Issue 641
Public Affairs Ireland
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This weeks update on public sector news features a range of topical updates including...
An examination by the PAC into the financial statements of Housing Agency and AHB Regulatory Authority, insights from leading Irish economic analyst and PAI trainer, Jim Power, as he reviews?the technology sector and the impact on employment in 2023, targeted lending plans from AIB with the aim to?improve social benefits for communities across Ireland, and the results of a PWC report on the expectations of?Industry leaders globally for 2023 and what organisational capabilities will be priority for their success.
On Thursday, 19 January, the Committee of Public Accounts (PAC) met?with representatives of the Housing Agency and the Approved Housing Bodies Regulatory Authority to examine:
- Financial Statements 2020 – The Housing Agency;
- Financial Statements 2021 – Approved Housing Bodies Regulatory Authority;
- Report on the Accounts of the Public Services 2021:?Chapter 7 – The Housing Agency's revolving Acquisition Fund.
PAC Cathaoirleach Deputy Brian Stanley opened session stating...?“In his report on the Agency’s revolving Acquisitions Fund, the Comptroller and Auditor General highlighted the significant shortfall relative to the target for delivery of 1,600 residential units by the end of 2020. Even though the deadline was extended for a further year, by the end of 2021 just 54 per cent of that target, some 838 units had been acquired.
“At the end of 2021, the cash balance of the Fund was almost €38m – around half of the total Fund investment, representing an underutilisation of the Fund’s resources. The Committee would like to examine the reasons behind this shortfall, even with the year extension, and control measures to ensure suitability, quality, and value for money of residential units purchased under the Fund.
“The Committee is also examining the Agency’s 2020 Financial statements and areas of interest for Members include the Land Aggregation Scheme for local authorities, land held by the Agency for future development purposes, the Pyrite Remediation Scheme, and legal and professional costs.'
9.30am-4.00pm, (8 day blended programme), (Commencing 21 February)
9.30am - 1.00pm, 2 March (Online Delivery)
Jim Power, one of Ireland’s leading and best-known economic analysts and associate trainer?on a number of PAI professional programmes, outlines in this Irish Examiner article, his forecast?on the technology?sector and the impacts on employment?in 2023.
'It seems certain that the global tech sector will experience a decline in profits over the coming year. This is likely to undermine corporation tax paid in Ireland but could also have implications for employment in the sector.
Over the Christmas period, newly-instated Taoiseach Leo Varadkar made strong?commitments in relation to social and economic issues?in areas such as child poverty, housing, and health.
The one thing these commitments have in common is that the solutions will have to involve extra Government expenditure.?For the Department of Finance and the Department of Public Expenditure and Reform, such political commitments most probably give cause for deep concern.
Last week, the department adjusted the Exchequer figures for its assessment of the transitory element of corporation tax receipts. It concluded that the underlying General Government Balance is estimated to have been in deficit to the tune of €5.25bn.
In other words, around €10bn of the corporation tax take is categorised as vulnerable. Any sensible person would recognise that the department is right to be cautious.
The growth in corporation tax receipts reflects the profitability of the multi-national companies who pay tax in Ireland. The risk now is that as those profits deteriorate, the tax paid is also likely to deteriorate. The omens for the global technology sector are not looking promising in that regard.
During the pandemic, online business boomed and technology companies expanded their workforces accordingly.
Now that?online business has started to normalise, and more pertinently, now that the global economic environment has deteriorated markedly, many of those companies quite simply have too many employees and with revenues under pressure, a labour force adjustment is inevitable.
Nothing strange here as it is typically what happens during the business cycle, but the cycle is currently more pronounced for technology companies, broadly defined.
It seems certain that the global tech sector will experience a decline in profits over the coming year. This is likely to undermine corporation tax paid in Ireland but could also have implications for employment in the sector....
9.30am – 4.30pm, 7, 14 & 21 March 2023, (Blended Delivery - day 1 (in-person) day 2&3 (online)
9:30am - 4.30pm daily, 21, 28 April & 5 May 2023, (Online Delivery)?
“Investors are increasingly choosing to invest in firms with strong Environmental, Social and Governance credentials,†AIB chief executive Colin Hunt.
