Results 7,481-7,500 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: Yes, the mandate is that one must create economic activity.

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. 35: In page 40, line 23, to delete "Fund" and substitute "assets of the Fund (other than directed investments)".These are all technical amendments. Amendments Nos. 35 and 37 clarify that directed investments, namely, funds invested in the banks at the direction of the Minister for Finance, are outside the investment strategy for the fund. The Minister is responsible for...

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 is done by the Department of Finance and the Minister. The Department has a management unit to deal with this specific issue. It is outside the fund because it is directed investment.

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 can think of another snake with two heads but not NewERA.

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: If the Minister were to request the opinion or advice of the agency it would certainly give it, but it would be up to the Minister to seek it. It would be at his or her initiative.

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. 36: In page 40, line 24, after "determining" to insert "and reviewing".This clarifies that the Ireland Strategic Investment Fund's investment strategy does not apply to directed investments, which is the point we have been discussing. It is a drafting amendment to pick up on the use of the word "review" in subsection 40(1), which states the agency is to determine,...

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. 37: In page 40, to delete line 36.

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. 38: In page 41, lines 1 and 2, to delete "assets (other than directed investments) of the Fund" and substitute "assets of the Fund (other than directed investments)".

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. 39: In page 41, line 22, after "corporate," to insert "or enter into joint ventures, partnerships, coownerships or other similar arrangements,".This is a drafting amendment to make clear the Ireland Strategic Investment Fund can engage in joint ventures and similar investment arrangements. Joint ventures will have two benefits, as underscoring the commerciality of the...

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. 40: In page 41, to delete line 23 and substitute the following:"(e) enter into transactions of a normal banking nature, and".This standard provision ensures the agency will have all the powers it needs for the management of the fund. The words "borrow or lend securities of any kind" will be deleted and the more general phrase "enter into transactions of a normal banking...

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 will give my response and then answer further questions. The National Pension Reserve Fund Act 2000, which set up the NPRF to pre-fund the burden of pensions on the Exchequer, was amended in 2009 to allow the Minister for Finance in certain circumstances direct the commission to invest in financial institutions. This was the mechanism used to recapitalise banks after the financial crisis....

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 key point in section 42 of the legislation is "where, following consultation with the Central Bank, the Minister is of the opinion that the performance of the functions so provided is necessary in the public interest". It must be for either or both of the following purposes: to remedy a serious disturbance in the economy of the State and-or to prevent potential serious damage to the...

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 reason this provision is here is prudence. If there is a serious disturbance in the State's economy it is critical for survival and to prevent serious damage to the financial system. The provision can ensure the continued stability of the financial system. The circumstances where this may be used are extremely rare, though they arose during the economic crisis. The Irish economy has...

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: Nobody has a crystal ball but we all want this funding to be used to create jobs and grow the economy. However, if a serious financial crisis occurs it is prudent that we have this provision. We disagree on this 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: I move amendment No. 42: In page 44, to delete lines 8 and 9.The National Pensions Reserve Fund is exempt from taxation. The Ireland Strategic Investment Fund, ISIF, is to be similarly exempt. Amendment No. 49 inserts a new Part to amend the Taxes Consolidation Act and the Stamp Duties Consolidation Act accordingly. These provisions were not ready for inclusion in the Bill as published....

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: Sure.

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. 43: In page 44, line 16, to delete "under subsection (1)" and substitute "(except under subsection (4))".Section 47 provides that the agency shall make payments from the ISIF to the Exchequer as the Minister directs following consultation with the agency. There will be no payment before 2025, but this does not apply to the proceeds from the disposal of directed...

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 technical drafting amendments.

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 is the average interest cost of serving the debt. It has to be at least that in order that it can proceed because it has to get the income back.

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: If we liquidated the fund, we could otherwise pay down our debt. It would be best for me to provide Deputy Pearse Doherty with a note on that. Would that be acceptable?