Results 2,641-2,660 of 9,106 for speaker:Jim O'Callaghan

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2023: Discussion (22 Nov 2023)

Jim O'Callaghan: I thank all the officials for coming before the committee this afternoon. At the outset, it is important to state that the decision to establish both of these funds is a political decision that was made by the Government. It is a decision that I support and which will, presumably, be given legislative effect when the Bill is enacted by the Houses of the Oireachtas. I think this is a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2023: Discussion (22 Nov 2023)

Jim O'Callaghan: When the legislation is enacted both funds will be statutory entities. Will they separately be corporate entities or are ISIF and the National Reserve Fund at present corporate entities?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2023: Discussion (22 Nov 2023)

Jim O'Callaghan: On the first fund, the future Ireland fund, under head 5, there will be a statutory obligation on the Government to pay a certain amount into this fund each year, is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2023: Discussion (22 Nov 2023)

Jim O'Callaghan: It states it will be a sum equivalent to 0.8% of GDP. I think, after the infrastructure fund is set up, there is a requirement that €2 billion be put in every year. Are there similar statutory mandates in respect of the other funds operated by the NTMA that require the Government to invest a specific amount each year?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2023: Discussion (22 Nov 2023)

Jim O'Callaghan: At present, concerning the funds the NTMA operates, it is dependent on the individual decision of Government as to how much money goes into those funds. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2023: Discussion (22 Nov 2023)

Jim O'Callaghan: Perhaps this is a question for Mr. Gilvarry. Now, it will be very much a legal obligation on the Government, is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2023: Discussion (22 Nov 2023)

Jim O'Callaghan: To look at the future Ireland fund, the requirement is 0.8% of GDP. In 2022, GDP was around €480 billion, I think. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2023: Discussion (22 Nov 2023)

Jim O'Callaghan: We are looking at a figure of around €3.8 billion being required. Using 2022 as a standard year, the Government would be required to put into the future Ireland fund a sum in the region of €3.8 billion each year.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2023: Discussion (22 Nov 2023)

Jim O'Callaghan: I am trying to look ahead. You could say we have a dynamic political environment. It is not always the case that Governments have majorities in the Dáil. Under heads 5 and 6, it looks like the sum of 0.8% of GDP can be reduced if the Minister gets the approval of the Dáil to do so. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2023: Discussion (22 Nov 2023)

Jim O'Callaghan: What happens if, hypothetically, a Minister for Finance or the Government decide they do not want to pay 0.8% of GDP into the fund and they cannot get a Dáil resolution to reduce it? What is the consequence for the Government, other than acting unlawfully?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2023: Discussion (22 Nov 2023)

Jim O'Callaghan: They would be obliged to make it.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2023: Discussion (22 Nov 2023)

Jim O'Callaghan: Concerning the infrastructure fund, am I correct in stating that there is a similar procedure? Can the Minister come back and look for a resolution from the Dáil to reduce the amount?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2023: Discussion (22 Nov 2023)

Jim O'Callaghan: In the highly unlikely event that there was a Government prior to 2041 that wanted to access money in the fund, how will that be prevented? Let us say that ten years from now, the Government decides it wants more money. There is money in these funds and they are not supposed to mature; the first does not mature and cannot be accessed until 2041. How, without legislative change, does it...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2023: Discussion (22 Nov 2023)

Jim O'Callaghan: I presume, at that stage, the fund or funds will be investing in projects and those people could lose confidence in Ireland as an investor if it looked like contributions to the fund were being stopped by a future government. The NTMA speaks a lot about responsible investment. Who decides? Is it a matter for the NTMA to decide what is responsible?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2023: Discussion (22 Nov 2023)

Jim O'Callaghan: The hope is that by 2035, we will have €70 billion in the first fund. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2023: Discussion (22 Nov 2023)

Jim O'Callaghan: Finally, I assume our guests have looked at similar funds that have been established in other countries. Obviously it is a matter for the Government in 2041 to decide what it wishes to use the funds for but how have other countries used funds when they have matured? For what purpose have the funds been used?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2023: Discussion (22 Nov 2023)

Jim O'Callaghan: Thanks very much.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2023: Discussion (22 Nov 2023)

Jim O'Callaghan: I am not critical of it. It is important to point out it is a departure, in that there is now a statutory obligation on the Government to provide a certain amount of funding.

Written Answers — Department of Finance: Banking Sector (22 Nov 2023)

Jim O'Callaghan: 62. To ask the Minister for Finance for an update on the implementation of the recommendations of the banking review. [51371/23]

Written Answers — Department of Finance: An Garda Síochána (21 Nov 2023)

Jim O'Callaghan: 165. To ask the Minister for Finance when the review into the standard financial threshold affecting retiring members of An Garda Síochána will commence and be completed; and if he will make a statement on the matter. [50559/23]