Results 3,281-3,300 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: The question in terms of the substantial financial assistance being provided to Ukraine in the form of loans in the main relates to assessment. Has the Department done any assessment with regard to the risk? There is a risk. There is an assessment of the risk being done by the European Commission. The risk is huge compared with other third-party countries where there would be a normal...

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: Yes.

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 absolutely agree with the Minister of State in her latter points but I will go back to my original question. The legislation has got a guarantee which could be called upon which is to the tune of hundreds of millions of euro. Has the Department carried out its own assessment in relation to the risk of this guarantee being called upon? It is a fair question.

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 there a risk assessment in relation to this legislation in terms of the likely or potential exposure to the State? Has a piece of work been done within the Department on this? That is what I want to know. If I put in an FOI request in the morning, will I get a document from the Department stating where it sees things? Will it set out that when certain things are added up, and if the...

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 definition of risk is that one is not able to say that this is exactly what will happen in the future but risk assessments are supposed to weigh up the possibility. In the legislation, we know what the ultimate exposure is because it has caps built into it but that is not the risk unless we are suggesting that there will be 100% default-----

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: -----and that the European Union will not pick up any of this through its own budgeting. That would mean the cap is there. The likely risk is something very different. That is what I am trying to get at. Has the Department looked at what is the likely risk at this point in time, bearing in mind that things can change in relation to the State's exposure under 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: I do not think I will get a satisfactory answer from the Minister of State in relation to this.

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: Let me put it like this. The Minister of State mentioned the Commission. I mentioned the Commission earlier on. The Commission carried out an assessment in relation to the risk. In 2022, on the €6 billion loans that were provided to Ukraine, the Commission recognised that there was a 70% provisioning that would have to be done. I am asking whether this country has done an...

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: What is the percentage?

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: What is the risk? The Commission's assessment was 70% in 2022. The Minister of State has brought forward legislation now. What is the risk? Has the Department done that? If it has, what is the risk? Is it 60%? Is it 70%? Is it 5%?

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 the Minister of State's view that the 70% extends across all of the products - the four different categories - at this point in time because that is what the legislation deals with?

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, the objectives. Obviously, there is a brutal illegal war being waged by Russia on Ukraine. It is important that taxpayers would know exactly where our money is going to and what safeguards are there. Is it to help to rebuild the infrastructure there? Is it humanitarian aid? Are there objectives in terms of the loans that are being provided?

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 her comments. In scrutinising this Bill, I do not think there is anybody who is opposed to it, but they can speak for themselves. At least on Second Stage, we did not see that in terms of supporting the principle of solidarity which is at heart of the European Union supporting a country that, through no fault of its own, has found its economy in free fall...

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 am talking about the MFA+.

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: No. In the context of the MFA+, which is dealt with in Part 6 of the legislation, does the Minister of State have any forecast in relation to the State's envisaged contributions? Schedule 4 deals with the schedule between us and the EU in terms of the MFA+, 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: Yes.

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: To clarify, I am not referring to section 6 but to Part 6 of the Bill and to sections 17, 18 and 19 which we are discussing, which deal with the issue of-----

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: -----MFA+ and the contribution agreement. The contribution agreement is in Schedule 4 to the Bill.

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 Schedule 4 to the Bill connected to the MFA+?

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: This section allows, for the first time, the State to enter into an MFA+ contribution agreement. Therefore, it is enabling legislation. That is what section 18 does. The terms of that agreement are set out in Schedule 4. Is that not correct?