I move: That Dáil Éireann approves the following Orders in draft: Finance Act 2022 (Temporary Business Energy Support Scheme) (Energy Costs Threshold Aggregate Amount) Order 2023, Finance Act 2022 (Temporary Business Energy Support Scheme) (Energy Costs Threshold Aggregate Amount) (No. 2) Order 2023, and Finance Act 2022 (Temporary Business Energy Support Scheme) (Specified Period) Order 2023, copies of which have been laid in draft form before Dáil Éireann on 21st February, 2023. The temporary business energy supp…

I thank all of my colleagues for their contributions. I have taken note of a number of the points that have been made. I wish to clarify a few points in terms of the effect of the resolutions that are before us tonight, which we can do under the existing Act and the changes that can only be brought about by way of new legislation in the House, which will be introduced shortly by means of a Finance Bill. The resolutions before us tonight mean that we can now extend the scheme to the end of April but it will require …

I move the following Financial Resolutions:

The first financial resolution provides for an extension of the excise duty reduction to mineral oil tax that the Government initially introduced in March of last year. VAT-inclusive reductions of 21 cent for petrol, 16 cent for auto diesel and 5.4 cent for marked gas oil, MGO, or green diesel, were extended in the Finance Act 2022 and were due to expire on 28 February of this year. The purpose of this current financial resolution is to extend these temporary reductions with effect from 1 March and begin a phased r…

The Deputy just accused us of corruption.

I thank all my colleagues who contributed to this debate. We will have another opportunity because there will be a finance Bill 2023. What we are debating here are three financial resolutions. If they are not passed this evening, the result will be that this day next week the VAT on gas and electricity household bills will go up to 13.5%. The VAT on tourism, hospitality, hairdressers, theatres, cinemas, and so on will also go up next week to 13.5% if these resolutions are voted down. Equally, we will also have a re…

I wish to share time.

I welcome the opportunity to provide some brief remarks. The timing of the debate is appropriate, now that we are approaching the first anniversary of the brutal invasion of Ukraine by Russia. It has, as we all know, unleashed a terrible humanitarian crisis. Millions of people have been displaced from their home and country. Ireland and many other countries around the world, especially our neighbours in Europe, are having to accommodate very large number of people seeking, first and foremost, protection. We should …

I move amendment No. 1: To delete all words after "Dáil Éireann" and substitute the following: "notes that: — the European Central Bank (ECB) is independent in the formulation of monetary policy for the Eurozone Area; — the ECB's objective is to maintain price stability and wishes to ensure a timely return of inflation to its 2 per cent medium-term target; and — since last summer, the ECB has increased official interest rates on five occasions by a total of 3 percentage points; acknowledges that: — the current infl…

I also know the Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach has engaged with the Central Bank in the past week or so on these issues. I am in continuous engagement with the Central Bank. I know from that engagement that the Central Bank is actively on the case. It is on the case of ensuring the full implementation of all the statutory codes and the consumer protection rules that are in place through the consumer protection code and the code of conduct on mortgage arrears. It is importan…

I move: "That Report Stage be taken now."

I move amendment No. 1: In page 25, line 7, to delete "it," and substitute "it". I am tabling four amendments to the Bill to address minor typographical issues that have come to light since Committee Stage. I commend these four amendments to the House. I am pleased to be able to bring this important Bill before the House today. Passage of the Bill by Dáil Éireann will be a significant milestone in our efforts to introduce greater accountability in the financial services industry. My predecessor, the Minister for Pu…

I move amendment No. 2: In page 27, line 14, to delete “or where” and substitute “or, where”.

I move amendment No. 3: In page 71, line 28, to delete “2010.”.” and substitute “2010.”, and” .

I move amendment No. 4: In page 73, line 11, to delete “ 91. (1)” and substitute “ 91. ”.

I thank the Deputy for his good wishes and I look forward to working with him over the period ahead. As the Deputy will be aware, the position is that the formulation and implementation of monetary policy in the eurozone and the setting of official interest rates is an independent matter for the ECB. The Government has no role in setting official interest rates, nor in setting the retail interest rates that lenders may charge on their loans, including mortgages. That is a business and commercial matter for individu…

The Deputy is correct to highlight the impact of changes in monetary policy on mortgage holders. They also have an impact on businesses and the sovereign. We have to consider all of these issues in the round. For example, we have to consider in the coming weeks a number of various taxation measures that are due to expire. I have no doubt that the Deputy will have certain views on those as well. He will raise at least one specific issue in that respect in one of his upcoming questions. It must be acknowledged that, …

-----that more than 90% of the new mortgages being issued are fixed rate in nature, so many of those who took up mortgages recently are protected.

I have not seen Sinn Féin's proposal. I am sure it will be published, if it has not been already. If the Deputy wants to send it to me, I will take a look at it. Targeting through mortgage interest relief is difficult. In my initial remarks, I referenced the way in which the distribution of the benefit of mortgage interest relief in the past was heavily skewed in favour of the highest income deciles. It was just the nature of how that relief worked. Of course, one could build in caps, limitations and so on, but the…

I thank Deputy Nash for his good wishes. I look forward to working with him in a constructive spirit insofar as we possibly can. I am sure all of us across the floor will have certain clashes and disputes, but hopefully we can conduct our business in good spirits. As the Deputy will be aware, the temporary reduction in the rate of VAT from 13.5% to 9% for gas and electricity was first introduced on 1 May 2022. In recognition of the ongoing difficulties experienced by households and businesses with the increasing co…