Results 121-140 of 3,462 for speaker:Jennifer Carroll MacNeill

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Jennifer Carroll MacNeill: A total of €175 million is the overall limit. What I set out was per fund but €175 million is the overall limit.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Jennifer Carroll MacNeill: That is the absolute headroom position in the Bill.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Jennifer Carroll MacNeill: Yes, that is what is in the legislation.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Jennifer Carroll MacNeill: Yes. It is €175 million for the EIB, and the other programmes are there.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Jennifer Carroll MacNeill: That is in this fund, but there is potential for other funds. If other funds were created, the overall exposure could be €175 million-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Jennifer Carroll MacNeill: -----so it is very much, as the Deputy asked for, the worst-case scenario. The commitment is €35 million.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Jennifer Carroll MacNeill: It is €140 million on the EU side.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Jennifer Carroll MacNeill: It is only what we sign up to. In the case of the EU fund for Ukraine, that is €7 million.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Jennifer Carroll MacNeill: Correct.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Jennifer Carroll MacNeill: Correct.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Jennifer Carroll MacNeill: It is for future funds that may or may not be created. That is the reason for the extra.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Jennifer Carroll MacNeill: Let me clarify. We have a figure of €175 million-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Jennifer Carroll MacNeill: The difference relates to the different caps set for the various funds, as the Deputy noted. Our commitment is what is covered in the legislation, but that may be extended, depending on the scale of the number of funds created. It will differ for the different financial institutions over time.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Jennifer Carroll MacNeill: I would like to revert to the Deputy specifically on this because there is a big difference between the contributions to which we are committing and the creation of a number of additional funds. I would like to get further clarity on that because it is very much speculative. I do not want to say something in response to the Deputy that is not correct. They are very much speculative and...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Jennifer Carroll MacNeill: I could not agree more. The reality of the programme of assistance is that it will be through a period. We hope that Ukraine joining it will be through a longer period of reconstruction. The Bill is trying to make provision today and capacity for tomorrow, but much of that has not been structured and created yet. In response to Deputy Doherty's question, the contribution to the EU...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Jennifer Carroll MacNeill: As the Deputy knows, the EU is currently considering the multi-annual financial framework, MFF, which is not anywhere close to being agreed at this point. However, the proposal within the MFF does envisage a new special instrument, namely, the Ukraine reserve, for an amount of €17 billion. In addition to that amount in grants and provisioning, the Ukraine facility would also cover...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Jennifer Carroll MacNeill: Is the Deputy referring to a risk of default?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Jennifer Carroll MacNeill: The Deputy will be aware that Ireland's participation in Europe is very strong and active. We are engaged in the negotiations with regard to the MFF as a very strong, committed European partner. The new MFF has not been agreed yet. Clearly, there is some risk of default at some point and in that scenario all member states would be exposed. We would hope the exposure would be extremely...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Jennifer Carroll MacNeill: The Department carries out risk assessments at all times throughout all of this process. The way in which it is engaged means that there is a constant risk assessment and a constant attempt to work out the exposure to Ireland. However, it is not possible to work out at this stage what will happen in Ukraine in June next year, never mind in June five years from now, and the extent to which...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Jennifer Carroll MacNeill: The exercise in preparation for this Bill is an exercise in risk assessment and working out what Ireland's possible exposure is. I would stress that the Bill covers the interest subsidy. Ireland's share of it is capped, by the EU and in this Bill, at €63.625 million. Any potential exposure much later would come via the EU budget contributions, which are covered by the European...