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Friday 22 September 2023 Dublin: 10°C

# Michael McGrath

This week
17th September 2023 - 22nd September 2023
NCT will 'revisit' cashless decision if government mandates state bodies to accept cash
The COO of the RSA said if accepting cash becomes a requirement, the service will work to make sure it meets the obligation.
'Easier said than done': Micheál Martin on UK Labour leader's comments about reopening Brexit deal
Keir Starmer has promised to seek a major rewrite of the Brexit negotiations if he wins the next election.
ESB Group reports 30% rise in profits to €676 million in first six months of the year
The state-owned energy company said its profits from the start of the year to 30 June had increased by €157 million compared to the same period last year.
Finance Minister rules out introduction of 30% income tax rate in this year's Budget
Taoiseach Leo Varadkar initially floated the idea of such a rate ahead of last year’s Budget.
Property prices continue to rise, with the average house price now at €320,000
Prices in Dublin have fallen while prices in all other counties have risen by 3.8%.
Last week
10th September 2023 - 16th September 2023
Minister calls on Pepper to be 'absolutely clear' with customers about new fixed mortgage interest rate
Mortgage holders with non-banks and vulture funds can now switch to one of the pillar banks, says Minister McGrath.
McGrath says Budget will be focused on cost of living and helping households with bills
The Finance Minister said he is “very conscious” of petrol and diesel costs and that a decision will be made on excise duty before the Budget.
This month
September 2023
Mica redress concrete levy to get amendment excluding precast products
The amendment to the Finance Bill 2022 will exclude the value of pouring concrete used in precast products from the scope of the levy.
Minister says €1 billion drop in corporation tax highlights ‘vulnerabilities’ in public finances
Corporation tax receipts this August dropped by 36% when compared to last August.
The government's blind devotion to Help to Buy has likely cost Irish taxpayers €240 million
The state is spending hundreds of millions a year on the Help to Buy Scheme – but around one third of that is going towards people who don’t need it.
Ireland's economy grew in the last quarter, new figures show
Ireland’s modified domestic demand grew by 1% relative to the first quarter of the year.
McGrath working on 'very targeted' measures to help mortgage holders with sky high interest rates
A report by
Christina Finn
Plans are being worked on to rescue borrowers stuck with vulture funds charing up to 10% mortgage interest.
Last month
August 2023
Tax breaks for landlords to be examined in Budget alongside renters’ tax credit, says minister
Housing Minister Darragh O’Brien said recently that he is pushing for tax breaks for small landlords in October’s Budget.
McGrath: Irish banks 'undoubtedly' enjoying huge profits but customers can do more with savings
Michael McGrath also said he will be having further meetings with banks and non-banks in the coming weeks to discuss support for struggling mortgage holders.
Michael McGrath expects move by Irish banks to boost deposit rates
The Finance Minister said he expects Irish savers will soon receive positive news.
Bank of Ireland chief apologises for 'significant technical outage' on Tuesday
A glitch on Tuesday saw Bank of Ireland customers able to withdraw more money than what was available in their accounts.
Finance Minister wants 'full account' of what happened with BOI glitch
The glitch saw Bank of Ireland customers able to withdraw more money than what was available in their accounts.
This year
Price growth slowed in July to 4.6% while the Irish economy grew by 3.3% in Q2
Minister for Finance Michael McGrath expects inflation to slow further in the coming months.
Finance Minister says final ‘mix’ of energy support not yet decided
Michael McGrath also said the Government expects consumers to see the benefit of “what have been dramatic falls in wholesale energy prices”.
Finance Minister brings RTÉ and TG4 under remit of NewERA
It comes amid the ongoing controversy surrounding undisclosed payments made by RTÉ to presenter Ryan Tubridy.
USC cuts, rent relief and housing for key workers: FF politicians put forward budget wish list
There were also calls to extend child benefit out to the age of 19.
Finance Minister wants 'prudent' Budget as Taoiseach seeks threshold for higher tax rate at €50k
Michael McGrath said his “overarching priorities” for the budget include the protection of living standards.
Supermarket sweeps: Aldi and Lidl respond as Tesco cuts prices on 700 products
Both German retailers claim their prices are already lower or comparable.
Tesco has today lowered prices on more than 700 products, which Michael McGrath says is "quite a significant turning point" for grocery price inflation.
The move follows more than a year of continuous increases on everyday essentials that has strained household budgets.
Aldi and Lidl have issued statements responding to the Tesco announcement.
Irish economy falls 4.6% in the first quarter of 2023, more than estimated by CSO
The decrease is 1.9% more than what the Central Statistics Office estimated earlier this year.
McGrath says he won't be 'bullied' by Fine Gael into tax cuts in next Budget
Earlier this week, three Fine Gael junior ministers called for the next budget to contain tax breaks of up to €1,000.
Changes to landlord tax treatment in next budget must be 'approached with caution', McGrath says
Taoiseach Leo Varadkar and Housing Minister Darragh O’Brien have both said that changes needed to be examined.
Defective Concrete Block scheme regulations should be ready 'in the next couple of weeks'
Minister Michael McGrath says he will engage further on the role banks and insurance companies should play.
McGrath welcomes ruling ordering Pepper Finance to lower mortgage rate for borrower in insolvency
The couple will now pay a rate of 2.5% over the next 25 years.
Ireland may join the likes of Norway and Saudi Arabia as sovereign wealth fund considered
Finance Minister Michael McGrath said that corporation tax receipts are likely to total €12 billion this year.
Companies should pass on savings as costs fall, Donohoe says
The Public Expenditure Minister said that the Government would be watching out for companies profiteering.
Finance Minister 'not ruling out' additional measures to help people deal with cost-of-living
However, Michael McGrath said that it was important to wait until Budget 2024 before implementing any such measures.
Government has cash at its disposal ahead of Budget 2024 with €16bn surplus for next year
Finance Minister Michael McGrath was reluctant to commit to a giveaway budget this year, stating that inflation is now lower than last year.
Corporation tax up 71% in the first quarter of 2023 - but half of it is 'unlikely to be permanent'
However, Finance Minister Michael McGrath has said around half of that tax take is unlikely to be permanent.
15% corporation tax rate for large multinationals to be introduced from next January
Finance Minister Michael McGrath confirmed that he will bring a memo to Cabinet this week to introduce the measure.
Irish Financial Stability Group to monitor effects of SVB collapse on Ireland
The bank had a significant number of Irish businesses among its clients but retail banks in Ireland have no exposure to SVB.
Domestic economy entered 'technical recession' last year but is still up 8.2%
Despite entering a technical recession, the domestic economy grew by 8.2% using the government’s preferred metric.
Taoiseach says windfall tax 'well advanced' and will be used to help families and businesses
A number of existing supports are due to expire at the end of the month.
Ireland has one of the highest per capita debt burdens in the world, around €44,250 per citizen
The burden of public debt for each person in Ireland was around €8,000 higher than the euro area average in 2022.
Taoiseach says some billionaires are all 'fur coat and no knickers'
Varadkar will be in Davos for three days this week.
Rate of inflation drops slightly to 8.2% in the year to December
That’s down from an increase of 8.9% in the 12 months to November 2022.