Results 2,441-2,460 of 4,810 for speaker:Liam Twomey

Seanad: National Asset Management Agency Bill 2009: Committee Stage (10 Nov 2009)

Liam Twomey: The Senator should try to move a little to the left but not too much.

Seanad: National Asset Management Agency Bill 2009: Committee Stage (10 Nov 2009)

Liam Twomey: Where does the amendment say that?

Seanad: National Asset Management Agency Bill 2009: Committee Stage (10 Nov 2009)

Liam Twomey: The amendment states "by a Resolution of the Houses".

Seanad: National Asset Management Agency Bill 2009: Committee Stage (10 Nov 2009)

Liam Twomey: They usually are drawn from the Dáil.

Seanad: National Asset Management Agency Bill 2009: Committee Stage (10 Nov 2009)

Liam Twomey: The Minister should explain why chairpersons of the Houses of the Oireachtas committees are normally drawn from the Dáil.

Seanad: National Asset Management Agency Bill 2009: Committee Stage (10 Nov 2009)

Liam Twomey: I concur with Senator Donohoe's assertion that the level of ministerial accountability to this House is extremely weak. When he served as a Minister of State at the Department of Health and Children, the Minister dealt with issues relating to illegal nursing home charges. One of his colleagues in that Department, who is now a Member of this House, attended regular meetings involving HSE...

Seanad: National Asset Management Agency Bill 2009: Committee Stage (10 Nov 2009)

Liam Twomey: It was historical all right.

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Liam Twomey: Senator O'Toole does not like the negativity of this so perhaps the Minister should change the words to: "The Minister shall approve a restructuring plan or business plan that does comply with the laws of the State and the European Communities". That might satisfy the Senator and make the Minister more positive in his dealings with Europe.

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Liam Twomey: We engaged in an interesting debate in respect of an earlier amendment in respect of how much power the Minister or the Government will have in the context of compelling institutions to lend money to small and medium enterprises and to extend credit to individuals. We have not yet seen the guidelines and, therefore, we do not know if they will work. I am of the view that they should be...

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Liam Twomey: It seems as if we are just going to have to wait for the guidelines. The purpose of NAMA is to sort out the banks. However, the scale of the problem must be examined from the people's view. Loans in this country total approximately €390 billion, many of which were backed by interbank loans made by Irish banks with their international counterparts. The feeling is that when the Government...

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Liam Twomey: The SPV is a private company, not a public company. NAMA is a public company. I had this discussion yesterday with the Minister involved. It seems strange that a private company which is not a charity is exempt from all taxes.

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Liam Twomey: The SPV is managing all of these-----

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Liam Twomey: We were told that all of the bonds it is handling for the State are exempt, although the investors and whatever dividend they are paid are not exempt. I understand this because this involves income for these individuals. The Minister is suggesting that any profits made on handling these bonds and in dealing with them on behalf of the State, which are being handled by the SPV on behalf of...

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Liam Twomey: It would seem the Minister is suggesting a private company will not pay income tax.

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Liam Twomey: The Senator should ask Senator Boyle about it.

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Liam Twomey: It has been evident in recent years that it is not always possible for the Garda Síochána or even a member of the board to instil confidence in a whistleblower that he or she will be protected. The Minister is aware of cases in which persons who have acted as whistleblowers have had their names released, either directly or indirectly, to their employers, which has had a detrimental effect...

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Liam Twomey: I move amendment No. 69: In page 132, subsection (4), lines 23 to 27, to delete paragraph (b) and substitute the following: "(b) shall be apportioned to each participating institution on the basis of any loss incurred by NAMA on the assets acquired by NAMA under this Act,". This relates to the levy that will be applied if NAMA does not make a profit. The levy will be applied to the...

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Liam Twomey: The way it is structured in the Bill means that Allied Irish Banks and Bank of Ireland must try to put funds aside for Anglo Irish Bank's losses. Anglo Irish Bank is more likely to have the larger losses in the loan book that is transferred to NAMA. If a surcharge is imposed in ten years, it appears AIB and Bank of Ireland will have to make allowances for that.

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Liam Twomey: AIB and Bank of Ireland will pay for its losses.

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Liam Twomey: When I brought forward a proposal that the levy should be introduced from the outset, I was ridiculed by the Minister for Finance on the basis that what I was suggesting would spook the markets. What will be the effect of the proposal that in ten years' time some of the participating banks will be responsible for the undefined losses incurred by Anglo Irish Bank, Irish Nationwide and any...