Results 18,441-18,460 of 35,756 for speaker:Pearse Doherty

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Pearse Doherty: Cuirim fáilte roimh an toscaireacht anseo. I welcome the presentations. I wish to ask Mr. Bristow questions on the three specific points that he has raised. In the earlier session, we heard on the first point that it is about ISIF being allowed to retain its ability to allow for the transition to a low carbon economy, which is very much in line with what Dr. Deane was saying there...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Pearse Doherty: Would Mr. Bristow be happy with legislation that prevented the ISIF from investing globally in any fossil fuel company?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Pearse Doherty: We are just dealing with the island of Ireland, and there are certain fossil fuel companies that Mr. Bristow believes ISIF should still be able to invest in, because he believes they are not at the dirtier end of the spectrum.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Pearse Doherty: That is the first point on which there is broad agreement. We will hear what the Minister has to say about that but is Mr. Bristow saying that where they are investing in environmentally friendly energy, part of the work would be specifically targeted for investment? We will leave that to one side, but the question is more whether, in light of everything we hear about what is happening...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Pearse Doherty: Does Dr. Deane have a view on this point?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Pearse Doherty: There is also a question of principle and a bigger issue which relates to how the State invests. There is around €9 billion, or certainly a large amount of money under consideration, but it is not huge in terms of the national economy and all its needs and demands. There are many areas in which the ISIF can invest, but, on a matter of principle, is it Dr. Deane's view that the State...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Pearse Doherty: The third point which has been raised relates to unintended consequences that may arise from the drafting of the Bill. Dr. Deane mentioned Bord na Mona and the ESB. Those issues can probably be dealt with during the amendment stages. Is it Dr. Deane's view that Bord na Mona or the ESB should receive funding from ISIF regardless of the type of activity they undertake or should it only apply...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Pearse Doherty: From Mr. Bristow's experience and the definition the Strategic Banking Corporation of Ireland would use in terms of funding, would it be a reasonably simple amendment to exclude those SMEs from the remit of the legislation?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Pearse Doherty: I am interested in this issue in principle. We need to get pre-legislative scrutiny on the detail of the legislation, but there is also the bigger issue of looking after the planet. Should the State, through its money, provide lower, cheaper loans to the person who delivers coal house-to-house rather than ruling them out from getting those cheaper loans, so that they have to go through the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Pearse Doherty: What about the Government's argument that this might stop ISIF from investing in infrastructure that would carry energy, especially given our dependency on Britain?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Pearse Doherty: Again, on unintended consequences, Mr. Bristow makes a point on the treatment of direct investment versus indirect investment. Can he elaborate on what he means by the treatment of direct versus indirect investment?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Pearse Doherty: It is five years.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Pearse Doherty: So ISIF does not really have a problem with the indirect investment?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Pearse Doherty: The definition is very clear that it is direct and indirect investment, so ISIF would have no problem in principle over ruling out indirect investment in fossil fuel companies, notwithstanding what Mr. Bristow has said regarding being able to invest in those that are moving to a low carbon scenario and the only issue being timing.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Pearse Doherty: I thank Mr. Bristow.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Pearse Doherty: I apologise for missing the start of the meeting but I have read the Minister of State's paper. The Minister of State made reference to the fact that the Strategic Banking Corporation of Ireland, SBCI, does not provide cheap loans. That was also mentioned by the previous contributor but I would actually dispute that because it does. That is part of its rationale, to provide cheap credit to...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Pearse Doherty: While it is not the subject of this meeting, it has been mentioned twice, both by ISIF and by the Minister of State. The first thing that the SBCI advertised on its website was lower interest rates. The website gives the example of a loan of €400,000 through ISIF in comparison with existing leasing or loans and the difference is approximately €30,000. It is almost 50% to 60%...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Pearse Doherty: Is that €1 billion part of the €3.5 billion that is invested by way of the pooled funds?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Pearse Doherty: Of the €3.5 billion, the Department believes that €1 billion could be captured by this legislation. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Pearse Doherty: How can departmental officials be more knowledgeable than ISIF about how much would be captured? The latter is making and managing the investments and is completely familiar with the portfolio but has provided a figure of €30 million. We are not talking about small change here. There is a difference of almost €1 billion between the figures.