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<title>Dick Roche - Recent appearances (From KildareStreet.com)</title>
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<dc:date>2009-04-15T16:11:21+00:00</dc:date>

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<item rdf:about="http://www.kildarestreet.com/debates/?id=2009-04-08.329.0&amp;m=784#g409.0">
	<title>Financial Resolution No. 11: General (Resumed) | D&amp;aacute;il debates</title>
	<link>http://www.kildarestreet.com/debates/?id=2009-04-08.329.0&amp;m=784#g409.0</link>
	<description>We have the second highest minimum wage in Europe.</description>
	<content:encoded><![CDATA[<p pid="409.1">We have the second highest minimum wage in Europe.</p>]]></content:encoded>
	<dc:date>2009-04-08T15:00:00+00:00</dc:date>
</item>
<item rdf:about="http://www.kildarestreet.com/debates/?id=2009-04-08.329.0&amp;m=784#g407.0">
	<title>Financial Resolution No. 11: General (Resumed) | D&amp;aacute;il debates</title>
	<link>http://www.kildarestreet.com/debates/?id=2009-04-08.329.0&amp;m=784#g407.0</link>
	<description>That was a fact.</description>
	<content:encoded><![CDATA[<p pid="407.1">That was a fact.</p>]]></content:encoded>
	<dc:date>2009-04-08T15:00:00+00:00</dc:date>
</item>
<item rdf:about="http://www.kildarestreet.com/debates/?id=2009-04-08.329.0&amp;m=784#g390.0">
	<title>Financial Resolution No. 11: General (Resumed) | D&amp;aacute;il debates</title>
	<link>http://www.kildarestreet.com/debates/?id=2009-04-08.329.0&amp;m=784#g390.0</link>
	<description>So are we.</description>
	<content:encoded><![CDATA[<p pid="390.1">So are we.</p>]]></content:encoded>
	<dc:date>2009-04-08T15:00:00+00:00</dc:date>
</item>
<item rdf:about="http://www.kildarestreet.com/debates/?id=2009-04-08.329.0&amp;m=784#g387.0">
	<title>Financial Resolution No. 11: General (Resumed) | D&amp;aacute;il debates</title>
	<link>http://www.kildarestreet.com/debates/?id=2009-04-08.329.0&amp;m=784#g387.0</link>
	<description>It is much less than the amount that would have to be cut to meet the cost of Fine Gael&acirc;€™s plans.</description>
	<content:encoded><![CDATA[<p pid="387.1">It is much less than the amount that would have to be cut to meet the cost of Fine Gaelâ€™s plans.</p>]]></content:encoded>
	<dc:date>2009-04-08T15:00:00+00:00</dc:date>
</item>
<item rdf:about="http://www.kildarestreet.com/debates/?id=2009-04-08.329.0&amp;m=784#g378.0">
	<title>Financial Resolution No. 11: General (Resumed) | D&amp;aacute;il debates</title>
	<link>http://www.kildarestreet.com/debates/?id=2009-04-08.329.0&amp;m=784#g378.0</link>
	<description>As are many countries in the world.</description>
	<content:encoded><![CDATA[<p pid="378.1">As are many countries in the world.</p>]]></content:encoded>
	<dc:date>2009-04-08T15:00:00+00:00</dc:date>
</item>
<item rdf:about="http://www.kildarestreet.com/debates/?id=2009-04-01.239.0&amp;m=784#g254.0">
	<title>European Council: Statements | D&amp;aacute;il debates</title>
	<link>http://www.kildarestreet.com/debates/?id=2009-04-01.239.0&amp;m=784#g254.0</link>
	<description>As Deputies know, I spent a lot of time lecturing on public administration and it is interesting to read the debates on the creation of ICC and ACC to see how relevant those debates are to the...</description>
	<content:encoded><![CDATA[<p pid="254.1">As Deputies know, I spent a lot of time lecturing on public administration and it is interesting to read the debates on the creation of ICC and ACC to see how relevant those debates are to the current situation.  Deputy Costello is right, the banking system has gone through an extraordinarily fiery period.  The banks drew this on their own heads, greed rather than prudence drove many banking decisions.  The Deputy mentioned Royal Bank of Scotland drawing down some of the funds already.  Given that corporationâ€™s history, I would not use it as a model but I see the point.  Is it not extraordinary, as we both agree, although Sinn FĂ©in would not agree, that on this occasion rather than taking money out of banks, something Sinn FĂ©in is more familiar with than most of us, we are willing to provide support through the banking system for small and medium enterprises?</p><p pid="254.2">On the Lisbon treaty, my door is open, I am willing to talk to anyone, including those who oppose us.  Information should flow but we are still working on texts.  There is no desire to withhold information and I am willing to provide briefings for Deputies.  We did this successfully in the second Nice referendum, although I accept we were less successful during the first Lisbon campaign.  In preparation, however, we should have more direct co-operation.  Co-operation will flow as soon as we have a text, there is no point in talking before then.</p><p pid="254.3">I believe, given the circumstances, that the Czech Presidency has been successful to date.  It was always made clear that the major priority in the first half of the Czech Presidency, until the spring Council, would be the economic crisis and institutional issues related to Lisbon would be taken in the second half.</p><p pid="254.4">I was inclined to the Deputyâ€™s point of view when it turned out that the summit on jobs was in effect a troika plus social partners.  The point can fairly be made that there was a special meeting of the Heads of Government on 1 March and a spring Council.  An excessive number of formal summits can be counter-productive because it is hard to see how we can produce decisions that will dramatically change from those made four weeks earlier.  Meetings between the troika that acts as the driving force in the EU and social partners are a new format and might be a good one.  There could be a lot of benefit from a more flexible format than the traditional summit.  European summits are highly institutionalised and formalised and a smaller arrangement will facilitate more informal changes.  It could have the beneficial effect the Deputy is seeking.</p><p pid="254.5">Deputies mentioned the Middle East peace process.  This was discussed at the Foreign Ministers element of the summit meeting and last Thursday and Friday at the Gymnich meeting in the Czech Republic.  One of the main concerns at the meeting was the lack of progress and the failure to open the border crossing points.  I met with Mr. John Ging, as Members did on the previous day, and was able to brief him on our concerns.  The Minister for Foreign Affairs, Deputy Martin, has also made his concerns clear.  It is again a pity that Deputy Ă“ Snodaigh, having asked the question, has found it necessary to leave the House.