Results 24,801-24,820 of 26,162 for speaker:Kieran O'Donnell
- National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)
Kieran O'Donnell: How many baby SPVs will come about? Obviously, we will have to find a Mammy SPV somewhere along the way.
- National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)
Kieran O'Donnell: I suppose it is a form of cloning. This is extremely important. We still do not know who the shareholders will be. It is technically possible that the shareholders will be the banks to which we are giving â¬54 billion, in effect. The Minister should make no mistake about the fact that we are bailing out the banks by giving them major breathing time. We are taking toxic loans off the...
- National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)
Kieran O'Donnell: Neither would I but I have no doubt we could rely on experts to translate it. Bringing the SPV on board has resulted in a seismic shift. Will the SPV be dealing with all the daily activities of NAMA? Will it be purchasing and administering the assets? Will it be paying the banks their yearly coupon and will it be disposing of assets? Will it be collecting the repayments of debt through...
- National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)
Kieran O'Donnell: We thank the Deputy for his interest in the workings of NAMA.
- National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)
Kieran O'Donnell: NAMA will pay â¬7 billion above the market value.
- National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)
Kieran O'Donnell: Would the Deputy pay over the odds in that manner if he were purchasing a house?
- National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)
Kieran O'Donnell: I am glad the Deputy is not spending his own money.
- National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)
Kieran O'Donnell: That is not the point.
- National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)
Kieran O'Donnell: The Deputy cannot ask the Minister to support an amendment that he is not prepared to support himself.
- National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)
Kieran O'Donnell: Now we get to it - some 60 hours later.
- National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)
Kieran O'Donnell: Is Deputy Gogarty going to vote in favour of the amendment he is asking the Minister to support?
- National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)
Kieran O'Donnell: So the Deputy has no view of his own.
- National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)
Kieran O'Donnell: The Deputy asked the Minister to support the amendment. He is changing his words.
- National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)
Kieran O'Donnell: Will Deputy Gogarty support the amendment?
- National Management Agency Bill 2009: Report Stage (Resumed) (4 Nov 2009)
Kieran O'Donnell: Deputy Gogarty will be disappointed.
- National Management Agency Bill 2009: Report Stage (Resumed) (4 Nov 2009)
Kieran O'Donnell: The handout the Minister issued on NAMA mentioned that on winding up there would be a 10% bonus, but also mentioned a cap of â¬5 million. Does that 10% bonus refer purely to private equity?
- National Management Agency Bill 2009: Report Stage (Resumed) (4 Nov 2009)
Kieran O'Donnell: Would NAMA be entitled to 10% also?
- National Management Agency Bill 2009: Report Stage (Resumed) (4 Nov 2009)
Kieran O'Donnell: I just wanted to clarify that. Special purpose vehicles are quite commonplace in the private sector. The Minister is setting up this SPV in order, technically, to remove the â¬54 billion from the balance sheet. However, credit rating agency, Fitch Ratings, factored in the â¬54 billion that NAMA is taking on board.
- National Management Agency Bill 2009: Report Stage (Resumed) (4 Nov 2009)
Kieran O'Donnell: The Minister stated the debt ratio would be 110%
- National Management Agency Bill 2009: Report Stage (Resumed) (4 Nov 2009)
Kieran O'Donnell: Going back to the point on the private sector, the Minister is setting up the SPV to get it off the balance sheet. For it to be off the balance sheet, it must satisfy a number of requirements, namely that it is a separate legal entity with autonomy of decision in day to day operations, be able to incur its liabilities on its behalf and have complete accounting information. In a normal case...