Results 10,961-10,980 of 35,617 for speaker:Pearse Doherty

Special Committee on Covid-19 Response: Reopening the Economy: Supports for Business (9 Jun 2020)

Pearse Doherty: I thank Mr. McDonnell. I would like to ask Mr. McCoy about the supports for business. We heard evidence earlier from both of our witnesses that we are way out of step with our European competitors. I struggle to understand why this is the case. If we do not get into step quite quickly, we are going to lose more jobs. Just this week, I was speaking to a company that employs 50...

Special Committee on Covid-19 Response: Reopening the Economy: Supports for Business (9 Jun 2020)

Pearse Doherty: Am I right to say that neither ISME nor IBEC are involved in discussions with the Department on the legislation that will come before us in time?

Special Committee on Covid-19 Response: Reopening the Economy: Supports for Business (9 Jun 2020)

Pearse Doherty: I refer to the State guarantee legislation and the microfinance Bill that is to come before us.

Special Committee on Covid-19 Response: Reopening the Economy: Supports for Business (9 Jun 2020)

Pearse Doherty: And ISME?

Special Committee on Covid-19 Response: Reopening the Economy: Supports for Business (9 Jun 2020)

Pearse Doherty: I find this astonishing because one of the things to happen soon is that, in the next 20 minutes, the Business Committee will be asked to waive scrutiny of that legislation, which would usually allow for ISME, IBEC and the Department to give their thoughts on it. Obviously, we all want to see that legislation passed as quickly as possible, but the fact there is no engagement with ISME or...

Special Committee on Covid-19 Response: Reopening the Economy: Supports for Business (9 Jun 2020)

Pearse Doherty: I will now turn to the role of the banks in supporting the recovery and the temporary so-called holiday that is a three-month deferment of payment, which I would argue is not a holiday. For example, a coach operator with a number of coaches who is looking to avail of this temporary repayment holiday for three months will be charged €2,000 extra per coach. This would put a company...

Special Committee on Covid-19 Response: Reopening the Economy: Supports for Business (9 Jun 2020)

Pearse Doherty: Cuirim fáilte roimh ár gcúirteoirí chuig an coiste. Does Dr. Quinn agree with the Central Bank's financial stability note published on 23 April on SME liquidity needs in which it outlined there were 282,000 SMEs employing 1.1 million people and that over the next three months their liquidity needs will range from €2.4 billion to €5.7 billion?

Special Committee on Covid-19 Response: Reopening the Economy: Supports for Business (9 Jun 2020)

Pearse Doherty: I appreciate that. One of the key findings of the Central Bank financial stability note is that SMEs needing to cover their expenses over a three-month period require between €2.4 billion and €5.7 billion. Does the Department agree with that assessment? Does the Department have its own assessment on the liquidity needs of SMEs over the same period?

Special Committee on Covid-19 Response: Reopening the Economy: Supports for Business (9 Jun 2020)

Pearse Doherty: What is the total amount under the flagship loan schemes being made available by the Department? What is the total amount of liquidity that has been made available to SMEs?

Special Committee on Covid-19 Response: Reopening the Economy: Supports for Business (9 Jun 2020)

Pearse Doherty: How much has been drawn down so far? Dr. Quinn cannot talk about €2 billion being available in respect of which legislation has not been passed by the House, or another €2 billion that is only made available to larger companies rather than SMEs. Is that not correct?

Special Committee on Covid-19 Response: Reopening the Economy: Supports for Business (9 Jun 2020)

Pearse Doherty: This is my central point. I understand that Dr. Quinn is the Secretary General and the Government will make policy decisions on the matter. When we look at our European competitors, neighbours and other jurisdictions across all indicators, we see that this State is failing SMEs terribly. This applies whether in terms of the liquidity needs of SMEs, the loans that are being made available,...

Special Committee on Covid-19 Response: Reopening the Economy: Supports for Business (9 Jun 2020)

Pearse Doherty: With respect, Britain has a wage subsidy scheme amounting to 80%. Britain has waived rates not for three months, as we have done here, but for nine months. In the North, an SME in the most-affected sector has grant support available up to £25,000. Here, the figure is €10,000 at most. For all other SMEs in the North the figure is £10,000, whereas here a company gets as...

Special Committee on Covid-19 Response: Reopening the Economy: Supports for Business (9 Jun 2020)

Pearse Doherty: I have in my possession the scheme documentation. It states that applicants have to satisfy the Covid-19 criteria as well as one of the ten or 11 other terms. Let us take the example of a local café in Donegal looking for funding under the working capital scheme. Many people have told me that they have applied and been rejected because they cannot meet the criteria relating to these...

Special Committee on Covid-19 Response: Reopening the Economy: Supports for Business (9 Jun 2020)

Pearse Doherty: It cannot avail of the working capital scheme though, can it?

Special Committee on Covid-19 Response: Reopening the Economy: Supports for Business (9 Jun 2020)

Pearse Doherty: Let us deal with the MFI schemes. What is the rate for the scheme for smaller companies? The café to which I refer would be excluded from that because of the number of people it employs but let us go down this line of questioning anyway. What is the interest rate that is being applied to that scheme?

Special Committee on Covid-19 Response: Reopening the Economy: Supports for Business (9 Jun 2020)

Pearse Doherty: There is no interest for the first six months and then a rate of 4.5% applies for the remainder of the period. I put it to the Secretary General that these loan schemes have been such a failure, as outlined by business representative bodies and individual business people, because of the criteria and the interest rates. Let us look at what is happening in Britain, our nearest competitor....

Special Committee on Covid-19 Response: Reopening the Economy: Supports for Business (9 Jun 2020)

Pearse Doherty: I appreciate that. In the last couple of seconds remaining, I wish to ask about the credit guarantee scheme. As we know, there has always been a credit guarantee scheme here, with X billion euro available to it. The Government has announced a new credit guarantee scheme which will basically guarantee about 40%. Is that not correct? It is an 80% guarantee but it has a 50% portfolio cap so...

Covid-19 (Foreign Affairs and Trade): Statements (3 Jun 2020)

Pearse Doherty: The public health crisis has been tough on various sectors throughout the country, with many small businesses and those in tourism, hospitality and retail in my county particularly hard hit. Our inshore fishermen were struggling long before this crisis arose, with herring quotas and scientific quotas reduced and boats tied up. Our small fishermen were on their knees. I have been speaking...

Covid-19 (Foreign Affairs and Trade): Statements (3 Jun 2020)

Pearse Doherty: Three minutes. I could not have been more kind to the Tánaiste.

Written Answers — Department of Finance: Vehicle Registration Tax (3 Jun 2020)

Pearse Doherty: 51. To ask the Minister for Finance when vehicle registration tax offices will reopen. [8375/20]