Results 27,681-27,700 of 35,894 for speaker:Pearse Doherty

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Pearse Doherty: We will move on.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Pearse Doherty: The way this has worked up to now is that the Minister would advance a certain amount of funds from the post office savings bank fund to the NTMA, which would pay the receipts or the costs in terms of the financing projects it would be involved in. We are being asked to allow the NTMA to take the money itself.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Pearse Doherty: Did the power exist for the NDFA to take the money from the fund without any recourse to the Minister?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Pearse Doherty: I move amendment No. 23: In page 29, line 15, to delete “instructions” and substitute “directions and orders”.This is a return to my hobby-horse. We have had directions, orders and now we have instructions. This is the only place in the legislation that the word “instruction” appears. There has been reference to the fact that all orders must be...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Pearse Doherty: What is the difference between a direction and an instruction?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Pearse Doherty: I can understand an order

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Pearse Doherty: There is a material change.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Pearse Doherty: The point relates to the use of the word “instructions”, which only relates to this section, and all instructions must be complied with. The preceding wording is that the agency shall comply with all guidelines and instructions. This is a genuine question. I want to know what the power of the Minister will be. I know what his powers are in terms of orders and directions but...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Pearse Doherty: I am not talking about guidelines.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Pearse Doherty: I am none the wiser.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Pearse Doherty: A guideline is clear but if I were Minister I would question whether I should issue an instruction, which is mandatory, an order, which is mandatory or a direction-----

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Pearse Doherty: I am not entirely clear on what is envisaged under this section, specifically in respect of NewERA. I agree absolutely that a substantial injection into social housing is required, particularly from the Ireland Strategic Investment Fund. However, NewERA and the ISIF are two different things. It has been suggested the National Pensions Reserve Fund which will be this new fund will invest in...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Pearse Doherty: To return to the point I made earlier, my understanding is NewERA and the ISIF are completely and utterly separate and that the money sitting in the National Pensions Reserve Fund and the assets that will be transferred to the new fund will not be put into the five areas. The only way they could be is if there was a substantial commercial return for the agency ior it was a directed...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Pearse Doherty: Given that the financial reports are published, what is the problem with publishing the assessment by the agency of the financial performance? The Minister is assessing the role of the agency because it is the agency that is tasked to have a strategy for these bodies.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Pearse Doherty: Section 19(7) states: As soon as is reasonably practicable after giving a direction under subsection (5), the Minister for Public Expenditure and Reform shall publish the direction in such manner as he or she considers appropriate.My reading of that provision is that a direction may not be published having due regard to commercial sensitivities. My reading of the words “such...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Pearse Doherty: Does that mean that one could edit or redact the direction?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Pearse Doherty: Owing to the commercial sensitivity of some directions, the Minister may have to allow a period to elapse before a direction is published as the provision does not allow for the publication of a redacted direction.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Pearse Doherty: For example, a Minister may issue a direction to Irish Water, but it may contain commercially sensitive material such as the rationale behind the decision. Could a Minister use this section to claim what was required was the publishing of the full direction but that it was not reasonably practical to do so until a certain time because a portion of it contained commercially sensitive material?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Pearse Doherty: That is the key point. Under this section, the Minister cannot publish a direction and redact the portions that are commercially sensitive because it is either published in full or not at all.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Pearse Doherty: Yes, it must be published in full or not at all. If I were to submit a freedom of information request, the part of the direction that was commercially sensitive would be redacted. However, there is no flexibility in section 19 to allow the Minister to do so.