</p><p pid="254.6">Irelandâ€™s position on this matter has been firm and clear that the two-state solution is the way forward.  Europeâ€™s interaction with the Israeli Government and the Palestinian governing authorities will be determined by their performance.  The Minister for Foreign Affairs is the lead proponent at EU Council meetings, and elsewhere, for the bilateral approach and that Europe needs to drive the solution to the humanitarian crisis in Gaza.  I have repeatedly made the point that ghettoising, or imprisoning, an entire population is the worst way to create the conditions for peace.  If there is any lesson that comes from history, it must be that the collective punishment, such as that visited on the Palestinian people, is counterproductive.  It is surprising and disappointing that the Israeli State has not recognised this point.</p><p pid="254.7">Deputy Ă“ Snodaigh wilfully ignores the fact that Europe is the leading provider of support to the Palestinian people.  Europe has been the leading advocate of peace, democracy and human rights in the entire region.  There have been vigorous contributions from myself, the Minister for Foreign Affairs, even at official level, about the concerns commonly shared by the Irish people on the Middle East and the condition of the people in Gaza.</p><p pid="254.8">I thank Members for their contributions.  The Taoiseach earlier said he would have stayed for the entire debate but events meant he was taken away from us.</p><p pid="254.9">The recent EU Council summit was significant and occurred at a critical time when the world is mired in an unprecedented economic and financial crisis.  Yet again, it showed how important it is for Ireland to be at the heart of the European Union.  Deputy Ă“ Snodaigh spoke, like the Libertas founder has, of unelected elites.  I do not expect better from the founder of Libertas who has only a passing acquaintance with truth or accuracy.  I would, however, expect a person elected to this House to recognise that a summit of 27 different Heads of State, Foreign and Finance Ministers is not a meeting of unelected bureaucrats or faceless individuals.  It is time that the fundamental dishonesty that has been injected into the debate about Europe is put to one side.  I have no difficulty in engaging with Deputy Ă“ Snodaigh or anyone else on issues.  Bogus soundbites, however, are a disservice to democratic debate.</p><p pid="254.10">All member states accept there is no foolproof way out of the economic crisis and that solely national solutions would not be effective.  Concerted international action is imperative.  The EU is well equipped to offer international leadership at this time of great difficulty.  It is the only regional body worldwide that has that capacity.</p><p pid="254.11">At the recent Council summit, important decisions were taken.  The Heads of State pledged to do everything necessary to restore economic growth.  I was impressed by Deputy Costelloâ€™s iteration of the â‚¬400 billion recovery injection into the European economy, 3.3% of EU gross domestic product.  The fiscal stimulus measures are focused and will achieve results, generate new investment, boost demand and create jobs.</p><p pid="254.12">The agreement on â‚¬5 billion in EU spending as part of the European recovery plan also sent out an important message about European solidarity and cohesion.  Members referred to the importance of the â‚¬110 million injection into the east-west interconnector.  Energy security is one of the most critical issues facing Ireland and can only be achieved in the European Union.  Ireland will also benefit from funding for projects such as the extension of rural broadband coverage and the Common Agricultural Policy healthcheck.  The recent European Investment Bank release of â‚¬300 million funding for the Irish banks is welcome.  The banking system must get these moneys into the country quickly and out to SMEs.  The doubling of the ceiling of aid to member states not using the euro to â‚¬50 billion provides significant support from the eurozone to central Europe.  This is a fundamentally sound indication of the solidarity at the heart of the European Union, counter to the mendacious debate heard from Libertas and Sinn FĂ©in.</p><p pid="254.13">A pledge of an additional of â‚¬75 billion in support for the IMF again demonstrates Europe is heavily involved in finding solutions to a worldwide crisis.  Looking forward to the G20 summit in London tomorrow, the EU spelled out the common position on how to improve regulation and oversight of international financial services.  I believe Europe is right in this regard.  Those who are sceptical of moving towards better regulation should remember that one factor in the current economic crisis was a lack of appropriate and functional regulation.</p><p pid="254.14">The Council also highlighted the importance of EU member states working together under the EU umbrella to cope more effectively with the challenges we face.  On the Lisbon treaty, the Taoiseach offered his EU colleagues an assurance that we are on track to finalise our legal agreements by the time of the June Council meeting.  In the coming months, we will be seeking to give effect to what was agreed at the December Council.  It was never intended that the Council meeting in spring would take the final decision on this.  Any Member who wants to be briefed on any issue in my particular purview will find my office door open.</p><p pid="254.15">Work on the texts will intensify over the coming period.  I am confident the spirit of solidarity we saw since last yearâ€™s referendum will be reflected and we will be successful in delivering on the commitments made at the December Council meeting.  We belong to a Union which cherishes and respects diversity and the solidarity which exists between member states.  Our experience last June has highlighted the value of European Union membership.  The retention of our position at the heart of Europe will be determined by the vote we take later this year on the Lisbon treaty.  We cannot expect to be treated as the golden-haired boy of Europe if we do not play our part in it.</p><p pid="254.16">I thank Members for their contributions.  The upcoming meetings at international level will be critical.  The Government will continue to work on the issues raised by last Juneâ€™s treaty referendum.  When we reach finality on these, we will be talking with all parties in the House.</p>]]></content:encoded>
	<dc:date>2009-04-01T13:00:00+00:00</dc:date>
</item>
<item rdf:about="http://www.kildarestreet.com/debates/?id=2009-04-01.239.0&amp;m=784#g252.0">
