Results 41-60 of 27,590 for speaker:Michael McGrath

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (Resumed) (8 May 2024)

Michael McGrath: The purpose of the infrastructure, climate and nature fund, as stated in the Bill, is to support State expenditure during a deterioration in the fiscal or economic position of State and on specific climate and nature matters. The climate and nature element recognises there is a need for additional investment to help Ireland deal with the transition to climate neutrality and the ongoing...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (Resumed) (8 May 2024)

Michael McGrath: I thank the Deputies for their contributions. First, I wish to make the point that the area of housing will benefit from the infrastructure, climate and nature fund. We have to learn the lessons from what happened in recent decades, when investment in housing and other areas of critical public infrastructure was cut from peak to trough by approximately 60% because the funding was not there....

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (Resumed) (8 May 2024)

Michael McGrath: That is correct. There could be a circumstance in which in one year it could be up to 47.5%.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (Resumed) (8 May 2024)

Michael McGrath: Yes. It is section 26, subsection (3): The Minister shall, in preparing his or her report under this section, have regard to— (a) the report received from the Fiscal Council ... and (c) such other matters as the Minister considers appropriate. He or she will then reach his or her own conclusion. The wording is "have regard to", that is, consider.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (Resumed) (8 May 2024)

Michael McGrath: I thank the Deputy. As he said, the fiscal council shall report not later than 30 September. There is a requirement to publish it in each year in which the Minister receives a report. It shall publish it on a website. It is not defined in legislation exactly but I think it should be published quickly.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (Resumed) (8 May 2024)

Michael McGrath: I suspect it will publish it immediately anyway. I have no issue with that.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (Resumed) (8 May 2024)

Michael McGrath: Yes, agreed.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (Resumed) (8 May 2024)

Michael McGrath: Following the commencement of the Act, the payments from the National Reserve Fund will be transferred to each of the funds. It is envisaged that this would be a quick and swift operation. It is intended that following the transfers from the National Reserve Fund to the two new funds, the fund would be subsequently dissolved. The NTMA would then submit the final set of annual accounts to...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (Resumed) (8 May 2024)

Michael McGrath: Before the summer recess.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (Resumed) (8 May 2024)

Michael McGrath: It is approximately €6.1 billion.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (Resumed) (8 May 2024)

Michael McGrath: Yes, about €4.1 billion into the FIF and €2 billion into the ICNF.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (Resumed) (8 May 2024)

Michael McGrath: I again thank you, Chair, and thank the committee members and the staff for facilitating this additional session this morning. It is much appreciated.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (Resumed) (8 May 2024)

Michael McGrath: As soon as possible. We have to comply with procedures. I would like to have it taken next week but I also have to make sure there is adequate time for amendments to be tabled.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (Resumed) (8 May 2024)

Michael McGrath: Next week or the week after. Ideally, next week, but-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (Resumed) (8 May 2024)

Michael McGrath: Sure.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (Resumed) (8 May 2024)

Michael McGrath: As regards the additional-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (Resumed) (8 May 2024)

Michael McGrath: -----items we committed to provide, we will try to do that today-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (Resumed) (8 May 2024)

Michael McGrath: -----so that they get across to the committee today.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (Resumed) (8 May 2024)

Michael McGrath: First, on what happens from 2036 onwards, of course there will be a review of the legislation. A lot of water will flow under the bridge between now and then. Yes, it is the case that the Bill is providing that flexibility from that point onwards because we believe that 12 annual contributions is the appropriate amount. From that point, there will be an annual assessment but I have no...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (Resumed) (8 May 2024)

Michael McGrath: We have just under 5% pencilled in, on the advice of the NTMA, as a portfolio expected rate of return. I suggest, for ease of reference, that we provide to the committee our forecast each year of how much will be going into each fund and then, at a number of points in time based on certain assumptions, what the fund value could be. Then one can derive what the 3% drawdown of the net asset...