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Public Accounts Committee: 2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Superannuation and Retired Allowances
Vote 42 - Office of the Minister for Public Expenditure and Reform
Chapter 6 - Financial Commitments under Public Private Partnerships
Chapter 12 - Vote Accounting
Chapter 13 - Procurement without a Competitive Process
(3 Oct 2013)

Kieran O'Donnell: With regard to public private partnerships, have revised assessment procedures been introduced with regard to risk analysis? We do not want cases arising of the likes of the Limerick tunnel, which is costing €6 million per year because the analysis did not bear out. What new procedures have been put in place to account for that type of risk analysis?

Public Accounts Committee: 2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Superannuation and Retired Allowances
Vote 42 - Office of the Minister for Public Expenditure and Reform
Chapter 6 - Financial Commitments under Public Private Partnerships
Chapter 12 - Vote Accounting
Chapter 13 - Procurement without a Competitive Process
(3 Oct 2013)

Kieran O'Donnell: Procedures have been changed.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Financial Transaction Tax: Discussion with Department of Finance (2 Oct 2013)

Kieran O'Donnell: The point I am trying to make in a roundabout way is that-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Financial Transaction Tax: Discussion with Department of Finance (2 Oct 2013)

Kieran O'Donnell: The Chairman is eating into my time. Is there a fundamental flaw in the financial transaction tax as proposed? Does Ms McVeigh understand my point? It seems no one can agree on the financial transaction tax directive. There appears to be very little empirical work done on the directive. It could have very great consequences for countries such as Ireland and the UK because of the high...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Financial Transaction Tax: Discussion with Department of Finance (2 Oct 2013)

Kieran O'Donnell: There does not appear to have been sufficient analysis.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Financial Transaction Tax: Discussion with Department of Finance (2 Oct 2013)

Kieran O'Donnell: Does Ms McVeigh share that opinion?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Financial Transaction Tax: Discussion with Department of Finance (2 Oct 2013)

Kieran O'Donnell: I am referring to empirical evidence at European Commission level and within the eleven countries. Are people fully aware of the full implications for Europe as an entity-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Financial Transaction Tax: Discussion with Department of Finance (2 Oct 2013)

Kieran O'Donnell: I welcome Ms McVeigh and her colleagues. I have a couple of points. What is the possibility that this will never come to pass? Given all the deliberations that take place in Europe, the fact that within the 11 countries there does not appear to be agreement, the various legal challenges and the fact that the discussions are still ongoing, what are the chances this may not come to pass?...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Financial Transaction Tax: Discussion with Department of Finance (2 Oct 2013)

Kieran O'Donnell: What was the last country?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Financial Transaction Tax: Discussion with Department of Finance (2 Oct 2013)

Kieran O'Donnell: Will Ms McVeigh deal with France and Italy first?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Financial Transaction Tax: Discussion with Department of Finance (2 Oct 2013)

Kieran O'Donnell: What was the rate in France?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Financial Transaction Tax: Discussion with Department of Finance (2 Oct 2013)

Kieran O'Donnell: Of the other 11 countries involved, how many have a high concentration of financial services industries, as we do or as England does?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Financial Transaction Tax: Discussion with Department of Finance (2 Oct 2013)

Kieran O'Donnell: It has a very significant bearing on us in particular. Let us go back to an earlier point. Ms McVeigh referred to the financial sector making a contribution towards the cost of the crisis. This financial transaction tax is on the actual transactions, not the banks or financial houses. They will pass it on to the customer.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Financial Transaction Tax: Discussion with Department of Finance (2 Oct 2013)

Kieran O'Donnell: The point I am trying to make is that what we are trying to get all the time is probity, prudence and so forth in how the financial and banking sector operates. If there is a resolution mechanism in place then the institutions, if they are operating outside the constraints or normal practices, will know that a charge is going to be imposed on them. One could make the point that they will...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Financial Transaction Tax: Discussion with Department of Finance (2 Oct 2013)

Kieran O'Donnell: It does not state that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Financial Transaction Tax: Discussion with Department of Finance (2 Oct 2013)

Kieran O'Donnell: It does not apply to individuals, but let us suppose a financial transaction tax is introduced in the morning and that an individual buys shares or something else. Will that individual end up paying the financial transaction tax?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Financial Transaction Tax: Discussion with Department of Finance (2 Oct 2013)

Kieran O'Donnell: That is like saying that if I buy a car as an individual that I am not paying vehicle registration tax, because it does not apply to me, but the car still attracts the VRT.

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Kieran O'Donnell: In terms of the IBRC and the valuation of the loans, what is NAMA’s involvement in the valuations at which the loans are being taken over? What is NAMA’s general view on that? NAMA has €4.1 billion in cash at the moment. What does it intend to do with it? I would also like an indication in terms of the SME sector. The availability of office accommodation arises in...

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Kieran O'Donnell: Mr. Daly will appreciate this is only business.

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Kieran O'Donnell: I am not saying that but Mr. Daly must appreciate that we have to ask the questions.

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