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Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Central Bank of Ireland (18 Apr 2019)

Joan Burton: How much reporting is there? What areas does it cover? Does it cover drugs, guns, terrorism, the illegal sex trade? There are a number of areas, globally and in Ireland, where a vast amount of money is being generated and this has to find its way into the banking structures. What does the Central Bank do and how does it train the banks which it supervises to deal with this?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Central Bank of Ireland (18 Apr 2019)

Joan Burton: What role did the Central Bank play in that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Central Bank of Ireland (18 Apr 2019)

Joan Burton: What issues has the Central Bank identified? It is one thing to talk about supervision and risk but the committee would like examples of where the Central Bank has put a stop to money laundering, drugs money and money from the sex trade. It has been raised in the Dáil and in committees on a number of occasions but the level of drug dealing is historically high at the moment, at least...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Central Bank of Ireland (18 Apr 2019)

Joan Burton: There is a huge range of banks in the IFSC which are registered in Ireland. We are very anxious to have that business but we want it to be legitimate. We know that there are vast flows of money, worldwide and in Ireland, with much of it flowing out of some very poor countries. I asked if anybody from CAB went into the Central Bank to look at its systems to see how good they are for the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Central Bank of Ireland (18 Apr 2019)

Joan Burton: Does the Central Bank have anybody from An Garda Síochána? When I was Minister for Social Protection, where there was a low but significant problem of nearly €20 billion with some areas of fraud, I had gardaí come in and be seconded to the Department to work in the Department. That interaction and learning from both cultures was extremely effective and was quite...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Central Bank of Ireland (18 Apr 2019)

Joan Burton: My second question is a brief one. In the context of Brexit, the threat of Brexit is now postponed for a period of time although we do not quite know for how long, but we clearly have issues with the Border. We do not want to see a hard border returned. On the other hand, we do not want to see massive illicit trade being generated as a consequence. Can Ms Cunningham tell us from her...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Central Bank of Ireland (18 Apr 2019)

Joan Burton: The banking collapse was referenced in the opening statements. Perhaps the witnesses will disagree, but one of things that led to the banking collapse was a culture of very high levels of executive pay. Staff at companies such as Lehman Brothers were paying themselves huge salaries. In terms of the culture board, currently there is a campaign to raise the salary caps in those banks, in...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Central Bank of Ireland (18 Apr 2019)

Joan Burton: Thank you.

Ceisteanna - Questions (Resumed): Taoiseach's Communications (17 Apr 2019)

Joan Burton: 14. To ask the Taoiseach if he will report on his most recent conversations with the Prime Minister of New Zealand; and the issues that were discussed. [15147/19]

Ceisteanna - Questions (Resumed): Taoiseach's Communications (17 Apr 2019)

Joan Burton: I thank the Taoiseach for the reply. Prime Minister Arden's approach in the aftermath of the horrific shooting and murders in Christchurch set an example globally of statesmanship of which everybody involved in politics, women and men, can be proud. Following on from the Taoiseach's comments regarding the introduction of further gun control in New Zealand, will he consider the...

Ceisteanna (Atógáil) - Questions (Resumed): Brexit Preparations (17 Apr 2019)

Joan Burton: In a way, Ireland has been a little lucky that a potentially hard, disastrous Brexit has been averted, at least for a period. As a country, we now have breathing space to confirm changes that are coming in any event and to get the island more ready for the fact that, one way or another, the relationship between the United Kingdom and the European Union is changing. It is important for ports...

Ceisteanna (Atógáil) - Questions (Resumed): Brexit Preparations (17 Apr 2019)

Joan Burton: 3. To ask the Taoiseach the role his Department is playing in preparing for a hard Brexit. [16347/19]

Ceisteanna Eile - Other Questions: Tax Code (17 Apr 2019)

Joan Burton: That is information that the Minister and his Department did not communicate to the Committee on Budgetary Oversight. The essence of the problem is that these kinds of tax breaks, where merited, can be extremely useful in generating economic activity and employment, especially in regions or parts of the country that need employment. We know many parts of the country are not getting the...

Ceisteanna Eile - Other Questions: Tax Code (17 Apr 2019)

Joan Burton: It was not.

Ceisteanna Eile - Other Questions: Mortgage Arrears Proposals (17 Apr 2019)

Joan Burton: Permanent TSB is getting ready, in April and May, to transfer its mortgages to a vehicle that it has sold them to. Like the circumstances that Deputy Durkan is outlining, many families are terrified that they will be forced out of the home on which they are paying three quarters or more of the old mortgage, when it was taken out in 2003 or 2005, at the height of the boom, at very high cost...

Ceisteanna Eile - Other Questions: Tax Code (17 Apr 2019)

Joan Burton: 45. To ask the Minister for Finance if he has examined the recent report by the Committee on Budgetary Oversight in relation to tax expenditures and the estimated cost that revenue forgone could be as much as €10 billion to €15 billion per annum; his plans to implement the recommendations of the committee in respect of same; and if he will make a statement on the matter. [17826/19]

Ceisteanna Eile - Other Questions: Tax Code (17 Apr 2019)

Joan Burton: I hope the Minister will convey the good wishes he conveyed to Deputy Wallace with other Deputies and parties who may be contesting the European and local elections. My question relates to the recently published report by the Committee on Budgetary Oversight. Evidence given by Professor Micheál Collins from UCD suggested that tax expenditures could be costing the State between...

Ceisteanna Eile - Other Questions: Tax Code (17 Apr 2019)

Joan Burton: The essence of a tax expenditure, tax incentive, a tax break or whatever one wants to call it is that it is provided to incentivise individual taxpayers, companies or others to do certain things, create certain activities and generate economic activity. It is genuinely shocking that there are no sunset clauses. At a minimum, we should try to address an approach this where as companies grow...

Ceisteanna - Questions - Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Insurance Costs (17 Apr 2019)

Joan Burton: 41. To ask the Minister for Finance his plans for insurance reforms in view of the fact that the issue of rising insurance costs and high compensation has created a market distortion that is now causing persons to lose their jobs across many small businesses; and if he will make a statement on the matter. [17869/19]

Ceisteanna - Questions - Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Insurance Costs (17 Apr 2019)

Joan Burton: Is the Minister aware that small and medium sized businesses around the country are being threatened with job losses and closures because of rising insurance costs which are only advised to them at the last minute but are not documented and detailed?

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