Results 1,981-2,000 of 4,810 for speaker:Liam Twomey

Seanad: Local Economic Initiatives: Motion (4 Mar 2009)

Liam Twomey: The Senators on the Government side did not refer to the points of concern raised in the amendment. In addition, the Minister of State appeared to contradict what is stated in the amendment. Clarification is required in respect of these matters. If the problems that beset the banking system are also at play in respect of credit unions, this will have a major impact on people's lives. I...

Seanad: Local Economic Initiatives: Motion (4 Mar 2009)

Liam Twomey: Did he become the Minister for Finance in Ireland?

Seanad: Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Second Stage (5 Mar 2009)

Liam Twomey: It is almost sobering listening to the Minister of State discussing this legislation. When one thinks about Osama bin Laden's claim that he would destroy the world's economy even if it took him 30 years, little did he realise that it would take the international bankers in this country and across the world a much shorter period than that to do the destruction for which he hoped. Here we are...

Seanad: Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Second Stage (5 Mar 2009)

Liam Twomey: Sorry, the National Pensions Reserve Fund. It is a minor point, to be honest, given what is happening. If the Government is taking €4 billion out of this fund and is not putting any payment into it this year and next year, what due diligence has been carried out on the effects of this on the National Pensions Reserve Fund? The Government is taking out a block of four years' payments to...

Seanad: Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Second Stage (Resumed) (5 Mar 2009)

Liam Twomey: Yes.

Seanad: Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee Stage (5 Mar 2009)

Liam Twomey: I move amendment No. 1: In page 3, before section 2, to insert the following new section: 2.—The remuneration of any officer, employee or director of any financial institution to which funds are paid out of the National Pensions Reserve Fund under this Act shall not exceed the sum of €250,000. This relates to one of the core provisions Fine Gael wants to see in this legislation, namely,...

Seanad: Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee Stage (5 Mar 2009)

Liam Twomey: It is not acceptable for the Minister of State wanting to have a hands-off approach with the banks.

Seanad: Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee Stage (5 Mar 2009)

Liam Twomey: I believe the issue of fixed rate mortgage repayments can be addressed. The point that the banks will not repossess any house for 12 months is a red herring. A bank would easily wait 12 months or more before it would apply for a repossession order, attempting other ways to resolve the arrears. When people took out fixed rate mortgages, they were not anticipating this financial crisis no...

Seanad: Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee Stage (5 Mar 2009)

Liam Twomey: Senator Harris is correct that we need to examine this from the top down. However, it is not a question of someone making a voluntary contribution here or not taking a remuneration there. For example, there is a need for Members in both Houses, and Ministers, to take a significant pay cut. The Minister for Arts, Sport and Tourism, Deputy Cullen, sent out the wrong signal recently, flying...

Seanad: Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee Stage (5 Mar 2009)

Liam Twomey: I move amendment No. 2: In page 3, before section 2, to insert the following new section: 2.—Any funding to any financial institution to which funds are paid out of the National Pensions Reserve Fund under this Act in excess of a cumulative total of €7 Billion shall not be made save pursuant to a resolution of both Houses of the Oireachtas. To answer Senator Burke's question, the...

Seanad: Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee Stage (5 Mar 2009)

Liam Twomey: I move amendment No. 3: In page 3, before section 2, to insert the following new section: 2.—(1) Any advance contributions made by the Minister to the Fund shall be confined to the provision of funds to certain financial institutions agreed by a resolution of the Houses of the Oireachtas to constitute critical financial institutions to the provision of financial stability and the flow of...

Seanad: Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee Stage (5 Mar 2009)

Liam Twomey: It is okay.

Seanad: Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee Stage (5 Mar 2009)

Liam Twomey: Before we move on from section 2, will the Minister tell me which section of this legislation covers the possibility of the State giving recapitalisation funding to the EBS or Irish Nationwide Building Society since neither trades in shares? Senator Burke referred to this on Second Stage and I do not remember a clear answer being given.

Seanad: Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee Stage (5 Mar 2009)

Liam Twomey: Are they covered in a separate section?

Seanad: Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee Stage (5 Mar 2009)

Liam Twomey: Are they not covered by this legislation?

Seanad: Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee Stage (5 Mar 2009)

Liam Twomey: I move amendment No. 4: In page 4, line 26, after "Minister" to insert the following: "having secured the prior approval of each House of the Oireachtas". Before funding is given to anybody, both Houses of the Oireachtas should be made aware of it. In the Minister's speech he said: "This will allow the commission to carry out the necessary due diligence on Allied Irish Banks and Bank of...

Seanad: Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee Stage (5 Mar 2009)

Liam Twomey: Will the Minister explain that?

Seanad: Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee Stage (5 Mar 2009)

Liam Twomey: Bank of Ireland is paying the NPRF €30 million to receive State funding of €3.5 billion?

Seanad: Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee Stage (5 Mar 2009)

Liam Twomey: The Exchequer is receiving the €30 million so it has nothing to do with the due diligence report carried out by the NPRF?

Seanad: Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee Stage (5 Mar 2009)

Liam Twomey: On the due diligence that will be carried out before this, how much of the other reports will be taken into account? Does the PwC report come into this, does the Farrell Grant Sparks report come into this or does the National Pensions Reserve Fund itself do a complete, different due diligence report? In the past six months we received very variable ideas of how solid or otherwise are the...