	<title>European Council: Statements | D&amp;aacute;il debates</title>
	<link>http://www.kildarestreet.com/debates/?id=2009-04-01.239.0&amp;m=784#g252.0</link>
	<description>I would like to deal with a number of the points raised by Deputy Creighton, all of which are germane. Our position on justice and home affairs measures was not discussed during the course of the...</description>
	<content:encoded><![CDATA[<p pid="252.2">I would like to deal with a number of the points raised by Deputy Creighton, all of which are germane.</p><p pid="252.3">Our position on justice and home affairs measures was not discussed during the course of the European Council and is not covered in the conclusions.  I should make the point that we had a lively debate on that particular issue last year, and there is a three year review built into it.</p><p pid="252.4">I will link that to a number of the other points made.  Deputy Creighton and other Deputies asked about a number of specific issues.  Deputy Creighton touched on the issue of the need for better regulation and how Europe could lead in that.  There was a lengthy discussion on the issue.  There are two important documents before us at the moment.  One of them is the Solvency II arrangements, which are very important in dealing with the insurance industry.  The elements within that are of vital importance.  I firmly believe that better regulation in that industry is critical.  If we consider that the meltdown commenced from the moving of toxic assets in the United States, which affected the whole of the financial services industry, it is clear that something is being done in that regard.</p><p pid="252.5">I understood Deputy Creighton to make the point, and I fully agree with her, that this illustrates how critically important it is for Ireland to be at the heart of the European Union and to be part of the eurozone because the decisions that must be made under the Solvency II arrangements, for example, which will take up to 2012 to come into operation, can only be made by 27 sovereign states sitting around the table and working them out.  Contrary to the contribution from Sinn FĂ©in, which is, to use the expression, â€śfrom the teeth outâ€ť in its support for the European Union, this is one of those practical examples of why the lives and livelihood of every citizen, small, medium and large businesses, our banking systems and the entire financial system, is very much determined by how we play a part in Europe.</p><p pid="252.6">Deputies Costello and Timmins mentioned the de LarosiĂ¨re report.  The report argues a prudent move to back to better regulation in banking.  As Deputy Timmins said, and I believe Deputy Costello made the point also, there are 31 key rules in this.  I would agree with Sinn FĂ©in on this point, and I am surprised its Members have not been jumping up and down supporting this, because the report suggests a move back to more prudential banking controls.  We are a small, open economy.  That will not occur through Ireland taking decisions in isolation but only if Europe as a whole moves in that direction.</p><p pid="252.7">Justice and home affairs did not form part of this discussion, it was a domestic discussion where we made our own decisions subject to review in three years.</p>]]></content:encoded>
	<dc:date>2009-04-01T13:00:00+00:00</dc:date>
</item>
<item rdf:about="http://www.kildarestreet.com/debates/?id=2009-03-25.395.0&amp;m=784#g523.0">
	<title>Pre-Budget Statements (Resumed) | D&amp;aacute;il debates</title>
	<link>http://www.kildarestreet.com/debates/?id=2009-03-25.395.0&amp;m=784#g523.0</link>
	<description>Here comes the master plan.</description>
	<content:encoded><![CDATA[<p pid="523.1">Here comes the master plan.</p>]]></content:encoded>
	<dc:date>2009-03-25T17:00:00+00:00</dc:date>
</item>
<item rdf:about="http://www.kildarestreet.com/debates/?id=2009-03-25.395.0&amp;m=784#g429.0">
	<title>Pre-Budget Statements (Resumed) | D&amp;aacute;il debates</title>
	<link>http://www.kildarestreet.com/debates/?id=2009-03-25.395.0&amp;m=784#g429.0</link>
	<description>Deputy McManus and I look after each other.</description>
	<content:encoded><![CDATA[<p pid="429.1">Deputy McManus and I look after each other.</p>]]></content:encoded>
	<dc:date>2009-03-25T17:00:00+00:00</dc:date>
</item>
<item rdf:about="http://www.kildarestreet.com/debates/?id=2009-03-25.395.0&amp;m=784#g427.0">
	<title>Pre-Budget Statements (Resumed) | D&amp;aacute;il debates</title>
	<link>http://www.kildarestreet.com/debates/?id=2009-03-25.395.0&amp;m=784#g427.0</link>
	<description>That is worth a high preference vote for the Deputy.</description>
	<content:encoded><![CDATA[<p pid="427.1">That is worth a high preference vote for the Deputy.</p>]]></content:encoded>
	<dc:date>2009-03-25T17:00:00+00:00</dc:date>
</item>
<item rdf:about="http://www.kildarestreet.com/debates/?id=2009-03-25.395.0&amp;m=784#g423.0">
	<title>Pre-Budget Statements (Resumed) | D&amp;aacute;il debates</title>
	<link>http://www.kildarestreet.com/debates/?id=2009-03-25.395.0&amp;m=784#g423.0</link>
	<description>The Malthusian economist.</description>
	<content:encoded><![CDATA[<p pid="423.1">The Malthusian economist.</p>]]></content:encoded>
	<dc:date>2009-03-25T16:00:00+00:00</dc:date>
</item>
<item rdf:about="http://www.kildarestreet.com/debates/?id=2009-03-25.395.0&amp;m=784#g421.0">
	<title>Pre-Budget Statements (Resumed) | D&amp;aacute;il debates</title>
	<link>http://www.kildarestreet.com/debates/?id=2009-03-25.395.0&amp;m=784#g421.0</link>
	<description>Ireland&acirc;€™s economic wellbeing, indeed our economic future will be built on four pillars: a public expenditure system that is sustainable; a tax system suited to our present needs; a banking...</description>
