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Special Committee on Covid-19 Response: Covid-19: Impact on the Fiscal Position (16 Jun 2020)

Michael McNamara: I thank Mr. Barnes. The first speaker is Deputy Doherty.

Special Committee on Covid-19 Response: Covid-19: Impact on the Fiscal Position (16 Jun 2020)

Michael McNamara: Can all of the three speakers on video link hear me? Yes. We are quite constrained by the time we can be in the Chamber. I ask everybody to be as concise as possible. I call Deputy Carroll MacNeill.

Special Committee on Covid-19 Response: Covid-19: Impact on the Fiscal Position (16 Jun 2020)

Michael McNamara: On the issue of public confidence, what role does bank lending play in that?

Special Committee on Covid-19 Response: Covid-19: Impact on the Fiscal Position (16 Jun 2020)

Michael McNamara: Have you seen any change in bank lending practice in Ireland since this crisis commenced?

Special Committee on Covid-19 Response: Covid-19: Impact on the Fiscal Position (16 Jun 2020)

Michael McNamara: It is appearing in front of the committee in a couple of weeks. Thank you, Mr. Barnes. I call Deputy Shortall.

Special Committee on Covid-19 Response: Covid-19: Impact on the Fiscal Position (16 Jun 2020)

Michael McNamara: Deputy Colm Burke is the next speaker. He has ten minutes.

Special Committee on Covid-19 Response: Covid-19: Impact on the Fiscal Position (16 Jun 2020)

Michael McNamara: The Deputy may make a short point.

Special Committee on Covid-19 Response: Covid-19: Impact on the Fiscal Position (16 Jun 2020)

Michael McNamara: I have a couple of questions, if I may. Deputy Mairéad Farrell asked about the changing international tax environment, in particular with regard to the Franco-German bonds. What impact is that initiative likely to have? Are we likely to lose more in corporation tax than we would potentially gain from these bonds by that changing international tax environment?

Special Committee on Covid-19 Response: Covid-19: Impact on the Fiscal Position (16 Jun 2020)

Michael McNamara: Dr. Casey projected earlier that there would be approximately €14 billion in additional borrowings per year, and at the moment our borrowings are at about €200 billion, which is approximately 100% debt-to-GNI* ratio. Is that correct?

Special Committee on Covid-19 Response: Covid-19: Impact on the Fiscal Position (16 Jun 2020)

Michael McNamara: Where would that leave us at the anticipated end of the lifespan of this Dáil in 2025? Among eurozone states, would we still be among the so-called PIGS, that is, Portugal, Italy, Greece and Spain?

Special Committee on Covid-19 Response: Covid-19: Impact on the Fiscal Position (16 Jun 2020)

Michael McNamara: Mr. Barnes mentioned demographics. How important is inward migration in that demographic picture?

Special Committee on Covid-19 Response: Covid-19: Impact on the Fiscal Position (16 Jun 2020)

Michael McNamara: How important is immigration as part of that demographic picture, as opposed to having a high birth rate relative to mainland Europe?

Special Committee on Covid-19 Response: Covid-19: Impact on the Fiscal Position (16 Jun 2020)

Michael McNamara: Is that 13,000 or 30,000?

Special Committee on Covid-19 Response: Covid-19: Impact on the Fiscal Position (16 Jun 2020)

Michael McNamara: I thank you all for your time this morning and for answering all of the questions from me and all of the committee members. That concludes this morning's session. I will now suspend the committee until 2 p.m. when we will be meeting with representatives from the ESRI and the University of Limerick. Deputy Butler will be chairing that session. Again, I thank everyone, including those on...

Covid-19 (Health): Statements (11 Jun 2020)

Michael McNamara: I appreciate that. We are disincentivising people from working in an area in which we need more people.

Covid-19 (Health): Statements (11 Jun 2020)

Michael McNamara: Perhaps the Minister could reply by correspondence if there is no more time.

Covid-19 (Health): Statements (11 Jun 2020)

Michael McNamara: On 19 March 2020, this House gave the Minister draconian powers. We debated aspects of them. Like all draconian powers, they were circumscribed and limited to specific circumstances. They were, by order, to declare an area or region in the State to be an area where there is known or thought to be sustained human transmission of Covid-19, or from which there is a high risk of importation of...

Special Committee on Covid-19 Response: World Health Organization: Public Health Advice (11 Jun 2020)

Michael McNamara: We are joined this morning by Dr. David Nabarro, World Health Organization Covid-19 special envoy, by video link from Geneva. I advise the witness that by virtue of section 17(2)(l) of the Defamation Act 2009, witnesses are protected by absolute privilege in respect of their evidence to this committee. If they are directed by the committee to cease giving evidence in relation to a particular...

Special Committee on Covid-19 Response: World Health Organization: Public Health Advice (11 Jun 2020)

Michael McNamara: I call the next speaker, Deputy Matt Carthy, from Sinn Féin. He has a reduced time of eight minutes.

Special Committee on Covid-19 Response: World Health Organization: Public Health Advice (11 Jun 2020)

Michael McNamara: Thank you. I call Deputy Barry, who I presume is substituting for his Solidarity-People Before Profit colleague.

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