Results 101-120 of 3,447 for speaker:Jennifer Carroll MacNeill

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Jennifer Carroll MacNeill: I thank the Chair, all the committee officials and colleagues on the committee. Pursuant to Standing Orders 95(3)(a) and 181(1), I welcome the opportunity to address the committee on the Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023, which was published on Monday, 18 September and passed Second Stage on 5 October 2023. The Bill...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Jennifer Carroll MacNeill: I could not agree more. The Bill attempts to provide the legal basis to facilitate our participation in multilateral support. It is the very essence of supporting multilateral institutions. Of course, we regard that as an appropriate response to the global instability we see. The Bill would facilitate, at a more micro level, our contribution agreements with the European Investment Bank,...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Jennifer Carroll MacNeill: Yes, it is important to focus on what the Bill covers. Our intention was always to be clear on the sums involved and to be able to have this discussion. The Bill will allow for a potential Irish contribution of up to €76.9 million in respect of EU member state guarantees for the 2022 macrofinancial assistance programme for Ukraine and for a contribution of up to €63.65 million...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Jennifer Carroll MacNeill: A total of €175 million is the overall limit. What I set out was per fund but €175 million is the overall limit.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Jennifer Carroll MacNeill: That is the absolute headroom position in the Bill.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Jennifer Carroll MacNeill: Yes, that is what is in the legislation.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Jennifer Carroll MacNeill: Yes. It is €175 million for the EIB, and the other programmes are there.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Jennifer Carroll MacNeill: That is in this fund, but there is potential for other funds. If other funds were created, the overall exposure could be €175 million-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Jennifer Carroll MacNeill: -----so it is very much, as the Deputy asked for, the worst-case scenario. The commitment is €35 million.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Jennifer Carroll MacNeill: It is €140 million on the EU side.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Jennifer Carroll MacNeill: It is only what we sign up to. In the case of the EU fund for Ukraine, that is €7 million.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Jennifer Carroll MacNeill: Correct.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Jennifer Carroll MacNeill: Correct.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Jennifer Carroll MacNeill: It is for future funds that may or may not be created. That is the reason for the extra.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Jennifer Carroll MacNeill: Let me clarify. We have a figure of €175 million-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Jennifer Carroll MacNeill: The difference relates to the different caps set for the various funds, as the Deputy noted. Our commitment is what is covered in the legislation, but that may be extended, depending on the scale of the number of funds created. It will differ for the different financial institutions over time.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Jennifer Carroll MacNeill: I would like to revert to the Deputy specifically on this because there is a big difference between the contributions to which we are committing and the creation of a number of additional funds. I would like to get further clarity on that because it is very much speculative. I do not want to say something in response to the Deputy that is not correct. They are very much speculative and...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Jennifer Carroll MacNeill: I could not agree more. The reality of the programme of assistance is that it will be through a period. We hope that Ukraine joining it will be through a longer period of reconstruction. The Bill is trying to make provision today and capacity for tomorrow, but much of that has not been structured and created yet. In response to Deputy Doherty's question, the contribution to the EU...