?AIB has borrowed €750m on the bond market to target lending for projects with “clear social benefits†for communities across Ireland.
The bank said it plans to use the funds raised to lend to projects in the education, healthcare and social and affordable housing sectors. The funds will also be used to provide loans to small and medium enterprises (SMEs) which are based in socio-economically disadvantaged areas in Ireland.
This is the second bond deal of this kind for the bank.
Last March, AIB raised €1bn through the issuance of a similar social bond. This deal was a first for an Irish bank, with AIB tapping into an investor group with mandates to support investments which meet strong environmental, social and governance (ESG) standards.....
9.30am – 4.30pm, 10, 24 & 31 March. Online Delivery
领英推è
Green Public Procurement (GPP), Masterclass, 9.30am - 4.00pm, 23 March, (In-Person Delivery)
The report finds that 2022 was another record year with European data regulators issuing €2.9 billion in GDPR fines.
Ireland has topped a league table of EU countries with aggregate data breach fines imposed to date totalling more than €1 billion.
According to the latest GDPR and Data Breach Survey from law firm DLA Piper, Luxembourg is in second position, with the highest individual fine of €746 million which was issued in 2021.
The report finds that 2022 was another record year with European data regulators issuing €2.9 billion in GDPR fines last year.
This was more than double the value of fines issued in 2021.
The year's highest fine of €405 million was imposed by the Irish Data Protection Commission (DPC) against Meta for breaches by Instagram relating to children’s personal data.
The survey looks at data fines issued since 28 January 2022 and covers all 27 EU member states as well as the UK, Norway, Iceland, and Liechtenstein.
It found that the average number of notified data breaches per day fell slightly from 328 to 300....
GDPR Advanced ( Lv 2), 18, 19, 25 & 26 April 2023, (x4 Half days -Online)
GDPR Essentials, 2, 3, 8 & 9 March 2023, (x4 Half?Days - ONLINE)
'..Two-thirds of private and public sector chief economists surveyed by the World Economic Forum (WEF) expect a global recession in 2023.'
?Confidence among companies in their growth prospects has dropped the most since the 2007-08 global financial crisis due to rising inflation, macroeconomic volatility and geopolitical conflicts, a survey by PricewaterhouseCoopers showed.
With 73% of chief executives around the world expecting global economic growth to decline over the next 12 months, this gloomy view is the most pessimistic CEOs have been since PwC began the survey more than a decade ago, it said.
The "Big Four" auditor also said that it marked a significant departure from optimistic outlooks in 2021 and 2022.
Some highlights from the PwC survey include:
- Half the CEOs reported reducing operating costs, 51% said they were raising prices, and 48% were diversifying product and service offerings.
- Climate risk did not feature as prominently as a short-term risk over the next 12 months relative to other global risks.
The companies that did well in 2022 are likely to see a more challenging year ahead, PwC Global Chairman Bob Moritz told the Reuters Global Markets Forum (GMF) on the sidelines of the World Economic Forum's annual meeting in Davos.
Nearly 40% of over 4,400 CEOs surveyed said their companies would not be economically viable over the next decade unless they innovated and transformed at a faster pace.
Virtual Project Management Masterclass, 9.30am – 1.00pm, 28 March 2023, (Online)
Certificate in Leadership, 9:30am - 4.00pm daily, 13 February (Online),
20 February (In-person), 23 February (Online)
Oireachtas Business
This section provides information on Bills scheduled for discussion, Acts considered and any other business.
This section gives a detailed schedule of Dáil éireann business
This section gives a detailed schedule of Seanad éireann business.
This section gives a detailed schedule of committee meetings.
Notice Of Appointments
- Appointment as chairperson and ordinary member of the Health and Safety Authority
- Appointment as Chairperson and ordinary member to the Board of Tailte Eireann
- Appointments to the Irish Human Rights and Equality Commission
- Appointment as Chairperson to the Board of Management of the Oberstown Children Detention Campus
- Appointments of Chairperson and ordinary member to the Board of the State Exam Commission (SEC)
Appointments that do not come under the Guidelines