Results 18,421-18,440 of 35,829 for speaker:Pearse Doherty
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)
Pearse Doherty: The Bill is very short legislation with which I have no problem; in fact I welcome it. Why did it take so long to join the Asian Infrastructure Investment Bank? Why did we not join in the first wave of European countries that signed up to the bank? We would have had additional advantages as founding members. As a result of the delay in joining, we are not deemed founding members and...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)
Pearse Doherty: What advantageous positions have we lost as a result of our delay and not joining the first wave of European countries, thereby not being deemed a founding member?
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)
Pearse Doherty: That sounds like we could be outvoted. Will the Minister explain to the committee the significance of the voting weight of a member state at the Asian Infrastructure Investment Bank and the impact that would have on, for example, capital stock and the profit that would be recorded within the bank that would be distributed to its shareholders?
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)
Pearse Doherty: Is there a relationship between the vote share of a member and the capital stock that a member holds within the bank?
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)
Pearse Doherty: How many shares?
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)
Pearse Doherty: We have 1,300 shares.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)
Pearse Doherty: Do we have to provide anything to this bank for those shareholders? Is there a contingent liability in relation to those shareholdings? Is there a cost with those shareholdings?
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)
Pearse Doherty: It is €25 million for 1,300 shares. Is that correct?
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)
Pearse Doherty: How much is that per share roughly?
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)
Pearse Doherty: My point is that if we had not dithered and waited, we would have got an extra 600 shares for free, which would have saved us about €12 million.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)
Pearse Doherty: I ask the Minister to just answer the question. Is that correct or false? Would we have got 600 shares for free if we had been one of the founding members? If we had one what some other European countries did, we would have got an additional 600 founding member share votes, which would have equalled our capital stock in the bank.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)
Pearse Doherty: So it would have saved €12 million.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)
Pearse Doherty: What about the 600 founding member votes?
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)
Pearse Doherty: Would they have an influence on the benefits in terms of the distribution from the bank and the future of distributions to be made?
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)
Pearse Doherty: As a result of not being a founder member, we have also lost "the privilege to designate the Director or an Alternate Director in its constituency permanently or on a rotating basis". Is that correct?
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)
Pearse Doherty: I would appreciate that, but there are founding member privileges and we are not a founding member because we delayed this year. These privileges include the following, and I ask the Minister to correct me on this if I am mistaken: "The nomination and voting by Governors for Directors and the appointment of Alternative Directors by Directors shall respect the principle that each Founding...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)
Pearse Doherty: May I come back on that? Of those on that list, how many are founding members?
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)
Pearse Doherty: All of them are founding members bar us?
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)
Pearse Doherty: I wish to go back to the point I made earlier. I am reading from the provision titled "Founding Member Privileges". There must be respect for the principle "that each Founding Member shall have the privilege to designate the Director or an Alternate Director in its constituency permanently or on a rotating basis". This, to me, reads very clearly that we are at a disadvantage compared to...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Asian Infrastructure Investment Bank Bill 2017: Committee Stage (4 Jul 2017)
Pearse Doherty: Irrespective of whether or not we believe it was the right choice - I would dispute that with the Minister - this is black and white, not subjective. It is laid down in the articles of the foundation of the bank. There is a privilege assigned to the other European countries that are now deemed founder members regarding their right to appoint the director or an alternative director in the...