Results 13,541-13,560 of 32,547 for speaker:Paschal Donohoe

Committee on Budgetary Oversight: Pre-Budget Scrutiny: Minister for Finance (17 Sep 2019)

Paschal Donohoe: That is why I have said it is a risk that we must manage better. I am working to do so. Against that, in most of the years in which I have been involved with this process, the magnitude of the health overrun would have been clear at this point of the year.

Committee on Budgetary Oversight: Pre-Budget Scrutiny: Minister for Finance (17 Sep 2019)

Paschal Donohoe: I will have to work on that issue because one of the other points the IFAC has made is that supports need to be temporary, targeted and timely. We need to be very careful when we say potential supports are available and then grant them, even though a no-deal Brexit does not happen. That would create a considerable and significant deterioration in the national finances. I have not made a...

Committee on Budgetary Oversight: Pre-Budget Scrutiny: Minister for Finance (17 Sep 2019)

Paschal Donohoe: The deposit into the rainy day fund has not happened.

Committee on Budgetary Oversight: Pre-Budget Scrutiny: Minister for Finance (17 Sep 2019)

Paschal Donohoe: That point is relevant to the debate we are going to have. The deposit has not yet happened. If it had happened and we were dealing with the consequences of a no-deal Brexit, section 9 of the Bill would allow me to use that funding to deal with those consequences. It is semi-moot at the moment because the deposit has not happened.

Committee on Budgetary Oversight: Pre-Budget Scrutiny: Minister for Finance (17 Sep 2019)

Paschal Donohoe: I do not believe it has but my recollection is that it was planned for the end of the year.

Committee on Budgetary Oversight: Pre-Budget Scrutiny: Minister for Finance (17 Sep 2019)

Paschal Donohoe: I am considering options on this because I am under no illusion as to what a no-deal Brexit could mean for parts of our economy. I will take on board what the Deputy says. I simply have not made a decision yet on the use of that funding. The Deputy is correct. I am being careful in my use of language on how a rainy day fund could be used because it is described as being used for dealing...

Committee on Budgetary Oversight: Pre-Budget Scrutiny: Minister for Finance (17 Sep 2019)

Paschal Donohoe: I am well aware of that and I am trying to make sure that we have sufficient flexibility to deal with risks. We know of many of them, but if a no-deal Brexit were to occur, that could have many different effects in our economy.

Committee on Budgetary Oversight: Pre-Budget Scrutiny: Minister for Finance (17 Sep 2019)

Paschal Donohoe: All the information available to me is aggregated for the total economy. As that information has become available to me and it has been made available to the Oireachtas throughout the past 18 months. Each Department has done an analysis on the part of the economy for which it is responsible. The Deputy referred to some figures for tourism. The information that I now have available is for...

Committee on Budgetary Oversight: Pre-Budget Scrutiny: Minister for Finance (17 Sep 2019)

Paschal Donohoe: To be crystal clear, much of that has been published in the Brexit contingency plans, which were made publicly available on two separate occasions. I am well aware of the work, sector by sector, that each Department has done to identify the impacts of Brexit on different parts of the economy. That is available.

Committee on Budgetary Oversight: Pre-Budget Scrutiny: Minister for Finance (17 Sep 2019)

Paschal Donohoe: No, it has been published on many occasions.

Committee on Budgetary Oversight: Pre-Budget Scrutiny: Minister for Finance (17 Sep 2019)

Paschal Donohoe: I am answering the Deputy's question. The last contingency action plan was published before the summer. It referred to different impacts that Brexit might have on different parts of the economy. Work is ongoing on the sectoral impact in the greatest level of detail possible.

Committee on Budgetary Oversight: Pre-Budget Scrutiny: Minister for Finance (17 Sep 2019)

Paschal Donohoe: I will not comment now on the specific locations or the issues which the Deputy raised, but I am aware of the issue. On how I previously described the introduction of duty free, it is correct that I said I would only bring it in if it was instigated elsewhere. That happened last week. On its overall cost, the Deputy is correct that other things could happen that could reduce the cost of...

Committee on Budgetary Oversight: Pre-Budget Scrutiny: Minister for Finance (17 Sep 2019)

Paschal Donohoe: Yes.

Committee on Budgetary Oversight: Pre-Budget Scrutiny: Minister for Finance (17 Sep 2019)

Paschal Donohoe: I am well aware of the impact the rising cost of insurance is having on smaller companies in Ireland in particular. I well understand the issue raised by the Deputy regarding the leisure sector given the profile that was received before the summer. The Deputy knows as well as I do that I cannot comment now on any budget day decisions on any sector. I will observe that any response by...

Committee on Budgetary Oversight: Pre-Budget Scrutiny: Minister for Finance (17 Sep 2019)

Paschal Donohoe: I am saying that we would only significantly change our budgetary position if a no-deal Brexit actually happens.

Committee on Budgetary Oversight: Pre-Budget Scrutiny: Minister for Finance (17 Sep 2019)

Paschal Donohoe: I do not believe I am. I thought I had an appreciation of the advice it has given. We published this in the summer economic statement where we outlined that there could be a move into a deficit of between 0.5% and 1.5 percentage points of national income. I published that before the summer. I want to make clear that we will, of course, need to deal with many of the different issues in...

Committee on Budgetary Oversight: Pre-Budget Scrutiny: Minister for Finance (17 Sep 2019)

Paschal Donohoe: I want to be clear-----

Committee on Budgetary Oversight: Pre-Budget Scrutiny: Minister for Finance (17 Sep 2019)

Paschal Donohoe: Yes, and I think that is also a fair reflection of what I said a moment ago. If I look at what the cost of a hard Brexit might be, of course I will look to accommodate that insofar as I can in the budgetary framework of €2.8 billion. We will look at how to expand that through the normal revenue-raising measures available. I am simply making the point that if a no-deal Brexit...

Committee on Budgetary Oversight: Pre-Budget Scrutiny: Minister for Finance (17 Sep 2019)

Paschal Donohoe: Can I just make a point? A novel technique is being used here where the text of previous witnesses is being presented in real time. I hope this is used fairly in other committee meetings and I am sure it will be but Mr. Coffey also said earlier on that day:A large budget deficit could emerge due to falling taxes and rising unemployment-related costs. This is even before potential customs...

Committee on Budgetary Oversight: Pre-Budget Scrutiny: Minister for Finance (17 Sep 2019)

Paschal Donohoe: The €2.8 billion is consistent with a surplus next year of 0.4% of national income.