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Written Answers — Department of Transport, Tourism and Sport: Departmental Staff Redeployment (17 Jan 2013)

Seán Fleming: To ask the Minister for Transport, Tourism and Sport if he will provide by Department/Agency basis the number of persons who are seeking transfers to other locations; the number of transfers that took place in 2012 on a county basis on the number of transfers that took place in 2012; and if he will make a statement on the matter. [2754/13]

Further Education and Training: Motion [Private Members] (16 Jan 2013)

Seán Fleming: I welcome the opportunity to speak in this debate and I thank my colleague Deputy McConalogue for arranging to use the Fianna Fáil time on the first day back in this new year to highlight the issue of education in areas in which people suffer disadvantage. It is very important. We recognise that the Government must make choices to balance its books but it did not have to make this...

Other Questions: Overseas Development Aid (16 Jan 2013)

Seán Fleming: To ask the Tánaiste and Minister for Foreign Affairs and Trade his plans for the establishment of a civilian corps; and if he will make a statement on the matter. [1576/13]

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Seán Fleming: Where is the joined-up thinking between the different Government agencies that are operating independently? The Revenue Commissioners will have a house by house loan value. Will Professor Honohan, as Governor of the Central Bank of Ireland, have access to that? Will the banks have access to that information, given that the largest banks in the country are almost State owned, that is AIB,...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Seán Fleming: Is Professor Honohan saying that for the first time ever in the history of the State, we will have a value on each house which essentially has no relevance in relation to the banks? That is the message I am getting.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Seán Fleming: That information is in the public arena already.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Seán Fleming: Does Professor Honohan not appreciate the significance of the entire population valuing their own homes? What are the implications of this new event? It seems that Professor Honohan will dismiss this new event as irrelevant for the banks.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Seán Fleming: There is a potential risk, but the role of the Governor is to identify risk in advance and not wait until the third quarter to see what will happen. I think it is the job of the Governor to identify this risk in advance.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Seán Fleming: I am not asking the Governor to discuss anything about the negotiations on the promissory note, but will he explain the original intention of such a note? What happens physically or electronically to the repayment that is due to the Central Bank on 31 March each year? What happens to the €3 billion repayment and the cash equivalent that is handed back to the Central Bank at the close...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Seán Fleming: The IBRC will transfer in the normal course of events some €3 billion into the Central Bank.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Seán Fleming: At the end of March or 1 April, does Professor Honohan have the additional €3 billion sitting in his balance sheet or does he hand it over immediately to the European Central Bank? On which balance sheet does that €3 billion appear?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Seán Fleming: Does the Central Bank get the €3 billion?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Seán Fleming: On 1 April does the European Central Bank have approximately €3 billion more on its balance sheet?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Seán Fleming: Will it uncreate the currency, so to speak?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Seán Fleming: This is what I was driving at for the past three minutes. Will Professor Honohan explain in English the meaning of the phrase, to uncreate €3 billion? Will Professor Honohan explain what happens to this €3 billion which will be uncreated on 31 March? Does that mean burning it, shredding it or electronically wiping it out?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Seán Fleming: Will that €3 billion exist on 1 April 2013?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Seán Fleming: The €3 billion goes ultimately from the IBRC to the Central Bank to the European Central Bank?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Seán Fleming: Is it not real money at all?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Seán Fleming: I understand the money is uncreated. What does that mean? I understand that to create currency means to make new currency, what does it mean to un-create it?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Seán Fleming: Yes, what is uncreated money?

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