Results 23,481-23,500 of 32,864 for speaker:Paschal Donohoe

Written Answers — Department of Public Expenditure and Reform: Public Sector Pay (5 Jul 2017)

Paschal Donohoe: As the Deputy is no doubt aware, my Annual Review of the operation, effectiveness and continued necessity of the Financial Emergency Measures in the Public Interest legislation was laid before the Oireachtas on 29 June. A copy of the report can be found at the following link: In the Review I found that the immediate repeal of the FEMPI legislation is unaffordable. However, the...

Written Answers — Department of Public Expenditure and Reform: Capital Expenditure Programme (5 Jul 2017)

Paschal Donohoe: The Programme for a Partnership Government committed to additional capital investment over the period of the Capital Plan to 2021, to be allocated on the basis of the outcome of the ongoing mid-term review.  As part of the review, submissions were received from Departments and a public consultation process was also undertaken by my Department. Analysis being carried out as...

Written Answers — Department of Public Expenditure and Reform: Garda Stations (5 Jul 2017)

Paschal Donohoe: The new Garda station at Mulgannon Road, Wexford Town is scheduled to be completed and ready for occupation in September 2017. When An Garda Síochána vacate the existing station at Roche’s Road, Wexford, OPW Property Management Division will examine the property to establish if there is any alternative State use for it. I am advised by the Commissioners of Public Works that...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)

Paschal Donohoe: This is a very straightforward section that lays out the contents of the agreement and makes clear that any amendment to this agreement in future must be approved by means of a Dáil resolution in accordance with Article 29.5.2° of the Constitution.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)

Paschal Donohoe: Subsection (1) of this section provides for the approval of the terms of the agreement establishing the Asian Infrastructure Investment Bank, thereby providing approval for the State being a party to the agreement. The articles of agreement establishing the Asian Infrastructure Investment Bank are included as a Schedule. Subsection (2) of the section provides that any future amendments to...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)

Paschal Donohoe: I understand it is a constitutional requirement.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)

Paschal Donohoe: Some debate took place in the European Union as to whether countries would join it. During the period we were considering what would be the best decision for our country to make, other countries decided to join and we now form the second group of countries from the European Union that are joining.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)

Paschal Donohoe: My understanding is that the main difference between us and a founding member applies to the voting weights. Founding members are allocated 600 additional member votes as a result of their status. However, we are joining on the same terms as all other countries which are joining at the same point as us. We will enjoy equivalent voting rights to them.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)

Paschal Donohoe: On the question on the difference in timing, as I said when we were weighing up the right approach for us, other countries decided to go ahead and join. The benefit of doing that, of course, was that it gave us the opportunity to observe the operation of the bank for a year and to be satisfied that we believed joining it would be right for the country. We were able to see how the governance...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)

Paschal Donohoe: There is, in the sense that it is calculated relative to country's share of the bank overall. I will first explain how our share is calculated. Our shareholding is calculated based on the remaining unallocated capital in the bank and an applicant's GDP share relative to non-regional banks in this round of applications. An initial estimate of our percentage shareholding suggests it will be...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)

Paschal Donohoe: We will have 1,313 shares. Luxembourg, for example, will have 697; Denmark will have 3,695; and Austria will have 5,008.

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: We have to pay in an amount of money for it. The subscription for that is €25 million payable over five years.

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.