	<content:encoded><![CDATA[<p pid="421.2">Irelandâ€™s economic wellbeing, indeed our economic future will be built on four pillars: a public expenditure system that is sustainable; a tax system suited to our present needs; a banking system that is functional, focused and properly regulated; and a social support system that is just and equitable.  The upcoming budget must be a statement not just to the people of this country but to those who examine our economic performance, that we are serious about addressing the challenges and that we have a programme which we will put in place over the coming years to address each of these issues.  Public expenditure is an area that requires special attention.  Irelandâ€™s current rate of public expenditure is not sustainable.  A state like any household or business cannot spend that which it does not have.  It is wrong for politicians, commentators or interest group leaders to suggest that Ireland uniquely can come through the current economic maelstrom without some pain. </p><p pid="421.3">It is a disservice to the people who elect us to this House and who expect us to show leadership to suggest that somehow or other there is a magic formula that can be applied to our current condition.  There is not and we all know that to be the case.  In the context of our discussion on public expenditure, I was particularly pleased to read this morning that the Irish Congress of Trade Unions has agreed to look positively at the Taoiseachâ€™s invitation to take part in talks.  At a time when our economy is faltering, I could not understand the logic of closing down the country for a day of inaction.  I say this as one who has been a lifelong supporter of the trade union movement.  While I fully appreciate the pressures that exist on trade union leaders, I believe that unions and Government sitting around the table with other social partners is the best way to find an appropriate way forward.</p><p pid="421.4">The editorial in <i>The Irish Times</i> yesterday said it all.  It stated that the extent of the economic downturn has been so violent and dramatic that this was not a time to retreat to traditional attitudes.  On the question of public expenditure there are two elements in the current deficit and this should be recognised as we discuss the extent of the gulf that has to be bridged.  The first is the cyclical element  and that arises when people lose their jobs or when economic activity drops, taxation revenue ceases to flow and social support costs increase.  There is little that can be done in the short term to address the cyclical element of the public expenditure problem and that should be recognised.</p><p pid="421.5">There is, however, a second element to the deficit, namely, the structural element.  The structures of our public expenditure and of our taxation system both require urgent attention.  It is clear that we have entered into a new economic landscape and structural adjustments in public expenditure must be made to reflect this.  Equally, we need to make structural adjustments in our taxation system.  Addressing expenditure by making it clear that we have a coherent programme to address its structural deficiencies over the period ahead will send out a powerful message to our trading partners and to the international markets that we are serious about resolving the problems we currently face.  Such a clear message will benefit everybody in this country.  It is clear, also, that we need to make fundamental alterations in our taxation system â€” the tax structure that served us well in the boom times is no longer appropriate to the new conditions in which we live.</p><p pid="421.6">Contrary to popular myth, Irelandâ€™s current taxation system on individuals is remarkably progressive.  The top earners pay most of the personal tax take and an enormous proportion of income earners are outside the tax net.  These arrangements worked during the boom years, but now we are operating in an entirely different environment, and they have to be examined.  Our taxation structure needs to reflect our current position and our immediate prospects.  Changes will have to be made.  Everybody will have to carry some of the burden but the heaviest imposition must obviously fall on those who have the greatest capacity to pay.  New tax impositions must be fair.  Nobody wants to pay more tax but the public will accept change if they believe the burden is being fairly distributed.</p><p pid="421.7">Turning away from personal taxation, it is clear that our tax system needs to be broadened.  If we are to aspire to public services such as those offered in other advanced European nations, we must also look at the funding arrangements that apply there.  If we are to remain the master of our own affairs in this country, we have to take the decisions that will steer our economy through the worldwide recession.  That will require us taking both timely and politically difficult decisions about taxation and expenditure cuts.  That is the reality that we face.  It is a reality that we cannot dodge and neither should we try.  As in the case of public expenditure, firm decisions on restructuring our taxation system would send out a clear signal to markets and to our international partners.  As with public expenditure, the changes cannot all be achieved in the upcoming budget, but a start should be made there.</p><p pid="421.8">The third element I mentioned was a functioning banking system, and we should be in no doubt that the one we have is malfunctioning.  We need to re-establish in the shortest possible time a functioning, credible and working banking system.  In recent years leaders within our banking system have behaved shamefully.  Greed has replaced logic.  Basic banking rules that stood the test of time right back to the Medici family were simply torn up for a â€śquick buckâ€ť.  This was not, of course, unique to Ireland, and the global recession was triggered by the collapse of the US and other international financial sectors.  The report by the French central banker, Jacques de LarosiĂ¨re,  provides an excellent analysis of the cause of the banking and financial crisis and identifies the key issues that now need to be addressed on the supervisory front.  The recommendations made in the de LarosiĂ¨re report need to be given careful consideration, particularly in this country and throughout the eurozone.</p><p pid="421.9">The report, highlights one key fact, namely, that those who argued, and some are still about, that we needed lighter regulation in the financial services industry were wrong.  Regulation needs to be tightened at national level â€” we have to accept that there have been some appalling failures in the Irish financial regulatory system â€” at regional level within the European Union and at world level.  In a highly globalised industry such as financial services, common regulatory systems and fundamentally sound rules must be applied universally.  This again highlights the importance to Ireland of staying at the heart of the European Union and within the eurozone.</p><p pid="421.10">At a domestic level, we were given a very interesting insight into practices in Irish banking yesterday at an Oireachtas committee.  This was the second occasion when an internal auditor from Allied Irish Bank had the courage to go on record and  portray what was happening behind closed doors within the group.  