Minister for Finance: the position regarding the Central Bank’s tracker mortgage review; the number of mortgages involved in the review; the number of persons who have received redress and compensation to date; if he is...More Button

Sale of State Assets

Asked the Minister for Finance: the differences in terms of Eurostat rules or other restrictions in terms of the use of proceeds, between the sale of State assets such as Aer Lingus and Bord Gáis and the pending sale of a share i...More Button

Asked the Minister for Finance: to outline the way in which proceeds will be treated within the ISIF and the NTMA following the sale of a portion of the State's share in a bank (details supplied); if it is technically possible fr...More Button

Protected Disclosures Data

Asked the Minister for Finance: the number of protected disclosures that were made to the Central Bank in each of the years 2008 to 2016 and to date in 2017; the number that led to further investigation from the Central Bank; the...More Button

Cyber Security Policy

Asked the Minister for Finance: the amount of money spent in his Department and in the State entities under the remit of his Department on cyber security in each of the years 2012 to 2016 and to date in 2017; the number of employ...More Button