Fine Gael TD for Meath East, Regina Doherty, has called for the introduction of a mandatory multi-annual levy on the construction industry to cover the cost of repairing pyrite affected homes. Pyrite is a building material which has caused significant damage to homes.
Pyrite has been used in the construction of an estimated 20,000 houses in north Dublin, Meath and Kildare and has left homeowners facing massive bills for problems such as cracked walls and floors.
“With the pyrite panel due to report imminently, affected homeowners are extremely keen to know who will pay for the repair of these homes.
“I don’t believe it is fair that the individual homeowners should have to pay for the significant bills to fix their homes, given that they bought their houses in good faith. Nor do I believe that the taxpayer should pay for it. I think the fairest solution is that a mandatory multi-annual levy be imposed on the construction industry in order to recoup the costs that will be incurred in repairing these homes.
“The repair of these people’s homes is a major priority and I hope the report of the pyrite panel will kickstart this process. I believe the construction industry should welcome this process in that it will provide much needed employment to the sector. It will also give the value back to this large swathe of our housing stock which is currently highly compromised.
“I have been contacted by numerous homeowners who are experiencing serious defects within their homes and am acutely aware of the impact that this issue has had on people. These people, many of whom bought their houses during the peak of the property boom, have had to endure the nightmare scenario of their homes being destroyed in front of their eyes.
“I believe that it would be fundamentally wrong for the homeowners to have to pay for the repairs and it would be wrong to foist the charge on Irish taxpayers who have already had to fund payments to bondholders of our banking institutions.”
Thursday, May 10, 2012
Wednesday, May 09, 2012
Sinn Féin continues to talk absolute rubbish about future funding if we vote No
Fine Gael Meath East TD, Regina Doherty, has today (Wednesday) accused Sinn Féin of continuing to talk absolute rubbish about where we could get funding to run the country in the future if we vote No to the Stability Treaty. Deputy Doherty was responding to claims from Sinn Féin’s Mary Lou McDonald that Ireland would be able to access the ESM, even if we reject the Treaty.
“I was left flabbergasted this morning when I heard Mary Lou say that if we vote No Ireland would still be given funding from the ESM, Europe’s new bailout fund, should we ever need it. I am beginning to wonder if Sinn Féin actually believes the myths they are pedalling.
“Let’s look at the facts here; voting Yes is the only way to ensure access to the ESM, which will act as an important insurance policy for Ireland. The certainty and stability brought about by having access to the ESM will not only be good for jobs growth, it will ease our entry back into the money markets.
“It is clearly stated, in black and white in the Treaty document, that only countries that ratify the Stability Treaty will have access to the ESM. Those countries that choose not to ratify the Treaty – which Sinn Féin is advocating – will not have access to this important source of funding. It’s that simple.
“Sinn Féin wants this country to take a leap into the unknown. They want us to take a massive risk, a gamble, and hope it works out for the best.
“Instead of uncertainty and risk, I believe we should vote for certainty and stability. A Yes vote will be good for investor confidence, which is so essential for jobs growth. It will ensure governments across Europe sign up to sensible budget rules, to prevent the mistakes of the past from being repeated. And it will provide access to the ESM.
“It’s about time Sinn Féin started talking honestly in the best interests of this country, instead of engaging in reckless and irresponsible rhetoric.”
“I was left flabbergasted this morning when I heard Mary Lou say that if we vote No Ireland would still be given funding from the ESM, Europe’s new bailout fund, should we ever need it. I am beginning to wonder if Sinn Féin actually believes the myths they are pedalling.
“Let’s look at the facts here; voting Yes is the only way to ensure access to the ESM, which will act as an important insurance policy for Ireland. The certainty and stability brought about by having access to the ESM will not only be good for jobs growth, it will ease our entry back into the money markets.
“It is clearly stated, in black and white in the Treaty document, that only countries that ratify the Stability Treaty will have access to the ESM. Those countries that choose not to ratify the Treaty – which Sinn Féin is advocating – will not have access to this important source of funding. It’s that simple.
“Sinn Féin wants this country to take a leap into the unknown. They want us to take a massive risk, a gamble, and hope it works out for the best.
“Instead of uncertainty and risk, I believe we should vote for certainty and stability. A Yes vote will be good for investor confidence, which is so essential for jobs growth. It will ensure governments across Europe sign up to sensible budget rules, to prevent the mistakes of the past from being repeated. And it will provide access to the ESM.
“It’s about time Sinn Féin started talking honestly in the best interests of this country, instead of engaging in reckless and irresponsible rhetoric.”
Flower power brings healing garden in Our Lady’s Hospital, Navan
Fine Gael Meath East Deputy, Regina Doherty today (Wednesday) congratulated Our Lady’s Hospital Navan, on the completion of its new rehabilitation garden for patients recovering from orthopaedic surgery.
“I’d like to express my admiration to the patients, their families and friends and whose sponsored walk and generous contributions, have turned the garden plans into a wonderful reality.”
