2 Jul 2013, 16:43
Minister for Finance Michael Noonan TD will attend the meeting of the Committee on Finance, Public Expenditure and Reform at 4pm tomorrow, Wednesday, 3rd July 2013 for a review of Ecofin matters under the Irish EU Presidency.
Committee Chairman Ciarán Lynch said: “After what has been generally accepted as very successful EU Presidency, it is both timely and fitting that we receive a briefing from Minister Noonan on Ecofin matters that were addressed over the past six months. Among the issues which the Committee would like to address in more detail with the Minister is the Council agreement, which was reached at the last Ecofin meeting of the Irish Presidency, on a mechanism for winding up failing banks without resorting to the use of tax-payers’ money. This is the so-called Bank Recovery and Resolution Directive, which forms a major part of the Banking Union and will equip authorities with common and effective tools and powers to tackle bank crises pre-emptively, safeguarding financial stability and minimising taxpayer exposure.
At the ECOFIN meeting on 21st June, the Council approved, under this year's European Semester, recommendations to 23 Member States on their economic and fiscal policies. It also formally adopted decisions extending the maturities of loans to Ireland and Portugal, and held an exchange of views on combating tax fraud by extending the scope for the mandatory automatic exchange of information which should help reduce evasion and fraud. On the previous day, 20th June, the Eurogroup agreed the main features of the European Stability Mechanism's direct recapitalisation instrument which will help preserve the stability of the euro area and help remove the risk of contagion from the financial sector to the sovereign, thus weakening the vicious circle between banks and sovereigns.
Tomorrow’s meeting is an opportunity for Members to discuss this and other work carried out during Ireland’s Presidency to confront the effects of the economic crisis and promote greater financial stability and economic recovery.”
This meeting will start in Committee Room 4 at 2.30pm on Wednesday, 3rd July 2013 with a discussion on the terms of reference of the Sub-Committee on Global Taxation
Media Enquires to:
Ciaran Brennan,
Houses of the Oireachtas,
Communications Unit,
Leinster House,
Dublin 2
P: +3531 618 3903
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Note for Editors
Committee Membership
Deputies
Richard Boyd-Barrett, People Before Profit
Michael Creed, Fine Gael
Pearse Doherty, Sinn Fein
Stephen Donnelly, Independent
Timmy Dooley, Fianna Fáil
Sean Fleming, Fianna Fáil
Simon Harris, Fine Gael
Joe Higgins, Socialist Party
Heather Humphreys, Fine Gael
Kevin Humphreys, Labour Party
Peter Mathews, Fine Gael
Mary Lou McDonald, Sinn Fein
Ciarán Lynch, Labour Party (Chairman)
Michael McGrath, Fianna Fáil
Dara Murphy, Fine Gael
Kieran O’Donnell, Fine Gael
Aodhán O Ríordáin, Labour
Arthur Spring, Labour Party
Brian Stanley, Sinn Féin
Billy Timmins, Fine Gael
Liam Twomey, Fine Gael
Senators
Sean D Barrett
Thomas Byrne
Paul Coghlan
Michael D’Arcy
Aideen Hayden
Tom Sheahan