Results 2,221-2,240 of 26,021 for speaker:Kieran O'Donnell
- Bank Guarantee Scheme (30 Sep 2010)
Kieran O'Donnell: That was all we were proposing.
- Bank Guarantee Scheme (30 Sep 2010)
Kieran O'Donnell: That was never the case.
- Banking Sector Regulation (30 Sep 2010)
Kieran O'Donnell: Does the Minister agree that AIB and Bank of Ireland appear to be more concerned with rebuilding their balance sheets than providing credit to the small and medium-sized enterprise, SME, sector? We hear of countless businesses having their overdraft and working capital facilities reduced. There is an old saying in business, "Cash is king". A profitable business without cash flow will...
- Banking Sector Regulation (30 Sep 2010)
Kieran O'Donnell: What was the logic behind that decision?
- National Pensions Reserve Fund (30 Sep 2010)
Kieran O'Donnell: What will be final investment by the NPRF in the banks? Does the Minister anticipate the bond yields will reduce in the next month? At what point would the Minister consider going for a bond auction if yields fell below a certain level?
- National Pensions Reserve Fund (30 Sep 2010)
Kieran O'Donnell: So there is a contingency of â¬7.9 billion?
- National Pensions Reserve Fund (30 Sep 2010)
Kieran O'Donnell: That is â¬15 billion in total.
- National Pensions Reserve Fund (30 Sep 2010)
Kieran O'Donnell: If yields were at a certain level, would the bond auction happen in October?
- National Pensions Reserve Fund (30 Sep 2010)
Kieran O'Donnell: Would it not bring credibility if the Minister could go to the bonds?
- Announcement by Minister for Finance on Banking of 30 September 2010: Statements (Resumed) (30 Sep 2010)
Kieran O'Donnell: This is a stark day for the Irish economy. The Minister said NAMA was to deal with development loans but the purpose of NAMA was to free up credit for the SME sector. There is no logical reason to transfer the remaining development loans from Anglo Irish Bank to NAMA. What is the expected cost to the taxpayer via the National Pensions Reserve Fund for the recapitalisation of AIB? The bank...
- Announcement by Minister for Finance on Banking of 30 September 2010: Statements (Resumed) (30 Sep 2010)
Kieran O'Donnell: In any bank but particularly in Anglo Irish Bank. The resolution regime should be in place prior to that happening. The sheer scale of investment in the bank is horrific for ordinary taxpayers. There will be a possible â¬53 billion, with at least â¬46 billion invested in the banks by the taxpayer. Three of those banks are nationalised - AIB, Anglo Irish Bank and the Irish Nationwide...
- Announcement by Minister for Finance on Banking of 30 September 2010: Statements (Resumed) (30 Sep 2010)
Kieran O'Donnell: Absolutely. The Minister can take this as he wishes. He is a sweet talker and he has managed to sell a product. It is like selling a car. He sold a car but the parts are going off. It is like certain models of cars where the clutch goes. He has sold it.
- Announcement by Minister for Finance on Banking of 30 September 2010: Statements (Resumed) (30 Sep 2010)
Kieran O'Donnell: The French Finance Minister was enamoured with the Minister because he sold a pup, especially in terms of NAMA. NAMA has not done what it was supposed to do. We made a reasonable proposal and at the time the Minister argued on the basis of it. We proposed that the banks would sort out the problem themselves. There is one great flaw in NAMA, namely, it crystalises the losses and toxic...
- Announcement by Minister for Finance on Banking of 30 September 2010: Statements (Resumed) (30 Sep 2010)
Kieran O'Donnell: That is not the point. This is about confidence. We are funded until the middle of next year, but it is like being in business. If one has a customer and one is not going to him or her, one can sometimes lose the customer. I have no doubt if the Minister was sitting down in the cold light of day he would prefer to be going to the bond auction next month. I have no doubt if the yield is...
- Announcement by Minister for Finance on Banking of 30 September 2010: Statements (Resumed) (30 Sep 2010)
Kieran O'Donnell: It will be â¬29.5 billion. That is based on discounts of 67% which I would say are reasonable, and if the discounts are 70% there will be a further â¬5 billion on top. It is reasonable and if one examines the loan book within Anglo Irish Bank which we have seen, we know some of the loans it gave out were reckless in the extreme.
- Announcement by Minister for Finance on Banking of 30 September 2010: Statements (Resumed) (30 Sep 2010)
Kieran O'Donnell: The point the Minister is missing is that he guaranteed an insolvent bank on the night of the guarantee and if he looks back over the previous year he will see that the share price collapsed in Anglo Irish Bank in March 2008. Furthermore, Mr. Michael Somers, the former CEO of the NTMA, is on record as saying he had major reservations about giving Anglo Irish Bank money in terms of deposits.
- Announcement by Minister for Finance on Banking of 30 September 2010: Statements (Resumed) (30 Sep 2010)
Kieran O'Donnell: It is in the public domain. It is a reasonable point. I do not wish to get personal but the situation as it stands is that between NAMA and the banks we have had a 100% increase in our national debt for which future generations will have to pay. It is like someone buying a house or business for â¬200,000 and being told by the bank he or she will be given a loan for another â¬200,000...
- Announcement by Minister for Finance on Banking of 30 September 2010: Statements (Resumed) (30 Sep 2010)
Kieran O'Donnell: No, I want to quantify for the ordinary person looking at the sheer scale of the money the Minister is putting into the banks. In terms of the real economy, business credit has dried up. If the Minister wants practical solutions, while we disagree on policy we believe the banks should have worked out their own loans and that the taxpayer should have been the last to pay. In fact, the...
- Announcement by Minister for Finance on Banking of 30 September 2010: Statements (Resumed) (30 Sep 2010)
Kieran O'Donnell: Yes. They are the Taoiseach's words. That is â¬1.5 billion which will come out of vital services across the spectrum for the citizens who are paying taxes. The problem with the banking system is that it has become about the process of NAMA, but no one considers the consequences. The haircuts are so out of control that the taxpayers have to fill a big hole in the banks and the banks are...
- Written Answers — Banking Sector Regulation: Banking Sector Regulation (30 Sep 2010)
Kieran O'Donnell: Question 141: To ask the Minister for Finance if he intends bringing in a bank resolution scheme; the details of such a scheme; when such a scheme will be introduced by way of legislation; if it will be confined to specific financial institutions and the names of same or will it be a general bank resolution scheme; and if he will make a statement on the matter. [34307/10]