The garden with its differing surfaces, slopes, steps and seating is used by the staff orthopaedic staff as an outdoor treatment area, but also provides patients with an enhanced hospital stay and a place to enjoy with their visitors
Saturday, May 05, 2012
Speech by John Bruton, former Taoiseach and current Vice President of Fine Gael, at the launch of the Meath Fine Gael campaign for a Yes vote to the Stability Treaty, Ardboyne Hotel, Navan
The net question in the Referendum is whether Irish permanent law should be amended to constrain governments running up debts in future. In a way, this should not be a controversial issue.
If governments run up debts, these debts have to be serviced or repaid by citizens. Prudent citizens should, I believe, be in favour of using the law to prevent governments piling up unnecessary or wasteful liabilities for future generations. It is very difficult for an individual voter to follow what a government is doing with its finances on a day to day basis. So having limits and independent controls should be seen as helping people ensure that their money is managed prudently by their government.
Opposition parties, in particular, should favour placing limits on borrowing by current governments because, if they ever find themselves in office, they will be the ones who will have to put money aside to pay interest on the previous government’s debts, before they can spend any money at all on day to day services or investment for the future.
If the Stability Treaty is ratified by people on 31st May, the Dáil and the people will be much better informed about what the government is doing with the people’s money.
An independent Fiscal Advisory Council will keep the Dáil, and the people, informed about trends in government finances. If mistakes are being made in estimating future revenue or spending, the Dáil and the people will have a new means of keeping government finances honest, so to speak.
This searching analysis of government finances by the Fiscal Advisory Council, and also that by the European Commission, will greatly enhance Dáil Eireann’s ability to carry out its duties under Article 17 of the Irish Constitution. This Article requires the Dáil to approve government spending and taxation. If the Stability Treaty is approved, the Dail will have much better quality information for making these important decisions. Governments will not be able to produce phoney estimates, something of which I had direct experience myself as incoming Minister for Finance in 1981.
And, under Article 13 of the Stability Treaty, government and opposition parties the Dáil will have a new means of observing and influencing the economic policies of other EU countries. There will be a new conference of parliamentarians drawn from economic affairs committees from all Member States of the euro. As an export economy, we need to have an input into the policies of our neighbours, and this provision in the Stability Treaty will help give us that.
Some people are describing the Treaty as an ‘austerity treaty’, because it places limits on government borrowing.
But borrowing is not a cure for austerity.
Borrowing is often just a means of postponing austerity.
It is a means of getting the next generation to pay this generation’s bills, without consulting them. And if the interest rate is high, the austerity in the future will be much greater than anything that would happen if problems were faced up to now.
The idea of placing limits on government borrowing and debt is not new. Back in 1992, the Irish people in a referendum approved our joining the Euro currency, and agreed to rules to defend the value of that currency by limiting government debts to 60% of GDP, and government deficits to 3% of GDP.
Put another way, we agreed that our overall government debt would not be more than just below two thirds of everything everyone earned in Ireland in a year, and that the government would not borrow additionally, in any one year, more than three cents for every euro earned by the country as a whole in a year.
These rules were put in the form of an EU Treaty, known as the Maastricht Treaty, approved by the Irish electorate on 18th June 1992.
Some might ask why we needed a rule like that, about government borrowing, in a Treaty primarily about setting up a new common currency?
The answer is that if you want to prevent a shared currency becoming worthless through inflation, you have got to control the amount of money in circulation. One of the ways that money is put into circulation is by governments borrowing money, and spending it.
Unfortunately we have not been able to keep our word to ourselves. All over Europe, governments have got themselves into trouble because they have breached the 60% and 3% limits.
Of course, this was not the only problem, nor the only cause of the economic crisis.
Private businesses and individuals also borrowed and spent excessively. There was too much credit given out, and things were bought with that credit for more than they were worth. The European Central Bank, and the Central Banks of most European states, did not put a stop to this. The same thing happened outside the euro area, in Britain and the United States, so it was not a problem of the euro as such.
To use an analogy, it was a problem of people, and businesses, acting like sheep, following one another, rather than thinking about where they were going. Meanwhile the fences had been allowed to get into disrepair, parts of the field had no fences at all, and the shepherd had gone to sleep.
Now we have to put these things right.
The Stability Treaty is only a small part of the solution.
Ireland, and the rest of Europe, needs to reform its banking system. A functioning economy needs banks. But banks never again must be allowed grow to be too big to fail.
Genuine economic growth needs to be promoted based on developing new products and services that the rest of the world will want to buy.
The consequences of our ageing societies must be addressed honestly.
Confidence must be restored, so that people will feel free to spend what they have. But confidence is only sustainable if it is based on truth; the truth about what we owe, and the truth about what we are spending. The Stability Treaty will help us tell ourselves the truth about our own economy, more fully than we did in the past, and in that way it will help restore confidence.
A Yes vote to the Stability Treaty will not bring complete certainty. Uncertainties will remain in the European and global economies.
