Results 18,621-18,640 of 35,924 for speaker:Pearse Doherty

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Pearse Doherty: So ISIF does not really have a problem with the indirect investment?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Pearse Doherty: The definition is very clear that it is direct and indirect investment, so ISIF would have no problem in principle over ruling out indirect investment in fossil fuel companies, notwithstanding what Mr. Bristow has said regarding being able to invest in those that are moving to a low carbon scenario and the only issue being timing.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Pearse Doherty: I thank Mr. Bristow.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Pearse Doherty: I apologise for missing the start of the meeting but I have read the Minister of State's paper. The Minister of State made reference to the fact that the Strategic Banking Corporation of Ireland, SBCI, does not provide cheap loans. That was also mentioned by the previous contributor but I would actually dispute that because it does. That is part of its rationale, to provide cheap credit to...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Pearse Doherty: While it is not the subject of this meeting, it has been mentioned twice, both by ISIF and by the Minister of State. The first thing that the SBCI advertised on its website was lower interest rates. The website gives the example of a loan of €400,000 through ISIF in comparison with existing leasing or loans and the difference is approximately €30,000. It is almost 50% to 60%...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Pearse Doherty: Is that €1 billion part of the €3.5 billion that is invested by way of the pooled funds?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Pearse Doherty: Of the €3.5 billion, the Department believes that €1 billion could be captured by this legislation. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Pearse Doherty: How can departmental officials be more knowledgeable than ISIF about how much would be captured? The latter is making and managing the investments and is completely familiar with the portfolio but has provided a figure of €30 million. We are not talking about small change here. There is a difference of almost €1 billion between the figures.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Pearse Doherty: There is no dispute between the Department and ISIF on that figure. The dispute is over the other figure.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Pearse Doherty: Yes, but ISIF has told us that the actual amount that is captured by the definition of the €3.5 billion in pooled assets is €30 million.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Pearse Doherty: I do not want to labour this point but we do need to get this matter resolved. Perhaps we could do that outside of the meeting, by way of correspondence. ISIF was very clear. It said that there was €36 million in terms of the global figure and €252 million, which adds up to €288 million. That is not disputed by the Department. In regard to the €3.5 billion of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Pearse Doherty: That is fine.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Pearse Doherty: I appreciate that. The issue is one of definition in terms of how both ISIF and the Department are applying this. It would be helpful to have the full information. Is the position of the Government that it is going to vote against this legislation?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Pearse Doherty: Does that mean the Government will support its passage or vote against it?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Pearse Doherty: I appreciate that. When ISIF representatives were before us, they told us they have no problem with legislation being passed that would prevent them from investing in a global portfolio including fossil fuel companies. Does the Government oppose that position?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Pearse Doherty: First, it would be very helpful and a very strong statement if the Dáil spoke with one voice on this. It may not be possible. There is an issue in that ISIF is doing a certain amount of work anyway as a result of its divestment of its portfolio. Let us be clear: the divestment of the ISIF portfolio has nothing to do with fossil fuels. It is divesting from renewable energy. It is...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Pearse Doherty: Deputy Pringle's legislation matches the five-year term, which is agreed. We can nearly park that issue because ISIF is divesting anyway. It is the Government's stated objective that it happen. It is the objective within the legislation. The only question, then, is whether the Government wants a legislative block on this.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Pearse Doherty: What if the definition of "fossil fuel company" were altered to ensure that indirect providers, such as a plastics company, are not affected? We can blow these matters out of proportion. I do not know whether ISIF is investing in the company with the 12 employees to whose representatives the Minister of State was talking on the last day. We can talk about the Strategic Banking Corporation...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Pearse Doherty: With regard to where those companies are involved in green energy, if the definition were altered to allow for continued investment by ISIF, in respect of which an arguable case has been made before this committee today, including by the promoter of the Bill, the issues can be dealt with. Where there is a will, there is a way. It is right to say the Government does not have a majority and...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Pearse Doherty: Hang on a minute. The figures speak for themselves. Over €300 million of Irish taxpayers' money is invested in global firms abroad that are fossil fuel companies. The Minister of State is arguing that those figures could be higher with all the unintended consequences. People are involved in coal extraction and other types of activity worth €300 million. The fact they have...