Results 561-580 of 8,015 for speaker:Jonathan O'Brien

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: National Surplus (Reserve Fund for Exceptional Contingencies) Bill 2018: Committee Stage (28 Mar 2019)

Jonathan O'Brien: It is a simple question.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: National Surplus (Reserve Fund for Exceptional Contingencies) Bill 2018: Committee Stage (28 Mar 2019)

Jonathan O'Brien: It is a very simple question. Does the Minister of State accept that this fund can be used to bail out banks? The Government does not expect it to be used so, but can it be used to bail out banks? It is a simple "Yes" or "No" question.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: National Surplus (Reserve Fund for Exceptional Contingencies) Bill 2018: Committee Stage (28 Mar 2019)

Jonathan O'Brien: There is a pot of money that "can be" used.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: National Surplus (Reserve Fund for Exceptional Contingencies) Bill 2018: Committee Stage (28 Mar 2019)

Jonathan O'Brien: That is fair enough.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: National Surplus (Reserve Fund for Exceptional Contingencies) Bill 2018: Committee Stage (28 Mar 2019)

Jonathan O'Brien: Can it be used?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: National Surplus (Reserve Fund for Exceptional Contingencies) Bill 2018: Committee Stage (28 Mar 2019)

Jonathan O'Brien: So it can be used to bail out banks if the Oireachtas decides.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: National Surplus (Reserve Fund for Exceptional Contingencies) Bill 2018: Committee Stage (28 Mar 2019)

Jonathan O'Brien: The Oireachtas can decide that it can be used to bail out banks. Is that correct?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: National Surplus (Reserve Fund for Exceptional Contingencies) Bill 2018: Committee Stage (28 Mar 2019)

Jonathan O'Brien: Including bailing out banks.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: National Surplus (Reserve Fund for Exceptional Contingencies) Bill 2018: Committee Stage (28 Mar 2019)

Jonathan O'Brien: It cannot be used for Brexit purposes.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: National Surplus (Reserve Fund for Exceptional Contingencies) Bill 2018: Committee Stage (28 Mar 2019)

Jonathan O'Brien: It cannot be used to invest in capital projects or a social housing programme, but it may be used to bail out banks. That is the reality. I am not having a go at the Minister of State, but let us be clear about what was in the briefing notes given to the Minister, which we obtained under a freedom of information request. According to the note in question, the fund cannot be used for Brexit...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: National Surplus (Reserve Fund for Exceptional Contingencies) Bill 2018: Committee Stage (28 Mar 2019)

Jonathan O'Brien: The Minister of State does not know how much of that there is.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: National Surplus (Reserve Fund for Exceptional Contingencies) Bill 2018: Committee Stage (28 Mar 2019)

Jonathan O'Brien: I will be pressing it. We know what "exceptional circumstance" means, given that this must all be done within the Stability and Growth Pact and the EU defines what an exceptional circumstance is. When we have asked what an exceptional circumstance is exactly, we have only been given two examples - terrorist threats and the migration issue. We have been given no other examples of what could...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: National Surplus (Reserve Fund for Exceptional Contingencies) Bill 2018: Committee Stage (28 Mar 2019)

Jonathan O'Brien: The Government needs permission from the EU to decide that.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: National Surplus (Reserve Fund for Exceptional Contingencies) Bill 2018: Committee Stage (28 Mar 2019)

Jonathan O'Brien: I move amendment No. 3: In page 4, lines 32 and 33, to delete “, in addition to any assets referred to in subsection (1)and, as the case may be, sums referred to in subsection (2),”.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: National Surplus (Reserve Fund for Exceptional Contingencies) Bill 2018: Committee Stage (28 Mar 2019)

Jonathan O'Brien: The outcome of the vote was obvious, but I reserve the right to table further amendments on Report Stage.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: National Surplus (Reserve Fund for Exceptional Contingencies) Bill 2018: Committee Stage (28 Mar 2019)

Jonathan O'Brien: I move amendment No. 4: In page 4, to delete lines 35 to 38, and in page 5, to delete lines 1 to 9.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: National Surplus (Reserve Fund for Exceptional Contingencies) Bill 2018: Committee Stage (28 Mar 2019)

Jonathan O'Brien: We withdraw our opposition to the section. We had hoped the Minister of State would see sense and accept our amendments to section 5. Given that he has not done so, section 6 will provide some safety by allowing the Oireachtas to vote on the matter. We will withdraw our opposition because we not successful in having our amendments accepted.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: National Surplus (Reserve Fund for Exceptional Contingencies) Bill 2018: Committee Stage (28 Mar 2019)

Jonathan O'Brien: This brings us back to our earlier conversation. The section relates to the transfer of assets. We tabled a number of amendments on the use of the money. It is clear that we cannot use the money to deal with the crises we face today. In one of our amendments we sought to provide for increased levels of capital investment, which would have a direct, long-term, positive effect on society...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: National Surplus (Reserve Fund for Exceptional Contingencies) Bill 2018: Committee Stage (28 Mar 2019)

Jonathan O'Brien: Amendment No. 8 laid out three ways by which the money could be used. I do not understand the Minister of State's objection. We can argue about whether we are investing enough in housing provision. The Minister of State says we are, but I say we are not. By refusing to include in legislation that the money could be used to deal with a housing crisis, we are cutting off that option next...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: National Surplus (Reserve Fund for Exceptional Contingencies) Bill 2018: Committee Stage (28 Mar 2019)

Jonathan O'Brien: I do not agree with the section because it provides the potential for a bailout of banks.