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Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: European Union-Related Matters: Discussion with Minister for Public Expenditure and Reform (12 Jun 2018)

Paschal Donohoe: I am aware of the difficulties the Senator is referring to. If the Senator's party had not been so irresponsible in respect of water policy, maybe we might be a little better advanced than we are now on the matter. I am also aware-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: European Union-Related Matters: Discussion with Minister for Public Expenditure and Reform (12 Jun 2018)

Paschal Donohoe: I am finishing the point. Senator Conway-Walsh put a question to me.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: European Union-Related Matters: Discussion with Minister for Public Expenditure and Reform (12 Jun 2018)

Paschal Donohoe: I want to answer the question.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: European Union-Related Matters: Discussion with Minister for Public Expenditure and Reform (12 Jun 2018)

Paschal Donohoe: I am not looking to be condescending at all. I am well aware of the difficulties the Senator is referring to and I have said as much. In the early part of my answer I pointed to the progress that we have made with the challenges that exist. I am making the point, however, that I find the Senator's position ironic. This is something we have to think about. We are making funds available...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: European Union-Related Matters: Discussion with Minister for Public Expenditure and Reform (12 Jun 2018)

Paschal Donohoe: On that point I agree with the Senator. Everyone should have access to the kind of services to which she has referred, including access to decent roads. I know the pressures our rural road network has been under. I hope that with the improved weather, local authorities will now be in a position to spend all the additional money made available to them. Everyone should have access to the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: European Union-Related Matters: Discussion with Minister for Public Expenditure and Reform (12 Jun 2018)

Paschal Donohoe: I am aware of what the Chairman is referring to. I know about the hearings the committee has had on the matter. I also know that the Minister of State, Deputy D'Arcy, has been attending numerous meetings throughout the country on this issue. He is meeting people on a regional basis and looking to meet stakeholders who are affected. I gather he is trying to reconcile what the Chairman is...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: European Union-Related Matters: Discussion with Minister for Public Expenditure and Reform (12 Jun 2018)

Paschal Donohoe: We will have the report on community banking published in a couple of weeks. I and the Minister, Deputy Ring, are nearly concluded on it.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: European Union-Related Matters: Discussion with Minister for Public Expenditure and Reform (12 Jun 2018)

Paschal Donohoe: I and the Minister, Deputy Ring, do not disagree on anything.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: European Union-Related Matters: Discussion with Minister for Public Expenditure and Reform (12 Jun 2018)

Paschal Donohoe: I was not being flippant with the Chairman. Generally, the Minister, Deputy Ring, and I do not disagree and we do not disagree on this report either. However, the report has consequences for another Department. I am working with the Minister for Communications, Climate Action and Environment, Deputy Naughten, at the moment on the report. The Minister, Deputy Ring, and I are reasonably...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: European Union-Related Matters: Discussion with Minister for Public Expenditure and Reform (12 Jun 2018)

Paschal Donohoe: When the Chairman says "SPC", what does he mean?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: European Union-Related Matters: Discussion with Minister for Public Expenditure and Reform (12 Jun 2018)

Paschal Donohoe: Does the Chairman mean an special purpose vehicle, SPV?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: European Union-Related Matters: Discussion with Minister for Public Expenditure and Reform (12 Jun 2018)

Paschal Donohoe: SPC, is the acronym for strategic policy committee.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: European Union-Related Matters: Discussion with Minister for Public Expenditure and Reform (12 Jun 2018)

Paschal Donohoe: I am not aware of an SPV having to be set up, but I will check that. He is aware that we had engagement with the credit union movement regarding its ability to fund housing. We have made some progress on that. I will have to check to see whether that necessitates an SPV.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: European Union-Related Matters: Discussion with Minister for Public Expenditure and Reform (12 Jun 2018)

Paschal Donohoe: Okay.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: European Union-Related Matters: Discussion with Minister for Public Expenditure and Reform (12 Jun 2018)

Paschal Donohoe: The only information that is available to us comes from the ECB and it is only broken down into resident and non-resident entities. We do not have a layer below that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: European Union-Related Matters: Discussion with Minister for Public Expenditure and Reform (12 Jun 2018)

Paschal Donohoe: Yes, we can get that for the committee.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: European Union-Related Matters: Discussion with Minister for Public Expenditure and Reform (12 Jun 2018)

Paschal Donohoe: Yes. There is a programme under which the ECB can buy Irish Government bonds. That is the quantitative easing, QE, programme. The ECB holds some debt.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: European Union-Related Matters: Discussion with Minister for Public Expenditure and Reform (12 Jun 2018)

Paschal Donohoe: I will ask Mr. McCarthy to answer.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: European Union-Related Matters: Discussion with Minister for Public Expenditure and Reform (12 Jun 2018)

Paschal Donohoe: The Chairman put a number of points to me. The issue he referred to is one of the reasons I have asked the Central Bank to oversee an assessment of the implementation of the code of conduct on mortgage arrears. The Chairman has raised this matter with me every time I have appeared before the committee. Even though I have a set of statistics showing that the performance of funds that buy...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: European Union-Related Matters: Discussion with Minister for Public Expenditure and Reform (12 Jun 2018)

Paschal Donohoe: On 7 July. The EU will examine it afterwards.

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