The EU is a political organisation. It is democratic. All EU governments have public opinions to consider, not just the Irish Government. The road to a stable, sustainable, and productive economy in Europe will be a long one, probably with some detours. But the EU has made a start:
· on banking;
· on regulation;
· on monitoring systemic risks and;
· on monitoring economic as well as fiscal imbalances.
There is more to do:
· on promoting investment;
· opening up markets to competition and;
· freeing people to work in other EU countries by recognising their qualifications.
But, having served as an Ambassador in the United States, and observed the United States legislative process at close quarters, I can say that the European Union is much further along the road towards dealing with its - admittedly more severe - long term structural and budgetary problems, than the United States.
The EU system is not deadlocked. It is working, slowly, sometimes incompletely, but it is working. Passing the Stability Treaty is a part of that work.
If governments run up debts, these debts have to be serviced or repaid by citizens. Prudent citizens should, I believe, be in favour of using the law to prevent governments piling up unnecessary or wasteful liabilities for future generations. It is very difficult for an individual voter to follow what a government is doing with its finances on a day to day basis. So having limits and independent controls should be seen as helping people ensure that their money is managed prudently by their government.
Opposition parties, in particular, should favour placing limits on borrowing by current governments because, if they ever find themselves in office, they will be the ones who will have to put money aside to pay interest on the previous government’s debts, before they can spend any money at all on day to day services or investment for the future.
If the Stability Treaty is ratified by people on 31st May, the Dáil and the people will be much better informed about what the government is doing with the people’s money.
An independent Fiscal Advisory Council will keep the Dáil, and the people, informed about trends in government finances. If mistakes are being made in estimating future revenue or spending, the Dáil and the people will have a new means of keeping government finances honest, so to speak.
This searching analysis of government finances by the Fiscal Advisory Council, and also that by the European Commission, will greatly enhance Dáil Eireann’s ability to carry out its duties under Article 17 of the Irish Constitution. This Article requires the Dáil to approve government spending and taxation. If the Stability Treaty is approved, the Dail will have much better quality information for making these important decisions. Governments will not be able to produce phoney estimates, something of which I had direct experience myself as incoming Minister for Finance in 1981.
And, under Article 13 of the Stability Treaty, government and opposition parties the Dáil will have a new means of observing and influencing the economic policies of other EU countries. There will be a new conference of parliamentarians drawn from economic affairs committees from all Member States of the euro. As an export economy, we need to have an input into the policies of our neighbours, and this provision in the Stability Treaty will help give us that.
Some people are describing the Treaty as an ‘austerity treaty’, because it places limits on government borrowing.
But borrowing is not a cure for austerity.
Borrowing is often just a means of postponing austerity.
It is a means of getting the next generation to pay this generation’s bills, without consulting them. And if the interest rate is high, the austerity in the future will be much greater than anything that would happen if problems were faced up to now.
The idea of placing limits on government borrowing and debt is not new. Back in 1992, the Irish people in a referendum approved our joining the Euro currency, and agreed to rules to defend the value of that currency by limiting government debts to 60% of GDP, and government deficits to 3% of GDP.
Put another way, we agreed that our overall government debt would not be more than just below two thirds of everything everyone earned in Ireland in a year, and that the government would not borrow additionally, in any one year, more than three cents for every euro earned by the country as a whole in a year.
These rules were put in the form of an EU Treaty, known as the Maastricht Treaty, approved by the Irish electorate on 18th June 1992.
Some might ask why we needed a rule like that, about government borrowing, in a Treaty primarily about setting up a new common currency?
The answer is that if you want to prevent a shared currency becoming worthless through inflation, you have got to control the amount of money in circulation. One of the ways that money is put into circulation is by governments borrowing money, and spending it.
Unfortunately we have not been able to keep our word to ourselves. All over Europe, governments have got themselves into trouble because they have breached the 60% and 3% limits.
Of course, this was not the only problem, nor the only cause of the economic crisis.
Private businesses and individuals also borrowed and spent excessively. There was too much credit given out, and things were bought with that credit for more than they were worth. The European Central Bank, and the Central Banks of most European states, did not put a stop to this. The same thing happened outside the euro area, in Britain and the United States, so it was not a problem of the euro as such.
To use an analogy, it was a problem of people, and businesses, acting like sheep, following one another, rather than thinking about where they were going. Meanwhile the fences had been allowed to get into disrepair, parts of the field had no fences at all, and the shepherd had gone to sleep.
Now we have to put these things right.
The Stability Treaty is only a small part of the solution.
Ireland, and the rest of Europe, needs to reform its banking system. A functioning economy needs banks. But banks never again must be allowed grow to be too big to fail.
Genuine economic growth needs to be promoted based on developing new products and services that the rest of the world will want to buy.
The consequences of our ageing societies must be addressed honestly.
