Results 8,041-8,060 of 12,596 for speaker:Willie O'Dea

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Willie O'Dea: There is nothing to stop Senator Leyden or any other Senator or Deputy raising in the Seanad or Dáil general or, even specific, issues in regard to NAMA. There is nothing to stop them putting down parliamentary questions in this regard to the Minister for Finance who will, of course, answer to Parliament for NAMA.

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Willie O'Dea: It strikes me it would be absolutely devastating to the national interest if we allowed secret lobbying of NAMA or its officials-----

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Willie O'Dea: -----with the intention of influencing the making of a decision in relation to the performance of the functions of NAMA. The function of NAMA will be to get credit flowing in the country again. NAMA has an obligation. The Irish people are making a huge investment in NAMA, whose obligation it is to recoup that money on their behalf. It cannot be subject to secret lobbying.

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Willie O'Dea: That is the reality. On the defences a person will have in terms of how far he or she can go, I agree with Senator White that subsection (4) does not cover Deputies and Senators.

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Willie O'Dea: It provides an exemption to a person who is acting in his or her professional capacity or in the course of his or her employment. I would not like to chance that one. If one is charged under subsection (3) of the offence of approaching NAMA one can defend-----

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Willie O'Dea: One can defend oneself on the grounds that such an approach is made public at the time of the communication, is made without an intention to benefit, or confer an advantage on, any specific person, or is made in the public interest. These are three standalone provisions any one of which will get a person off the hook. It would be wrong to say that if Senator Coghlan wants to speak with me...

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Willie O'Dea: I am speaking about publicising the name and so on.

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Willie O'Dea: Yes. The reality is that there is a compelling need for this section. People will understand that.

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Willie O'Dea: Wrongdoing can take place in any organisation regardless of whether it is in the public or private sector and even where proper internal financial control structures are put in place. Unfortunately, there have been several examples of this in recent times. The Minister has included several sections in the Bill relating to the disclosure of information to the various authorities, where...

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Willie O'Dea: With regard to synchronising the offences with the offences under section 210, I am advised the whistleblower provision is modelled on a similar provision in the FÁS legislation, so the same penalties are applied. The Deputy has a point and I will bring it to the attention of the Minister. On Senator Twomey's point about being able to report to Members of the Oireachtas, I believe that if a...

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Willie O'Dea: Section 222 provides for a future surcharge on the participating institutions in the unlikely event of NAMA making a loss. This section has been carefully drafted to strike the necessary balance between, first, affording the taxpayer maximum protection against the possibility, however unlikely, that a loss might eventually arise and, second, the risk that the application of a statutory...

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Willie O'Dea: If we do it as the Senator proposes and if Anglo Irish Bank does not exist in ten years-----

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Willie O'Dea: Yes.

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Willie O'Dea: I accept what Senator Twomey says. The question that arises is, in the event of NAMA making a loss - I hope it will not do so - whether the taxpayer or the participating institutions should bear that loss. Either one believes it should be the those institutions or one does not. If there is going to be a future liability, I accept that this will overhang the successful participating...

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Willie O'Dea: Section 223 states that the Comptroller and Auditor General will assess the position every three years. There are many reporting mechanisms in place. Basically, it comes down to whether we believe NAMA will be in existence for at least five years. I am of the view that there is little doubt that this will prove to be the case.

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Willie O'Dea: No, for five years.

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Willie O'Dea: I am glad the amendment is acceptable to all sides of the House. Senator Fitzgerald referred to the purposes of the Act. These are dealt with in section 2.

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Willie O'Dea: I understand that but I am trying to explain to the Senator that section 2 sets out the raison d'être of the Act. Section 2(b)(i) states, "to facilitate the availability of credit in the economy of the State". That adequately covers what the Senator is trying to achieve. Under section 210(1)(b) the guidelines will include a review of decisions about participating institutions to refuse...

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Willie O'Dea: The purpose of the legislation is to put the banks in a certain position and we do not want to do something now that will reverse that. We can, as Senator Alex White says, provide that certain sectors of the economy must receive a certain percentage. We do not have to reinvent the wheel to do that because there is a precedent for it in the initial deal with the banks on recapitalisation....

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Willie O'Dea: I listened carefully to Senator O'Toole and, as usual, he makes a great deal of sense. However, we are seeking EU approval for NAMA and, in doing so, it is important to make what is already implicit in the legislation absolutely explicit and state in clear and unambiguous language that we will not approve any restructuring plan that contravenes EU law. The amendment proposes to delete...