Results 21,421-21,440 of 35,959 for speaker:Pearse Doherty

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Pearse Doherty: I move amendment No. 5: In page 4, between lines 11 and 12, to insert the following: “(2) Notwithstanding the provision of section 2, any decision under the terms of the Loan Facility Agreement to vary the sum specified in section 3(1)* shall be subject to a vote of the Oireachtas.”.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Pearse Doherty: I move amendment No. 6:In page 5, between lines 4 and 5, to insert the following:“or(c) within one month of any payment made under section 3.”. This is a simple amendment. The legislation currently states that the Minister shall report within a year or at the end of each year on the payments made. This amendment would include the option of the Minister reporting within one...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Pearse Doherty: Subject to that provision, is the amendment agreed?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Pearse Doherty: There is a gap at the moment. The penalties are €500,000 and three years as opposed to the €10 million.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Pearse Doherty: I support that and I agree with the points Deputy Paul Murphy has made. As I said on Second Stage, it is not the best way to do this. I am not sure why primary legislation was not drafted to deal with this but we are where we are and it needs to be introduced. There is a gap. I thank the Minister of State for the note on this. I have questions as to the advice the Minister received in...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Pearse Doherty: There is a wider issue here that goes beyond the Minister of State's remit. Advice was given to the Minister by someone. I am not sure if it was departmental officials or the Attorney General. The advice was that transposing by way of statutory instrument would have dealt with this issue. At a very late stage in the drafting process, it was discovered that it was not possible to do that...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Pearse Doherty: I am going to ask this question for the third time, which makes me suspicious. I appreciate the comments the Minister of State made and his provision of the note. Are the Minister of State or his officials aware of any pending cases which may come under the lesser penalties as opposed to the penalties that would be incurred under this legislation?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Pearse Doherty: I appreciate that.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Pearse Doherty: May I speak to the amendment for a minute? I appreciate the letter the Chairman gave me on this, and I am familiar with the practice that while it is the Chairman who signs the letter it is usually not the chairperson who makes the ruling. I met the Clerk of the Dáil on other interpretations of this. It is deeply frustrating for Members who have a role in financial matters. The idea...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Pearse Doherty: I appreciate that. I ask that the interrogation happen prior to the deadline for tabling amendments on Report Stage.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Pearse Doherty: I have seen the Chairman in action and I think he is quite good at it.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Pearse Doherty: Yes. A three line answer from a Minister to state he will not go ahead with retrospective recapitalisation is not sufficient. We need a report to be laid before the Houses of the Oireachtas as to the options on the assets we hold in our financial institutions and why we have closed down one of the options available to us. We had countless debates, and rightly so, on the sale of our shares...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Pearse Doherty: May I refer to section 6? On section 6, with regard to the report on the loans made available and the money coming back from the single resolution board, I am interested to know how the funds that will be made available by the State to the board will interact with the fiscal rules. It will not be dealt with as expenditure so it will not impact on the expenditure benchmark, because it is a...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Pearse Doherty: It would be the cheapest bailout.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Pearse Doherty: In the year the loan is triggered, would it impact on the requirement to reduce the debt to GDP ratio by a certain percentage each year?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Pearse Doherty: That is my point. The country could increase its debt to make the loan.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Pearse Doherty: The NTMA may not have any cash reserves if the bank that goes bust and triggers the loan mechanism is in Ireland.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Pearse Doherty: I did not expect all my questions to be answered today. However, I would like a note on how a loan could potentially interact with the various fiscal rules.

Written Answers — Department of Finance: Insurance Costs (7 Jul 2016)

Pearse Doherty: 90. To ask the Minister for Finance his views that insurance premium increases in areas apart from motor insurance may be linked to core underwriting losses and an environment of very low investment returns; and if he will make a statement on the matter. [20402/16]

Written Answers — Department of Finance: Departmental Expenditure (7 Jul 2016)

Pearse Doherty: 93. To ask the Minister for Finance the fees or any other form of remuneration paid to a company (details supplied) by his Department in each of the past ten years; and if he will make a statement on the matter. [20243/16]