Results 16,701-16,720 of 26,404 for speaker:David Cullinane

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2015
Chapter 2 - Government Debt
Chapter 18 - Irish Fiscal Advisory Council
Finance Accounts 2015 (6 Jul 2017)

David Cullinane: We can differ on that. Whatever about that, the extent of it is certainly more unique to Ireland. Is it the case then that we have to calculate the implementation of the fiscal rules based on a measurement which is less reliable in this State than it is in other states?

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2015
Chapter 2 - Government Debt
Chapter 18 - Irish Fiscal Advisory Council
Finance Accounts 2015 (6 Jul 2017)

David Cullinane: That is not the point.

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2015
Chapter 2 - Government Debt
Chapter 18 - Irish Fiscal Advisory Council
Finance Accounts 2015 (6 Jul 2017)

David Cullinane: With respect, that is not the question I asked. If the question I asked could be answered. I did not ask about the consequences. Are we calculating the fiscal rules on measurements which are less reliable in this State than they are in other states? I am not interested in the consequences. We have to work within the fiscal rules and calculate how they work in this State. We were...

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2015
Chapter 2 - Government Debt
Chapter 18 - Irish Fiscal Advisory Council
Finance Accounts 2015 (6 Jul 2017)

David Cullinane: Please do not deal with the consequences. Will Mr. John McCarthy deal with the question I put?

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2015
Chapter 2 - Government Debt
Chapter 18 - Irish Fiscal Advisory Council
Finance Accounts 2015 (6 Jul 2017)

David Cullinane: We can have GNI* figures, put them into brochures and documents and put them up in bright lights but in reality it does not make a bit of difference to how the fiscal rules are implemented because they are based on the GDP figures. That is correct. On the debt-to-GDP rules, Mr. John McCarthy earlier said the rules are silent on how long it would take to get to the correction of the 60% of...

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2015
Chapter 2 - Government Debt
Chapter 18 - Irish Fiscal Advisory Council
Finance Accounts 2015 (6 Jul 2017)

David Cullinane: Do we expect to exceed it this year?

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2015
Chapter 2 - Government Debt
Chapter 18 - Irish Fiscal Advisory Council
Finance Accounts 2015 (6 Jul 2017)

David Cullinane: For example if the State decided, is it possible we could only reduce it by one-twentieth? Would that free up extra revenue for the State?

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2015
Chapter 2 - Government Debt
Chapter 18 - Irish Fiscal Advisory Council
Finance Accounts 2015 (6 Jul 2017)

David Cullinane: Is Mr. John McCarthy telling me that, by sticking within the one-twentieth rule but not overstating it, there is no wriggle room in slowing down the pace of repaying debt because of the other more binding rules?

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2015
Chapter 2 - Government Debt
Chapter 18 - Irish Fiscal Advisory Council
Finance Accounts 2015 (6 Jul 2017)

David Cullinane: Is Mr. John McCarthy certain of that?

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2015
Chapter 2 - Government Debt
Chapter 18 - Irish Fiscal Advisory Council
Finance Accounts 2015 (6 Jul 2017)

David Cullinane: Staying on this issue and how the sale of AIB shares can be used and not used, the briefing document to the committee dealing with AIB receipts for capital spending stated that because it is classified as a financial transaction, it is the substitution of one form of an asset for another. It is correct then that shares to cash are seen as equal. Would shares to capital be seen as like for...

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2015
Chapter 2 - Government Debt
Chapter 18 - Irish Fiscal Advisory Council
Finance Accounts 2015 (6 Jul 2017)

David Cullinane: Why not? It would seem sensible that this would be the case.

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2015
Chapter 2 - Government Debt
Chapter 18 - Irish Fiscal Advisory Council
Finance Accounts 2015 (6 Jul 2017)

David Cullinane: Are the shares not seen as an asset?

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2015
Chapter 2 - Government Debt
Chapter 18 - Irish Fiscal Advisory Council
Finance Accounts 2015 (6 Jul 2017)

David Cullinane: Yes, but they are still seen as an asset.

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2015
Chapter 2 - Government Debt
Chapter 18 - Irish Fiscal Advisory Council
Finance Accounts 2015 (6 Jul 2017)

David Cullinane: I know we cannot change the rules. Have we sought clarification from the Commission on that rule?

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2015
Chapter 2 - Government Debt
Chapter 18 - Irish Fiscal Advisory Council
Finance Accounts 2015 (6 Jul 2017)

David Cullinane: Can the Department share that with us? Could it give us a briefing note on the clarification it got from the Commission?

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2015
Chapter 2 - Government Debt
Chapter 18 - Irish Fiscal Advisory Council
Finance Accounts 2015 (6 Jul 2017)

David Cullinane: It would be useful because one is conscious as well that even at the national economic dialogue exchanges there was much discussion about the need to invest in capital. I think everybody is on the same page, so what we are trying to do is to look at ways in which we can increase capital spending if possible. If it is not possible under the rules that is fair enough but we just need absolute...

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2015
Chapter 2 - Government Debt
Chapter 18 - Irish Fiscal Advisory Council
Finance Accounts 2015 (6 Jul 2017)

David Cullinane: It is less than that; I have the figure. I just wanted to get confirmation on it. The marginal tax rate is the income tax rate, the USC rate at the top, which is 8%, and then the PRSI rate. For those who earn between €32,800 and €70,000 the maximum they would pay is 49% to 40% on a portion of their salary on PAYE, 5% USC and 4.1% PRSI. Is that correct? They would be under...

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2015
Chapter 2 - Government Debt
Chapter 18 - Irish Fiscal Advisory Council
Finance Accounts 2015 (6 Jul 2017)

David Cullinane: My calculation is based on the Revenue ready-reckoner, and the most recent one indicates that there would be 359,754 workers above that. That is the number who earn more than €70,000 and who would pay above the 50%, which is 14.3%

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2015
Chapter 2 - Government Debt
Chapter 18 - Irish Fiscal Advisory Council
Finance Accounts 2015 (6 Jul 2017)

David Cullinane: If my figures are right it is 14.3%.

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2015
Chapter 2 - Government Debt
Chapter 18 - Irish Fiscal Advisory Council
Finance Accounts 2015 (6 Jul 2017)

David Cullinane: Okay, it is 14.3%. Then if we were to reduce the marginal tax rate below 50%, what we are doing essentially then is giving a tax cut to the top 14.3% income earners. Is that a fair assumption?