Results 11,361-11,380 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: Nobody has a crystal ball but we all want this funding to be used to create jobs and grow the economy. However, if a serious financial crisis occurs it is prudent that we have this provision. We disagree on this point.

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 point is the State is the State, and the idea is that as much of the funding as possible would be invested in the State. That is what it is for. The issue is why assets can be held outside the State. It is possible to invest the €7 billion in the discretionary portfolio in commercial projects which support economic activity and employment in the State immediately. The NTMA will...

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, the mandate is that one must create economic activity.

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. 35: In page 40, line 23, to delete "Fund" and substitute "assets of the Fund (other than directed investments)".These are all technical amendments. Amendments Nos. 35 and 37 clarify that directed investments, namely, funds invested in the banks at the direction of the Minister for Finance, are outside the investment strategy for the fund. The Minister is responsible for...

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 done by the Department of Finance and the Minister. The Department has a management unit to deal with this specific issue. It is outside the fund because it is directed investment.

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 can think of another snake with two heads but not NewERA.

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 the Minister were to request the opinion or advice of the agency it would certainly give it, but it would be up to the Minister to seek it. It would be at his or her initiative.

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. 36: In page 40, line 24, after "determining" to insert "and reviewing".This clarifies that the Ireland Strategic Investment Fund's investment strategy does not apply to directed investments, which is the point we have been discussing. It is a drafting amendment to pick up on the use of the word "review" in subsection 40(1), which states the agency is to determine,...

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. 37: In page 40, to delete line 36.

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. 38: In page 41, lines 1 and 2, to delete "assets (other than directed investments) of the Fund" and substitute "assets of the Fund (other than directed investments)".

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. 39: In page 41, line 22, after "corporate," to insert "or enter into joint ventures, partnerships, coownerships or other similar arrangements,".This is a drafting amendment to make clear the Ireland Strategic Investment Fund can engage in joint ventures and similar investment arrangements. Joint ventures will have two benefits, as underscoring the commerciality of 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. 40: In page 41, to delete line 23 and substitute the following:"(e) enter into transactions of a normal banking nature, and".This standard provision ensures the agency will have all the powers it needs for the management of the fund. The words "borrow or lend securities of any kind" will be deleted and the more general phrase "enter into transactions of a normal banking...

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 concur with what the Deputy said last, as the experience of Irish Water clearly shows. Approximately 80% of more than 1,200 people working in Irish Water come from those categories of young people, long-term unemployed apprentices and so on. The investment mandate of the fund is to invest on a commercial basis in a manner that is designed to support economic activity and employment. It...

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 Government is absolutely committed to ensuring that employment opportunities are available to the entire population of working age, including most of those on the first step of the ladder of work. The objective of the medium-term strategy is full employment by 2020. The strategic investment fund will play a key role in supporting this objective and it is important the fund's mandate...

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 believe we all agree on what should happen. I believe Deputy Pearse Doherty accepts the commercial nature of the activities and that they must be off balance sheet. I suppose that economic activity and employment are one in the same thing in that it is really not possible to have one without the other given that jobs come about by creating economic activity. The clarity in the debate and...

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. 33:In page 40, line 8, to delete “to comply with” and substitute “for the purposes of”.It is a technical drafting amendment.

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 outside the State at the moment. The idea is to bring them home. I presume the phasing of that would be an issue if they are assets that need to be sold, cashed or whatever. The intention is to invest here in Ireland.

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 cannot answer that, but I cannot imagine that anything that would encourage economic activity in the island would be a problem. I can come back to the Deputy on that.

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 got the money from the Central Fund and was reimbursed by Departments for that. Perhaps I can get clarity after-----

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: As I understand it, the National Development Finance Agency, NDFA, just took the money from the Central Fund. The Government now proposes to give that function to the National Treasury Management Agency, NTMA, and this just facilitates the NTMA getting the money from the post office.