In considering a new regulatory regime for banking, consideration needs to be given to protecting whistleblowers from within the system.  It was appalling to read yesterday that the internal auditor as part of his severance arrangements was required to sign a confidentiality agreement.  Enforced silence in the face of wrongdoing is not in the public interest.  Whistleblowers should be protected where their actions serve the public interest and this is particularly the case in the banking sector.</p><p pid="421.11">The social support system in this country is just inequitable and it must stay that way.  Over the period of the boom years we have invested very heavily, and prudently,  in developing public services.  We now have an advanced social support system in which we can take real pride.  In the case of the elderly, for example, Ireland, has better supports than those available in many other countries.  This is as it should be and that is something that we should seek to protect.  The very best way to protect core services is to reign in expenditure in areas which, although desirable, play a less central role.  In controlling public expenditure, cuts must be targeted.</p><p pid="421.12">A second element is the challenge of protecting jobs.  A challenge we face is to protect as many jobs as possible and to restore competitiveness in order to protect jobs into the future.  Caution is, therefore, necessary when we turn to the area of capital expenditure programmes.  A balance must be struck between taking money out and protecting jobs and investing in the future.  On the capital side, any savings that are to be made must, therefore, be measured against the overall effect of the reduction on the economy as a whole.</p><p pid="421.13">If we look at the four areas I mentioned at the outset, there are two principles which, above all, must inform our actions, namely, firmness and fairness.  We need to be firm in our resolve to reign in and contain the problems we have with our public expenditure.  There is no other way to ensure our economic recovery and there is no other way to ensure the future both of those in jobs at present and those who will be seeking jobs in the period ahead.  We simply cannot continue on the existing public expenditure path.</p><p pid="421.14">The second principle is fairness.  Everybody will need to be part of the battle to restore Irelandâ€™s economic stability.  Everybody will have to play their part.  Our taxation system needs to change but it must change in a way that ensures that those who can bear the challenge carry their fair share.  Our tax system needs to fit to our new circumstances in a way which is based on the ability of people to pay.</p><p pid="421.15">The period ahead will not be an easy one.  The true extent of the challenge is, in all probability, yet to be fully measured.  One thing, however, is certain.  If we pull together, we can weather this storm and if we make the changes that are necessary in terms of our tax structure and our public expenditure structure, Ireland will be in a good position to benefit from the recovery which will come in due course.</p>]]></content:encoded>
	<dc:date>2009-03-25T16:00:00+00:00</dc:date>
</item>
<item rdf:about="http://www.kildarestreet.com/debates/?id=2009-02-12.284.0&amp;m=784#g384.0">
	<title>Recapitalisation of Allied Irish Banks and Bank of Ireland: Motion | D&amp;aacute;il debates</title>
	<link>http://www.kildarestreet.com/debates/?id=2009-02-12.284.0&amp;m=784#g384.0</link>
	<description>The Deputy was being rude about us.  Deputy Ahern should not listen to him. </description>
	<content:encoded><![CDATA[<p pid="384.1">The Deputy was being rude about us.  Deputy Ahern should not listen to him. </p>]]></content:encoded>
	<dc:date>2009-02-12T14:00:00+00:00</dc:date>
</item>
<item rdf:about="http://www.kildarestreet.com/debates/?id=2009-02-12.284.0&amp;m=784#g379.0">
	<title>Recapitalisation of Allied Irish Banks and Bank of Ireland: Motion | D&amp;aacute;il debates</title>
	<link>http://www.kildarestreet.com/debates/?id=2009-02-12.284.0&amp;m=784#g379.0</link>
	<description>I thank the House for the opportunity to address this serious issue.  This problem is not uniquely Irish, but there are aspects within the banking system which are uniquely Irish.  There is no...</description>
	<content:encoded><![CDATA[<p pid="379.2">I thank the House for the opportunity to address this serious issue.  This problem is not uniquely Irish, but there are aspects within the banking system which are uniquely Irish.  There is no doubt practices have developed in the banking system which, regrettably, reflect the culture which used to be known as â€ścute hoorismâ€ť.  Let us get to the point.  This is not a uniquely Irish problem, although there are aspects of it which are uniquely Irish, but we must move forward.  We must escape from the blame game and stop pointing the finger at each other.  It is easy to look for scapegoats but it is critical to look for solutions, which we must do now.</p><p pid="379.3">The concerns of people on the streets, in businesses and in houses are not unique.  In the most recent Eurobarometer poll, citizens were asked what they considered to be the two most important issues at present.  The issue of the economy was reckoned to be the most critical throughout the European Union.  It is easy to understand the public anger regarding bankers and the banking system, and it is easy to understand why people are angry with the failure of regulation in the country.  The matter of the dog that did not bark always raises questions.</p><p pid="379.4">There is no doubt that some senior figures in banking have betrayed the country, their profession and the thousands of workers in the banking system who carried on with their jobs each day and who were not crooked, bent, indolent or greedy.  As a Deputy from the Opposition stated, the image of Irish banking was once one of staid but solid institutions.  That image is now sullied and damaged to a degree such that it will take a good deal of time to repair.  Serious damage has been done to our reputation internationally.  The real tragedy is that the damage has been done by people who have been at the top of banking circles for years.  Some people wisely say such people have been in that position for far too long.  This hubris-ridden group have operated with an arrogant disregard for the normal conventions of even their own business.</p><p pid="379.5">It is extraordinary to look back over the newspapers in recent months and to read the comments of some who are now in the spotlight.  