Results 1,841-1,860 of 4,414 for speaker:Sean Barrett

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Sean Barrett: If we had a fire sale when this happened rather than NAMA where would be now in terms of Mr. Moran's industry?

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Sean Barrett: Did tax breaks exacerbate the situation?

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Sean Barrett: With the bargains that were available until fairly recently, did we need to get involved in real estate investment trusts and the fiscal privilege attached to them?

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Sean Barrett: I welcome Ms Hunt and thank her for the material that she sent us. At the end of the first paragraph on page 3 she stated. "Irish CRE generated average ungeared total returns of over 16.4% per annum in the period 1976 to 2006 (proving that commercial real estate is a long-term investment)". A percentage of 16.4% was sustained for 30 years which leaves me wondering did we...

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Sean Barrett: Should we have been talking to pension funds and not banks? Is that the implication of what Ms Hunt has said?

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Sean Barrett: Yes.

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Sean Barrett: Let us take a look at figure 2 in Ms Hunt's statement. One can see they doubled their money between 2001 and 2007 and then lost one third which meant they were still two thirds up. Should that have been pointed out to the sector when they sought a bailout?

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Sean Barrett: Yes, figure 2 of Ms. Hunt's presentation shows a gradual percentage increase of 8%, 2%, 12% and the remainder of increases. In the last year there was a loss of 34% but it had doubled its money in the previous spell.

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Sean Barrett: The information for figure 3 was sourced from Mr. Hoyt.

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Sean Barrett: Ms Hunt mentioned how quickly the adjustment took place. Is the model, which has been built over 100 years, far too slow? Figure 3 shows that when real estate peaks at stage 7 it takes five more stages before the banks reverse their boom policy on loans. That means what happened in Ireland was a quicker reaction than the 100-year study.

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Sean Barrett: Figure 4 shows about a quarter of the investment took place in Ireland and three quarters overseas which means no assets were created, within the territory of this State, as a result of what happened in that peak year. Is my interpretation correct ?

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Sean Barrett: On the last page of Ms Hunt's presentation she stated, "We believed that the Irish banks were well funded," a point which she has covered, "and that borrowers were being sufficiently stress-tested". What would she put into a stress test, by an Irish bank, of its borrowers?

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Sean Barrett: The last section of Ms Hunt's presentation is entitled lessons for the future. She stated that government intervention in the property market was largely done in the absence of any engagement whatsoever with the property industry. Our evidence would be that the property industry never stops lobbying and tops the list seeking tax breaks, along with farmers. In fact, the property industry...

Seanad: Commencement Matters: Sale of Aer Lingus (31 Mar 2015)

Sean Barrett: I welcome our good friend, the Minister for Transport, Tourism and Sport. He and I discussed issues of aviation economics many times when he was my student in Trinity College Dublin. My concern in this instance is repeated announcements that the Government is edging closer to accepting the proposed takeover of Aer Lingus. I was pleased to note the Minister's statement during his visit to...

Seanad: Commencement Matters: Sale of Aer Lingus (31 Mar 2015)

Sean Barrett: I thank the Minister, as always, for engaging in dialogue. The Seanad has a huge role to play in this matter. Part of my disquiet is that the media leaks seem to be bypassing Parliament as if it did not matter. Some of the utterances have been dismissive of the Deputies and Senators from north Dublin, Cork and, of course, County Clare. It should be remembered that there was deregulation...

Seanad: Order of Business (31 Mar 2015)

Sean Barrett: I welcome the announcement today that Ulster Bank and An Post are to link up to provide some banking services in post offices. It is good news for towns where banks are closing branches and good news for small post office which are under pressure. There has been concern about the closure of post offices in rural areas. I echo the concern of Senator Darragh O'Brien about the prospect of a...

Seanad: Order of Business (31 Mar 2015)

Sean Barrett: For what is the €30 million needed? In transport there are no economies of scale; small is beautiful, and transport policy should not be focused on size in terms of scale. People can build up a reputation but the requirement to start with €30 million worth of buses parked outside seems to be wrong. We had that when a man by the name of Patton was operating a service from...

Seanad: Order of Business (30 Mar 2015)

Sean Barrett: I note the negotiation by the UK Secretary of State for Health, Mr. Jeremy Hunt, on an agreement on a meningitis B vaccine with GlaxoSmithKline which acquired the vaccine just three weeks ago. Will the Leader suggest to the Minister for Health that its use be considered in this jurisdiction? We have one of the highest rates of meningitis in Europe and the arrangement has been welcomed by...

Seanad: Order of Business (27 Mar 2015)

Sean Barrett: Senator Aideen Hayden has raised important matters about housing which I will bring to the attention of the Joint Committee of Inquiry into the Banking Crisis. One of the things that struck me about the evidence yesterday from Ms Geraldine Kennedy, the previous editor of The Irish Times, is that people at the top in society seem to think they have an entitlement to telephone editors all the...

Seanad: An Bille um an gCeathrú Leasú is Tríocha ar an mBunreacht (Comhionannas Pósta) 2015: Céim an Choiste - Thirty-fourth Amendment of the Constitution (Marriage Equality) Bill 2015: Committee Stage (27 Mar 2015)

Sean Barrett: I was detained by bankers during the week, so I was not here to support the Minister on this legislation. I welcome it warmly. She and the Government are to be commended. Nothing in my conscience is infringed at all by the happiness of other people.