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Committee on Budgetary Oversight: Macroeconomic Analysis and Fiscal Risks: Central Bank of Ireland (27 Feb 2019)

Colm Brophy: Before I go to Deputy Boyd Barrett I want to follow up on something Deputy Chambers said. That projection of investment is presumably predicated on a harder Brexit. Would that development be delayed if there was an agreed soft Brexit with ongoing negotiations on the future arrangements? Would the witnesses expect that investment not to happen until those negotiations on the future...

Committee on Budgetary Oversight: Macroeconomic Analysis and Fiscal Risks: Central Bank of Ireland (27 Feb 2019)

Colm Brophy: I think we can all agree on that.

Committee on Budgetary Oversight: Macroeconomic Analysis and Fiscal Risks: Central Bank of Ireland (27 Feb 2019)

Colm Brophy: I ask the Deputy to get to the question.

Committee on Budgetary Oversight: Macroeconomic Analysis and Fiscal Risks: Central Bank of Ireland (27 Feb 2019)

Colm Brophy: I know what the Deputy is saying and we know his views but the Deputy asked a question as to what the chart is.

Committee on Budgetary Oversight: Macroeconomic Analysis and Fiscal Risks: Central Bank of Ireland (27 Feb 2019)

Colm Brophy: I am sorry to be direct but if the witnesses do not have specific knowledge on this, I would prefer if they reverted to the committee with the information. It is not possible for the Deputy to interpret a chart and then ask the witnesses to agree with it if they do not have the information.

Committee on Budgetary Oversight: Macroeconomic Analysis and Fiscal Risks: Central Bank of Ireland (27 Feb 2019)

Colm Brophy: They cannot give the answer because they do not have the information. I ask them to come back to the Deputy and the committee.

Committee on Budgetary Oversight: Macroeconomic Analysis and Fiscal Risks: Central Bank of Ireland (27 Feb 2019)

Colm Brophy: For the Deputy's information, we discussed household debt and wealth extensively earlier.

Committee on Budgetary Oversight: Macroeconomic Analysis and Fiscal Risks: Central Bank of Ireland (27 Feb 2019)

Colm Brophy: Dr. Cassidy referred to a shock to income or to house prices. The global economy makes this less likely, but interest rate rises must pose a substantial risk to that cohort. Anecdotally, many people who have managed to bring their monthly finances into line because of the reduction in interest rates would be extremely vulnerable if interest rates were to rise. How do interest rate rises...

Committee on Budgetary Oversight: Macroeconomic Analysis and Fiscal Risks: Central Bank of Ireland (27 Feb 2019)

Colm Brophy: We will conclude shortly. It might be too early to ask about the impact of VAT changes as it has only been a couple of months since the rate increased. Have any indications become apparent that this increase has had any substantial economic impact?

Committee on Budgetary Oversight: Macroeconomic Analysis and Fiscal Risks: Central Bank of Ireland (27 Feb 2019)

Colm Brophy: I thank Dr. Cassidy and his colleagues for appearing before the committee. This has been a very informative and interesting exchange. Some of the Deputies who asked questions earlier have departed but on behalf of all members, I thank the witnesses for taking time to attend.

Committee on Budgetary Oversight: Business of Joint Committee (13 Mar 2019)

Colm Brophy: Today the committee will meet the Director General, Mr. Carlos Martínez Mongay, and representatives from the European Commission to discuss the European Commission's Country Report Ireland 2019 and the European Semester. Before we do so, I propose we go into private session to deal with some committee business.

Committee on Budgetary Oversight: Scrutiny of European Commission Country Report Ireland 2019 and European Semester (13 Mar 2019)

Colm Brophy: I remind members and guests to turn off their mobile telephones as the interference from them affects the sound quality and transmission of the meeting. I welcome the Director General, Mr. Carlos Martínez Mongay, back to the committee as he has been here previously. He is accompanied today by Ms María José Doval Tedín, Mr. Stefan Kuhnert, Mr. Gerry Kiely, Mr. Patrick...

Committee on Budgetary Oversight: Scrutiny of European Commission Country Report Ireland 2019 and European Semester (13 Mar 2019)

Colm Brophy: Thank you very much for that interesting statement. I call Deputy Lahart.

Committee on Budgetary Oversight: Scrutiny of European Commission Country Report Ireland 2019 and European Semester (13 Mar 2019)

Colm Brophy: We will move on to Deputy Eamon Ryan.

Committee on Budgetary Oversight: Scrutiny of European Commission Country Report Ireland 2019 and European Semester (13 Mar 2019)

Colm Brophy: We would like that to be supplied to the whole committee as well.

Committee on Budgetary Oversight: Scrutiny of European Commission Country Report Ireland 2019 and European Semester (13 Mar 2019)

Colm Brophy: You are over time, Deputy.

Committee on Budgetary Oversight: Scrutiny of European Commission Country Report Ireland 2019 and European Semester (13 Mar 2019)

Colm Brophy: That is unnecessary leakage.

Committee on Budgetary Oversight: Scrutiny of European Commission Country Report Ireland 2019 and European Semester (13 Mar 2019)

Colm Brophy: As is tradition in most committees, I wish to take account of the fact that Mr. Martínez Mongay has answered this question before. As such, in answering it I ask him to take account of what he has already said and answer as concisely as possible.

Committee on Budgetary Oversight: Scrutiny of European Commission Country Report Ireland 2019 and European Semester (13 Mar 2019)

Colm Brophy: Deputy Boyd Barrett hung on to ask a supplementary question, so I will allow him back in.

Committee on Budgetary Oversight: Scrutiny of European Commission Country Report Ireland 2019 and European Semester (13 Mar 2019)

Colm Brophy: Before we conclude, I want to touch on an issue myself. In fact, Deputy Lisa Chambers alluded to it in her contribution. It is the question of taxation and subsidiarity in respect of Mr. Martínez Mongay's comments. I am a very strong pro-European and a strong believer in the EU. I appreciate that Mr. Martínez Mongay's job as an official is to convey views from member states back...

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