Results 11,341-11,360 of 18,851 for speaker:Fergus O'Dowd

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Fergus O'Dowd: Yes, to clarify the intent.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Fergus O'Dowd: It will be provided as soon as possible.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Fergus O'Dowd: I move amendment No. 51: In page 54, line 20, to delete "Fund" and substitute "Ireland Strategic Investment Fund".This is a drafting amendment. The term "fund" has been used without being defined. The full name of the fund should be used.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Fergus O'Dowd: I move amendment No. 52: In page 54, line 21, to delete "required" and substitute "that it is reasonably practicable to do".

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Fergus O'Dowd: I move amendment No. 53: In page 9, line 20, after "enactments;" to insert the following:"to amend the State Authorities (Public Private Partnership Arrangements) Act 2002 and the Social Welfare Consolidation Act 2005;".

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Fergus O'Dowd: Sure.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Fergus O'Dowd: I move amendment No. 43: In page 44, line 16, to delete "under subsection (1)" and substitute "(except under subsection (4))".Section 47 provides that the agency shall make payments from the ISIF to the Exchequer as the Minister directs following consultation with the agency. There will be no payment before 2025, but this does not apply to the proceeds from the disposal of directed...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Fergus O'Dowd: They are technical drafting amendments.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Fergus O'Dowd: It is the average interest cost of serving the debt. It has to be at least that in order that it can proceed because it has to get the income back.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Fergus O'Dowd: If we liquidated the fund, we could otherwise pay down our debt. It would be best for me to provide Deputy Pearse Doherty with a note on that. Would that be acceptable?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Fergus O'Dowd: I move amendment No. 44: In page 44, line 22, to delete "order" and substitute "direction".It is a textual correction, that "order" should read "direction".

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Fergus O'Dowd: They are gone then.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Fergus O'Dowd: It is a board appointment and it is the end. The board will no longer exist.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Fergus O'Dowd: I am advised that there are no termination payments.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Fergus O'Dowd: I move amendment No. 46: In page 45, after line 14, to insert the following: “PART 8 MISCELLANEOUSAmendment of section 6 (directions) of State Authorities (Public Private Partnership Arrangements) Act 2002 54.The State Authorities (Public Private Partnership Arrangements) Act 2002 is amended in section 3 by inserting the following subsection after subsection (5):"(6) An appropriate...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Fergus O'Dowd: Amendment No. 47 allows the NTMA to use the personal public service number, PPSN, for the purpose of managing the Government's retail personal savings products, which are marketed under the State savings brand and which are part of Exchequer borrowing. It arises from a request by the NTMA to be allowed to collect and use a customer's PPSN and to use the associated public service card for the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Fergus O'Dowd: I move amendment No. 42: In page 44, to delete lines 8 and 9.The National Pensions Reserve Fund is exempt from taxation. The Ireland Strategic Investment Fund, ISIF, is to be similarly exempt. Amendment No. 49 inserts a new Part to amend the Taxes Consolidation Act and the Stamp Duties Consolidation Act accordingly. These provisions were not ready for inclusion in the Bill as published....

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Fergus O'Dowd: I will give my response and then answer further questions. The National Pension Reserve Fund Act 2000, which set up the NPRF to pre-fund the burden of pensions on the Exchequer, was amended in 2009 to allow the Minister for Finance in certain circumstances direct the commission to invest in financial institutions. This was the mechanism used to recapitalise banks after the financial crisis....

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Fergus O'Dowd: The key point in section 42 of the legislation is "where, following consultation with the Central Bank, the Minister is of the opinion that the performance of the functions so provided is necessary in the public interest". It must be for either or both of the following purposes: to remedy a serious disturbance in the economy of the State and-or to prevent potential serious damage to the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Fergus O'Dowd: The reason this provision is here is prudence. If there is a serious disturbance in the State's economy it is critical for survival and to prevent serious damage to the financial system. The provision can ensure the continued stability of the financial system. The circumstances where this may be used are extremely rare, though they arose during the economic crisis. The Irish economy has...