Results 11,461-11,480 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: This is a technical amendment to take account of the change in name of Bord Gáis Éireann to Ervia, following the sale of Bord Gáis Energy. My colleague, Deputy Pat Rabbitte, Minister for Communications, Energy and Natural Resources, signed the statutory instrument to that effect on 20 June 2014.

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: What happened was that the change of name occurred during the course of the legislation. In other words, when the legislation commenced the name was Bord Gáis Éireann but now it is Ervia. That is the reason it is proposed to amend the legislation.

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: That is why it happened.

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: When the name of a body is changed, the legislation will apply to all other places where the previous name was present from that date.

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 think the legislation covers that. Wherever Bord Gáis Éireann appears in legislation the word "Ervia" legally appears.

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 combination of names. The best person to ask about that is the chief executive of Ervia.

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 "via" comes from the Latin word for "way". I think "Er" comes from Éire, it may be the Irish way. It is a name that was decided.

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 legislation recognises the change. The statutory instrument was signed on 20 June 2014.

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 Deputy need not tell me he likes something.

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: When a material interest is disclosed pursuant to section 15, the disclosure shall be recorded in the minutes of the meeting of the agency, the investment committee or the committee concerned and for so long as the matter to which the disclosure relates is being dealt with by the meeting, the member by whom the disclosure is made shall not be counted in the quorum for the meeting. 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: They would also be subject to the Ethics in Public Office Act, which applies specifically to them. If the Minister was so advised - I would trust a Minister absolutely, whether he or she was in a party or none to act appropriate in that regard - then not alone would the individual be subject to the Ethics in Public Office Act and a full investigation. As we know, people have faced the court...

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 custom and practice when representatives of the NTMA are before the Oireachtas that the chairman of the National Pensions Reserve Fund accompany the chairman. Let me give as another example the CIE group of companies. The chairman of CIE will attend with his or her staff and the same applies to Bus Éireann, Dublin Bus and Irish Rail. I expect - there is no reason not to...

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 investment committee is accountable to the board which is accountable to the Oireachtas committee and its chairman represents and is the accounting officer. That is how it works. I take the Deputy's point on custom and practice, but that is what happens and I have never known it to be otherwise. What we are saying makes sense.

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 issue is clear. The Minister is elected to take responsibility for all of the issues that arise and to report and account to the Oireachtas on them. The duty of the chief executive is to be accountable for the accounts and to discuss the issues in the accounts, but the Minister takes political responsibility. That is why he or she is elected and why he or she stands for election....

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 proposed amendment seeks the deletion of new subsection 5B(6) which provides that members of the committee established by the NTMA who are not employed by the agency may be paid such remuneration and expenses as determined by the agency with the consent of the Minister. I recognise that the State has been able to avail of the services of many individuals who were prepared to serve...

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: This amendment seeks to delete new section 6A(2) of the NTMA Act which provides that the chief executive of the agency when appearing before the Committee of Public Accounts may not question or express an opinion on Government or ministerial policy. This is standard procedure in respect of all such appearances. The purpose of an appearance before the Committee of Public Accounts is to...

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 responsibility for the management of the fund is the responsibility of the Minister. The Minister is the person accountable in terms of the political issues that would arise. As I said, the job of the chief executive is to answer questions in relation to the accounts.

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: Section 42(1) states: The Minister has the functions provided for under subsection (2) 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, for either or both of the following purposes: (a) to remedy a serious disturbance in the economy of the State; (b) to prevent potential...

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 do not know if there is a cap. I understand it depends on the individual contracts. It would probably be helpful if we were to come back on Report Stage with more detail for the Deputy.

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, of course.