It is intolerable to read of senior bankers suggesting that their actions were not criminal, and that this is in some way an exoneration of those actions.  This suggests that there was a complete lack of moral compass at some levels in Irish banking.  Logic went out the door and greed was the motivator.  This must stop.</p><p pid="379.6">I refer to regulation.  Bankers in recent times, especially some of the leading personalities, argued that we were in some way over-regulated.  Tragically, we know from events in recent months that the opposite is the case.  The suggestion was made that over-regulation was preventing progress, but we now see the truth.  These were self-serving deceptions, delusions from people who thought that they could walk on water, and that they alone were the holders of wisdom on banking issues.  There is a lesson for the State in this regard.  We should not be cowed by special interests, because we understand and know from the political reality in which we live that regulation is a requirement.</p><p pid="379.7">There was within the banking sector a grotesque inflation of salaries.  Salaries and bonuses were based on what was termed â€śperformanceâ€ť.  The measure of performance was the number of loans one could get out the door, rather than the return for the banking system or shareholders.  The measure of performance was basically the same measure of performance which caused toxic loans to become a reality in the United States of America.</p><p pid="379.8">Undoubtedly, we have witnessed a bonfire of the vanities in Ireland.  One can understand the temptation to say, â€śA plague on all your housesâ€ť.  Let us be honest about it, if I sat on the Opposition benches I would probably be doing just that.  It is certain there are people within political circles who play to the gallery, but I do not suggest this is the case throughout the Opposition.  People will argue that the bailout of the banks is wrong.  Such arguments are self-serving.  Whether we like or loathe it, banking is something we need.  We cannot survive as a trading nation without a banking system, or conduct normal business, or get on with our daily lives.  It seems those who wish to play the political game or play to the political gallery do a dangerous job at this time.</p><p pid="379.9">I accept the arguments that there is a rot at the very heart of banking and I accept the argument that there have been serious problems in the regulatory system.  The chief executives of lending banks have been careless and reckless.  The regulatory system has not operated as it should or as the House envisaged.  Some in banking and regulation have been guilty of gross incompetence.  Others acted in a way which, although not necessarily illegal, was certainly highly improper and undoubtedly immoral.  Others have been careless or complicit.  The boards of the banks have been asleep.  Earlier, a point was well made that too many people were from the same circles in the banking business.  There have been revelations in newspapers in recent times about relations between the Dublin Docklands Authority, DDA, and a particular bank.  The relationship in that case is too cosy.  I agree their actions must be investigated and they must go beyond the gentle probings of a detailed audit.  In time, the question of criminality must be examined.</p><p pid="379.10">However, the understandable anger and frustration on the streets should not allow us to believe this matter can simply be dealt with by seeking scapegoats or punishing those in banking or politics.  Mr. Brendan Keenan, in a remarkably perceptive article some weeks ago in the <i>Irish Independent</i>, summarised the position: â€śIf someone burns down your house, you would still need somewhere to live.  But you might want to have a strong word with the arsonist.â€ť  We wish to have a strong word with the arsonists.</p><p pid="379.11">I refer to the point made by Deputy Simon Coveney.  The arrangements for recapitalisation are not the end, but the beginning of a process.  New regulation must be put in place.  Speaking before the most recent revelations, Mr. Keenan raised the obvious question of why we should be expected to risk billions of euro to rescue the banks following the shocking revelations of how senior bankers misled shareholders and regulators.  He is correct to do so.  We must do this not because we wish to feed the fat cats, but because we must recapitalise the banks to continue the business of running the State and if we are to continue to make progress as a nation.</p><p pid="379.12">On the matter of regulation, Mr. Keenan suggested that not least of the concerns of potential investors in Irish banks must be the standards of bank regulation.  He points out that, ironically, the controversial decision by the then boss of the Financial Regulator to keep the matter confidential was probably inspired by fear of the damage publicity would do to the reputation of Anglo Irish Bank and to Irish banks in general.  I appreciate the point made by Mr. Keenan.  He is illustrating the necessity of having a better system and we must have such a system in future.</p><p pid="379.13">Mr. Keenan also refers to the lack of transparency and makes a very good point.  He suggests the lack of transparency is very damaging, especially when transparency is needed.  I do not imply it is precisely what Deputy Coveney suggested, but doing nothing is not an option.  I agree with Deputy Coveney that further steps are necessary.  No one in the House doubts as much.  However, we are discussing the issue of recapitalisation.  Decisions and an actions are necessary to assure investors that Ireland is still a place in which to do business.</p><p pid="379.14">I agree with Fine Gaelâ€™s analysis on recapitalisation and I have done so for several weeks.  If we do not proceed with the recapitalisation of the banks, such confidence as may continue to exist will be gone.  Through the recapitalisation scheme, new capital will allow the banks to take the risks associated with lending into the economy.  We have all seen in our constituencies instances of small business which need relatively small amounts of capital being denied that capital.  The work does not stop with the job we are doing today.  This is a vital step, but it is not the final step.  The leading Opposition party made the point that recapitalisation is vital at this stage.</p>]]></content:encoded>
	<dc:date>2009-02-12T14:00:00+00:00</dc:date>
</item>
<item rdf:about="http://www.kildarestreet.com/debates/?id=2009-02-12.284.0&amp;m=784#g371.0">
	<title>Recapitalisation of Allied Irish Banks and Bank of Ireland: Motion | D&amp;aacute;il debates</title>
