Results 3,261-3,280 of 36,036 for speaker:Pearse Doherty

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?

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 in only one programme, however. Four programmes are referred to in this legislation.

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: The maximum exposure allowed for under the legislation, therefore, is just over €195 million 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: With respect, we are talking about what is in this legislation. There are caps in the legislation regarding liabilities, and I am asking what happens if you add up all the caps on liabilities. I understand those liabilities have not, at this point, been created in full but I think it is a fair question. The caps on liabilities are in the legislation. My understanding is that that...

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 thank the Minister of State for responding. Given the size of the contribution so far and the amount of money for which taxpayers are on the hook and given that, as she said, further contributions through the EIB or other entities could increase our contribution or exposure way beyond €250 million, it is important to tease out with the Minister of State some of the possibilities...