Confidence must be restored, so that people will feel free to spend what they have. But confidence is only sustainable if it is based on truth; the truth about what we owe, and the truth about what we are spending. The Stability Treaty will help us tell ourselves the truth about our own economy, more fully than we did in the past, and in that way it will help restore confidence.
A Yes vote to the Stability Treaty will not bring complete certainty. Uncertainties will remain in the European and global economies.
The EU is a political organisation. It is democratic. All EU governments have public opinions to consider, not just the Irish Government. The road to a stable, sustainable, and productive economy in Europe will be a long one, probably with some detours. But the EU has made a start:
· on banking;
· on regulation;
· on monitoring systemic risks and;
· on monitoring economic as well as fiscal imbalances.
There is more to do:
· on promoting investment;
· opening up markets to competition and;
· freeing people to work in other EU countries by recognising their qualifications.
But, having served as an Ambassador in the United States, and observed the United States legislative process at close quarters, I can say that the European Union is much further along the road towards dealing with its - admittedly more severe - long term structural and budgetary problems, than the United States.
The EU system is not deadlocked. It is working, slowly, sometimes incompletely, but it is working. Passing the Stability Treaty is a part of that work.
Friday, May 04, 2012
People considering cosmetic surgery should be fully informed of medical implications
Fine Gael TD for Meath East, Regina Doherty, has highlighted the need for people to be fully informed of medical the reprecussions of any cosmetic surgery procedure.
Deputy Doherty, who is a member of the Oireachtas Committee on Health and Children, was speaking following today’s appearance of Chief Medical Officer, Dr Tony Holohan, before the Committee to speak about the impact of faulty silicone breast implants made by French company PIP.
“It is clear to me that the current arrangement of self-regulation of the cosmetic surgery industry in Ireland is not good enough. On that note, I strongly welcome the news that the Department of Health is preparing legislation to deal with the regulation of the cosmetic surgery industry. It is sorely needed.
“This point is underscored by the case of the implants manufactured by French company PIP, who deliberately used industrial grade silicone during production. An estimated 1,500 Irish women have had this product inserted in their bodies.
“One company, which carried out the breast augmentation procedure with over 900 of these women, have proven to be far from helpful to the women who underwent the procedure with them. I hope that with the regulation of the industry in Ireland, patients will be spared the hardship that these women have had to go through.
“I urge the Department of Health to ensure that all advertisements for cosmetic surgery services contain advice for people to visit their GP in advance of any procedures to assess their physical suitability for the treatment and the potential medical implications. The State has a duty of care to its citizens and as such should encourage people to ensure that they are aware of what they are undertaking.”
Deputy Doherty, who is a member of the Oireachtas Committee on Health and Children, was speaking following today’s appearance of Chief Medical Officer, Dr Tony Holohan, before the Committee to speak about the impact of faulty silicone breast implants made by French company PIP.
“It is clear to me that the current arrangement of self-regulation of the cosmetic surgery industry in Ireland is not good enough. On that note, I strongly welcome the news that the Department of Health is preparing legislation to deal with the regulation of the cosmetic surgery industry. It is sorely needed.
“This point is underscored by the case of the implants manufactured by French company PIP, who deliberately used industrial grade silicone during production. An estimated 1,500 Irish women have had this product inserted in their bodies.
“One company, which carried out the breast augmentation procedure with over 900 of these women, have proven to be far from helpful to the women who underwent the procedure with them. I hope that with the regulation of the industry in Ireland, patients will be spared the hardship that these women have had to go through.
“I urge the Department of Health to ensure that all advertisements for cosmetic surgery services contain advice for people to visit their GP in advance of any procedures to assess their physical suitability for the treatment and the potential medical implications. The State has a duty of care to its citizens and as such should encourage people to ensure that they are aware of what they are undertaking.”
WHY A YES TO THE STABILITY TREATY IS GOOD FOR AGRICULTURE
A YES vote in the Stability Treaty will deliver certainty around recovery, investment and the future funding of our country. It is in the interests of the agri-food sector to VOTE YES and secure Ireland’s future.
EXPORTS
· Exports are key to the future growth of the agri-food sector. In 2011, agri-food and drink exports increased by 12% to nearly €9bn, exporting to 170 countries worldwide. A stable euro and strong reputation internationally is critical to driving further growth in exports.
· Passing The Stability Treaty will send a strong message to our trading partners about our ongoing commitment to maintaining Ireland as a stable, secure and innovative place to do business with.
NEW MARKETS
· EU membership and a strong and a stable euro have provided Ireland with a huge barrier-free internal market for our products and support for exports to world markets. Today we have free access to half-a-billion consumers across Europe providing huge potential to every Irish farmer.
· Huge opportunities for expansion lie in new markets for Irish produce, like China and Africa, particularly with the opportunity presented by the abolition of dairy quotas post 2015. Maintaining certainty around our currency and capacity for recovery will be really important in accessing trading opportunities for Irish produce in new markets.
