Results 6,321-6,340 of 15,555 for speaker:Eoghan Murphy

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2016
Vote 7 - Office of the Minister of Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (30 Jun 2016)

Eoghan Murphy: Many of the meetings and contacts are happening daily and hourly, even if they are not happening publicly. However, the public roll-out of that is about to commence. EI is diversifying all the time and that is important. Right now, it is dealing with protecting companies that export to the UK which have not hedged against currency fluctuations. EI is working on that strategy. At the same...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: I move amendment No. 1:In page 3, line 27, to delete “this Act” and substitute “any of sections2 to 6”. These are minor formatting changes to ensure the consistency of the Bill with the market abuse amendment.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: I move amendment No. 2:In page 3, line 28, to delete “this Act” and substitute “the section concerned”.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: I move amendment No. 3:In page 3, line 31, to delete “this Act” and substitute “the section concerned”.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: I recall that the Deputy raised this issue during the debate on Second Stage. I have consulted officials to make sure the powers conferred on the Minister in section 2 are not so wide-ranging that they give him scope to increase the amount of €1.815 billion in the loan facility agreement. I can confirm again that there is nothing in section 2, even when linked with the review clause,...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: I know that the Deputy also made this connection on Second Stage. It is not a question of a feeling; section 3 does trump section 2 in that the amount cannot be raised. If there were a need to increase the amount, in so far as the review is concerned or in any other situation, it would require Oireachtas approval and, more than likely, primary legislation. Deputy Pearse Doherty has tabled...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: Is what at the discretion of the Minister?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: We probably should not underestimate the difficulty involved in changing any of this because it would require a change not just with regard to the single resolution board but also with each participating member states in the eurozone. Putting in place the Single Resolution Fund, notwithstanding the loan facility we are trying to agree today which is part of it but also separate to it, is an...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: The safety mechanism is the quantum of money. It would require the approval of the Oireachtas if the approximately €1.8 billion needed to be increased. An amendment could not be made to change the substance of what has been agreed in the loan facility agreement. This is mentioned in paragraph 21 of the agreement on amendments and waivers. It states none of the aforementioned...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: To clarify, we are speaking about the backstop. It is the very last line, which is what the credit line would be, and no one can stop it. This loan facility is the last call which could possibly be made on the State. It is only a loan from the State which would be paid back by the banks. It is not even a call on the sovereign, either necessarily or directly. Nothing can be changed in so...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: The Deputy's concern is about how the agreement on how the Single Resolution Mechanism or fund would be implemented in terms of the resolution waterfall could be changed. Is this the Deputy's concern? This is about the loan facility, which is a temporary arrangement until the fund is in place.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: The Minister would have a veto on any change. There would have to be complete agreement of all eurozone Ministers to any change that might happen, and whoever the Minister for Finance might be in three, four or six years' time would be able to veto any decision which might have a negative impact on the State. The Minister would not be able to enter into any decision that might incur an...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: To be clear, we are discussing a loan facility that is being put in place as a temporary backstop to the Single Resolution Fund, SRF, which has already been agreed to and into which money is being transferred. Progressive mutualisation has begun. Nothing in the Bill grants the Minister power to change the terms of the SRF.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: That section of the Bill cannot change the substance of what is being entered into.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: No, it is not allowed.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: It would be a decision made by the Government if agreement among the eurozone member states could be reached to make a substantive change to each of the agreements made by those states on the SRF, be it a change in respect of the resolution waterfall or something else. As the Government has a veto, the decision would fall to it.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: It is not a blank cheque.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: Any change to the fund or the amount must be referred to the Oireachtas.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: I am sorry; it is not a blank cheque.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: I am sorry.