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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

AIB rate cut welcome but more needs to be done on rip–off variable rates – McGrath

Fianna Fáil Finance spokesperson on Finance Michael McGrath has welcomed today’s move by AIB to reduce standard variable mortgage rates by 0.25% but has said much more needs to be done to reduce the rip-off variable rates being charged by banks in Ireland. Read More | Share

Details of ECB pressure not to burn bondholders also needs to be released – McGrath

Fianna Fáil Finance spokesperson on Finance Michael McGrath has welcomed indications that the ECB is about to release a letter issued to Brian Lenihan in November 2010 on the eve of Ireland signing up to a Programme of Assistance with the troika. Read More | Share

Conclusion of bank stress tests should be catalyst for EU wide growth strategy - McGrath

Fianna Fáil Finance spokesperson Michael McGrath has said the conclusion of the bank stress tests, which AIB and Bank of Ireland passed, should herald a new era in the Irish banking sector in which it moves beyond retrenchment and begins to lend again to viable companies with solid business plans. Read More | Share

Full potential of Permanent TSB must be realised post stress tests - FF

Fianna Fáil Finance spokesperson Michael McGrath has welcomed reports that Bank of Ireland and AIB are likely to pass the ECB bank stress tests. However he warned that while the Irish banking sector is no longer on the critical list action is needed on range issues, in particular ensuring that Permanent TSB is put on a sound footing for the future and creating a more competitive banking environment for personal and business customers. Read More | Share

Finance Bill must scrap property tax increase – FF

Fianna Fáil Finance spokesperson Michael McGrath has said the Government must take the opportunity of the Finance Bill this week to scrap the planned increase in property tax bills in two years’ time. Read More | Share

Budget 2015 built on borrowed money to buy votes – McGrath

Fianna Fáil Spokesperson on Finance Michael McGrath has said the Government’s budget today proves Fine Gael and Labour are clearly motivated by the short term and fails to set out any credible vision for fairness and solidarity in recovery. Read More | Share

Budget must deliver fairness and recovery for all – FF

Fianna Fáil has today published its proposals ahead of Budget 2015 with the focus of the measures on building a more caring society and investing in critical frontline services for citizens. Read More | Share

FF warns govt may break pension levy promise for second time – McGrath

Fianna Fáil Spokesperson on Finance Michael McGrath has warned that the government may break their promise for the second time to abolish the levy on private pension funds in next week’s budget. Read More | Share

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

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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.