CAP NEGOTIATIONS
· The CAP has transformed Irish farming and the food industry in this country since 1973. EU Membership has increased farmers’ incomes and transformed living standards to the benefit of farming, the food industry and the wider rural community.
· Irish consumers have benefited from higher levels of food safety, better environmental controls, additional employment in food processing and a positive contribution to our balance of payments.
· We are now reaching a crucial stage in CAP negotiations and Ireland is likely to be hosting the Presidency of the EU during the final stages of negotiation.
· We have always punched well above our weight in EU agriculture negotiations because of our ability to build alliances and win friends for our cause. We have also succeeded, where many other Member States have failed, in getting concessions or side deals to cushion the effects of reforms that might have had unfavourable impacts.
· As a small country with a very significant interest in the outcome of the CAP for one of our most important indigenous sectors, it is vital that we maintain our goodwill and influence as a strong and vocal member state during the negotiating process so we can deliver the best possible outcome for Irish farmers under the new CAP.
EU FUNDING
· The agri-food sector and wider economy has benefitted massively from the CAP. Upon accession to the then EEC in 1973, the annual output of the sector £560 million and our main export market was the UK. In 2011, exports reached an all time high of almost €9bn, exporting to 170 countries and an overall annual output of €24bn and 150,000 jobs.
· From 1973 to 2011, Ireland received around €50 billion from the EU in agricultural funding, including financing for direct payments to farmers, rural development measures (e.g. REPS, Disadvantaged areas, Early Retirement schemes etc.) and market supports.
· This Treaty provides Ireland with access to emergency rescue funds if we should need them in the future following our bailout programme, at low interest rates. This will be key to maintaining the progress we have made to date on building our reputation internationally and the interest shown by foreign companies in the agri-food sector to invest in Ireland.
EXPORTS
· Exports are key to the future growth of the agri-food sector. In 2011, agri-food and drink exports increased by 12% to nearly €9bn, exporting to 170 countries worldwide. A stable euro and strong reputation internationally is critical to driving further growth in exports.
· Passing The Stability Treaty will send a strong message to our trading partners about our ongoing commitment to maintaining Ireland as a stable, secure and innovative place to do business with.
NEW MARKETS
· EU membership and a strong and a stable euro have provided Ireland with a huge barrier-free internal market for our products and support for exports to world markets. Today we have free access to half-a-billion consumers across Europe providing huge potential to every Irish farmer.
· Huge opportunities for expansion lie in new markets for Irish produce, like China and Africa, particularly with the opportunity presented by the abolition of dairy quotas post 2015. Maintaining certainty around our currency and capacity for recovery will be really important in accessing trading opportunities for Irish produce in new markets.
CAP NEGOTIATIONS
· The CAP has transformed Irish farming and the food industry in this country since 1973. EU Membership has increased farmers’ incomes and transformed living standards to the benefit of farming, the food industry and the wider rural community.
· Irish consumers have benefited from higher levels of food safety, better environmental controls, additional employment in food processing and a positive contribution to our balance of payments.
· We are now reaching a crucial stage in CAP negotiations and Ireland is likely to be hosting the Presidency of the EU during the final stages of negotiation.
· We have always punched well above our weight in EU agriculture negotiations because of our ability to build alliances and win friends for our cause. We have also succeeded, where many other Member States have failed, in getting concessions or side deals to cushion the effects of reforms that might have had unfavourable impacts.
· As a small country with a very significant interest in the outcome of the CAP for one of our most important indigenous sectors, it is vital that we maintain our goodwill and influence as a strong and vocal member state during the negotiating process so we can deliver the best possible outcome for Irish farmers under the new CAP.
EU FUNDING
· The agri-food sector and wider economy has benefitted massively from the CAP. Upon accession to the then EEC in 1973, the annual output of the sector £560 million and our main export market was the UK. In 2011, exports reached an all time high of almost €9bn, exporting to 170 countries and an overall annual output of €24bn and 150,000 jobs.
· From 1973 to 2011, Ireland received around €50 billion from the EU in agricultural funding, including financing for direct payments to farmers, rural development measures (e.g. REPS, Disadvantaged areas, Early Retirement schemes etc.) and market supports.
· This Treaty provides Ireland with access to emergency rescue funds if we should need them in the future following our bailout programme, at low interest rates. This will be key to maintaining the progress we have made to date on building our reputation internationally and the interest shown by foreign companies in the agri-food sector to invest in Ireland.
Thursday, May 03, 2012
Fine Gael calls for a strong Yes vote in the Stability Treaty Referendum
The Taoiseach today (Tuesday) said that a Yes vote in the Stability Treaty Referendum will send a strong signal to companies that Ireland is the right country in which to invest. Speaking at the launch of Fine Gael’s campaign for a Yes vote in the referendum on the 31st May, the Fine Gael Leader, Enda Kenny TD, said: ‘The Irish people have worked hard over the past few years to get our country back on track. Through their sacrifices they have shown the international business community that this country is serious about doing things the right way, and that Ireland is a stable country in which to invest’.
