Oireachtas Joint and Select Committees
Thursday, 11 June 2015
Joint Oireachtas Committee on Finance, Public Expenditure and Reform
Fiscal Assessment Report: Irish Fiscal Advisory Council
2:00 pm
Professor John McHale:
The financial sanctions, as Deputy Tóibín says, are related to the European element of the fiscal rules and not the domestic element. There is a graduated set of sanctions that begin with a remunerated deposit. It then becomes a deposit that does not bear any interest. Finally, if there is continual non-compliance with the rules, there is the possibility of a fine of up to 0.2% of GDP.
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