Results 101-120 of 186 for speaker:Shay Brennan

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Developments in the Economy in the Year to Date: Minister for Finance (28 May 2025)

Shay Brennan: I have an ancillary question. With an €8 billion surplus per annum, give or take, are there any plans for additional sovereign wealth funds or will it be confined to just those two?

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Developments in the Economy in the Year to Date: Minister for Finance (28 May 2025)

Shay Brennan: What is the Minister's outlook on the lasting effects of the current global economic turmoil and tariffs in particular? If modified domestic demand falls to 1%, for example, does he see the economy being robust and resilient enough to rebound from that or is there likely to be a shift such that until those tariffs are taken away, we will permanently be operating at a lower level?

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Developments in the Economy in the Year to Date: Minister for Finance (28 May 2025)

Shay Brennan: I agree with that.

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Developments in the Economy in the Year to Date: Minister for Finance (28 May 2025)

Shay Brennan: My last question is to do with scenarios. In the Minister's opening statement, he spoke about stress testing for a 10% tariff scenario and how that would reduce MDD by approximately 1.5 percentage points, taking it to just above 1%. I note he mentioned deliberately not testing for a 20% scenario, which is a likely tariff outcome, albeit one of the worst-case scenarios. Extrapolating from...

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Shay Brennan: I welcome the Governor and his senior colleagues. I appreciate their giving of their time here at the committee meeting today. I have a relatively short series of questions, so we might go back and forth on those. First, for what countries is Ireland the home state in terms of the evaluation of bond prospectuses?

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Shay Brennan: We inherited Israel as a result of Brexit. Did any of the other countries come along at the same time?

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Shay Brennan: In general, what criteria do the Central Bank use in assessing a prospectus?

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Shay Brennan: Mr. Cross mentioned checking against a comprehensive list of items in Annex 10. Is it generally an exercise that involves through a list and ticking "Yes" or "No"? Is any of it open to interpretation by Central Bank staff?

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Shay Brennan: The Central Bank is taking what is on the application form or draft prospectus as read. It is not investigating what is behind the information provided. Do I understand that correctly?

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Shay Brennan: I hope Mr. Cross will forgive me but I am struggling a bit with that. Somebody could put in an application that is full of falsehoods and it would make it through the Central Bank prospectus vetting process simply because of something that was written in the box.

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Shay Brennan: I am at a bit of a loss. The Central Bank of Ireland will say that the form has been filled out correctly but it cannot verify the information on it.

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Shay Brennan: What is Mr. Cross's own view on that? Does he believe the prospectus regulation is deficient here?

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Shay Brennan: I just wonder what the point of all of this is.

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Shay Brennan: I fully understand. I am sure the bank can check for consistency across the document but that does not take away from the fact that the underlying information may not be correct.

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Shay Brennan: Would it be fair to describe it as regulation light?

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Shay Brennan: The witnesses are comfortable that if an investor who bought a bond or whatever off an exchange in Germany lost money on it and decided to take legal action, the Irish Central Bank having approved the initial prospectus, the issuer would be fully covered because the bank carried out its job under the EU prospectus regulation.