Results 22,681-22,700 of 35,959 for speaker:Pearse Doherty

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Single Resolution Fund Motion: Discussion (3 Nov 2015)

Pearse Doherty: Yes, I understand that, but I am talking about a domestic bank. We do not have such an example now but if one were created, where would it be?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Single Resolution Fund Motion: Discussion (3 Nov 2015)

Pearse Doherty: I appreciate the clarity. The follow-through from those comments is that every bank in Europe will contribute to the fund either through its parent or-----

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Single Resolution Fund Motion: Discussion (3 Nov 2015)

Pearse Doherty: Okay. Every bank in Europe will contribute to the fund and have access to it.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Single Resolution Fund Motion: Discussion (3 Nov 2015)

Pearse Doherty: What about internationally owned banks that are non-European but headquartered in the United States or some other jurisdiction? If they have an operation in Ireland, how would it lie?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (Miscellaneous Provisions) Bill 2015: Committee Stage (3 Nov 2015)

Pearse Doherty: Perhaps the Minister would clarify some points on sections 8 and 9 pertaining to the deposit guarantee scheme. I know there has been consultation around whether low risk entities should be paying a lower rate. The credit union movement has made a strong and convincing argument that, given the risk nature of the credit unions and given that there are other funds in operation, it falls into...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (Miscellaneous Provisions) Bill 2015: Committee Stage (3 Nov 2015)

Pearse Doherty: I believe that the credit union movement has made a very strong argument in regard to the risk profile of its institutions and the fact that they are individual entities with their own boards etc. I would be interested to hear the Minister's or the Department's view on the adequacies or inadequacies of the level of the other funds available to the credit unions and whether, if those...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (Miscellaneous Provisions) Bill 2015: Committee Stage (3 Nov 2015)

Pearse Doherty: That goes without-----

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (Miscellaneous Provisions) Bill 2015: Committee Stage (3 Nov 2015)

Pearse Doherty: The disposition of the House towards the credit union movement goes without question and is broadly shared across the political spectrum. However, I would agree with the Minister that whether we like their ethos and what credit unions do, it does come down to risk and we must act prudently and responsibly. That is why I agree with the Minister's point on risk. Will the Minister indicate...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (Miscellaneous Provisions) Bill 2015: Committee Stage (3 Nov 2015)

Pearse Doherty: Will the members get a bite of it again before a decision is made?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (Miscellaneous Provisions) Bill 2015: Committee Stage (3 Nov 2015)

Pearse Doherty: The Minister says that he has until 31 May 2016 to finalise the matter but is he expecting to make the decision prior to that date?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (Miscellaneous Provisions) Bill 2015: Committee Stage (3 Nov 2015)

Pearse Doherty: I thank the Minister, that is fair enough.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (Miscellaneous Provisions) Bill 2015: Committee Stage (3 Nov 2015)

Pearse Doherty: I thank the Acting Chairman.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (Miscellaneous Provisions) Bill 2015: Committee Stage (3 Nov 2015)

Pearse Doherty: I have an issue with this amendment. I know we are talking about scenarios where there is enough money in the fund, but imagine a scenario where a bank gets into trouble and the Central Bank needs to provide that fund to them and there is not enough in the fund to cover it. The amendment means that regardless of the state of the Exchequer it has to pay that money within two weeks. I know...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (Miscellaneous Provisions) Bill 2015: Committee Stage (3 Nov 2015)

Pearse Doherty: I understand what the Minister is saying in terms of the risk being small but it is risk the Central Bank is not going to take. Indeed, the bank is willing for that risk to be placed on the shoulders of the taxpayers. That is something with which I cannot agree. It goes against the spirit of the thing, even though what we are discussing does not complete the commitment made to break the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (Miscellaneous Provisions) Bill 2015: Committee Stage (3 Nov 2015)

Pearse Doherty: How will this impact on the other rules in terms of the fiscal treaty? How does it work in the context of expenditure benchmarks and all of those types of rules? For example, if this were to arise this month and there was a call of €500 million that had to be repaid from the Central Fund to the Central Bank because of a payment, what would happen in relation to budgetary arithmetic...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (Miscellaneous Provisions) Bill 2015: Committee Stage (3 Nov 2015)

Pearse Doherty: To-----

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (Miscellaneous Provisions) Bill 2015: Committee Stage (3 Nov 2015)

Pearse Doherty: This is serious stuff. These are the things that in ten years' time will be the subject of arguments as to why we did not tease them out in greater detail. With respect, there are a lot of amendments on which I will not be passing many remarks. However, this one is important because it is about the State financing banks that have got into trouble. History has taught us that we need to pay...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (Miscellaneous Provisions) Bill 2015: Committee Stage (3 Nov 2015)

Pearse Doherty: In relation to the ECB, I have mentioned that there were conversations and discussions going on, but is this really monetary finance? The Central Bank would get its money back from the fund in any event and it is just a case of who has to put up with the pain until the fund reaches a point where it can pay for any outlays that have been made. The Central Bank has involved itself in some of...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (Miscellaneous Provisions) Bill 2015: Committee Stage (3 Nov 2015)

Pearse Doherty: The Attorney General had already approved the legislation with "with the approval of the Minister" in it. The Attorney General's view, I assume, is that it was legal under Irish and European law. The issue here is that the Central Bank does not want to take the risk and the Government has jumped.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (Miscellaneous Provisions) Bill 2015: Committee Stage (3 Nov 2015)

Pearse Doherty: My question is on amendment No. 17. What effect will this directive have on existing insurance companies that do not fall under the new regime? How does the new regime differ from the current regime?