Paschal Donohoe

That is an appalling allegation to make.

That is an appalling allegation.

You did.

That is not what the others said.

Absolutely.

I move: That Dáil Éireann hereby refers the carbon budget prepared pursuant to section 6A of the Climate Action and Low Carbon Development (Amendment) Act 2021, copies of which were laid before Dáil Éireann on 19th May, 2025, to fulfil the requirements of section 6B(1)(a) of the Act, to the Joint Committee on Climate, Environment and Energy, which shall report its recommendations to both Houses o…

I move: That, notwithstanding Standing Order 222 of the Standing Orders of Dáil Éireann relative to Public Business or the Resolution of the Dáil of 1st April, 2025, the following Revised Estimates and Further Revised Estimate for Public Services for the year ending 31st December, 2025, be presented to the Dáil and circulated to members on 20th May, 2025, being a date later than that prescribed f…

Too busy standing up to journalists.

With the agreement of the Leas-Cheann Comhairle and the House, I will share my remaining time with the Minister, Deputy Chambers. I am pleased to have the opportunity to address Dáil Éireann today on the issue of where global trade stands. It is now obvious we are facing a trade development that is a major challenge for the global economy and one that casts a dark shadow over prospects for the ec…

I apologise for being a few minutes late. I was not aware of the change in the time. I did not mean to keep the Cathaoirleach Gníomhach or colleagues waiting. I am in his hands with regard to this. Important announcements were made last night. I am happy to answer questions in whatever way the Cathaoirleach Gníomhach sees fit or whatever way can be agreed by the Dáil. I have been briefed to the ef…

Before I get into the important specifics the Deputy raised, I will reflect on the announcements relating to the tariffs introduced by the Trump Administration. Free trade has been at the centre of the Irish and European economies for many decades. However, it is clear that the global economic landscape has changed. Tariffs are being imposed in respect of trade into the United States at a level th…

Based on the papers published and the analysis we have done, the answer, which is subject to a number of assumptions, is that the Deputy is broadly correct. The issue is what happens to the assumptions. The assumptions in the paper in question assume that investment levels will be stable in our economy. The question is whether the assumption relating to the decisions made, their impact on the glob…

I am struck by the value the Deputy places on negotiation and dialogue, particularly as his party made clear it would not go to the Oval Office. The Deputy's party leader and the First Minister of Northern Ireland indicated they would not engage with the United States across the St. Patrick's Day programme.

That is the case.

Given that his party made clear it would not engage politically with the Trump Administration, why is he advocating the benefits of negotiation? Why is he making the case for the benefits of dialogue? I welcome the fact he was doing so, but how is that consistent with the announcement his party made, to some fanfare and prominence, that it did not want to engage with the political Administration a…

The response the Government will put in place has three different levels. First is the engagement we will have with the institutions of the European Union and other governments in the EU to look at what the response should be. We believe any response should be proportionate and needs to create the incentives and environment within which negotiation can take place. Second, through IDA Ireland, we w…

The Deputy referred to three issues. First, the impact on our economy of the response to what has happened in the US was modelled in the paper published by the Department of Finance and the ESRI. The response of the EU to this will become clearer in the time ahead and we will aim to influence that and, of course, be part of it. Second, the Deputy is correct; the issue of the implication of all o…

Again, that is an important point. Every country is affected in different ways by the changes that have happened. However, there is a particular uniqueness to what it could mean due to the vital arrangements and agreements that are in place to recognise and protect the all-island economy in the context of dealing with Brexit. We understood this was a risk. It is one that has already been raised wi…

I am, of course, very aware of the difficulties the increase in interest rates in recent years has caused to many mortgage borrowers. From a regulatory perspective, the Central Bank has put in place a range of measures to protect consumers who have or who are taking out a mortgage. The consumer protection framework, which applies in the same way to all regulated mortgage entities such as banks, re…

I have three points in response to that, the first of which is that the best prospect we have to see all mortgage holders pay lower interest on their loans in the time ahead is to see a change in general interest rates within our economy. I welcome the decisions that have been made in recent months by the European Central Bank, ECB, in that regard. Second, I emphasised at all times during this ve…

Third, what we have seen is some switching take place and I, of course, want to look at how we can see further switching take place from the non-bank back to the bank sector.

I always acknowledge, and will do so again, that it was difficult and there were moments of high anxiety for those who saw the ownership of their loans or the mortgage on their homes or properties switching. I know that the impact on those affected has been difficult. For many, it has resulted in their mortgage payments and their interest rates being high. At the same time, I must be honest in em…

The Ireland Strategic Investment Fund is a €15 billion fund comprising the discretionary portfolio of €8.4 billion and the directed portfolio of €6.2 billion. It has a double bottom line mandate to invest on a commercial basis in a manner designed to support economic activity and employment in Ireland. According to the most recent NTMA annual report, from inception to the end of 2023, ISIF genera…

I thank the Deputy for recognising the work the NTMA has done in this and other areas and particularly the work ISIF has done. The Deputy is familiar with that. I have outlined the divestment that has taken place and it is important for me to emphasise to Deputy Connolly that the operational independence of ISIF is very important to this space. It manages €15 billion of our money, which is investe…

I thank the Deputy for raising this. While I make the case that the share of the overall portfolio of ISIF's investments is a small one, millions of euro is a lot of money for the Deputy and me. I accept that point. The Deputy raises very important foreign policy and human rights issues. My Department engages with ISIF and the NTMA on these and other matters. The concerns and issues the Deputy ha…