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Michael McGrath, Spokesperson on Finance

Michael McGrath

Working for a better future

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Constituency

Cork South Central

Contact

Constituency Office, Main Street, Carrigaline, Co Cork. 
Tel: 021-4376699 (Office 9am-5.30pm)

www.michaelmcgrath.ie

Email

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Personal Details

Michael was born on 23rd August 1976 and grew up in the harbour town of Passage West with his family. He is the second youngest of five children. His mum Marie comes from Togher outside Cork City and his late father Jack was from Bantry in West Cork. Michael attended primary and second level school in Passage West. He went on to secure a Commerce degree from UCC and subsequently qualified as a Chartered Accountant with KPMG in Cork City. He also gained commercial experience in the private sector as a financial controller of a medium sized Cork business. Michael lives in Carrigaline with his wife Sarah and family. Michael has a keen interest in sport including golf, soccer and GAA.

Local News

McGrath encourages Cork groups to register for sports funding

Fianna Fáil TD for Cork South Central Michael McGrath is encouraging sports clubs across Cork city and county to register for the next round of Sports Capital Programme grants. The applications process is expected to reopen early in the new year. Read More | Share

Surge in mortgage approvals in November shows market in panic over new Central Bank rules – McGrath

Fianna Fáil Spokesperson on Finance Michael McGrath has said new data on mortgage approvals point to an air of panic in the property market at the moment. Read More | Share

Completion of Banking Inquiry terms of reference requires ECB participation – McGrath

The refusal of the European Central Bank (ECB) to participate in the Oireachtas Banking Inquiry is completely unacceptable and is a kick in the teeth for the Irish people, according to Fianna Fáil Spokesperson on Finance Michael McGrath. Read More | Share

“Double whammy” hit for Credit Union savers – McGrath

Fianna Fáil Finance spokesperson Michael McGrath has stated credit union savers are only now experiencing the full effect of the Government decision to increase DIRT tax rates by 8% to 41% in last year’s budget. Read More | Share

Delay in betting legislation costing State €1.5m a month – McGrath

Fianna Fáil Spokesperson on Finance Michael McGrath has described a continuing delay to the extension of betting duty to online gambling as completely unacceptable. He was speaking in response to a parliamentary reply from the Minister for Finance which indicated that plans to extend the 1% levy paid by bookmakers to online gambling had run into considerable difficulty. Currently the levy is only paid in respect of bets placed in licenced betting offices. There has been a considerable trend towards online betting in recent years which has accelerated with the growth of smart phone aps. In a €4bn market annually nearly 40% of bets placed by Irish customers are now made online. Read More | Share

‘Spring statement’ more about electioneering than economic governance – McGrath

Plans for a spring statement on the economy by the government have far more do with the deteriorating electoral fortunes of Fine Gael and Labour than any genuine attempt to have meaningful debate on the economy, according to the Fianna Fáil Spokesperson on Finance. Read More | Share

ESRI report a sharp reminder of unfairness at heart of Coalition’s policies – McGrath

Fianna Fáil Spokesperson on Finance Michael McGrath has described the ESRI report on the impact of Budget 2015 as a sharp reminder of the inherent unfairness at the heart of the government’s budgetary policy. This was the fourth budget introduced by the Coalition and their cumulative impact has been to put the heaviest burden on those least able to manage it. Read More | Share

Serious flaw in mortgage arrears data hides extent of crisis – McGrath

Fianna Fáil Spokesperson on Finance Michael McGrath has stated that the improvement in official mortgage arrears figures is being flattered by the prevalence of arrears capitalisation as a means of dealing with mortgages in distress. He was speaking following the publication of monthly Department of Finance figures on mortgage arrears and restructurings. Read More | Share

Cork City flood relief scheme must result in flood insurance being reinstated – McGrath

The major flood relief works planned for Cork City must result in insurance companies being willing to provide flood cover to households and businesses in Cork City once again, according to Cork South Central Fianna Fáil TD Michael McGrath. Read More | Share

FF calls for minimum deposit of 10-12% for new mortgages

Fianna Fáil has published its submission to the Central Bank on the proposed new rules for mortgage lending. The party has made eight recommendations including changing the proposed new minimum deposit requirement from 20% to between 10% and 12%. Read More | Share

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Political Record

Michael is currently the Fianna Fáil Spokesperson on Finance.

At the age of 22, Michael was first elected to local government in 1999 as a member of Passage West Town Council. He was Chairperson of the Town Council in 2000-2001 and subsequently secured a Cork County Council seat in 2004 in the Carrigaline Electoral Area.

In February 2005, Michael resigned from a senior finance post in UCC to concentrate on his role as a public representative.

In 2007, Michael was elected to Dáil Éireann for the constituency of Cork South Central at the first attempt. He has been a member of the Dáil Public Accounts Committee and the Joint Oireachtas Committee on European Affairs . He is currently a member of the Joint Oireachtas Committee on Finance, Public Expenditure and Reform.

Just prior to the 2011 general election, the new Leader of Fianna Fáil Micheál Martin TD appointed Michael as the party's Spokesperson on Financial Sector Reform.

Following the death of Brian Lenihan, RIP, Michael was appointed as the party's Finance Spokesperson in August 2011.