	<link>http://www.kildarestreet.com/debates/?id=2009-02-12.284.0&amp;m=784#g371.0</link>
	<description>It is always good to have a scapegoat.</description>
	<content:encoded><![CDATA[<p pid="371.1">It is always good to have a scapegoat.</p>]]></content:encoded>
	<dc:date>2009-02-12T14:00:00+00:00</dc:date>
</item>
<item rdf:about="http://www.kildarestreet.com/debates/?id=2009-01-29.196.0&amp;m=784#g214.0">
	<title>The Economy: Statements (Resumed) | D&amp;aacute;il debates</title>
	<link>http://www.kildarestreet.com/debates/?id=2009-01-29.196.0&amp;m=784#g214.0</link>
	<description>We must stop deluding ourselves on this score.  The investment climate for the next few years will be challenging.  If we raise doubts about Ireland&acirc;€™s place in Europe, the outlook which is...</description>
	<content:encoded><![CDATA[<p pid="214.1">We must stop deluding ourselves on this score.  The investment climate for the next few years will be challenging.  If we raise doubts about Irelandâ€™s place in Europe, the outlook which is already bleak will turn yet bleaker.  A stable currency, access to a single market, a competitive and well-regulated economy and predictable tax policies â€” these are key attributes that international and domestic investors prize and they will provide the pathway to a more prosperous future for our citizens.</p><p pid="214.2">These can be assured only by maintaining and upholding our membership of the European Union and by continuing to play our part in the developments in the European project.  I realise the eyes of the nation are now more upon the immediate decisions that must be taken but we should not allow that reality to cloud us.  We have another decision to make.  As individual citizens, we may not be able to influence the money markets or individual decisions taken by investors but, as individual voters, we can assure our place in Europe and gain the opportunities that will come from being at its heart.  We can do that later this year.</p>]]></content:encoded>
	<dc:date>2009-01-29T12:00:00+00:00</dc:date>
</item>
<item rdf:about="http://www.kildarestreet.com/debates/?id=2009-01-29.196.0&amp;m=784#g212.0">
	<title>The Economy: Statements (Resumed) | D&amp;aacute;il debates</title>
	<link>http://www.kildarestreet.com/debates/?id=2009-01-29.196.0&amp;m=784#g212.0</link>
	<description>I will speak about an area where the Opposition has played an important role, that of Ireland&acirc;€™s role in Europe and how critical it is to our current position.  Modern states were created on the...</description>
	<content:encoded><![CDATA[<p pid="212.1">I will speak about an area where the Opposition has played an important role, that of Irelandâ€™s role in Europe and how critical it is to our current position.  Modern states were created on the social market economy model, with freedom for private enterprise balanced by the safety net of the welfare state.  That model has served the world, particularly Europe, successfully in the period since the Second World War, but it has failed to keep pace with the changing world around it.  That is the current reality.  The most profound change in the world has been brought about by globalisation and we see that in the financial crisis.  A bank collapses in Washington and its impact is felt in Waterford.  We live in a global village.  The problem is bigger than any one country.  It is systemic and global.</p><p pid="212.2">The under-regulated use of the so-called innovative financial instruments, poor risk management and poor national financial regulations at the heart of the financial system have exposed the international economy to real damage.  All over the world lenders are unwinding credit, causing massive pain to businesses and households.  Consumer spending is shrinking across the developed world.  We see that on every street in Ireland in the destabilising impact of falling liquidity.  Investment cannot be sustained by the private sector in the face of shrinking lending to businesses.  Jobs are being lost across the developed world as credit is being withheld.  We know that this is the case not only in Ireland but elsewhere.  In this regard I would not necessarily include Australia as a model we should be following.</p><p pid="212.3">A small open economy such as Ireland is particularly vulnerable.  The instability which is disrupting the worldâ€™s largest economies cannot be avoided on this island.  I want to make a simple point.  EU membership represents for Ireland a vital support system at a time of economic turbulence.  We are undoubtedly in a very difficult economic position but our situation would be immensely more difficult if we did not possess the range of advantages that EU membership confers.  Most of the parties in this House have seen that as a fundamental truth.  Most of the parties, Opposition and Government, have worked on that reality.  That is why it is so vital now that we do not allow a shadow of a doubt arise as to our commitment to being at the heart of the European Union.  It is why it is imperative that we dispel the undoubted uncertainty that our rejection last year of the Lisbon treaty has created and why the Government must finalise legal guarantees that last monthâ€™s European Council agreed to offer to Ireland on taxation, defence and ethical issues and give the people of Ireland the opportunity to ensure that we will retain our position in Europe.  It is why there is a challenge here, not only for the parties in Government but for all of the parties in the House to become part of the crusade to ensure that we stay at the heart of Europe.</p><p pid="212.4">Once issues of guarantees have been resolved and the concerns of the Irish people addressed, it will be in our best economic interest to ratify the Lisbon treaty.  I suggest that we should do so handsomely by ratifying it with the same sort of numbers we ratified the original treaty to join the European Union.  This will not provide the single solution to all of our economic ills but it will represent a clear signal that Ireland wants to remain at the heart of the European Union.  If we are to make progress and if we are to rebuild in particular on the jobs front â€” I listened to contributions of the Deputies opposite â€” we have to stay at the very heart of the Union.  We have to dispel the clouds that have gathered over this countryâ€™s position in Europe since 12 June 2008.  We have to be able to say to those people who will be involved in the future in foreign direct investment that Ireland is still open for business as the entry port to Europe.