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Michael McGrath, Spokesperson on Finance

Michael McGrath

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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

Sale of Danske loan SME loan book underlines need for legislation to protect borrowers – McGrath

Fianna Fáil Finance spokesperson Michael McGrath has described the problem of legacy debt held by the SME sector as the forgotten crisis within the Irish banking sector. Read More | Share

Government must robustly defend Ireland’s Corporation Tax System – FF

Fianna Fáil Spokesperson on Finance Michael McGrath has called for the government to give the highest priority to ensuring that Ireland’s standing as a country with a transparent and OECD compliant corporation tax regime is fully defended. Read More | Share

FF warns against premature sale of AIB

Fianna Fáil Spokesperson on Finance Michael McGrath has said it is far too soon to contemplate the state disposing of a significant stake in AIB. He was commenting following media reports that the Government is considering an early sale of 30% of its holding in AIB. Read More | Share

Government must not surrender Ireland’s competitive tax position – FF

Fianna Fáil Spokesperson on Finance Michael McGrath has said he is concerned by reports that the Government is going to act unilaterally in the forthcoming budget to make changes to the rules governing Ireland’s corporation tax regime. Read More | Share

ECB must act as rip-off interest rates being charged on new mortgage loans and SMEs – McGrath

The European Central Bank (ECB) must act in view of the rip-off interest rates being charged on new mortgage loans and SMEs, and the failure of the main banks in Ireland to pass on successive ECB rate cuts to SMEs, variable rate mortgage holders and other personal borrowers, according to Fianna Fáil Finance Spokesperson Michael McGrath. Read More | Share

Legislation urgently needed on sale of mortgages to unregulated entities – McGrath

Fianna Fáil has repeated its call for the government to move swiftly to introduce legislation to protect mortgage holders whose mortgages have been sold to unregulated entities. Read More | Share

Government must face up to arrears crisis in buy to let mortgage sector – FF

Fianna Fáil Finance spokesperson Michael McGrath has called for an overhaul of the government’s policy response to the level of mortgage arrears in the buy to let sector. This week the Department of Finance published statistics which show a 27% rate of arrears amongst the buy to let sector with 21% of accounts in arrears for more than 90 days. Read More | Share

Deal on IMF loans can make a difference to Budget 2015 – McGrath

Fianna Fáil Finance Spokesperson Michael McGrath TD has said that a reported euro zone agreement allowing for the early repayment of IMF loans by Ireland can make a positive difference to Budget 2015 due to be presented next month. Read More | Share

Budget must review inheritance tax thresholds – FF

Fianna Fáil Finance spokesperson Michael McGrath has highlighted an urgent need to review the thresholds for capital acquisition tax which is paid on inheritances. Read More | Share

ECB concerns on prom note deal entirely separate to plan on early repayment of IMF loans – McGrath

Fianna Fáil Finance Spokesperson Michael McGrath TD has said that any concerns the European Central Bank (ECB) has regarding the 2013 promissory note deal have nothing to do with Ireland’s proposal to repay IMF loans early and save the State up to €400m per annum in interest repayments. 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.