Results 4,721-4,740 of 26,356 for speaker:Kieran O'Donnell
- Committee on Budgetary Oversight: Updated Economic and Fiscal Position in Advance of Budget 2023: Discussion (7 Sep 2022)
Kieran O'Donnell: Does the stream of income coming in this year present an opportunity for once-off payments in this current year which will not impact core spending going forward? What opportunities does that provide, and what should that spend go into?
- Committee on Budgetary Oversight: Updated Economic and Fiscal Position in Advance of Budget 2023: Discussion (7 Sep 2022)
Kieran O'Donnell: With due respect to Mr. Barnes, it is not coming in. We have been-----
- Committee on Budgetary Oversight: Updated Economic and Fiscal Position in Advance of Budget 2023: Discussion (7 Sep 2022)
Kieran O'Donnell: I do not even look at it in that isolation.
- Committee on Budgetary Oversight: Updated Economic and Fiscal Position in Advance of Budget 2023: Discussion (7 Sep 2022)
Kieran O'Donnell: Mr. Barnes would therefore have no issue with the non-recurring gains of corporation tax being used. Their use does provide an opportunity. I assume the Irish Fiscal Advisory Council is deeming the temporary measures of €2.5 billion to be once-off measures.
- Committee on Budgetary Oversight: Updated Economic and Fiscal Position in Advance of Budget 2023: Discussion (7 Sep 2022)
Kieran O'Donnell: To be spent in 2022.
- Committee on Budgetary Oversight: Updated Economic and Fiscal Position in Advance of Budget 2023: Discussion (7 Sep 2022)
Kieran O'Donnell: With the growth in taxes, would the Irish Fiscal Advisory Council be against going above the figure of €2.5 billion in temporary supports for very hard-pressed householders and for businesses in the area of energy?
- Committee on Budgetary Oversight: Updated Economic and Fiscal Position in Advance of Budget 2023: Discussion (7 Sep 2022)
Kieran O'Donnell: I accept that.
- Committee on Budgetary Oversight: Updated Economic and Fiscal Position in Advance of Budget 2023: Discussion (7 Sep 2022)
Kieran O'Donnell: With due respect to Dr. Casey, we are elected by the people. We have people on the ground who are under severe pressure. We therefore have to ask the hard questions.
- Committee on Budgetary Oversight: Updated Economic and Fiscal Position in Advance of Budget 2023: Discussion (7 Sep 2022)
Kieran O'Donnell: Turning to the ESRI, I want to come back to getting energy costs down, rather than just more inflation.
- Committee on Budgetary Oversight: Updated Economic and Fiscal Position in Advance of Budget 2023: Discussion (7 Sep 2022)
Kieran O'Donnell: If we did not have it, we could not make that choice.
- Committee on Budgetary Oversight: Updated Economic and Fiscal Position in Advance of Budget 2023: Discussion (7 Sep 2022)
Kieran O'Donnell: This feeds into my second question, which is on energy costs. On the ESRI report, I want the institute to explain some evidence, which is that some energy companies are using the greater-than-expected profits on the generation side to offset losses on the supply side, thereby putting downward pressure on customer prices. My question to both the Irish Fiscal Advisory Council and to the ESRI...
- Committee on Budgetary Oversight: Updated Economic and Fiscal Position in Advance of Budget 2023: Discussion (7 Sep 2022)
Kieran O'Donnell: The €200 credit is something Dr. Lynch would agree with. Will Mr. Barnes respond briefly?
- Committee on Budgetary Oversight: Updated Economic and Fiscal Position in Advance of Budget 2023: Discussion (7 Sep 2022)
Kieran O'Donnell: I am seeking clarification from Mr. Barnes on a particular point. In response to my initial questioning, he said the IFAC is expecting a surplus of €4.2 billion rather than €1.2 billion, which I calculate as a difference of €3.3 billion. However, he indicated that within that €1.2 billion, the Government is bringing forward €2.5 billion of temporary...
- Committee on Budgetary Oversight: Updated Economic and Fiscal Position in Advance of Budget 2023: Discussion (7 Sep 2022)
Kieran O'Donnell: Therefore, it looks like the €3.3 billion on top is completely separate. The way I look at it - Mr. Barnes might not agree but it is factual, as I make it out - the Government can technically spend between €2.5 billion and €5.8 billion on temporary measures and still meet its targets as set out in the summer economic statement. I am not saying it will do that; I am just...
- Committee on Budgetary Oversight: Updated Economic and Fiscal Position in Advance of Budget 2023: Discussion (7 Sep 2022)
Kieran O'Donnell: It has a target in its summer economic statement of a surplus of €1.2 billion.
- Committee on Budgetary Oversight: Updated Economic and Fiscal Position in Advance of Budget 2023: Discussion (7 Sep 2022)
Kieran O'Donnell: It is the most up-to-date figure we have.
- Committee on Budgetary Oversight: Updated Economic and Fiscal Position in Advance of Budget 2023: Discussion (7 Sep 2022)
Kieran O'Donnell: I accept that.
- Committee on Budgetary Oversight: Updated Economic and Fiscal Position in Advance of Budget 2023: Discussion (7 Sep 2022)
Kieran O'Donnell: What should the Government do with the €3.3 billion above that figure which it will take in?
- Committee on Budgetary Oversight: Updated Economic and Fiscal Position in Advance of Budget 2023: Discussion (7 Sep 2022)
Kieran O'Donnell: Is there ever a scenario in which, with €500 million put into the rainy day fund, that €3.3 billion in unexpected taxes can be used in a targeted way for once-off measures? We are in a wartime situation with energy prices. What is happening in Russia is partly the reason gas prices have gone up. Is there any circumstance in which we would use some of the €3.3 billion...
- Committee on Budgetary Oversight: Updated Economic and Fiscal Position in Advance of Budget 2023: Discussion (7 Sep 2022)
Kieran O'Donnell: What is the scope for the Government? I read Mr. Barnes's piece on our borrowings. There are low interest rates on bonds in the secondary bond market. The ECB has gone back into that market, which has brought down interest rates. If, in the coming 12 months, we have a catastrophic situation in which energy prices get out of control and this has a huge impact on growth, brings down tax...