Results 25,181-25,200 of 26,162 for speaker:Kieran O'Donnell

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: I am glad to hear that. In that spirit, I hope the Minister will look favourably on the amendments we have proposed. The main issue is the flow of funds to small businesses and first time buyers. We need to see clear evidence it is happening and to date we have not. We are being asked to vote on a Bill which is giving €7 billion of taxpayer money to two institutions.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: One of the main debates today is the need to find €5 billion in savings through increased taxes and expenditure cuts. However, €7 billion of taxpayers' money is being put into the two main banks under this legislation. When AIB published its annual accounts, reference was made to the €3.5 billion being provided by the Exchequer through the NPRF in the context of its core tier 1...

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: Under the legalisation, funds can be provided both from the Exchequer and non-central funds to the NPRF.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: State assets could be sold and the money realised provided to the NPRF. In that case, taxpayers' money would be involved but there would be no accountability. We are not interfering with the Minister's role in dealing with the banks but the amendments provide for accountability to the Houses of the Oireachtas on the use of taxpayers' money. The Minister stated earlier he cannot direct the...

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: The chief executive officer of AIB clearly stated his core tier 1 capital ratio had increased to 8.5% but this was qualified subsequently as being the case after the €3.5 billion is provided by the Exchequer via the NPRF. The amendment is reasonable, as it does not restrict the Minister from dealing with the banks and giving them the security they need. It ensures proper debate on the use...

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: Is the Minister suggesting that?

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: I seek clarification. The National Pensions Reserve Fund is entitled to do its business independently. If it wishes, it can invest in any asset.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: If the Minister has that power, he will be removing the commission's discretion. Regardless of whether he is investing funds from the Exchequer or elsewhere, he is using taxpayers' money. Obviously, he cannot interfere with the NPRF. This issue comprises two elements. The commission has its own role and can invest in assets on which it believes it will get a maximum return. A different...

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: To clarify, Fine Gael tabled a similar amendment. Has it been included in the amendment list?

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: Although it has not been included on the list, Fine Gael tabled it as an amendment.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: They are different amendments. I do not expect that those who manage the National Pensions Reserve Fund would invest in the banks of their own accord. This is being done because the Minister is directing them to make that investment.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: Precisely. To follow on from this, as matters stand, there is nothing to stop the Minister from putting funds into the National Pensions Reserve Fund in the morning, if he wishes, by way of front-loading. The point is that were the Minister to invest such moneys into any of the listed institutions, the matter should be brought back before this House to be discussed and approved. It is as...

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: Absolutely not.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: The Minister is missing the point that we live in very uncertain times. It was always accepted that the National Pensions Reserve Fund would be used as a vehicle to recapitalise the banks. It is generally acknowledged by most commentators that these two banks will require further recapitalisation. It is generally accepted that this recapitalisation will come from the National Pensions...

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: The figures are clear. After being recapitalised to the tune of €3.5 billion, Allied Irish Banks will have a tier 1 capital ratio of 8.5%. The bank had an operating loss of €122 million in 2008 and expects further losses in 2009 and 2010. It will make a bad debt write-off of €1.8 billion for 2008 and there are indications that the figure for 2009 will be between €2.9 billion and...

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: If the banks require further funds, where will that funding be found? We cannot borrow the necessary amounts, so the National Pensions Reserve Fund is the only option. Deputy Bruton's proposal is reasonable. Taxpayers will not stand for a situation where more of their money is put into the banks without there being some discussion in the Dáil beforehand. It is as simple as that.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: I note that the Minister has stated that he has received the report on executives in the covered institutions. I ask him to make the contents of that report known to the House during Committee Stage. Perhaps we could withdraw this amendment if he let us know exactly what the report stated and we could move on the measure. The public can see €7 billion of their money being invested into...

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: How lengthy is the report on remuneration? How many pages?

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: This report is critical. It was brought in with the Credit Institutions (Financial Support) Act 2008 and the guarantee scheme. The Minister spoke about 33% for the banks but that percentage comes off a very high base and bears no comparison to a person affected by the pension level, be to 3% or 4%, or with the 1% levy for a person on low income. Deputies are lobbied about that. This...

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: When does the Minister propose to bring this remuneration report before the House?