Results 47,021-47,040 of 49,836 for speaker:Stephen Donnelly

Written Answers — Department of Environment, Community and Local Government: Water Charges Administration (30 Sep 2014)

Stephen Donnelly: 580. To ask the Minister for Environment, Community and Local Government further to Parliamentary Question No. 499 of 23 September 2014 where he stated Irish Water is currently fully compliant with data protection requirements, and further to written confirmation from the Data Protection Commissioner’s Office which states it is likely that Irish Water will be asked to make certain...

Written Answers — Department of Environment, Community and Local Government: Water Charges Administration (30 Sep 2014)

Stephen Donnelly: 581. To ask the Minister for Environment, Community and Local Government the steps that will be taken by Irish Water’s agents or employees, for example calls or e-mails to the Revenue Commissioners or the Department of Social Protection in relation to the use of PPS numbers to process household allowances relating to water charges; the information Irish Water’s employees or...

Written Answers — Department of Environment, Community and Local Government: Water Charges Administration (30 Sep 2014)

Stephen Donnelly: 582. To ask the Minister for Environment, Community and Local Government if he will instruct Irish Water to delete all PPS numbers as soon as the verification process in relation to household allowances for which the numbers are required has been completed. [37079/14]

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)

Stephen Donnelly: I know that is what is available. That is not the question. It is an honest question. Can we not have the Department's view as to whether €60 billion is enough?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)

Stephen Donnelly: I understand that. I am not trying to catch anybody out. If the witnesses are not in a position to answer that is fine and they should just say so. I would very much like to know the Department's view as to whether €60 billion is a number that it is satisfied with.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)

Stephen Donnelly: Let me just be clear. If it is not appropriate, if it is not due protocol for Mr. Rankin to answer the question, I fully accept that and have no issue with it at all. If it is the case that he has an opinion that he is allowed to share, I am just curious. The IMF has an opinion. It has stated that it is probably not enough and seems a bit low, that we do not know what is going to happen...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)

Stephen Donnelly: I am asking the departmental officials. I am happy to ask the Minister. If the witnesses from the Department cannot answer that is fine.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)

Stephen Donnelly: In terms of the €11.1 billion, we have put in approximately €1.6 billion - is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)

Stephen Donnelly: And we are on call for about another €11 billion, is that right?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)

Stephen Donnelly: Are we going to have to put that in? Could Mr. Ó Brolcháin just explain how we could ever end up writing a big cheque at the end of any given year?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)

Stephen Donnelly: So it is part of the extra two hundred buffer, is it?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)

Stephen Donnelly: It would be called in to repay the private lenders, is that right?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)

Stephen Donnelly: If I may add a quick technical follow-up to Deputy O'Donnell's point. Is there a legal mechanism within the ESM and the DRI that would actually allow retrospective recapitalisation, critically not as a loan but as a transfer? That is what we are looking for, we are not looking for a loan.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)

Stephen Donnelly: So legally, is it possible for direct recapitalisation to take place in this way under this DRI legislation?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)

Stephen Donnelly: No, an equity swap would be fine.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)

Stephen Donnelly: And there is no legal preclusion in the legislation for a retrospective one of them.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)

Stephen Donnelly: If we move on to the direct recapitalisation instrument, DRI, then, am I correct in thinking that it really is the only mechanism that decouples sovereign risk from banking?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)

Stephen Donnelly: The technical note with which the committee was provided said that as we go through the cascade the creditor haircut - the first bail-in involving equity bondholders - is 8% of the losses, and that the national resolution fund for the SRM, which I guess that is all moving towards, is another 5% of the losses. Is that the case?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)

Stephen Donnelly: Am I correct in thinking, if we take Anglo Irish Bank as an example - another Anglo - and its losses were €30 billion, that the first level, which is 8%, would be €240 million and that the next level in the cascade, which is the resolution fund, would be 5%, which would be €150 million? In the case of Anglo Irish Bank, which on a European scale is tiny – it is big...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)

Stephen Donnelly: The technical note has a contradiction. It says it is 8% and 5% of the bank’s liabilities or losses. They are very different things. Is it liabilities or losses?