Results 13,161-13,180 of 15,092 for speaker:Eoin Ó Broin
- Joint Oireachtas Committee on Housing, Planning and Local Government: Reclassification of Approved Housing Bodies: Discussion (8 Feb 2018)
Eoin Ó Broin: As I understood it from the approved housing bodies, when the CSO recommendations refer to the contractual arrangements, one of the issues of concern is that the local authorities nominate potential tenants through the approved housing bodies. While those approved housing bodies can refuse any nomination, it would be replaced by another nomination. The approved housing bodies are saying...
- Joint Oireachtas Committee on Housing, Planning and Local Government: Reclassification of Approved Housing Bodies: Discussion (8 Feb 2018)
Eoin Ó Broin: I understand that, but that was not my question. That is one of the points the CSO lists in its contractual arrangement concerns. I was referring to point E on the PowerPoint which states that risk exposure can be seen to exist as the Government is meeting its obligations to persons assessed as entitled. Will Ms Roche explain that part?
- Joint Oireachtas Committee on Housing, Planning and Local Government: Reclassification of Approved Housing Bodies: Discussion (8 Feb 2018)
Eoin Ó Broin: That is clear. How does that relate to the use of the phrase "risk exposure of Government"? For clarity purposes, where is the risk in that?
- Joint Oireachtas Committee on Housing, Planning and Local Government: Reclassification of Approved Housing Bodies: Discussion (8 Feb 2018)
Eoin Ó Broin: To clarify, that €250 million is not Government expenditure in the budget that was announced in October because it is not coming from tax revenues. It will come from a variety of borrowings, some from the Housing Finance Agency and some from private banking institutions. My understanding is that if there was no redesignation in March, the €250 million would not be included...
- Joint Oireachtas Committee on Housing, Planning and Local Government: Reclassification of Approved Housing Bodies: Discussion (8 Feb 2018)
Eoin Ó Broin: Before we get to the reclassification, my understanding is that the expenditure by the approved housing bodies of the money they are going to borrow this year to build and buy units is not currently taken account of within the fiscal space. Am I correct?
- Joint Oireachtas Committee on Housing, Planning and Local Government: Reclassification of Approved Housing Bodies: Discussion (8 Feb 2018)
Eoin Ó Broin: However, the expenditure is not within the fiscal space.
- Joint Oireachtas Committee on Housing, Planning and Local Government: Reclassification of Approved Housing Bodies: Discussion (8 Feb 2018)
Eoin Ó Broin: The crucial thing from our point of view is that if EUROSTAT does as we expect in a matter of weeks and says that this is now on the balance sheet, the fundamental change is that the expenditure of €250 million must now be factored into the Government's calculations on the fiscal space for this year. I am trying to work out how that operates.
- Joint Oireachtas Committee on Housing, Planning and Local Government: Reclassification of Approved Housing Bodies: Discussion (8 Feb 2018)
Eoin Ó Broin: I apologise for focusing on this but it is the nub of the dilemma and I am anxious to understand it. From the point when redesignation happens all of that expenditure is on-balance sheet. Suddenly, an expenditure of €250 million that was not part of the original calculations of the Government in its agreement with the European Commission for this year is now going to be part of...
- Joint Oireachtas Committee on Housing, Planning and Local Government: Reclassification of Approved Housing Bodies: Discussion (8 Feb 2018)
Eoin Ó Broin: That is my point. Perhaps the witness does not understand the question or perhaps I am not explaining it right. If there is €250 million of additional expenditure out of nowhere and it was not calculated in the original budget agreement, fiscal space has to be found for that somewhere this year. How is that done?
- Joint Oireachtas Committee on Housing, Planning and Local Government: Reclassification of Approved Housing Bodies: Discussion (8 Feb 2018)
Eoin Ó Broin: Is that because it is reclassified retrospectively?
- Joint Oireachtas Committee on Housing, Planning and Local Government: Reclassification of Approved Housing Bodies: Discussion (8 Feb 2018)
Eoin Ó Broin: Okay. There is no problem.
- Joint Oireachtas Committee on Housing, Planning and Local Government: Reclassification of Approved Housing Bodies: Discussion (8 Feb 2018)
Eoin Ó Broin: It is only a net increase above the €250 million.
- Joint Oireachtas Committee on Housing, Planning and Local Government: Reclassification of Approved Housing Bodies: Discussion (8 Feb 2018)
Eoin Ó Broin: It is over four years.
- Joint Oireachtas Committee on Housing, Planning and Local Government: Reclassification of Approved Housing Bodies: Discussion (8 Feb 2018)
Eoin Ó Broin: Am I correct that, on the basis of what the witnesses said, they are quite relaxed about this?
- Joint Oireachtas Committee on Housing, Planning and Local Government: Reclassification of Approved Housing Bodies: Discussion (8 Feb 2018)
Eoin Ó Broin: What is the MTO?
- Joint Oireachtas Committee on Housing, Planning and Local Government: Reclassification of Approved Housing Bodies: Discussion (8 Feb 2018)
Eoin Ó Broin: So that the committee is clear, the medium-term objective is not a rule, rather it is a point in time that is agreed by negotiation by the Government and the Commission. Is that correct?
- Joint Oireachtas Committee on Housing, Planning and Local Government: Reclassification of Approved Housing Bodies: Discussion (8 Feb 2018)
Eoin Ó Broin: Either it is a rule or it is not.
- Joint Oireachtas Committee on Housing, Planning and Local Government: Reclassification of Approved Housing Bodies: Discussion (8 Feb 2018)
Eoin Ó Broin: This is crucial. My point is that while reaching a balanced budget is the rule, the point at which one reaches it is a matter for negotiation. For example, if the €250 million knocks the State off reaching its medium-term objective by the agreed date, it can be negotiated, subject to agreement between the Government and the Commission, if it was significant.
- Joint Oireachtas Committee on Housing, Planning and Local Government: Reclassification of Approved Housing Bodies: Discussion (8 Feb 2018)
Eoin Ó Broin: If the total borrowing to spend on new units this year is larger than last year, and it may be, although the increase will be fractional - let us say it was €220 million last year, or €175 million, and it is now €250 million - would that difference cause a difficulty on the expenditure side? At what point would that be cause for concern?
- Joint Oireachtas Committee on Housing, Planning and Local Government: Reclassification of Approved Housing Bodies: Discussion (8 Feb 2018)
Eoin Ó Broin: No. If understand Mr. McCarthy correctly, it is only done and dusted this year if this year's borrowing and spending is the same as last year's borrowing and spending by the approved housing body sector. If this year's borrowing and spending on new units is slightly above last year's, does that cause an issue, or does it only cause an issue if it is significantly above?