Results 6,141-6,160 of 23,978 for speaker:Charlie McConalogue

Written Answers — Department of Children and Youth Affairs: Youth Services Funding (21 Mar 2017)

Charlie McConalogue: 1310. To ask the Minister for Children and Youth Affairs if there is funding available through her Department for a one-off build for new premises for a play group (details supplied); if funding can be sought for such a project through alternative sources; and if she will make a statement on the matter. [13970/17]

Select Committee on Agriculture, Food and the Marine: Estimates for Public Services 2017
Vote 30 - Department of Agriculture, Food and the Marine (Revised) (21 Mar 2017)

Charlie McConalogue: My understanding of the SBCI loans, was that it was a €25 million loan per annum that was scheduled in such a way that it would recur every year for up to six years. Obviously there was some European money put into the scheme as well as State funding. It was leveraged by taking in additional funds from the SBCI. The overall objective is that loans would be available every year...

Select Committee on Agriculture, Food and the Marine: Estimates for Public Services 2017
Vote 30 - Department of Agriculture, Food and the Marine (Revised) (21 Mar 2017)

Charlie McConalogue: I want to come back to the Minister for further clarification on the point I made. Am I right in saying that the €150 million has been lent out?

Select Committee on Agriculture, Food and the Marine: Estimates for Public Services 2017
Vote 30 - Department of Agriculture, Food and the Marine (Revised) (21 Mar 2017)

Charlie McConalogue: By and large, the €150 million is committed at this stage. The idea of the €25 million, which is part State-funded and part EU-funded, was that it would ensure that overall pot of €150 million over six years and it provided the basis on which the lower interest rate could be had from the banks. When the SBCI loan was announced at €150 million, my expectation was...

Select Committee on Agriculture, Food and the Marine: Estimates for Public Services 2017
Vote 30 - Department of Agriculture, Food and the Marine (Revised) (21 Mar 2017)

Charlie McConalogue: Yes.

Select Committee on Agriculture, Food and the Marine: Estimates for Public Services 2017
Vote 30 - Department of Agriculture, Food and the Marine (Revised) (21 Mar 2017)

Charlie McConalogue: I am still not clear on the structure of the scheme and would like the Minister to explain how the fact that short-term loans are being offered does not mean that the fund is being under-utilised.

Select Committee on Agriculture, Food and the Marine: Estimates for Public Services 2017
Vote 30 - Department of Agriculture, Food and the Marine (Revised) (21 Mar 2017)

Charlie McConalogue: It is a good scheme and I hope it will help drive down the interest rates in the market. There will be lessons to be learned from it and engaging with the banks will be important. The Minister, however, could give more clarity in response to my question. The Department, with the SBCI and the banks, structured and put this scheme together. The perception at the outset was that it would...

Select Committee on Agriculture, Food and the Marine: Estimates for Public Services 2017
Vote 30 - Department of Agriculture, Food and the Marine (Revised) (21 Mar 2017)

Charlie McConalogue: If a significant proportion of it – and we do not yet know the proportion – is one year or two year terms, part of it will not have been used. The only way that would not have been utilised is if the Department, working with the banks and the SBCI, had factored into its figures the fact that a proportion of these loans would be for a one, two or three year term. Did the...

Select Committee on Agriculture, Food and the Marine: Estimates for Public Services 2017
Vote 30 - Department of Agriculture, Food and the Marine (Revised) (21 Mar 2017)

Charlie McConalogue: Did the Department factor in that a proportion of the loans might be one, two or three year terms and how did it do that?

Select Committee on Agriculture, Food and the Marine: Estimates for Public Services 2017
Vote 30 - Department of Agriculture, Food and the Marine (Revised) (21 Mar 2017)

Charlie McConalogue: I know we will not be sure until we get the final information but I want to clarify the drawdown of the loan maximising the €25 million being invested by the EU and the State? The answer is yes or no in respect of how the Department structured it. If it did not provide for a certain percentage being one, two or three year terms I put it to the Minister that much of that value is...

Select Committee on Agriculture, Food and the Marine: Estimates for Public Services 2017
Vote 30 - Department of Agriculture, Food and the Marine (Revised) (21 Mar 2017)

Charlie McConalogue: I put it to the Minister that if he was handing over €25 million to the banks for that purpose and he was not clear on the percentage of loans that would have different terms, then it was wide open for the banks to get the better end of the bargain and make as much money as possible. To play devil's advocate, if all the loans were to be handed out over two years, in two years' time...

Select Committee on Agriculture, Food and the Marine: Estimates for Public Services 2017
Vote 30 - Department of Agriculture, Food and the Marine (Revised) (21 Mar 2017)

Charlie McConalogue: When the Minister says "envisaged", as part of the Minister's agreement with the banks, were targets set as to the percentage of the overall loans that would be for certain terms? If the Minister had agreed with the banks that he would give them €25 million for this product but left it to them to decide the number of years for that €25 million, then it would be a very loose deal.

Select Committee on Agriculture, Food and the Marine: Estimates for Public Services 2017
Vote 30 - Department of Agriculture, Food and the Marine (Revised) (21 Mar 2017)

Charlie McConalogue: I accept that but I will make a final point. It is not clear from the responses the Minister gave to the questions I asked that value for money was got regarding that €25 million. He is not giving us the information that would give us clarity on whether that value for money was got.

Select Committee on Agriculture, Food and the Marine: Estimates for Public Services 2017
Vote 30 - Department of Agriculture, Food and the Marine (Revised) (21 Mar 2017)

Charlie McConalogue: I understand that. The farmer is benefitting but-----

Select Committee on Agriculture, Food and the Marine: Estimates for Public Services 2017
Vote 30 - Department of Agriculture, Food and the Marine (Revised) (21 Mar 2017)

Charlie McConalogue: -----has the Minister already agreed that the banks will get all of that €25 million or could there be an underspend in that regard? To summarise, it is clear from what the Minister is saying to me, although he is not able to give me the details, that he has agreed with the banks and the SBCI that they would get €25 million. That figure is clear. It is also clear that the...

Select Committee on Agriculture, Food and the Marine: Estimates for Public Services 2017
Vote 30 - Department of Agriculture, Food and the Marine (Revised) (21 Mar 2017)

Charlie McConalogue: The Minister knows what he agreed with the banks.

Select Committee on Agriculture, Food and the Marine: Estimates for Public Services 2017
Vote 30 - Department of Agriculture, Food and the Marine (Revised) (21 Mar 2017)

Charlie McConalogue: My point is that the Minister could be clear on what he was getting for the €25 million he was paying the banks, but he cannot do that.

Select Committee on Agriculture, Food and the Marine: Estimates for Public Services 2017
Vote 30 - Department of Agriculture, Food and the Marine (Revised) (21 Mar 2017)

Charlie McConalogue: For how much? The Minister cannot tell me that.

Select Committee on Agriculture, Food and the Marine: Estimates for Public Services 2017
Vote 30 - Department of Agriculture, Food and the Marine (Revised) (21 Mar 2017)

Charlie McConalogue: The Minister is giving them €25 million but he does not know how much cheap credit he is purchasing in total.

Select Committee on Agriculture, Food and the Marine: Estimates for Public Services 2017
Vote 30 - Department of Agriculture, Food and the Marine (Revised) (21 Mar 2017)

Charlie McConalogue: The Minister was not able to tell us that. That is what I was asking the Minister but I presume that was the type of agreement that was done.