Oireachtas Joint and Select Committees

Wednesday, 29 November 2023

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach

Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage

Photo of Jennifer Carroll MacNeillJennifer Carroll MacNeill (Dún Laoghaire, Fine Gael) | Oireachtas source

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 programme is approximately €140 million when we add the €76.9 million and €63.3 million figures. We are making provision for once-off payments of €35 million to the European Investment Bank, EIB, €10 million to the European Bank for Reconstruction and Development, EBRD, and €10 million to the Council of Europe Development Bank, CEB. Where there is speculation and uncertainty is on the overall maximum provision that could ultimately be made to those multinational financial institutions. That number is considerably larger but they are trusts and figures that may not solely relate to Ukraine but to a whole range of other projects and have not yet been created. Those figures are different. They are for the EIB. There is a maximum aggregate limit across all the different programmes, both created and not yet created, of €175 million. In the same way, for the EBRD, both created and not created, the absolute aggregate over time is €100 million, and for the CEDB, it is €100 million. However, that is not the provision that is committed to in the Bill. I am simply trying to set out the two different approaches. The second one is very much speculative and in the future. It does not only relate to Ukraine and does not, obviously, only relate to this Bill.

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