“Several multinational companies have demonstrated their confidence in Ireland by announcing new investments that will create real jobs for our people. I want that flow of investment to continue and grow. Only this morning, a number of IT multinationals have come out in favour of a Yes vote. They want to invest in a country where there is stability. We know that the best way of ensuring that, is through a Yes vote which will create the certainty and stability that investors need. We believe that a Yes vote is needed for a working Ireland – an Ireland that functions properly, does things the right way and, most importantly, builds the right environment for job creation.”
Fine Gael’s Director of Elections for the Referendum Campaign, Minister Simon Coveney TD, said this is the most important decision the Irish people will make between now and the next General Election. He said: ‘This Treaty is about investment, stability and recovery for Ireland. It is about making sure that our budgets are managed responsibly in the future and that funding from the European Stability Mechanism will be available to Ireland should we need it’.
“A Yes vote won’t solve everything, but it will help to provide the certainty that we need in terms of future funding and responsible budgeting. We are already working towards balanced budgets, we are already focused on job creation, and we are already attracting inward investment. This Treaty will help us to take another step forward in bringing stability and recovery.
Speaking at the launch, the Minister of State for European Affairs, Lucinda Creighton TD, said: ‘This will be the most comprehensive referendum campaign in Irish history - we are determined that the Irish people will have a full understanding of this Treaty when they vote on 31st May, and we look forward to talking to people around the country before then’
“Several multinational companies have demonstrated their confidence in Ireland by announcing new investments that will create real jobs for our people. I want that flow of investment to continue and grow. Only this morning, a number of IT multinationals have come out in favour of a Yes vote. They want to invest in a country where there is stability. We know that the best way of ensuring that, is through a Yes vote which will create the certainty and stability that investors need. We believe that a Yes vote is needed for a working Ireland – an Ireland that functions properly, does things the right way and, most importantly, builds the right environment for job creation.”
Fine Gael’s Director of Elections for the Referendum Campaign, Minister Simon Coveney TD, said this is the most important decision the Irish people will make between now and the next General Election. He said: ‘This Treaty is about investment, stability and recovery for Ireland. It is about making sure that our budgets are managed responsibly in the future and that funding from the European Stability Mechanism will be available to Ireland should we need it’.
“A Yes vote won’t solve everything, but it will help to provide the certainty that we need in terms of future funding and responsible budgeting. We are already working towards balanced budgets, we are already focused on job creation, and we are already attracting inward investment. This Treaty will help us to take another step forward in bringing stability and recovery.
Speaking at the launch, the Minister of State for European Affairs, Lucinda Creighton TD, said: ‘This will be the most comprehensive referendum campaign in Irish history - we are determined that the Irish people will have a full understanding of this Treaty when they vote on 31st May, and we look forward to talking to people around the country before then’
The IMF is no fairy Godmother - Hayes
We have already seen a number of canards thrown into the referendum debate. One of them was by the Sunday Times hinting last Sunday that Ireland may have a ready source of new and easy funding from the IMF if we needed a second bailout. For Ireland’s sake let us hope they don’t get what they wish for.
The IMF is the lender of last resort. It is a rules based organisation. As the IMF will tell you, the interest they charge on borrowed money can be seen on their shop front window. It’s higher than the blended European loans and they tend not to do, go it alone lending for states that cannot borrow elsewhere. If we lock ourselves out of the ESM by voting NO, the IMF are hardly likely to lend to us when we have decided to exclude ourselves from a new Euro lending facility. That’s particularly the case when you come looking for a second bailout.
According to IMF rules each country, including Ireland, has a quota of Special Drawing Rights [SDRs]. Under these rules funding to a country is capped by access limits of 200% of quota in any one year and to total lending of 600% of quota. The IMF does allow for exceptional access criteria when quotas can be exceeded.
The €22.5 billion pledged by the IMF to Ireland in December 2010 was at that time 23 times Ireland’s lending quota. Ireland’s quota was increased in March 2011. Even so Ireland is still exceeding its IMF quota by 15 times. The IMF rules were stretched to the limit by Ireland’s original bailout. Because the IMF was part of a wider troika of support the Board of the IMF, after taking extensive legal advice, decided to proceed to support Ireland. But they did so on the basis that two thirds of the bailout money came from the European Authorities and where they had preferred creditor status over European Loans.
Of course it is technically correct to suggest that we could seek another loan from the IMF. Any country can apply to the IMF for a loan. Just like anybody can apply to their bank manager for a large loan. If you have already exceeded by a very large margin your loan limits your bank manger is not likely to give you another loan. Ireland has already maxed out its IMF loan.
Are those on the No side seriously suggesting that the IMF are going to turn around and give us another large loan? The idea that the IMF is some kind of fairy godmother is frankly ludicrous. The IMF always insists on being the preferred lender when it makes a loan. It always insists on getting its money back first. That the IMF might lend Ireland additional support after we had cut ourselves off from EU funding is simply not credible. And we know from its history that when the IMF is the sole provider of finance it drives a very hard bargain. In a default situation the IMF might help. But their help would include some very nasty medicine indeed, much worse than anything seen so far.
