Results 46,621-46,640 of 49,836 for speaker:Stephen Donnelly
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Green Paper on Capital Markets Union: Discussion (31 Mar 2015)
Stephen Donnelly: Is the idea that one would pool venture capital funds?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Green Paper on Capital Markets Union: Discussion (31 Mar 2015)
Stephen Donnelly: It is almost a securitisation exercise of venture capital funds. If there are 100 different funds from around Europe with €1 billion to invest, they could not be bothered putting in €10 million each, but they will drop it into a pooled company. We are talking about a layer sitting on top - the intermediary.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Green Paper on Capital Markets Union: Discussion (31 Mar 2015)
Stephen Donnelly: That does not exist right now. Is that right?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Green Paper on Capital Markets Union: Discussion (31 Mar 2015)
Stephen Donnelly: Is that for legislative reasons? Is it not allowed to exist?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Green Paper on Capital Markets Union: Discussion (31 Mar 2015)
Stephen Donnelly: I presume the market could take care of that itself. Ms Breheny and I could decide now that we were going to set up a pan-European venture capital pooling intermediary and then go around to all of the wealth funds and say "Give us €1 billion which we will divvy up between the different venture capital funds". Why is that not happening already?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Green Paper on Capital Markets Union: Discussion (31 Mar 2015)
Stephen Donnelly: In that case, Ms Breheny's organisation would like the State to step in and help set that up.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Green Paper on Capital Markets Union: Discussion (31 Mar 2015)
Stephen Donnelly: As part of the CMU, what should the State do?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Green Paper on Capital Markets Union: Discussion (31 Mar 2015)
Stephen Donnelly: The combination of the European Investment Bank fund and Commission money is looking to do that. They have said they will underwrite the first 7% and are looking for scaling of approximately 15 to 1 of private investment money to public money. They will not get 15 to 1 but that is what they are looking for. They are saying they are willing to underwrite the risk to the tune of...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Green Paper on Capital Markets Union: Discussion (31 Mar 2015)
Stephen Donnelly: Are venture capitals allowed to access QE money? Can they go straight to the ECB?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Green Paper on Capital Markets Union: Discussion (31 Mar 2015)
Stephen Donnelly: Can venture capital funds go straight to the EIB and look for it to underwrite some of the risk?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Green Paper on Capital Markets Union: Discussion (31 Mar 2015)
Stephen Donnelly: So they cannot take EIB money. I want to pick up on tax policy. Ms Breheny is in the industry and I accept that her knowledge and expertise on this far exceeds mine. I have spoken to venture capital funds based here and in London, Boston and the Valley. There is a growing pool of venture capital money in Dublin and we are getting an exciting hub here, but whenever I have talked to...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Green Paper on Capital Markets Union: Discussion (31 Mar 2015)
Stephen Donnelly: I am talking about the venture capital investors.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Green Paper on Capital Markets Union: Discussion (31 Mar 2015)
Stephen Donnelly: Is that specifically on CGT?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Green Paper on Capital Markets Union: Discussion (31 Mar 2015)
Stephen Donnelly: Has the policy introduced by the Minister of tax relief on the reinvestment of capital gains helped?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Green Paper on Capital Markets Union: Discussion (31 Mar 2015)
Stephen Donnelly: Yes, but there are ways of avoiding the 33%.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Green Paper on Capital Markets Union: Discussion (31 Mar 2015)
Stephen Donnelly: I thank Ms Breheny. I would like to ask Mr. O'Mahoney about risk. The capital markets union seems like a good idea. One removes transaction costs, improves the free movement of capital and makes it possible for Irish-based investors to look at opportunities in London or Berlin, while investors in those areas can meet with Mr. O'Mahoney's members and do debt for equity rather than making...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Green Paper on Capital Markets Union: Discussion (31 Mar 2015)
Stephen Donnelly: Not many of the committee's members are present, but they are watching the broadcast and the debate is also being recorded. I ask the witnesses to explain to the committee what implementation of the CMU would mean, on a practical basis, for members of their organisations.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Green Paper on Capital Markets Union: Discussion (31 Mar 2015)
Stephen Donnelly: Let us discuss a few of those elements. Banking will be redefined in the next decade, and peer-to-peer lending will explode. Let us take it as an example of what could happen from the point of view of citizens or investors and members of the organisation. Let us assume a widget manufacturer in Clonshaugh lends money to a widget manufacturer in Bavaria because it knows the business. The...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Green Paper on Capital Markets Union: Discussion (31 Mar 2015)
Stephen Donnelly: Mr. O'Mahoney may not have his job when he gets back to his organisation.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Green Paper on Capital Markets Union: Discussion (31 Mar 2015)
Stephen Donnelly: May I continue?