Results 11,121-11,140 of 16,492 for speaker:Ciarán Lynch

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Ciarán Lynch: I thank Mr. Duffy. I will begin by referring to the Central Bank's report of 23 August which indicates that the banks are moving away from short-term, temporary treatments to offering more long-term, sustainable solutions. In its report the Central Bank gives two sets of figures on pages 4 and 5. One is a pie chart, while the other is a list of figures. It states that at the time the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Ciarán Lynch: Does that involve somebody not having to go through the insolvency process before AIB will consider that level of debt write-down?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Ciarán Lynch: We now move on to No. 6 on today's agenda, which is an overview of the financial sector, Allied Irish Banks. I welcome Mr. David Duffy, chief executive officer with Allied Irish Banks. Mr. Duffy is accompanied by Mr. Bernard Byrne, director of personal and banking business, Mr. Myles O'Grady, acting chief financial officer, and Mr. Brendan O'Connor, head of financial solutions group. The...

Committee on Finance, Public Expenditure and Reform: Joint Sub-Committee on Global Corporate Taxation: Global Taxation Architecture: Discussion with Director of the OECD Centre for Tax Policy and Administration (23 Jul 2013)

Ciarán Lynch: Before I call Deputy Donnelly I wish to remind the committee that we are due to conclude at 3 p.m. When Mr. Saint-Amans answers the Deputy's last question I will allow a question from some other members and time for a composite response. I will allow questions, not comment. If members make comments then I will have to cut them off.

Committee on Finance, Public Expenditure and Reform: Joint Sub-Committee on Global Corporate Taxation: Global Taxation Architecture: Discussion with Director of the OECD Centre for Tax Policy and Administration (23 Jul 2013)

Ciarán Lynch: I will not allow comments to be made.

Committee on Finance, Public Expenditure and Reform: Joint Sub-Committee on Global Corporate Taxation: Global Taxation Architecture: Discussion with Director of the OECD Centre for Tax Policy and Administration (23 Jul 2013)

Ciarán Lynch: The Deputy is making a statement. I will only allow a question.

Committee on Finance, Public Expenditure and Reform: Joint Sub-Committee on Global Corporate Taxation: Global Taxation Architecture: Discussion with Director of the OECD Centre for Tax Policy and Administration (23 Jul 2013)

Ciarán Lynch: We will be very punctual and will finish at 3 p.m. I thank Mr. Saint-Amans for attending this afternoon and for his detailed and comprehensive presentation and responses. The OECD report was published last Friday and was perfectly timed. I thank him for making himself available to the committee so soon after its publication and being able to discuss it in detail. Today's meeting is the...

Committee on Finance, Public Expenditure and Reform: Joint Sub-Committee on Global Corporate Taxation: Global Taxation Architecture: Discussion with Director of the OECD Centre for Tax Policy and Administration (23 Jul 2013)

Ciarán Lynch: The parliamentary finance committees of various nation states carry out investigations for their own reasons. Mr. Saint-Amans and I are of the same opinion that the US deferral system can be interpreted as an interest-free loan for an indefinite period of time. My understanding of European law is that it is not possible for a nation state in Europe to do this because of competition law, but...

Committee on Finance, Public Expenditure and Reform: Joint Sub-Committee on Global Corporate Taxation: Global Taxation Architecture: Discussion with Director of the OECD Centre for Tax Policy and Administration (23 Jul 2013)

Ciarán Lynch: My recollection of the Senate report is that it had nothing to say about US deferral of taxation. It had much to say about Ireland but little to say about getting its own house and affairs in order. Is that correct?

Committee on Finance, Public Expenditure and Reform: Joint Sub-Committee on Global Corporate Taxation: Global Taxation Architecture: Discussion with Director of the OECD Centre for Tax Policy and Administration (23 Jul 2013)

Ciarán Lynch: That is my interpretation and Mr. Saint-Amans might correspond with me after the meeting on the matter. I would hate to be incorrect, but as far as I know, I am not. If I am incorrect, I ask Mr. Saint-Amans to let me know.

