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Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Statement of Strategy 2011-2014: Discussion with Department of Finance (7 Nov 2012)

Ciarán Lynch: That is commentary. Time is tight and I would also like to contribute.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Statement of Strategy 2011-2014: Discussion with Department of Finance (7 Nov 2012)

Ciarán Lynch: Mr. Moran can respond. I will then contribute and if I can facilitate Deputy Mathews-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Statement of Strategy 2011-2014: Discussion with Department of Finance (7 Nov 2012)

Ciarán Lynch: It is impossible and we have been accommodated through the provision of additional time.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Statement of Strategy 2011-2014: Discussion with Department of Finance (7 Nov 2012)

Ciarán Lynch: It is lovely to talk to the Deputy, but we are here to ask questions.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Statement of Strategy 2011-2014: Discussion with Department of Finance (7 Nov 2012)

Ciarán Lynch: A few weeks ago representatives of NAMA appeared before the committee and one of the issues raised with them, following the announcement by the Minister for Finance in last year's Budget Statement, was rent reviews in respect of NAMA properties. The upward only rent review clauses should be examined in that context and not applied in these cases. Has there been monitoring of how rent...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Statement of Strategy 2011-2014: Discussion with Department of Finance (7 Nov 2012)

Ciarán Lynch: The committee can make a recommendation to the Minister for Finance that the action taken in respect of NAMA properties should also be considered in the case of IBRC and other State agency properties. Would Mr. Moran be agreeable to this?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Statement of Strategy 2011-2014: Discussion with Department of Finance (7 Nov 2012)

Ciarán Lynch: Deputy, you are out of time. Thank you for that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Statement of Strategy 2011-2014: Discussion with Department of Finance (7 Nov 2012)

Ciarán Lynch: In bringing these proceedings to a close, I thank you, Mr. Moran, and the other officials for coming before the committee. I believe this is your first time to appear before the Joint Committee on Finance, Public Expenditure and Reform. One behalf of the committee, I wish you well and the greatest success in the strategy you have laid out.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Business of Joint Committee (8 Nov 2012)

Ciarán Lynch: No. 1 on our agenda is the minutes of our previous meeting. Given that the joint committee has such a heavy workload this week, consideration of the minutes of yesterday's meeting will be deferred to next week. Is that agreed? Agreed. Apologies have been received from Deputy Michael McGrath. No. 4 on our agenda is correspondence, consideration of which will be deferred until our meeting...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 Nov 2012)

Ciarán Lynch: No. 7 on our agenda is the pre-ECOFIN Council briefing by the Minister for Finance. I welcome the Minister and advise members that briefing documents have been circulated by e-mail in advance of the meeting. The Minister will make his opening remarks which will be followed by a question-and-answer session. I remind members, witnesses and observers in the Visitors Gallery that all mobile...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 Nov 2012)

Ciarán Lynch: I thank the Minister for his opening statement. I propose that ten minutes be allowed for the opening round of questions and five minutes for any second and subsequent rounds. Before I invite Deputy Dooley to put his questions, I have a question for the Minister on the financial transaction tax. The Minister's report to the joint committee today indicates that that has not yet been fully...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 Nov 2012)

Ciarán Lynch: I note that Portugal, Spain, Italy and Greece are among the 11 member states involved in that process. Those countries are in similar financial programmes to Ireland. What is Ireland's determined position in this regard? Is it an observational one or has a more determined decision been taken on the matter?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 Nov 2012)

Ciarán Lynch: As I understand it, from what the Minister had to say this morning, Ireland will not be engaging in the first round of discussions on this issue but is taking an observational position. In the eventuality that an FTT is up and running in a minimum of nine countries, will the Department engage in monitoring the tax that we are foregoing in this regard? If so, I would ask that the Department...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 Nov 2012)

Ciarán Lynch: I ask Deputy Dooley to remove his telephone as it is interfering with the broadcast and I apologise to Deputy Higgins for the disturbance.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 Nov 2012)

Ciarán Lynch: As eight minutes have elapsed I ask Deputy Higgins to conclude and call Deputy Dara Murphy.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 Nov 2012)

Ciarán Lynch: Deputy Mathews should indicate if he wants to make a contribution.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 Nov 2012)

Ciarán Lynch: If I have time, I will bring the Deputy back in at the end. I gave him three or four minutes more than I should have.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 Nov 2012)

Ciarán Lynch: I have to move on.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 Nov 2012)

Ciarán Lynch: The Minister will not have time to respond to the Deputy.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 Nov 2012)

Ciarán Lynch: If the Deputy wants the Minister to nod at him at the end of his contribution, that is fine.

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