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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

Banking Inquiry: Parliamentary Assistant to Michael McGrath TD

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Trichet offer falls well short of full ECB participation in Banking Inquiry – McGrath

Fianna Fáil Finance spokesperson Michael McGrath has described indications that former ECB President Jean Claude Trichet would agree to a meeting with a representative group of Irish MEPs on issues relating to the banking inquiry as a totally inadequate response to the request for full co-operation with the inquiry. Read More | Share

Home ownership will be unrealistic & unachievable for many if new mortgage rules confirmed – McGrath

The proposed new 20% minimum deposit requirement for first time buyers will put home ownership beyond the reach of many forever, according to Fianna Fáil Finance Spokesperson Michael McGrath. Read More | Share

Legislation to protect mortgage holders a cop out – McGrath

Fianna Fáil Spokesperson on Finance Michael McGrath has described the Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015 as a cop out which leaves the key decisions relating to mortgages in distress in the hands of unregulated vulture funds. Read More | Share

Government capitulating on retroactive bank debt deal – McGrath

Fianna Fáil Spokesperson on Finance Michael McGrath has described the government’s appointment of Goldman Sachs to advise on a sale of the State’s stake in AIB as indicative of an apparent acceptance on its part that the prospects for a retrospective deal on bank debt are all but gone. Read More | Share

IBRC liquidator should state current status of former directors’ loans of €155m – McGrath

Fianna Fáil Finance spokesperson Michael McGrath has called on the Minister for Finance to direct the Special Liquidators of IBRC to provide an update as to the current total amount of loans outstanding to former directors of Anglo Irish Bank. Read More | Share

Drumm should attend Oireachtas Banking Inquiry – McGrath

The former CEO of Anglo Irish Bank David Drumm should be invited to appear before the Oireachtas Banking Inquiry given the senior role he played in Anglo Irish Bank for a number of years leading up to Ireland's banking crisis, according to Inquiry member and Fianna Fáil Spokesperson on Finance Michael McGrath. Read More | Share

Excluding existing variable rate customers from interest rate cuts deeply unfair – McGrath

Fianna Fáil Finance spokesperson Michael McGrath has said the mortgage interest rate reductions by Permanent TSB and Bank of Ireland for new borrowers are deeply unfair as they will do absolutely nothing to address the continuing unfair treatment of their existing variable rate customers. Read More | Share

Draghi washes his hands of need to pass on benefit of interest rate cuts to variable rate customers

Fianna Fáil Finance spokesperson Michael McGrath has expressed his disappointment at an apparent lack of willingness on the part of the European Central Bank (ECB) to take action to ensure that the full impact of its policies are felt by consumers and businesses in Ireland and the Eurozone generally. Read More | Share

NAMA must live up to social housing mandate in 2015 - McGrath

Fianna Fáil Finance spokesperson Michael McGrath has called on NAMA to considerably step up the delivery of social housing units in 2015 following the release of data which shows that just 12% of housing units identified by NAMA as suitable for social housing purposes have actually been delivered to date. 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.