Results 9,361-9,380 of 32,864 for speaker:Paschal Donohoe
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)
Paschal Donohoe: Yes.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)
Paschal Donohoe: I cannot give that to the Deputy immediately but we will work it out for him.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)
Paschal Donohoe: It was in our interest-----
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)
Paschal Donohoe: No. The Deputy is correct that we would have got an additional 600 shares. However, my understanding is that would have pulled down the amount we would have contributed as well. In other words-----
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)
Paschal Donohoe: I ask the Deputy to let me answer the question. My understanding is that the amount of money that we pay in is related to the number of shares we have. The 600 shares we are discussing are voting shares. The amount we would pay in would have been roughly the same depending on when we joined.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)
Paschal Donohoe: They would not have influenced how much we paid in.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)
Paschal Donohoe: It would have slightly improved our voting position but not influenced the amount we paid in. In other words - my understanding of this may shift as the Bill moves through the Houses - I understand that the point at which we joined does not influence the amount of capital we pay into the bank.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)
Paschal Donohoe: No. I will inform the Deputy of my understanding of the voting power. Basic votes are the number of votes that result from an equal distribution among all members of the aggregate sum of basic votes. Share votes are the number of shares of the capital stock held by a member. I will come back to the Deputy on the matter of our role and whether this influenced our ability to appoint a...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)
Paschal Donohoe: I will come back to the Deputy on that.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)
Paschal Donohoe: What I can tell the Deputy at this point is that the point at which we joined the bank does not influence or diminish our power to select a euro director and has not diminished our share of future directorships. We will have to consult with the other countries as to how this will be decided when we join. I will be in a position to tell the Deputy as we work our way through this.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)
Paschal Donohoe: That is correct.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)
Paschal Donohoe: I can tell the Deputy which countries have joined. I will read him out the full list. The EU members who have joined include Austria, Denmark, Finland, France, Germany, Italy, Luxembourg, Malta, the Netherlands, Poland, Portugal, Spain, Sweden and the UK.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)
Paschal Donohoe: Yes.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)
Paschal Donohoe: They are all founding members.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)
Paschal Donohoe: We are in the second group of countries, as I said earlier. Other countries that are considering joining include Belgium, Hungary and the Czech Republic.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)
Paschal Donohoe: No. I do not believe we will be at a disadvantage compared to other countries. There is, as the Deputy said, a particular status conferred upon a founding member, but I believe Ireland's choice to take a year to understand how the organisation will work and then to join was the right one to make.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)
Paschal Donohoe: We are in the second category, and there is also the difference, as I said earlier, regarding the founding member votes. They are two areas-----
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)
Paschal Donohoe: I am not clear what the matter was that the former Minister, Deputy Noonan, would have dealt with but I am clear that if an organisation is being set up that will involve our State making a contribution to it, it appears to me to be sensible to spend a period of time to observe how the organisation will work. That is what has happened, as a result of which I am able to come before the...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)
Paschal Donohoe: This section makes provision for payments to be made to the bank in accordance with the State's obligation under the agreement. It is a routine section in such agreements providing for payments and receipts to be made to and from the Central Fund and establishing that the Central Bank shall act as a depository for transfers to and from the Asian Infrastructure Investment Bank. Contributions...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)
Paschal Donohoe: This section provides that the Act may be cited as the Asian Infrastructure Investment Bank Act 2017. It also provides that section 3 regarding payments to the bank will come into operation on the day on which the State becomes a member of the bank.