Results 2,761-2,780 of 35,540 for speaker:Pearse Doherty

Credit Union (Amendment) Bill 2022: Report and Final Stages (29 Nov 2023)

Pearse Doherty: Was it grouped?

Credit Union (Amendment) Bill 2022: Report and Final Stages (29 Nov 2023)

Pearse Doherty: Okay.

Credit Union (Amendment) Bill 2022: Report and Final Stages (29 Nov 2023)

Pearse Doherty: With the Leas-Cheann Comhairle's indulgence, I will be very brief. I will take the opportunity to speak. I did not catch that amendment No. 8 was grouped. This will be the last one we will discuss, from my side anyway. The amendment deletes lines 31 to 33 of section 68 of the Bill that relate to the Sixth Schedule of the principal Act which provides for matters to be provided for rules in...

Credit Union (Amendment) Bill 2022: Report and Final Stages (29 Nov 2023)

Pearse Doherty: I would like to say a few words. It will give the Minister of State an opportunity. The business before this was moving very swiftly and caught us a wee bit off guard. We have finished the scrutiny on Committee Stage and we are dealing with the amendments on Report Stage. I commend the hard work, sustained over many years by the credit union movement, which has allowed the sector to...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Pearse Doherty: These sections allow for money to be paid out of the central Exchequer. This goes to the core of the legislation before us. We discussed this on Second Stage. There is agreement on the legislation, we waived pre-legislative scrutiny of it and we support it, but it is important, probably on Committee Stage, to tease out the exact implications. While we support this legislation, it is...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Pearse Doherty: In a worst-case scenario, therefore, the State, through this legislation, would be on the hook for €35 million to the European Investment Bank, €10 million for the European Bank for Reconstruction and Development and €10 million through the Council of Europe Development Bank, amounting to €55 million. On top of that, we would be on the hook for, potentially,...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Pearse Doherty: Where do we get the €175 million figure from?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Pearse Doherty: So there is an upper cap. Even though the total exposure among the four programmes is €195 million, the maximum exposure to the State can be only €175 million. Is that correct?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Pearse Doherty: Is that for all four programmes?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Pearse Doherty: Our contribution to the EIB, however, is capped at €35 million.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Pearse Doherty: Exactly.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Pearse Doherty: Under this legislation, the exposure to the State will be in excess of €175 million and will be actually €195 million across the four programmes. Is that correct?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Pearse Doherty: It is €140 million on the EU side, plus €35 million on the EIB side, €10 million for the European Bank for Reconstruction and Development and €10 million for the Council of Europe Development Bank. Are those the correct figures?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Pearse Doherty: I understand that, but the legislation allows for a cap of €35 million. My question related to the worst-case scenario. Is the exposure under this legislation - let us forget about what comes after it - €195 million to the State?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Pearse Doherty: That is at this point-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Pearse Doherty: -----but the legislation allows for that to increase to €35 million.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Pearse Doherty: I know we have so far agreed to only €7 million but the legislation enables us to increase that, does it not?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Pearse Doherty: That is my point. In the worst-case scenario, what does this legislation expose the State to? The worst-case scenario is that we go to the cap, which is €35 million. Am I right in saying the exposure the State could be on the hook for through this legislation is a maximum of €195 million?