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Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Pearse Doherty: Of course, that is the way it should be as he is the author of the legislation. However, we all acknowledge the role and expertise of the Department of Finance and the resources it has at its disposal. I welcome the Minister's commitment there again. Notwithstanding the reservations the Minister mentioned on Second Stage and the position the Government would take if it had a majority, is...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Pearse Doherty: I will turn to certain points in the Bill in a moment. The Minister has said today that certain banks are charging standard variable interest rates beyond what is acceptable. We all agree on that. We also acknowledge some of the movers in recent times. The Minister mentioned Bank of Ireland, but it is not just that bank. Permanent TSB is a State-owned bank yet it seems all of the threats...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Pearse Doherty: That is what we are doing. The Minister opened the discussion in terms of Bank of Ireland's rates being excessive, and Bank of Ireland has also introduced fixed term products similar to what other banks have done. I am making the point that the arguments presented heretofore by the Government, which is that we should leave this to it and it will put pressure on the banks, have not worked in...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Pearse Doherty: The Minister mentioned the concerns of the Central Bank. Is that about the competition element? The point I was trying to make earlier was that these are very much concerns one would make in a Second Stage speech. The Bill passed Second Stage in May. We are now into October. Pre-legislative scrutiny is something the Minister requested on Second Stage. We are now at this point, yet what...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Pearse Doherty: I appreciate that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Pearse Doherty: My last point-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Pearse Doherty: It would be helpful, in terms of the committee's engagement with other individuals, if further detail were presented to us during the pre-legislative scrutiny process.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Pearse Doherty: I would like to expand that point about the drop in the loan-to-value ratio down to 70%. Consider somebody who is buying a house at €400,000. Under current Central Bank rules and without any exemptions being in place they would need a deposit of €58,000 but somebody who had a loan-to-value ratio of 70%, would already have savings of €120,000 and €20,000 of that...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Pearse Doherty: In fairness, it is for another day and another topic. We will see what is in the Finance Bill on that measure in the next couple of hours. To return to the issue at hand, I commend the Fair Mortgage Rates Campaign. It has done sterling work in raising this issue in a focused, concentrated way. I was glad to be invited to some of the campaign's events and I appreciate the advice it has...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Pearse Doherty: That will teach Senator O'Donnell to leave the room. He can look back on the record. What if the Central Bank sends out a signal to say in effect, "Let them do whatever they want and give us the power, we will not do anything about it. Relax, folks", and Permanent TSB, Bank of Ireland and AIB continue as before? What is the next course?

Written Answers — Department of Finance: Fiscal Policy (20 Oct 2016)

Pearse Doherty: 103. To ask the Minister for Finance the impact on growth projections and fiscal space projections if his Department's current technical assumption for the euro-sterling exchange rate of €0.81 for 2016 and €0.85 for each of the years 2017 to 2021 is revised in view of the fact that the rate of exchange is currently above €0.90 and it appears that this current exchange...

Written Answers — Department of Finance: Fiscal Data (20 Oct 2016)

Pearse Doherty: 104. To ask the Minister for Finance the gross and net fiscal space for each of the years 2018 to 2022; and if he will make a statement on the matter. [31433/16]

Written Answers — Department of Housing, Planning, Community and Local Government: Vacant Sites Levy (20 Oct 2016)

Pearse Doherty: 125. To ask the Minister for Housing, Planning, Community and Local Government when he will publish guidelines to planning authorities on the practical implementation of the vacant site levy; and if he will make a statement on the matter. [31263/16]

Written Answers — Department of Housing, Planning, Community and Local Government: Vacant Sites Levy (20 Oct 2016)

Pearse Doherty: 126. To ask the Minister for Housing, Planning, Community and Local Government the obstacles that exist to implementing the vacant site levy in 2017; and if he will make a statement on the matter. [31264/16]

Written Answers — Department of Social Protection: School Meals Programme (20 Oct 2016)

Pearse Doherty: 148. To ask the Minister for Social Protection if consideration will be given to an application for inclusion to the school meals programme should it be submitted by a school (details supplied) in County Donegal; and if he will make a statement on the matter. [31333/16]

Written Answers — Department of Arts, Heritage and the Gaeltacht: Tionscadail Oidhreachta (20 Oct 2016)

Pearse Doherty: 166. To ask the Minister for Arts, Heritage and the Gaeltacht an bhfuil sé de rún aici reachtaíocht níos déine a thabhairt isteach chun cosaint níos fearr a thabhairt do shuímh ina bhfuil oidhreacht thógtha lonnaithe; agus an ndéanfaidh sí ráiteas ina thaobh. [31307/16]

Written Answers — Department of Health: Treatment Abroad Scheme (20 Oct 2016)

Pearse Doherty: 231. To ask the Minister for Health if a person (details supplied) can continue to receive medical care at Belfast Children's Hospital; and if he will make a statement on the matter. [31314/16]

Written Answers — Department of Agriculture, Food and the Marine: Aquaculture Licence Applications (20 Oct 2016)

Pearse Doherty: 256. To ask the Minister for Agriculture, Food and the Marine the status of an application for an aquaculture licence in respect of a proposed oyster farm (details supplied); if he will request a tax clearance certificate from the applicant and licence holder as is applicable; if he will consider making the potential granting of any such licence subject to the condition that the holder, or...

Written Answers — Department of Agriculture, Food and the Marine: Aquaculture Licence Applications (20 Oct 2016)

Pearse Doherty: 257. To ask the Minister for Agriculture, Food and the Marine the status of an application for an aquaculture licence in respect of a proposed oyster farm (details supplied), considering that the application was submitted and validated over four years ago; if he will exercise his power to request that the applicant furnishes information which may be reasonably required to verify any...

Questions on Proposed Legislation (19 Oct 2016)

Pearse Doherty: On Friday we will have the publication of the Finance Bill which will give effect to some of the Government's polices announced on budget day. When will the Government heed expert advice and evidence-based policy? Since budget day we have seen the price of new houses in certain estates soar by €45,000. We are informed by Daft that as a result of the budget announcement on Tuesday,...

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