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Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Sean Barrett: I welcome Professor Lane, a long-standing colleague of mine. The italicised part of his paper on page 8 reads: "The capacity of the euro area to respond to such a financial crisis is as yet untested." He warned of that in 2006. Is that not right?

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Sean Barrett: He was one of the people who saw this happening. As he knows, people like Professor Barry Eichengreen saw the euro as being designed for France, Germany and some northern European countries. He actually said that he was quite surprised that "Ireland, Spain, and other countries at the periphery of the European Union were among the founding members of the euro area". In the scenario that...

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Sean Barrett: As we plot the future, have we something to learn from Canada, for example?

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Sean Barrett: Some commentators seem to think that Europe will still not meet the Basel III standards whereas Canada, Australia and Singapore will. Would that concern Professor Lane, that we might do all of this all over again?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Annual Growth Survey 2015, Alert Mechanism Report 2015 and An Investment Plan for Europe: Discussion (21 Jan 2015)

Sean Barrett: I welcome our visitors. I have misgivings about what the Commission is up to. The fiscal council has shown that, in terms of gains being made in a small, open economy, there is no multiplier. On Senator Thomas Byrne's point, we had to cut capital spending because of the debt burden, partly due to the bank guarantee. Prior to that happening, however, we did not run too many Government...

Seanad: Order of Business (22 Jan 2015)

Sean Barrett: I ask the Leader to amend the Order of Business as I would like to introduce No. 14 on the Order Paper - the Universities (Development and Innovation) (Amendment) Bill 2015. I also propose that Second Stage be taken on 28 January. I wish to express concern about the poverty numbers issued by the Central Statistics Office yesterday. They indicate we have a major task ahead of us in the...

Seanad: Order of Business (22 Jan 2015)

Sean Barrett: I thank the Senator.

Seanad: Universities (Development and Innovation) (Amendment) Bill 2015: First Stage (22 Jan 2015)

Sean Barrett: I move: That leave be granted to introduce a Bill entitled an Act to amend the Universities Act 1997, to develop the operation of the universities, to encourage education, innovation, research and scholarship in the universities, and to make provision for related matters.

Seanad: Universities (Development and Innovation) (Amendment) Bill 2015: First Stage (22 Jan 2015)

Sean Barrett: On Tuesday, 27 January 2015.

Seanad: Central Bank (Amendment) Bill 2014: Second Stage (22 Jan 2015)

Sean Barrett: I welcome the Minister and I support the Bill he has brought before the House. I commend the Minister and the Taoiseach for their efforts to persuade the ECB to participate in the inquiry. I commend the Minister on his speech in Dublin Castle on Monday. The Minister mentioned a gremlin and I also have experience of one. I had sought to amend the Central Bank Reform Act 2010 with amendment...

Seanad: Central Bank (Amendment) Bill 2014: Committee and Remaining Stages (22 Jan 2015)

Sean Barrett: I move amendment No. 1: In page 3, between lines 25 and 26, to insert the following:“(ahc) to the Committee on Public Accounts,”,”.In the spirit the Minister has just described, which is unanimous throughout the House in the context of the Bill, would it be of use - as suggested in amendment No. 1 - to give the Governor of the Central Bank the power to supply information,...

Seanad: Central Bank (Amendment) Bill 2014: Committee and Remaining Stages (22 Jan 2015)

Sean Barrett: I thank the Minister for his reply.

Seanad: Central Bank (Amendment) Bill 2014: Committee and Remaining Stages (22 Jan 2015)

Sean Barrett: I move amendment No. 3: In page 4, line 2, after “House.” to insert the following:“For the purposes of this section information shall include all written, verbal, electronic or other communication to and from the Central Bank concerning banks operating in the State, including the IFSC. The information shall include information from the covered institutions, their...

Seanad: Central Bank (Amendment) Bill 2014: Committee and Remaining Stages (22 Jan 2015)

Sean Barrett: No. I thank the Minister for his reply. He has set a very demanding standard and I hope we can live up to it.

Seanad: Central Bank (Amendment) Bill 2014: Committee and Remaining Stages (22 Jan 2015)

Sean Barrett: I move amendment No. 4: In page 4, between lines 2 and 3, to insert the following:“2. The Central Bank shall inform Dáil Éireann and Seanad Éireann of the total costs arising from an Inquiry conducted under this Act at the end of each month. The notification shall show separately the expenses of members of the Oireachtas, legal expenses, accommodation and office...

Seanad: Commencement Matters: Greek Election Result (27 Jan 2015)

Sean Barrett: I wish to comment.

Seanad: Commencement Matters: Greek Election Result (27 Jan 2015)

Sean Barrett: The Minister of State said he would welcome the comments of Senators. I take it that is not appropriate in the Cathaoirleach's view.

Seanad: Commencement Matters: Greek Election Result (27 Jan 2015)

Sean Barrett: Go raibh maith agat.

Seanad: Order of Business (27 Jan 2015)

Sean Barrett: I echo the concerns of Ministers, Deputies Donohoe and Howlin and Senator Darragh O'Brien regarding the proposed takeover by British Airways of Aer Lingus. In remote parts of the UK such as Scotland, which has a population of 5.3 million - a half million more people than in this State - there is six times more capacity on the North Atlantic out of Dublin than there is out of Glasgow and...

Seanad: Commission of Investigation into Mother and Baby Homes: Motion (27 Jan 2015)

Sean Barrett: I welcome the Minister, as always. I compliment him on his choice of the members of the commission whom I happen to know, namely, Judge Yvonne Murphy, Professor Mary Daly and Dr. William Duncan. He has chosen people who will serve the Oireachtas well in their work. As others have said, we are finding out more and more awful things about how children and their mothers were treated. A...

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