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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

FF Dáil motion will demand action to end standard rate mortgage rip-off

Fianna Fáil Finance spokesperson Michael McGrath has today published the details of a Private Member Motion to be debated in the Dáil next week which will demand action to end what he is describing as the rip-off of tens of thousands of existing variable mortgage customers. Earlier this week Fianna Fáil published an analysis of the interest rates that are charged to existing customers on tracker rates, standard variable rates (SVRs) and those that are available to new customers. This showed a wide and growing disparity with existing customers on SVRs very much at the bottom of the pile. Read More | Share

Urgent Central Bank action needed to end discrimination against existing variable rate customers

Fianna Fáil Finance spokesperson Michael McGrath has called for direct engagement by the Central Bank with mortgage providers to secure a reduction in the standard variable rate charged to existing customers. Read More | Share

Bureaucracy and lack of funding has caused mortgage-to-rent scheme to collapse - FF

Fianna Fáil Finance spokesperson Michael McGrath has stated that the Government’s “mortgage-to-rent” scheme for distressed borrowers has effectively collapsed following confirmation that just 85 cases have been fully concluded under the scheme since its inception in July 2012. This equates to an average of fewer than 3 cases a month. It was originally envisaged that the scheme would facilitate approximately 500 cases a year with a total of 3,500 over seven years. Read More | Share

Govt inaction on sub-prime mortgage arrears inexcusable - McGrath

Fianna Fáil Finance Spokesperson Michael McGrath TD has described as inexcusable the Government’s complete failure to take action to deal with the spiraling arrears crisis in the sub-prime mortgage market, noting that the owners of these loans are now amongst the most aggressive in the market at seeking court ordered repossession. Read More | Share

Central Bank must review sale of whole of life assurance policies – FF

Fianna Fáil Finance spokesperson Michael McGrath has called on the Central Bank to investigate the alleged mis-selling of whole of life assurance policies. Whole of life assurance policies involve customers purchasing cover that provide a lump sum in the event of their death as well as purchasing units in an investment fund. The policies typically have a premium review clause after an initial 10 year period and then each subsequent 5 years up to age 70 and annually thereafter. Read More | Share

Noonan’s desire for pre-election easing of EU spending rules needs to be examined carefully

Fianna Fáil Finance Spokesperson Michael McGrath has said efforts by the Minister for Finance to secure an easing of EU spending rules for Ireland ‘to give me budgetary space to make decisions for the 2016 budget that I’ll be introducing in October’ need to be carefully examined by the Fiscal Advisory Council to assess whether it is an appropriate step or merely represents a way of facilitating a pre-election spending splurge by the government. Read More | Share

Noonan comments on mortgage holders displays crass insensitivity – McGrath

Fianna Fáil Finance spokesperson Michael McGrath has described comments by the Minister for Finance that banks are “using the courts to get people to engage with them who haven’t engaged” as a display of crass insensitivity. Read More | Share

Hypocrisy of government exposed as State invests in tobacco, defence and alcohol stocks - McGrath

Fianna Fáil Finance spokesperson Michael McGrath has described as utterly hypocritical the fact that the State holds over €50m in investments in tobacco, defence and alcohol stocks given recent legislation that has been introduced in relation to cigarette packaging and planned changes to laws governing alcohol pricing. Read More | Share

Worsening long term arrears highlights failed strategy on mortgages - McGrath

Fianna Fáil Finance spokesperson Michael McGrath has described a further increase in the number of mortgages in arrears for more than 720 days as a damning indictment of the government’s strategy in relation to distressed mortgages. He was reacting to the latest Central Bank figures which showed that 37,778 mortgages are now in arrears for more than 2 years, a 13% increase in 12 months. Read More | Share

Dáil to debate FF Bill to remove Bank veto

Fianna Fáil Spokesperson on Finance Michael McGrath has stated that there is now a clear strategy on the part of banks to step up legal action for repossession of family homes in cases where people have fallen in to arrears on their mortgage. He was speaking ahead of a Dáil debate on the Fianna Fáil Family Home Mortgage Settlement Arrangement Bill which removes the bank veto on proposals to restructure a family home mortgage through the personal insolvency process. 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.