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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

Delay in establishing Central Credit Register unacceptable - McGrath

Fianna Fáil Finance spokesperson Michael McGrath has described as completely unacceptable a further delay in the establishing of a Central Credit Register which is designed to help financial institutions make informed lending decisions and protect borrowers from excessive debt. Read More | Share

New regulations for debt management firms a welcome development - McGrath

Fianna Fáil Finance Spokesperson Michael McGrath has welcomed the publication of new Central Bank regulations in relation to the operation of debt management firms. Read More | Share

Brokers have obligation to small investors in AIB – McGrath

Fianna Fáil Spokesperson on Finance Michael McGrath has called on stockbrokers trading in AIB shares to bring to the attention of investors the high risk nature of any investment in the stock. He was speaking following two days of sharp falls in the AIB share price which has seen more than 25% knocked off the notional market capitalisation of the firm. Read More | Share

Full ECB participation essential for effective Banking Inquiry – McGrath

The full participation of the European Central Bank (ECB) is essential for an effective Oireachtas Banking Inquiry, according to Fianna Fáil Spokesperson on Finance and Inquiry member Michael McGrath. Read More | Share

Tánaiste washes her hands of plight of variable rate customers – FF

Fianna Fáil Spokesperson on Finance Michael McGrath has strongly criticised the Tánaiste Joan Burton for effectively washing her hands of the problems facing thousands of mortgages holders being forced to pay exorbitant interest rates. Read More | Share

Banks must prove IT systems are fit for purpose – McGrath

Fianna Fáil Finance spokesperson Michael McGrath has called for more rigorous testing of banks’ IT “disaster recovery” plans to ensure that the type of problems encountered by Ulster Bank in 2012 and technology glitches at other banks do not recur. Ulster Bank was today fined €3.5m by the Central Bank for IT failures that affected 600,000 customers in the summer of 2012. Read More | Share

Full ECB participation essential for effective Banking Inquiry – McGrath

The full participation of the European Central Bank (ECB) is essential for an effective Oireachtas Banking Inquiry, according to Fianna Fáil Spokesperson on Finance and Inquiry member Michael McGrath. Read More | Share

ECB letter shows extraordinary pressure placed on Irish government – FF

Fianna Fáil Finance spokesperson Michael McGrath has said that the publication of correspondence from the former ECB President Jean Claude Trichet demonstrates the extraordinary pressure placed on the government of the day to enter in to an EU / IMF bailout programme and to commit to guaranteeing the emergency lending the Irish banks had undertaken from the ECB. Read More | Share

Banks need to follow AIB’s lead and cut variable mortgage rates – McGrath

Fianna Fáil Finance spokesperson on Finance Michael McGrath has called on the other mortgage lenders in Ireland to follow AIB’s lead and cut their variable mortgage interest rate. Read More | Share

Strategic Banking Corporation falls well short of what is needed - McGrath

Fianna Fáil Finance spokesperson Michael McGrath has described the establishment of the Strategic Banking Corporation of Ireland (SBCI) as a half-hearted effort to tackle the problem of credit for the SME sector which falls well short of what is needed. 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.