Results 3,321-3,340 of 9,252 for speaker:Jim O'Callaghan

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Examination of EU Fiscal Rules (Resumed): Irish Fiscal Advisory Council (10 May 2023)

Jim O'Callaghan: I thank our guests for coming before the committee. It is 11 years since the Irish people voted in a referendum to sign up to the six-pack of reforms that were outlined in 2011. An issue of which we are not sufficiently aware is the extent to which other European countries are in compliance with those rules. I am conscious that the past three years have been exceptional. To what extent...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Examination of EU Fiscal Rules (Resumed): Irish Fiscal Advisory Council (10 May 2023)

Jim O'Callaghan: The Commission proposal puts forward a four-year reference spending path, the purpose of which is to put the debt ratio on a downward path through the following ten years. In the case of Ireland, would that not happen anyway?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Examination of EU Fiscal Rules (Resumed): Irish Fiscal Advisory Council (10 May 2023)

Jim O'Callaghan: It will not have any consequential impact on Ireland because of the current trend in our debt.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Examination of EU Fiscal Rules (Resumed): Irish Fiscal Advisory Council (10 May 2023)

Jim O'Callaghan: What happens if there is a change of government in a member state and the new government decides it does not like the national fiscal trajectory for spending and wishes to change it? Could it do so?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Examination of EU Fiscal Rules (Resumed): Irish Fiscal Advisory Council (10 May 2023)

Jim O'Callaghan: The destination has to be the same.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Examination of EU Fiscal Rules (Resumed): Irish Fiscal Advisory Council (10 May 2023)

Jim O'Callaghan: A new government cannot come in and state it has decided the country will not go towards that level of reduction of-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Examination of EU Fiscal Rules (Resumed): Irish Fiscal Advisory Council (10 May 2023)

Jim O'Callaghan: Will compliance in that regard be very similar to the type of compliance that is in force at present? Mr. Casey may wish to come in.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Examination of EU Fiscal Rules (Resumed): Irish Fiscal Advisory Council (10 May 2023)

Jim O'Callaghan: What would happen if the EU did not agree with the Irish Government's fiscal trajectory when it comes to spending?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Examination of EU Fiscal Rules (Resumed): Irish Fiscal Advisory Council (10 May 2023)

Jim O'Callaghan: On another topic, I presume the council agrees with the proposal of the Minister for Finance, Deputy Michael McGrath, to ring-fence a certain amount of the windfall proceeds we are getting from corporation tax?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Examination of EU Fiscal Rules (Resumed): Irish Fiscal Advisory Council (10 May 2023)

Jim O'Callaghan: How long does Mr. Barnes think the receipts from corporation tax are going to be "unreliable", to use his word.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Examination of EU Fiscal Rules (Resumed): Irish Fiscal Advisory Council (10 May 2023)

Jim O'Callaghan: In terms of ring-fencing these funds, does Dr. Casey have any view as to how long these funds should be ring-fenced for or does he think they should be kept as a rainy day fund to be exercised by the Government when it wishes?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Examination of EU Fiscal Rules (Resumed): Irish Fiscal Advisory Council (10 May 2023)

Jim O'Callaghan: Another point mentioned in his statement, and this is not unusual in that most statutory bodies that come before the committee say this, is that Mr. Barnes believes the Irish Fiscal Advisory Council may need an increase in its resources. Will he elaborate on why that is please?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Examination of EU Fiscal Rules (Resumed): Irish Fiscal Advisory Council (10 May 2023)

Jim O'Callaghan: Across the European Union, is there sometimes a tense relationship between fiscal advisory bodies and governments?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Examination of EU Fiscal Rules (Resumed): Irish Fiscal Advisory Council (10 May 2023)

Jim O'Callaghan: The Irish Fiscal Advisory Council's equivalent in the UK is the Office for Budgetary Responsibility, OBR, is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Examination of EU Fiscal Rules (Resumed): Irish Fiscal Advisory Council (10 May 2023)

Jim O'Callaghan: Of course, that did not really work out for the British Government when it decided it would ignore the advice of the OBR. Is that not correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Examination of EU Fiscal Rules (Resumed): Irish Fiscal Advisory Council (10 May 2023)

Jim O'Callaghan: Finally, would Mr. Barnes agree that a fiscal council could have an influence on market conditions in respect of a country if it made negative statements or if it was not consulted?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Examination of EU Fiscal Rules (Resumed): Irish Fiscal Advisory Council (10 May 2023)

Jim O'Callaghan: I thank Mr. Barnes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Examination of EU Fiscal Rules (Resumed): Irish Fiscal Advisory Council (10 May 2023)

Jim O'Callaghan: The reforms also require member states to propose their own national fiscal trajectory for spending. Are those proposals subsequently approved and agreed at EU level?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Examination of EU Fiscal Rules (Resumed): Irish Fiscal Advisory Council (10 May 2023)

Jim O'Callaghan: The number that seems to have been put on it is that around €12 billion of the €24 billion appears to be from the windfall tax. Is that correct Dr. Casey?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Financial Services and Pensions Ombudsman (Amendment) Bill 2023: Discussion (10 May 2023)

Jim O'Callaghan: I welcome the witnesses to the committee this afternoon. We are carrying out pre-legislative scrutiny on legislation to amend the Financial Services and Pensions Ombudsman Act. It is important to emphasise that it is our legislation, as the witnesses recognise. It is also important that we have their input into it as they are the people who will be giving it effect and operating it. As...