Results 1,761-1,780 of 35,536 for speaker:Pearse Doherty

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)

Pearse Doherty: Just because of the valuation.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)

Pearse Doherty: Therefore, given the scale of this, when these homes are remediated and rebuilt then it is a big win for the banks because they will be able to release quite a bit of capital. Is that not the case?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)

Pearse Doherty: Yes, and some of these properties may not have mortgages. Given the years during which we know this issue has materialised - and it is not an issue that goes back 40 or 50 years - which is the lifetime of a standard mortgage, is the Central Bank really satisfied that the entire banking system in this State is only, potentially, revaluing up to 300 homes when we know thousands of homes across...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)

Pearse Doherty: Some banks have already done it. One bank, which I will not name, carried out an internal assessment. It looked at the mortgage penetration in certain geographic areas and has made calculations on that basis in terms of what type of exposure it has so there are methodologies for estimates. If one is waiting for the customer to tell the bank that his or her house has an issue in terms of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)

Pearse Doherty: I have finished my questions.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)

Pearse Doherty: With respect, if the Chair wants to take a side he can go over there and we will put in another Chair. I am asking the official the question: when did he put out those minutes? Was it not the case the homeowners wanted those minutes released?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)

Pearse Doherty: GSI is overseeing the research programme.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)

Pearse Doherty: What total value will be made available at an earlier stage for professional fees? What is the cap?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)

Pearse Doherty: I am not asking for provisions. Have banks given the Central Bank assurances they have revalued the properties that have defective block in them?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)

Pearse Doherty: Even though it is a performing loan.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (8 May 2024)

Pearse Doherty: I nominate Deputy Damien English.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (Resumed) (8 May 2024)

Pearse Doherty: I thank the Minister. That is helpful. First of all, while we have the data in terms of GDP, what we do not have the data for is general Government balance out to 2030 or 2032. We do not have the data in terms of the Exchequer balance. We do not have any of the capital expenditure data from that period. I am sure the Irish Fiscal Advisory Council by now is sick, sore and tired of telling...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (Resumed) (8 May 2024)

Pearse Doherty: The projections we have are for 2026. We do not know about pillar 1 and pillar 2 but their impact, if implemented in 2026, is likely to involve a worse position for Ireland. The Exchequer deficit would increase and the general government balance would come down. We have the Minister's projections for 2026. Is it his view that we should borrow close to €2 billion to fund the future...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (Resumed) (8 May 2024)

Pearse Doherty: We see an Exchequer deficit is projected from 2026 onwards. If that were to continue, there would be increased borrowing, but that is not the be-all and end-all. With all these SPU numbers concerning borrowing and so on, we know the risks could increase with pillar 1 and pillar 2 or there may be some improvement if pillar 1 does not go through. However, that is all based on the current...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (Resumed) (8 May 2024)

Pearse Doherty: I understand but this relates to the core of this legislation, which we really need to address. I do not dispute anything the Minister is saying about ISIF, but it is funding private homes for mass delivery. We can accept that if we want to increase the amount of social, affordable and cost-rental housing delivery, we need voted capital expenditure. The problem is that given the numbers...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (Resumed) (8 May 2024)

Pearse Doherty: Not in 2027.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (Resumed) (8 May 2024)

Pearse Doherty: We touched on some of these topics earlier. The section allows for the Minister to make a reduced payment into the fund. I want to circle back to a point I made earlier. It is all, half or nothing in this regard. He mentioned in his contribution that this may give certainty to the NTMA. I would dispute that because the agency will not be certain about any money going into the fund given...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (Resumed) (8 May 2024)

Pearse Doherty: I agree with the Minister regarding the up side risks. I have made that point. My assessment is that I do not think Pillar 1 will be in effect in 2026, which is a large up side for the State during that year. There are other up side risks. I made the point that this is so broad that it allows the Minister to bring the resolutions. I do not like the language in this. The issue here is...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (Resumed) (8 May 2024)

Pearse Doherty: -----or is likely to be. That would be in the context of a Government increasing capital investment to meet the housing needs of the State, which is building up the stock of assets within the State. Is it a deterioration or a significant deterioration in the fiscal position of the State? The Government could still have a surplus at the end of that process or just not put it into the fund...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (Resumed) (8 May 2024)

Pearse Doherty: Let us look at the language. I am aware that investors will look at this in the round but I am talking about what the legislation forces the Minister for Finance to state in the Dáil, which has an impact. We understand that investors are not going to just look at headlines when they are making their investments and I take the Minister's point on that. Let us take a scenario, however,...