Results 24,761-24,780 of 26,162 for speaker:Kieran O'Donnell
- National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)
Kieran O'Donnell: The Minister is not issuing guidelines.
- National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)
Kieran O'Donnell: With respect, the questions I asked were valid.
- National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)
Kieran O'Donnell: They were valid questions.
- National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)
Kieran O'Donnell: We are entitled to a response.
- National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)
Kieran O'Donnell: The Minister is not issuing guidelines.
- National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)
Kieran O'Donnell: Go on Deputy Ring.
- National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)
Kieran O'Donnell: I welcome the fact that there will be quarterly reports. I would suggest that three months is too long a period to wait for a set of accounts that do not appear to be audited. These are accounts which in the normal business world would be produced probably within two or three weeks of the end of the accounting period. One is looking at a three-month lag period from the end of the...
- National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)
Kieran O'Donnell: We are discussing amendment No. 59 in the context of this group of amendments.
- National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)
Kieran O'Donnell: No, I mentioned quarterly reports.
- National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)
Kieran O'Donnell: By way of clarification, that they are not audited accounts is all the more reason they should be able to be provided to the Minister within a far shorter period than three months. In fact, in the business world a company of comparable size to NAMA would have its audit completed within a month of the year end and would have the accounts published within two to three months of the accounting...
- National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)
Kieran O'Donnell: It is historical by that stage.
- National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)
Kieran O'Donnell: It is a case of Animal Farm in terms of the Green Party.
- National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)
Kieran O'Donnell: I will speak to amendment No. 16. Fine Gael's amendment No. 83 is related. The Minister said he has heard no new arguments in regard to long term economic value. Before he left the House approximately two hours ago the Minister said he was not open to cross-examination but he is answerable to this House.
- National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)
Kieran O'Donnell: There are, therefore, questions the Minister needs to answer and has not answered. Deputy Gogarty misinterpreted the difference between NAMA buying the assets, which is not recapitalisation-----
- National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)
Kieran O'Donnell: It does nothing in terms of adding to the core tier 1 ratio. A businessman looking at this would purchase the assets at market value. In that context, NAMA would have some chance of making a return. It is paying â¬7 billion over value. The taxpayer is taking all the risk but â¬2.7 billion. If the Minister were to take the â¬7 billion by way of ordinary shares in the institutions, he...
- National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)
Kieran O'Donnell: There would be an upside for the taxpayer if the banks' balance sheets were cleaned up. Ordinary shares would be valuable and the Minister would have some influence over lending. The Minister gave no commitment to issue guidelines.
- National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)
Kieran O'Donnell: The Minister said he "may" issue them.
- National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)
Kieran O'Donnell: When will they be issued and laid before the House? We need to see the guidelines.
- National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)
Kieran O'Donnell: The problem with NAMA, in terms of market value, is that it is paying â¬7 billion over market value. The taxpayer is taking the majority of risk in terms of market value and the â¬7 billion. The banks are only taking a risk in respect of the â¬2.7 billion. Taking account of both factors, if the Minister goes with market value for NAMA and puts the â¬7 billion in by way of ordinary...
- National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)
Kieran O'Donnell: Has Deputy Mulcahy read the business plan?