</p><p pid="212.5">The only hope of influencing the turn of world events is by working together with European Union colleagues.  We can only ensure that Irelandâ€™s interests are represented in the international response to the crisis by being at the heart of the Union.  Even the most deluded Eurosceptics must recognise that at this time.  I cannot understand some of the rhetoric I listened to in recent days, not only in this House but outside it.  People who resolutely have argued for the past 35 years that somehow Europe is inimical to us have blinded themselves to the truth that it is vital to our future.  Those who refuse to see this essential truth put at risk our national well-being.  This is not a time to consider ourselves as <i>Ă€<b> </b>la carte</i> Europeans.  Ireland needs to be a core member of the Union if it is to have an influence.</p><p pid="212.6">To take one example, the Union is currently working on the area of financial regulatory reform.  I accept the analysis that regulatory reform in this country did not perform well and has not performed well internationally.  The new supervisory arrangements will have to be supranational as well as national in character.  The only way that we can influence the way they are constructed is by being at the heart of the Union.</p><p pid="212.7">Within the European Union finance Ministers and the Commission are currently working intensively to implement reforms that will address some of the problems the financial turmoil has exposed.  We have to be part of that work, we cannot be semi-detached from it.  Eurozone membership is another area of critical importance.  It has been critical to providing the stability and security to the Irish economy at this difficult time.  The single currency has provided a stable foundation in Europe in these times of financial turmoil.  Where would this country be if we were not part of the European Union and of the eurozone?</p><p pid="212.8">We must not let a sense of national hubris cloud our vision.  We saw plenty of examples of hubris last June as we came up to the referendum.  The delusion that we could go it alone and that somehow we in Ireland were impregnable has been blown away by the perfect storm that has ripped through the international financial services.  I am not suggesting that people should be convinced to vote â€śYesâ€ť for Europe on the basis of fear, but I argue the case that we should be willing to vote â€śYesâ€ť for Europe on the basis of the logic of the argument.</p><p pid="212.9">Yesterdayâ€™s <i>Financial Times</i> reported that more than 80,000 workers lost their jobs across the United States and Europe in just one day.  Some 80,000 families were cast into turmoil.  Irish workers and their families can only be protected if we continue to attract investors.  Members on all sides of the House have seen the misery, fears and concerns that exist about the threat of job losses.</p><p pid="212.10">However, just as currency traders choose safe currencies in troubled times, so too will major investors look for stability and security in making investment decisions.  We have to maintain our position at the heart of Europe if we want to remain an attractive location for investors.  I am fearful, as I believe are people who think about this, that our decision on 12 June last came at a very significant cost.  It raised questions in the minds of people on boards who make investment decisions.  We all know that reality to be the case.  High value technologies are the area that we have to attract into this country because of our cost structures.  Such investments will only be made if those who are making the investment decisions believe that we are going to stay at the heart of the Union.</p><p pid="212.11">Voting â€śNoâ€ť last June was not cost free.  It raised questions about this country and about where Ireland stands.  It did real damage to us in the area where we are pursuing investment decisions.  Admittedly, the so-called employment pipeline is quite full at the moment, but what has been the effect on investors who have not yet come to us?  Goodwill that has taken 35 years to build up was lost among our European partners.  How do we put a value on that?  Goodwill is something that one cannot easily dispose of, yet we have done so.  This all comes at a strategic cost.  Less immediately measurable questions about our place in Europe have been placed in the minds of those who look from outside the EU for a place to invest.  This has a cost in jobs.  I shall offer the House a couple of examples.  We know because we have had contacts from a number of investors in the United States â€” a small number of investors â€” wondering what are the effects of the decision of 12 June last.  What we do not know, and what we can only surmise, is the impact of the doubts being put in the minds of those who have yet to make their investment decisions.  Are we even in contention for investment?</p>]]></content:encoded>
	<dc:date>2009-01-29T12:00:00+00:00</dc:date>
</item>
<item rdf:about="http://www.kildarestreet.com/debates/?id=2009-01-29.196.0&amp;m=784#g210.0">
	<title>The Economy: Statements (Resumed) | D&amp;aacute;il debates</title>
	<link>http://www.kildarestreet.com/debates/?id=2009-01-29.196.0&amp;m=784#g210.0</link>
	<description>I wish share time with Deputy O&acirc;€™Rourke when she comes into the House.</description>
	<content:encoded><![CDATA[<p pid="210.2">I wish share time with Deputy Oâ€™Rourke when she comes into the House.</p>]]></content:encoded>
	<dc:date>2009-01-29T12:00:00+00:00</dc:date>
</item>
<item rdf:about="http://www.kildarestreet.com/debates/?id=2008-12-17.432.0&amp;m=784#g496.0">
	<title>European Council Meeting: Statements | D&amp;aacute;il debates</title>
	<link>http://www.kildarestreet.com/debates/?id=2008-12-17.432.0&amp;m=784#g496.0</link>
	<description>I beg the Chair&acirc;€™s pardon.</description>
	<content:encoded><![CDATA[<p pid="496.1">I beg the Chairâ€™s pardon.</p>]]></content:encoded>
	<dc:date>2008-12-17T14:00:00+00:00</dc:date>
</item>
<item rdf:about="http://www.kildarestreet.com/debates/?id=2008-12-17.432.0&amp;m=784#g494.0">
	<title>European Council Meeting: Statements | D&amp;aacute;il debates</title>
	<link>http://www.kildarestreet.com/debates/?id=2008-12-17.432.0&amp;m=784#g494.0</link>
	<description>It is Deputy &Atilde;“ Caol&Atilde;&iexcl;in who is arrogant and manipulative.</description>
	<content:encoded><![CDATA[<p pid="494.1">It is Deputy Ă“ CaolĂˇin who is arrogant and manipulative.</p>]]></content:encoded>
	<dc:date>2008-12-17T14:00:00+00:00</dc:date>
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