Results 7,461-7,480 of 18,851 for speaker:Fergus O'Dowd

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Fergus O'Dowd: I have reiterated this a number of times. We all agree that this has to be done. As I have said, it is the intention that this will happen. The powers to do that are provided for in this legislation. I take the Deputy's point.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Fergus O'Dowd: The Deputy should submit an amendment.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Fergus O'Dowd: I move amendment No. 24: In page 30, after line 39, to insert the following:"(5) The power of the Minister under subsection (4) may be exercised by the Agency.".This technical amendment to section 30 deals with the functions of the NDFA, which provides financial advice to State bodies undertaking major public investment projects with a capital value of more than €20 million. It is...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Fergus O'Dowd: The NDFA is doing that at present. We are now proposing to give the same power to the NTMA because the NDFA is moving into the NTMA. These functions currently exist with regard to the NDFA. As the NDFA will no longer exist, it is proposed to transfer the power to the NTMA.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Fergus O'Dowd: It got the money from the Central Fund and was reimbursed by Departments for that. Perhaps I can get clarity after-----

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Fergus O'Dowd: As I understand it, the National Development Finance Agency, NDFA, just took the money from the Central Fund. The Government now proposes to give that function to the National Treasury Management Agency, NTMA, and this just facilitates the NTMA getting the money from the post office.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Fergus O'Dowd: The NDFA could draw from the Central Fund only and now that the NTMA will be doing it-----

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Fergus O'Dowd: Yes, I can get a note. That probably would be best.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Fergus O'Dowd: I move amendment No. 25: In page 31, to delete lines 15 to 18 and substitute the following:“that counterclaim is made does not stand delegated to the Agency by virtue of an order under section 9(1) of the Act of 2000;”.Amendments to Part 5 are to add clarity to the management of claims. Amendment No. 25 corrects the definition of "counterclaim". In the current version, section...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Fergus O'Dowd: I move amendment No. 26: In page 31, line 20, after “solicitor” to insert “or of a person who appears as an expert witness”.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Fergus O'Dowd: I move amendment No. 27: In page 32, to delete lines 1 and 2 and substitute the following:“(iv) represent the State authority concerned in a court or other tribunal or before—(I) the Taxing-Master or a county registrar, or (II) an arbitrator or a mediator, in relation to the claim,”.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Fergus O'Dowd: I move amendment No. 28: In page 33, between lines 10 and 11, to insert the following: “(2) Where it appears to the Minister to be necessary or appropriate that it should do so, an order under paragraph (j) of the definition of “State authority” in subsection (1) may, in consequence of the particular body concerned being prescribed for the purposes of that definition,...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Fergus O'Dowd: I move amendment No. 29: In page 39, line 21, to delete “new Fund” and substitute “new fund”.It is just a drafting change whereby a capital "F" is being changed to a small "f".

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Fergus O'Dowd: I concur with what the Deputy said last, as the experience of Irish Water clearly shows. Approximately 80% of more than 1,200 people working in Irish Water come from those categories of young people, long-term unemployed apprentices and so on. The investment mandate of the fund is to invest on a commercial basis in a manner that is designed to support economic activity and employment. It...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Fergus O'Dowd: The Government is absolutely committed to ensuring that employment opportunities are available to the entire population of working age, including most of those on the first step of the ladder of work. The objective of the medium-term strategy is full employment by 2020. The strategic investment fund will play a key role in supporting this objective and it is important the fund's mandate...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Fergus O'Dowd: I believe we all agree on what should happen. I believe Deputy Pearse Doherty accepts the commercial nature of the activities and that they must be off balance sheet. I suppose that economic activity and employment are one in the same thing in that it is really not possible to have one without the other given that jobs come about by creating economic activity. The clarity in the debate and...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Fergus O'Dowd: I move amendment No. 33:In page 40, line 8, to delete “to comply with” and substitute “for the purposes of”.It is a technical drafting amendment.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Fergus O'Dowd: They are outside the State at the moment. The idea is to bring them home. I presume the phasing of that would be an issue if they are assets that need to be sold, cashed or whatever. The intention is to invest here in Ireland.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Fergus O'Dowd: I cannot answer that, but I cannot imagine that anything that would encourage economic activity in the island would be a problem. I can come back to the Deputy on that.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Fergus O'Dowd: The point is the State is the State, and the idea is that as much of the funding as possible would be invested in the State. That is what it is for. The issue is why assets can be held outside the State. It is possible to invest the €7 billion in the discretionary portfolio in commercial projects which support economic activity and employment in the State immediately. The NTMA will...