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Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Arthur Spring: Amendments Nos. 2 and 36 are related and will be discussed together.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Arthur Spring: Amendments Nos. 3 to 5, inclusive, are related and will be discussed together.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Fiscal Assessment Report 2013: Discussion with Irish Fiscal Advisory Council (24 Apr 2013)

Arthur Spring: We no longer think like that around here. Potentially the ESM may recapitalise the banks retrospectively. Representatives of AIB and Bank of Ireland have suggested to the committee that might not be necessary and they could approach private institutions to recapitalise themselves. On the banks' cost of funds, the blended rate filters down to the interest rate people pay for their...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Fiscal Assessment Report 2013: Discussion with Irish Fiscal Advisory Council (24 Apr 2013)

Arthur Spring: Will interest rates end up increasing as a result?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Fiscal Assessment Report 2013: Discussion with Irish Fiscal Advisory Council (24 Apr 2013)

Arthur Spring: We have access to the ECB through the ESM. Would we not have more secure funding at Euribor rates or thereabouts?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Fiscal Assessment Report 2013: Discussion with Irish Fiscal Advisory Council (24 Apr 2013)

Arthur Spring: The ECB has claimed it wants to reduce the amount of funding it provides to our banks.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Fiscal Assessment Report 2013: Discussion with Irish Fiscal Advisory Council (24 Apr 2013)

Arthur Spring: Has anyone else got thoughts on that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Fiscal Assessment Report 2013: Discussion with Irish Fiscal Advisory Council (24 Apr 2013)

Arthur Spring: Ryanair will claim to be able to do it cheaper and get more people in.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Fiscal Assessment Report 2013: Discussion with Irish Fiscal Advisory Council (24 Apr 2013)

Arthur Spring: What effect would the implementation of a little quantitative easing over the next two years have if it was just simply targeted at the peripheral regions in the form of credit?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Fiscal Assessment Report 2013: Discussion with Irish Fiscal Advisory Council (24 Apr 2013)

Arthur Spring: If we think that there are elements outside of our control, which could go in our favour, what is the general thinking on front-loading versus back-loading the adjustments domestically? If elements can go in our favour, surely we should back-load the adjustment because it will make it easier for people in their day-to-day lives.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Fiscal Assessment Report 2013: Discussion with Irish Fiscal Advisory Council (24 Apr 2013)

Arthur Spring: And they are at an unsustainable level debt wise and in the context of the cost of living.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Fiscal Assessment Report 2013: Discussion with Irish Fiscal Advisory Council (24 Apr 2013)

Arthur Spring: Would front-loading or back-loading be Professor Barrett's preferred option?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Fiscal Assessment Report 2013: Discussion with Irish Fiscal Advisory Council (24 Apr 2013)

Arthur Spring: Is Professor Barrett free to attend a few public meetings?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Fiscal Assessment Report 2013: Discussion with Irish Fiscal Advisory Council (24 Apr 2013)

Arthur Spring: I welcome the advisory council here today. It is very beneficial for us to see that the council is conducting a critical analysis of the progress of the country, but that it is doing so in a conservative fashion. It is important for us to remind people that is the council's job. Other organisations, particularly financial institutions, are adept at conducting aggressive financial...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Fiscal Assessment Report 2013: Discussion with Irish Fiscal Advisory Council (24 Apr 2013)

Arthur Spring: Does the professor think the budget for 2015 will see the end of austerity, if things go according to what we know at the moment?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Fiscal Assessment Report 2013: Discussion with Irish Fiscal Advisory Council (24 Apr 2013)

Arthur Spring: That is something people here would like to hear. Then we would be back in clover, potentially, just before the next general election of course.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Fiscal Assessment Report 2013: Discussion with Irish Fiscal Advisory Council (24 Apr 2013)

Arthur Spring: I am only kidding. I would like to move on now to forecasting. The professor has said that the models to which he has referred are quite simplistic. We are looking at different elements of modelling. The comments made in the debate generated here over the past two weeks about quantitative easing have been like a broken record. It has been said that austerity is not the only way and that...

Leaders' Questions (24 Apr 2013)

Arthur Spring: That is the legacy we have.

Leaders' Questions (24 Apr 2013)

Arthur Spring: Deputy McGrath supported the bank guarantee.

Leaders' Questions (24 Apr 2013)

Arthur Spring: Fianna Fáil signed off on it.

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