Results 1,941-1,960 of 2,888 for speaker:Colm Brophy

Committee on Budgetary Oversight: Business of Select Committee (27 Feb 2019)

Colm Brophy: Apologies have been received from Deputies Heydon and Eamon Ryan, both of whom are involved in today's meeting of the Joint Committee on Climate Action, which is in the final stages of its work. Today this committee will meet representatives of the Central Bank of Ireland to discuss the bank's January quarterly report, which contains its latest analysis of macroeconomic and fiscal risks....

Committee on Budgetary Oversight: Macroeconomic Analysis and Fiscal Risks: Central Bank of Ireland (27 Feb 2019)

Colm Brophy: I remind members and witnesses to turn off their mobile telephones because they can affect the sound quality and the transmission of the meeting. I welcome Dr. Mark Cassidy, who is the Central Bank's director of economics and statistics. He is accompanied by Mr. John Flynn, who is the Central Bank's head of Irish economic analysis; and by Dr. Thomas Conefrey, who is also involved in Irish...

Committee on Budgetary Oversight: Macroeconomic Analysis and Fiscal Risks: Central Bank of Ireland (27 Feb 2019)

Colm Brophy: I thank Dr. Cassidy. A number of Deputies have indicated. Deputy Lahart is first.

Committee on Budgetary Oversight: Macroeconomic Analysis and Fiscal Risks: Central Bank of Ireland (27 Feb 2019)

Colm Brophy: May I ask Dr. Cassidy to clarify something? My understanding is that there is a complete disproportionality in the figures as to what property tax revenues prior to the boom amount to in terms of overall Government revenue compared with corporation tax revenues at this point.

Committee on Budgetary Oversight: Macroeconomic Analysis and Fiscal Risks: Central Bank of Ireland (27 Feb 2019)

Colm Brophy: Is Dr. Cassidy sure? What was the position prior to 2008?

Committee on Budgetary Oversight: Macroeconomic Analysis and Fiscal Risks: Central Bank of Ireland (27 Feb 2019)

Colm Brophy: Let us look at what corporation tax revenues amount to in their totality rather than the top ten payers and compare. It is important that we try not to compare apples and oranges. The share of corporation tax revenues overall, as a percentage of tax revenue in the budget, is currently-----

Committee on Budgetary Oversight: Macroeconomic Analysis and Fiscal Risks: Central Bank of Ireland (27 Feb 2019)

Colm Brophy: What was the overall share of what property tax revenues amounted to prior to 2008?

Committee on Budgetary Oversight: Macroeconomic Analysis and Fiscal Risks: Central Bank of Ireland (27 Feb 2019)

Colm Brophy: I would like to clarify a point. When we speak about household debt are we speaking primarily about mortgage debt?

Committee on Budgetary Oversight: Macroeconomic Analysis and Fiscal Risks: Central Bank of Ireland (27 Feb 2019)

Colm Brophy: On average, 80% of household debt is mortgage debt.

Committee on Budgetary Oversight: Macroeconomic Analysis and Fiscal Risks: Central Bank of Ireland (27 Feb 2019)

Colm Brophy: I thank Dr. Cassidy.

Committee on Budgetary Oversight: Macroeconomic Analysis and Fiscal Risks: Central Bank of Ireland (27 Feb 2019)

Colm Brophy: Before I go to Deputy Boyd Barrett I want to follow up on something Deputy Chambers said. That projection of investment is presumably predicated on a harder Brexit. Would that development be delayed if there was an agreed soft Brexit with ongoing negotiations on the future arrangements? Would the witnesses expect that investment not to happen until those negotiations on the future...

Committee on Budgetary Oversight: Macroeconomic Analysis and Fiscal Risks: Central Bank of Ireland (27 Feb 2019)

Colm Brophy: I think we can all agree on that.

Committee on Budgetary Oversight: Macroeconomic Analysis and Fiscal Risks: Central Bank of Ireland (27 Feb 2019)

Colm Brophy: I ask the Deputy to get to the question.

Committee on Budgetary Oversight: Macroeconomic Analysis and Fiscal Risks: Central Bank of Ireland (27 Feb 2019)

Colm Brophy: I know what the Deputy is saying and we know his views but the Deputy asked a question as to what the chart is.

Committee on Budgetary Oversight: Macroeconomic Analysis and Fiscal Risks: Central Bank of Ireland (27 Feb 2019)

Colm Brophy: I am sorry to be direct but if the witnesses do not have specific knowledge on this, I would prefer if they reverted to the committee with the information. It is not possible for the Deputy to interpret a chart and then ask the witnesses to agree with it if they do not have the information.

Committee on Budgetary Oversight: Macroeconomic Analysis and Fiscal Risks: Central Bank of Ireland (27 Feb 2019)

Colm Brophy: They cannot give the answer because they do not have the information. I ask them to come back to the Deputy and the committee.

Committee on Budgetary Oversight: Macroeconomic Analysis and Fiscal Risks: Central Bank of Ireland (27 Feb 2019)

Colm Brophy: For the Deputy's information, we discussed household debt and wealth extensively earlier.

Committee on Budgetary Oversight: Macroeconomic Analysis and Fiscal Risks: Central Bank of Ireland (27 Feb 2019)

Colm Brophy: Dr. Cassidy referred to a shock to income or to house prices. The global economy makes this less likely, but interest rate rises must pose a substantial risk to that cohort. Anecdotally, many people who have managed to bring their monthly finances into line because of the reduction in interest rates would be extremely vulnerable if interest rates were to rise. How do interest rate rises...

Committee on Budgetary Oversight: Macroeconomic Analysis and Fiscal Risks: Central Bank of Ireland (27 Feb 2019)

Colm Brophy: We will conclude shortly. It might be too early to ask about the impact of VAT changes as it has only been a couple of months since the rate increased. Have any indications become apparent that this increase has had any substantial economic impact?

Committee on Budgetary Oversight: Macroeconomic Analysis and Fiscal Risks: Central Bank of Ireland (27 Feb 2019)

Colm Brophy: I thank Dr. Cassidy and his colleagues for appearing before the committee. This has been a very informative and interesting exchange. Some of the Deputies who asked questions earlier have departed but on behalf of all members, I thank the witnesses for taking time to attend.