As regards the approach being taken by Mr Hollande it is worth making the following points. Mr Hollande is still a candidate in electioneering mode. To see Mr Hollande as a white knight against fiscal consolidation is to totally misread the situation.
Mr Hollande and his chief financial adviser have both made it clear since the first round of voting that they intend to abide by the rules of the Fiscal Treaty. Both of them have stated their intention of bringing France’s budget deficit below 3% by 2013 and into balance by 2017. That is faster than even Ireland is planning. As a government we have a budget target of below 3% by 2015. And let us not forget one simple fact. There are 27 members in the European Union. In 2011 Ireland had the worst budget deficit in the whole of the EU. There is an economic and political imperative that we bring our budget into better balance and our debt levels on a downward trajectory.
It was too much debt that brought this country to its knees. Those who oppose this Treaty seem to believe that even more debt is the solution. If that remotely credible? We now know that too much debt is a vicious trap. We need to return to sound finances and sustainable development. The last thing we need is more debt that can be left to our children to pay off.
Of course Ireland supports a renewed emphasis at EU level on investment, growth and jobs. We have been pushing that agenda very strongly. We will have a clear opportunity to shape that debate when Ireland takes over the Presidency of the EU at the beginning of next year. Jobs continue to be at the centre of this government’s economic strategy. The government is prepared to listen closely to reasonable proposals. The government is prepared to engage directly with Trades Unions and other organisations on getting this country back on the road to recovery. But a vote against the Treaty will bring no benefits. It will only bring fear uncertainty and risks. Voting no will tie the hands of the Irish government at EU level. It will mean Ireland continues to be a problem, not part of a solution.
Fundamentally this Treaty is about keeping the euro safe and strong. It is about restoring confidence. It is about bringing stability to the Eurozone. Peter O’Neill, Managing Director of IBM Ireland, put it very succinctly last Sunday. He wrote “without investment, there will be no growth. Growth is the only way out of the current situation”. I agree with his real world assessment as against believing in the magic of fairy godmothers.
BRIAN HAYES TD is Minister for State at the Dept of Finance
The IMF is the lender of last resort. It is a rules based organisation. As the IMF will tell you, the interest they charge on borrowed money can be seen on their shop front window. It’s higher than the blended European loans and they tend not to do, go it alone lending for states that cannot borrow elsewhere. If we lock ourselves out of the ESM by voting NO, the IMF are hardly likely to lend to us when we have decided to exclude ourselves from a new Euro lending facility. That’s particularly the case when you come looking for a second bailout.
According to IMF rules each country, including Ireland, has a quota of Special Drawing Rights [SDRs]. Under these rules funding to a country is capped by access limits of 200% of quota in any one year and to total lending of 600% of quota. The IMF does allow for exceptional access criteria when quotas can be exceeded.
The €22.5 billion pledged by the IMF to Ireland in December 2010 was at that time 23 times Ireland’s lending quota. Ireland’s quota was increased in March 2011. Even so Ireland is still exceeding its IMF quota by 15 times. The IMF rules were stretched to the limit by Ireland’s original bailout. Because the IMF was part of a wider troika of support the Board of the IMF, after taking extensive legal advice, decided to proceed to support Ireland. But they did so on the basis that two thirds of the bailout money came from the European Authorities and where they had preferred creditor status over European Loans.
Of course it is technically correct to suggest that we could seek another loan from the IMF. Any country can apply to the IMF for a loan. Just like anybody can apply to their bank manager for a large loan. If you have already exceeded by a very large margin your loan limits your bank manger is not likely to give you another loan. Ireland has already maxed out its IMF loan.
Are those on the No side seriously suggesting that the IMF are going to turn around and give us another large loan? The idea that the IMF is some kind of fairy godmother is frankly ludicrous. The IMF always insists on being the preferred lender when it makes a loan. It always insists on getting its money back first. That the IMF might lend Ireland additional support after we had cut ourselves off from EU funding is simply not credible. And we know from its history that when the IMF is the sole provider of finance it drives a very hard bargain. In a default situation the IMF might help. But their help would include some very nasty medicine indeed, much worse than anything seen so far.
As regards the approach being taken by Mr Hollande it is worth making the following points. Mr Hollande is still a candidate in electioneering mode. To see Mr Hollande as a white knight against fiscal consolidation is to totally misread the situation.
Mr Hollande and his chief financial adviser have both made it clear since the first round of voting that they intend to abide by the rules of the Fiscal Treaty. Both of them have stated their intention of bringing France’s budget deficit below 3% by 2013 and into balance by 2017. That is faster than even Ireland is planning. As a government we have a budget target of below 3% by 2015. And let us not forget one simple fact. There are 27 members in the European Union. In 2011 Ireland had the worst budget deficit in the whole of the EU. There is an economic and political imperative that we bring our budget into better balance and our debt levels on a downward trajectory.
