Results 23,361-23,380 of 26,162 for speaker:Kieran O'Donnell

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)

Kieran O'Donnell: The delegates were engaged in the design of the promissory note back in 2010. I am asking about the residual value that was factored into the note at that time.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)

Kieran O'Donnell: The promissory note was based on flows back - that is, a discounted value of funds that flowed over a period of time back to a current market value. This has huge significance in terms of the cost of the banking recapitalisation to the State. Was the residual value built into the estimated cost at the time of €34.7 billion? I am sure the delegates understand the point I am raising here.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)

Kieran O'Donnell: In the limited time available to me, I have put a straightforward question. This is a critical point.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)

Kieran O'Donnell: The point I am making is that if the expected residual value of €8 billion was not factored into the valuation of the promissory note, there is an opportunity now to factor it in.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)

Kieran O'Donnell: Was it €8 billion?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)

Kieran O'Donnell: Was it much less?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)

Kieran O'Donnell: It was €4 billion rather than €8 billion. This means that in the context of our deliberations with Europe, there is now an additional €4 billion to play around with. That should be factored in as part of our efforts to bring down the overall cost of the promissory note to the State.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)

Kieran O'Donnell: I accept that. However, the fact remains that the residual value has increased by €4 billion over the estimate at that point in time.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)

Kieran O'Donnell: I am merely soliciting information to enable me to make the proposal.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)

Kieran O'Donnell: For me, it is very straightforward. There would seem to be a window of opportunity at this moment in time in that the estimate of the residual value is now €4 billion greater than it was at the time the promissory note was put in place. That is the point I am making. Unfortunately, my time is up. It has been a good six minutes.

Prospects for Irish Economy: Statements (Resumed) (25 Oct 2012)

Kieran O'Donnell: That is correct, a Cheann Comhairle. You might indicate when I have one minute remaining. On the day we passed the most recent troika review it is fitting that we examine the review in terms of the economy. In the short time available to me I will touch on a few key themes. I hear a great deal of sound and fury from the Opposition but in many cases we are on common ground. We want to...

Public Accounts Committee: Department of Justice and Equality - Review of Allowances (25 Oct 2012)

Kieran O'Donnell: I congratulate Mr. Purcell on that.

Public Accounts Committee: Department of Justice and Equality - Review of Allowances (25 Oct 2012)

Kieran O'Donnell: The basic import, which has come up with every group that has come before the committee, is that the public looking in see this massive array of allowances and a significant proportion of them are core pay. It is about presentation. I would like to hear Mr. Clinton's input on this as well. Do they both believe there is a need to review how allowances are classified because it has led to a...

Public Accounts Committee: Department of Justice and Equality - Review of Allowances (25 Oct 2012)

Kieran O'Donnell: When one looks down through the average overall percentage of gross pay, there are nurse officers for whom, in one case, nearly 50% of their income is allowances. Clearly, that must be core pay. Will Mr. Purcell carry out a review of the allowances, in terms of outdated descriptions and titles, in consultation with the unions?

Public Accounts Committee: Department of Justice and Equality - Review of Allowances (25 Oct 2012)

Kieran O'Donnell: Is there a need for a review to consolidate the sheer number of allowances?

Public Accounts Committee: Department of Justice and Equality - Review of Allowances (25 Oct 2012)

Kieran O'Donnell: I welcome Mr. Purcell and Mr. Clinton. It is welcome that both management and the unions are present and I commend the union representatives on taking up our invitation. A number of features have come to light in all the deliberations with the various groups that have appeared before us. The first is the number of allowances and the second is how they are categorised. For example, is the...

Public Accounts Committee: Department of Justice and Equality - Review of Allowances (25 Oct 2012)

Kieran O'Donnell: I refer to the numbers in the grade in receipt of more than one allowance. I added the numbers given for each grade and the total is 3,708, with people on eight allowances. It appears that the majority of staff are on an average of eight allowances. When the 2005 negotiations took place, many of them were part of core pay. A number of the allowances with published business cases,...

Public Accounts Committee: Department of Justice and Equality - Review of Allowances (25 Oct 2012)

Kieran O'Donnell: The operational on-call allowance is for principal and assistant principal officers.

Public Accounts Committee: Department of Justice and Equality - Review of Allowances (25 Oct 2012)

Kieran O'Donnell: Therein lies the confusion because there are so many allowances. Why did the negotiations in 2005 not consider reclassifying many of the allowances as core pay?

Public Accounts Committee: Department of Justice and Equality - Review of Allowances (25 Oct 2012)

Kieran O'Donnell: I thank Mr. Purcell. I call on Mr. Clinton, general secretary of the Prison Officers Association, to make his opening statement. Is it in order to publish his statement?