McGrath anticipates ‘very good’ Budget 2025 package as election looms

Michael McGrath at the Fianna Fáil Ard Dheis on Saturday. The Minister for Finance is in the US this week for the World Bank/IMF annual meeting. Photograph: Damien Storan/PA

“I think they should meet the deadline and engage,” Mr McGrath said. “We have provided ample notice of that date, which was already an extended date so I don’t want to give any indication that the date is going to change. Engagement is my message. The vast majority of businesses owe less than €5,000 in warehouse debt so we have about 55,000 businesses with some debt and over seventy per cent of them owe less than €5,000. That is a very fixable issue.

“I’d acknowledge that it is an area that the single market is not fully developed. I’d be reluctant to give an estimated time frame as to when individuals in Ireland will be able to have full access to products from institutions based in other countries because it requires agreement and reform but I think that is the destination we need to work towards. We only have three retail banks now.

He told guests at the meeting of his reservations about the policies promoted by Sinn Féin and that the Government has eleven months to convince the Irish public of the benefits of “stable government and the opportunities that a strong economy can afford us.” Mr McGrath has been frequently touted as a likely successor to Mairead McGuinness as Ireland’s European Commissioner when the role becomes vacant in the summer but was circumspect about his interest in that role.

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