It was too much debt that brought this country to its knees. Those who oppose this Treaty seem to believe that even more debt is the solution. If that remotely credible? We now know that too much debt is a vicious trap. We need to return to sound finances and sustainable development. The last thing we need is more debt that can be left to our children to pay off.
Of course Ireland supports a renewed emphasis at EU level on investment, growth and jobs. We have been pushing that agenda very strongly. We will have a clear opportunity to shape that debate when Ireland takes over the Presidency of the EU at the beginning of next year. Jobs continue to be at the centre of this government’s economic strategy. The government is prepared to listen closely to reasonable proposals. The government is prepared to engage directly with Trades Unions and other organisations on getting this country back on the road to recovery. But a vote against the Treaty will bring no benefits. It will only bring fear uncertainty and risks. Voting no will tie the hands of the Irish government at EU level. It will mean Ireland continues to be a problem, not part of a solution.
Fundamentally this Treaty is about keeping the euro safe and strong. It is about restoring confidence. It is about bringing stability to the Eurozone. Peter O’Neill, Managing Director of IBM Ireland, put it very succinctly last Sunday. He wrote “without investment, there will be no growth. Growth is the only way out of the current situation”. I agree with his real world assessment as against believing in the magic of fairy godmothers.
BRIAN HAYES TD is Minister for State at the Dept of Finance
Wednesday, May 02, 2012
Vote "Yes" for continued investment
Fine Gael Meath East TD, Regina Doherty, has today (Tuesday) urged people across the North East to vote Yes to continued investment in the upcoming referendum on the Stability Treaty. Deputy Doherty was speaking after An Taoiseach, Enda Kenny, launched Fine Gael’s campaign for a Yes vote in the Referendum.
“There has been a huge amount of progress made over the last year in attracting job creating international investors into this country. Foreign Direct Investment is hugely important to Ireland; at least 250,000 people are employed in the sector here both directly and indirectly.
“IDA supported companies account for €19 billion in total spend in the Irish economy. These same companies account for about €115 billion in exports; that’s 70% of our total exports, which are so important in driving our economic recovery.
“There have been a number of hugely positive jobs announcements in recent months, including the 1,000 new jobs created by PayPal in Dundalk. If we want to continue this positive stream of inward investment I believe it is essential that we vote Yes to the Stability Treaty.
“A Yes vote will be a key step in our recovery. It will send out a message of certainty to international investors thinking about creating jobs here. Today, we saw several IT multinationals come out in favour of a Yes vote. They want to invest in a country where there is stability.
“A No vote is a vote for uncertainty, risk and confusion. A Yes vote will create the certainty and stability that investors need. A Yes vote is needed for a working Ireland – an Ireland that manages its finances properly and builds the right environment for job creation.”
“There has been a huge amount of progress made over the last year in attracting job creating international investors into this country. Foreign Direct Investment is hugely important to Ireland; at least 250,000 people are employed in the sector here both directly and indirectly.
“IDA supported companies account for €19 billion in total spend in the Irish economy. These same companies account for about €115 billion in exports; that’s 70% of our total exports, which are so important in driving our economic recovery.
“There have been a number of hugely positive jobs announcements in recent months, including the 1,000 new jobs created by PayPal in Dundalk. If we want to continue this positive stream of inward investment I believe it is essential that we vote Yes to the Stability Treaty.
“A Yes vote will be a key step in our recovery. It will send out a message of certainty to international investors thinking about creating jobs here. Today, we saw several IT multinationals come out in favour of a Yes vote. They want to invest in a country where there is stability.
“A No vote is a vote for uncertainty, risk and confusion. A Yes vote will create the certainty and stability that investors need. A Yes vote is needed for a working Ireland – an Ireland that manages its finances properly and builds the right environment for job creation.”
Anomaly in processing optical benefit must be addressed
Fine Gael TD for Meath East, Regina Doherty has today (Tuesday) called for the system of processing applications for optical benefit to be re-examined immediately.
“I have been contacted by many constituents frustrated at the system currently in place. At the moment, optical benefit applications from Meath, are currently taking nearly seven times longer to process than those of their neighbouring counties. This issue is causing a major headache for both customers and businesses”.
"It makes no sense that we have a system whereby applications from one county are processed faster than in another. In an age of technology, patient convenience and ease of access to these benefits should be improved.
“I believe that this matter requires urgent attention and I intend to write directly to the Minister."
“I have been contacted by many constituents frustrated at the system currently in place. At the moment, optical benefit applications from Meath, are currently taking nearly seven times longer to process than those of their neighbouring counties. This issue is causing a major headache for both customers and businesses”.
"It makes no sense that we have a system whereby applications from one county are processed faster than in another. In an age of technology, patient convenience and ease of access to these benefits should be improved.
“I believe that this matter requires urgent attention and I intend to write directly to the Minister."
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