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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

Banks’ response on variable mortgage rate totally inadequate – McGrath

Fianna Fáil Finance spokesperson Michael McGrath has described the response by the banks to the 1st of July deadline to reduce the cost of mortgages for variable rate customers as totally inadequate and as a rebuff to the Minister for Finance. Deputy McGrath has called for a stepping up of the campaign for mortgage fairness in Ireland. Read More | Share

“Theft Tuesday” as Government raid pension funds for another €140m – McGrath

Fianna Fáil Spokesperson on Finance Michael McGrath has described the raiding of private pension funds for €140m today as a glaring example of the Government’s record of broken promises. This is the fifth year in which the Minister for Finance has dipped in to the pensions of tens of thousands of Irish citizens, bringing to over €2.3bn the amount taken from private pension funds. Read More | Share

Interest rate of less than 2% on 40% of IBRC Loans when Liquidator appointed - McGrath

Fianna Fáil Finance Spokesperson Michael McGrath has obtained information which shows that 40% of commercial loans owed to IBRC when the Special Liquidator was appointed had an interest rate of less than 2%. Read More | Share

Millar case highlights need for legislation to protect mortgage holders

Fianna Fáil Finance spokesperson Michael McGrath has said the Court of Appeal ruling in the ‘Millar case’ puts the issue of how to protect mortgage holders from excessive interest rates back in the spotlight. Read More | Share

Banks must be named and made pay for breaches of Mortgage Code - McGrath

Fianna Fáil Finance Spokesperson Michael McGrath has described the Central Bank report on bank’s implementation of the Code of Conduct on Mortgage Arrears as a shocking indictment of the cavalier approach that financial institutions take to the rights of customers. Read More | Share

FF calls for concerted effort to support credit union movement

Fianna Fáil Finance Spokesperson Michael McGrath has called for a concerted policy initiative on behalf of the State to ensure the full potential of the credit union sector in Ireland is realised. He was speaking ahead of a Fianna Fáil Private Members motion in the Dáil this week, which will highlight the manner in which credit unions are being stifled by lending restrictions and unfair competition from the banks. Read More | Share

Noonan must not hide behind IBRC inquiry to avoid basic Dáil questions – McGrath

Fianna Fáil Spokesperson on Finance Michael McGrath has said the party is extremely concerned by the continued secrecy being applied by the Finance Minister in relation to basic information about the Irish Banking Resolution Corporation (IBRC). Read More | Share

Latest figures highlight surge in home repossessions – McGrath

Fianna Fáil Finance spokesperson has described the 50% increase in the number of number of court orders for sale or repossession of a family home in the first quarter of the year as clear evidence of an alarming escalation in the loss of family homes. He was speaking following the publication of the Central Bank’s Residential Mortgage Arrears and Repossessions Statistics for Q1 2015. The data also showed a 10% increase in the quarter in legal proceedings issued to enforce the debt/security on a residential mortgage. Read More | Share

Fiscal council report highlights serious questions over government projections – McGrath

Fianna Fáil Finance spokesperson Michael McGrath has welcomed the publication of the Fiscal Council report today on the Spring Economic Statement saying that it will make sobering reading for the Minister for Finance. Read More | Share

Where is the Bank of Ireland variable rate cut? – McGrath

Bank of Ireland's decision yesterday to reduce its fixed mortgage rate but to keep its standard variable rate at staggering 4.5% is an effective snub to the Minister for Finance and is not in any way acceptable to those of us who have been consistently campaigning for an actual reduction in the standard variable rate, according to Fianna Fáil Finance Spokesperson Michael McGrath. 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 and also a member of the Committee of Inquiry into the Banking Crisis.

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.