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Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Home Building Finance Ireland - Financial Statements 2020
(3 Mar 2022)

Catherine Murphy: Can he give me a short response? I will be tight on time.

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Home Building Finance Ireland - Financial Statements 2020
(3 Mar 2022)

Catherine Murphy: How much does it cost to build them? What would they be sold for?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Home Building Finance Ireland - Financial Statements 2020
(3 Mar 2022)

Catherine Murphy: I do not want a sales pitch. Can you keep this short?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Home Building Finance Ireland - Financial Statements 2020
(3 Mar 2022)

Catherine Murphy: Can the difference be compared between the momentum fund and the other loans in respect of the end cost? What are these units sold for? Can that comparison be made? I would have thought that was bog-standard information the witnesses would have had off the top of their heads.

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Home Building Finance Ireland - Financial Statements 2020
(3 Mar 2022)

Catherine Murphy: Can the comparison be made?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Home Building Finance Ireland - Financial Statements 2020
(3 Mar 2022)

Catherine Murphy: I would have thought that would have been something we could have easily got some figures on. An exception was sought for the momentum fund in respect of the legislation. The HBFI approached the Minister in this regard. Was an approach made to the organisation to indicate that there was a gap, as it has been described? I refer to a situation where the HBFI lobbied for moneys to be made...

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Home Building Finance Ireland - Financial Statements 2020
(3 Mar 2022)

Catherine Murphy: What market research did the HBFI do? Was it approached? How did this endeavour come about?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Home Building Finance Ireland - Financial Statements 2020
(3 Mar 2022)

Catherine Murphy: We are constantly told that the whole point of cuckoo funds, and I will use that term, is that they bring something to the market, and that they free up-----

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Home Building Finance Ireland - Financial Statements 2020
(3 Mar 2022)

Catherine Murphy: The expectation when this fund was set up was that it was not for institutional investors, but for small and medium builders, as opposed to developers, who could not get funding. This fund is a significant difference from the expectation when the HBFI was first established. Why could institutional investors not source funding in a market where there was cheap money and negative interest...

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Home Building Finance Ireland - Financial Statements 2020
(3 Mar 2022)

Catherine Murphy: Okay. Was this bridging money?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Home Building Finance Ireland - Financial Statements 2020
(3 Mar 2022)

Catherine Murphy: Okay. Right.

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Home Building Finance Ireland - Financial Statements 2020
(3 Mar 2022)

Catherine Murphy: How many entities got loans?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Home Building Finance Ireland - Financial Statements 2020
(3 Mar 2022)

Catherine Murphy: Were any of these units for sale or were they leased to local authorities or AHBs?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Home Building Finance Ireland - Financial Statements 2020
(3 Mar 2022)

Catherine Murphy: To pick up on another aspect mentioned by Deputy McAuliffe, regarding performance, what are the key criteria for performance management? Is that information set out?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Home Building Finance Ireland - Financial Statements 2020
(3 Mar 2022)

Catherine Murphy: Can we see those?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Home Building Finance Ireland - Financial Statements 2020
(3 Mar 2022)

Catherine Murphy: That would be helpful. Moving on, a sum of €883,000 covers the salaries for six staff.

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Home Building Finance Ireland - Financial Statements 2020
(3 Mar 2022)

Catherine Murphy: How is that total broken down? What is Ms Deering's salary, for example?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Home Building Finance Ireland - Financial Statements 2020
(3 Mar 2022)

Catherine Murphy: Okay. The total is for the senior management, and there are other staff as well.

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Home Building Finance Ireland - Financial Statements 2020
(3 Mar 2022)

Catherine Murphy: Regarding the payment of €1,000 in respect of health insurance, why did the HBFI have to reimburse the NTMA for that amount?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Home Building Finance Ireland - Financial Statements 2020
(3 Mar 2022)

Catherine Murphy: Okay. The point made by Deputy McAuliffe is of concern to me as well. What criteria are used in the context of this funding? Would there be a benefit in expanding this aspect to cover costs and to make it more viable? The HBFI discontinued the momentum fund. What brought that about? Was there any interaction with the NTMA, the Government or Ministers regarding how the fund was being spent?

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