Results 221-240 of 1,954 for speaker:John Gilroy

Seanad: Credit Institutions (Eligible Liabilities Guarantee) (Amendment) Scheme 2011: Motion (1 Dec 2011)

John Gilroy: Is it technical or is it not?

Seanad: Credit Institutions (Eligible Liabilities Guarantee) (Amendment) Scheme 2011: Motion (1 Dec 2011)

John Gilroy: Senator Thomas Byrne is constantly shouting down speakers. He did so last night also for reasons to do with petty party political point scoring.

Seanad: Credit Institutions (Eligible Liabilities Guarantee) (Amendment) Scheme 2011: Motion (1 Dec 2011)

John Gilroy: Clearly, he has nothing sensible to add to the debate. We should carry on and ignore him. Does the Minister of State agree?

Seanad: Credit Institutions (Eligible Liabilities Guarantee) (Amendment) Scheme 2011: Motion (1 Dec 2011)

John Gilroy: I hope the Leas-Chathaoirleach will allow me to recover the one minute I have lost.

Seanad: Credit Institutions (Eligible Liabilities Guarantee) (Amendment) Scheme 2011: Motion (1 Dec 2011)

John Gilroy: This measure is required if we are to retain personal and company depositors' confidence and avoid causing unnecessary concern or undermining the fragile confidence we have painstakingly built since entering into government. The Governor of the Central Bank has strongly recommended that we take this course of action.

Seanad: Credit Institutions (Eligible Liabilities Guarantee) (Amendment) Scheme 2011: Motion (1 Dec 2011)

John Gilroy: We are slowly but surely returning to a more normal banking system and it is crucial that we maintain the course. We can see evidence of this in the fact that the Irish banks have successfully issued €6.7 billion worth of unguaranteed bonds over four months. That is a clear indication of the bank policy we are pursuing.

Seanad: Credit Institutions (Eligible Liabilities Guarantee) (Amendment) Scheme 2011: Motion (1 Dec 2011)

John Gilroy: The Labour Party did not support the bank guarantee scheme in 2008, not because we were fundamentally opposed to it but because we were worried about the extent of the liabilities covered by it. Our position has been proved correct. The Labour Party was the only party to do so-----

Seanad: Credit Institutions (Eligible Liabilities Guarantee) (Amendment) Scheme 2011: Motion (1 Dec 2011)

John Gilroy: -----and when the previous Government entered into this contract, it became a contingent obligation for this Government to follow the course of action. We have no choice. We would prefer not to-----

Seanad: Credit Institutions (Eligible Liabilities Guarantee) (Amendment) Scheme 2011: Motion (1 Dec 2011)

John Gilroy: We were not in government last year.

Seanad: Credit Institutions (Eligible Liabilities Guarantee) (Amendment) Scheme 2011: Motion (1 Dec 2011)

John Gilroy: If we have regard to the law of the land, it is a contingent obligation that we pursue the contracts entered into by the previous Government.

Seanad: Credit Institutions (Eligible Liabilities Guarantee) (Amendment) Scheme 2011: Motion (1 Dec 2011)

John Gilroy: The strategy pursued has been a difficult one and the original amount guaranteed by the previous Government was a crippling €375 billion-----

Seanad: Credit Institutions (Eligible Liabilities Guarantee) (Amendment) Scheme 2011: Motion (1 Dec 2011)

John Gilroy: -----because it covered all historic issuances and exposed the country to a very grave risk, one that has been described by most commentators as reckless. Today, the guaranteed amount in credit institutions is €100 billion, which remains an enormous amount of money. However, these funds were issued in the window since 2009. It allows banks to access current funding. Would we prefer if...

Seanad: Credit Institutions (Eligible Liabilities Guarantee) (Amendment) Scheme 2011: Motion (1 Dec 2011)

John Gilroy: This is entirely consistent with the position adopted by the Labour Party. The key points, which some Opposition Members do not understand, and which some choose not to understand, is that the narrowing of the parameters of the guarantee reduces the exposure of the State-----

Seanad: Credit Institutions (Eligible Liabilities Guarantee) (Amendment) Scheme 2011: Motion (1 Dec 2011)

John Gilroy: -----and if our position had been adopted at the time, things might work better.

Seanad: Credit Institutions (Eligible Liabilities Guarantee) (Amendment) Scheme 2011: Motion (1 Dec 2011)

John Gilroy: The argument has moved on since 2008, having regard to EU state aid rules and the opinion of the European Central Bank. It has been said that the train has left the station and I suppose it has. We need to move with the changing situation. We have secured a substantial discount in our interest rates and while we have not claimed to have cured the situation, we are moving in the right...

Seanad: Credit Institutions (Eligible Liabilities Guarantee) (Amendment) Scheme 2011: Motion (1 Dec 2011)

John Gilroy: Sinn Féin voted for it.

Seanad: Credit Institutions (Eligible Liabilities Guarantee) (Amendment) Scheme 2011: Motion (1 Dec 2011)

John Gilroy: We will not take a lecture on honesty from Fianna Fáil.

Seanad: Order of Business (6 Dec 2011)

John Gilroy: That is nonsense.

Seanad: Order of Business (6 Dec 2011)

John Gilroy: It is difficult to accept being shouted at by Sinn Féin Senators. When one examines its pre-budget submission, as we were invited to do, one finds that most of it is based on a newspaper report published four years ago, namely, The Sunday Times rich list, and informed by two reports compiled by the banking sector, an industry Sinn Féin has repeatedly accused of lying over the past three years.

Seanad: Order of Business (6 Dec 2011)

John Gilroy: We also see in its submission a Kevin Cardiff type double accounting calculation which leaves a €200 million hole in Sinn Féin's figures. We see the cutbacks it is implementing in the North on behalf of Her Majesty's Government, yet it berates us.