Committee on Finance, Public Expenditure and Reform: Joint Sub-Committee on Global Corporate Taxation: Global Taxation Architecture: Discussion with Director of the OECD Centre for Tax Policy and Administration (23 Jul 2013)

Ciarán Lynch: I thank Deputy Boyd Barrett. Before moving to the second round of questions, I will summarise the position. What I am hearing from Mr. Saint-Amans in response to the committee's questions is that the kernel of global taxation of multinational enterprise profits is the balance between taxation at source and that of residency, and those two different areas are ultimately where the dilemma...

Committee on Finance, Public Expenditure and Reform: Joint Sub-Committee on Global Corporate Taxation: Global Taxation Architecture: Discussion with Director of the OECD Centre for Tax Policy and Administration (23 Jul 2013)

Ciarán Lynch: Mr. Saint-Amans's report states on page 8 that "These developments have opened up opportunities for MNEs to greatly minimise their tax burden", and that, ultimately, Governments are harmed, taxpayers are harmed and businesses are harmed. Will Mr. Saint-Amans expand on those three points?

Committee on Finance, Public Expenditure and Reform: Joint Sub-Committee on Global Corporate Taxation: Global Taxation Architecture: Discussion with Director of the OECD Centre for Tax Policy and Administration (23 Jul 2013)

Ciarán Lynch: The US Senate committee carried out its inquiry for American interests and the House of Commons report most certainly carried out its investigations for British interests. That may also be the case with this Irish committee, although given some of the remarks he might have heard here, Mr. Saint-Amans might not guess it is being carried out in Irish interests. To take one point, the American...

Committee on Finance, Public Expenditure and Reform: Joint Sub-Committee on Global Corporate Taxation: Global Taxation Architecture: Discussion with Director of the OECD Centre for Tax Policy and Administration (23 Jul 2013)

Ciarán Lynch: In her 2006 study, Lundan suggested that 40% of US foreign direct investment in Europe is taking place through deferred taxes that are not paid in the US. It has also been suggested that the cost of funds to finance overseas investments is actually a corporate structure designed by the US that allows companies to invest money overseas by having their tax deferred. If such a company loses...

Committee on Finance, Public Expenditure and Reform: Joint Sub-Committee on Global Corporate Taxation: Global Taxation Architecture: Discussion with Director of the OECD Centre for Tax Policy and Administration (23 Jul 2013)

Ciarán Lynch: To clarify that, Ireland does not have tax treaties with the Caribbean tax havens. Is that correct? Is it Mr. Saint-Amans's understanding that there is no Irish agreement with any tax haven in the Caribbean?

Committee on Finance, Public Expenditure and Reform: Joint Sub-Committee on Global Corporate Taxation: Global Taxation Architecture: Discussion with Director of the OECD Centre for Tax Policy and Administration (23 Jul 2013)

Ciarán Lynch: Is there a Dutch arrangement with the Caribbean states in respect of how tax is held or not held?

Committee on Finance, Public Expenditure and Reform: Joint Sub-Committee on Global Corporate Taxation: Global Taxation Architecture: Discussion with Director of the OECD Centre for Tax Policy and Administration (23 Jul 2013)

Ciarán Lynch: So there is a historical context with the Netherlands and the Caribbean which is completely different to Ireland's relationship with the Caribbean?

Committee on Finance, Public Expenditure and Reform: Joint Sub-Committee on Global Corporate Taxation: Global Taxation Architecture: Discussion with Director of the OECD Centre for Tax Policy and Administration (23 Jul 2013)

Ciarán Lynch: We will suspend the sitting until we re-establish contact with Mr. Saint-Amans. We are over time also, but I will bring Deputy Twomey back in shortly.

Committee on Finance, Public Expenditure and Reform: Joint Sub-Committee on Global Corporate Taxation: Global Taxation Architecture: Discussion with Director of the OECD Centre for Tax Policy and Administration (23 Jul 2013)

Ciarán Lynch: We are back in business. Before calling Deputy Doherty, I wish to thank Deputy Twomey for his contribution.

Committee on Finance, Public Expenditure and Reform: Joint Sub-Committee on Global Corporate Taxation: Global Taxation Architecture: Discussion with Director of the OECD Centre for Tax Policy and Administration (23 Jul 2013)

Ciarán Lynch: I will bring Deputy Twomey back in later if we have time. I now call Deputy Doherty who has ten minutes.