Results 9,221-9,240 of 15,555 for speaker:Eoghan Murphy

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: I will not debate it. Obviously the ruling on whether or not the amendment was out of order was not a decision for us to take. I am curious about what the Deputy means by a report. The Minister has already put on record in reply to a parliamentary question his decision this regard. Is the Deputy seeking something further beyond the reply to the parliamentary question?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: I reiterate that this is a loan. Judging from the Second Stage contributions of some Deputies, albeit not Deputy Pearse Doherty, there may have been some confusion in this regard. This is a loan which would be repaid with interest. In so far as that is concerned, it would not impact on the deficit or the expenditure benchmark.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: It would be treated as a loan to the fund to be repaid to us with interest within two years. The interest would depend on market rates at the time. We would recoup the money that way. The expenditure benchmark is calculated over a ten-year period, which runs from five years previous to the current year to four years after the end of the current year. The loan would be repaid with interest...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: I do not believe it would impact on the debt to GDP ratio and I do not see how it could impact on it.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: It would also depend on from where the funds being made available for the loan were allocated.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: That would not be the case if the loan was classified as an asset, in other words, if it was classified as a loan on which repayments were being made with interest.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: Again, it would depend on the amount and way in which the loan was made available, including from where the allocation has been made.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: As Deputy D'Arcy states, it is an issue of classification in so far as how the loan would be classified on the State's balance sheet. Would it be classified as a debt or an asset, depending on from which stream the money comes? Ideally, one would not want to take it on to the debt position or stock of debt of the State. Again, we are discussing a scenario in which things have got pretty...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: I will certainly be able to speak to that issue on Report Stage. It could be still classified potentially as a loan from the NTMA without having any effect on our debt balance because the agency has cash reserves.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: It would depend again on the circumstances but I will be able to speak to the classification on Report Stage if that helps clarify the matter.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: That is precisely the issue. Given that we are discussing hypothetical and extreme cases, it is difficult to answer the Deputy's specific questions.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: That will not be a problem.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: I move amendment No. 9:In page 5, lines 9 and 10, to delete "Single Resolution Board (Loan Facility Agreement) Act 2016" and substitute "Finance (Certain European Union and Intergovernmental Obligations) Act 2016".

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: I move amendment No. 10:In page 3, to delete lines 6 to 14 and substitute the following:“An Act to— (a) make provision in relation to an agreement that is to be entered into between the Single Resolution Board and the State concerning the lending of sums by the State to the Single Resolution Board in circumstances where, after disposal of the latter’s funds in the manner...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2016
Vote 7 - Office of the Minister of Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (30 Jun 2016)

Eoghan Murphy: I will pick up on the point relating to financial services because there are some possible gains in this area. We complement and compete with London in a range of areas, so there are going to be challenges and opportunities for us. There is a strategy for financial services job creation. It is not simply about the IFSC; there is a whole-of-Ireland approach. The aim is to create 10,000...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2016
Vote 7 - Office of the Minister of Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (30 Jun 2016)

Eoghan Murphy: Many of the meetings and contacts are happening daily and hourly, even if they are not happening publicly. However, the public roll-out of that is about to commence. EI is diversifying all the time and that is important. Right now, it is dealing with protecting companies that export to the UK which have not hedged against currency fluctuations. EI is working on that strategy. At the same...

Single Resolution Board (Loan Facility Agreement) Bill 2016: Instruction to Committee (29 Jun 2016)

Eoghan Murphy: I thank the Deputies for their constructive contributions. To answer Deputy Pearse Doherty, when I originally spoke on the legislation several weeks ago, I referred to its importance and the need to move on it quickly. He pointed out that if something is important, we should take our time with it. He is absolutely right in this regard. To clarify, this is important and, therefore, I hope...

Single Resolution Board (Loan Facility Agreement) Bill 2016: Second Stage (Resumed) (29 Jun 2016)

Eoghan Murphy: To reassure the Deputy, "discreate" may, in fact, be a word. At least, that is what Google tells me and I believe it. Therefore, we will go with it. I thank Deputies for their kind words since we began this debate two weeks ago about my recent appointment as Minister of State. I also thank them for their constructive engagement in the debate on the Bill. I look forward to more...

Single Resolution Board (Loan Facility Agreement) Bill 2016: Second Stage (Resumed) (29 Jun 2016)

Eoghan Murphy: Yes.

Single Resolution Board (Loan Facility Agreement) Bill 2016: Referral to Select Committee (29 Jun 2016)

Eoghan Murphy: I move: "That the Bill be referred to the Select Committee on Finance, Public Expenditure and Reform, and Taoiseach pursuant to Standing Order 141."