Results 2,941-2,960 of 26,021 for speaker:Kieran O'Donnell

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Pre-Budget Submissions: Discussion with Civic Society Representatives (9 Nov 2012)

Kieran O'Donnell: I have one brief question. I was looking through the various submissions, in particular, those from Barnardos and the Society of St. Vincent de Paul. On the issue of people getting out of the poverty trap and going to work, how can the family income supplement and various schemes be made more efficient? We are dealing with the situation on the ground and we see how the system works. I...

Credit Union Bill 2012 (Resumed): Second Stage (Resumed) (14 Nov 2012)

Kieran O'Donnell: I am delighted to speak on this Bill on Second Stage. The main work will take place on Committee Stage. I support the credit union movement for a number of reasons. I have been a lifelong member. I was in business, self-employed as a chartered accountant for many years. Only for the credit union movement, certainly in the 1990s, many of the small businesses to which the banks were not...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Kieran O'Donnell: I welcome the fact that the Minister will consider the issue for Report Stage. Clearly under the financial services legislation, certain sections apply to credit unions but equally there are sections from which credit unions are exempted. What is required of any amendment is clarity in respect of the same practices in any further legislation or statutory instrument that are introduced for...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Kieran O'Donnell: I have two points to make. I welcome the fact that the Minister, under section 12(3), will consider offering some flexibility in the areas in which investments can take place. It is often forgotten that credit unions had a dual problem. Some invested in perpetual bonds that they should never have gone near. Clearly, there was a problem with regulation at the time. The Minister spoke...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Kieran O'Donnell: What is the view of the Minister on that?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Kieran O'Donnell: May I contribute briefly at this point?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Kieran O'Donnell: As the credit unions must apply for this facility, will guidelines be issued by the Central Bank as to how they may apply? As for the debit cards themselves, could a situation arise in which some credit unions will qualify while others will not? I seek a level of practical detail on how this facility will operate. Will someone who has a debit card from a credit union in Limerick be able to...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Kieran O'Donnell: I would have thought that it was a matter of limiting the amount of business loans that a tier 1 credit union can give. Would a business seeking a €10,000 loan get it from a tier 1 or a tier 2 credit union?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Kieran O'Donnell: The issue of perpetual bonds was a significant issue for credit unions with many of them running into enormous difficulties with major losses through investing in them over the past several years. Under existing legislation, are they prohibited from investing in these types of bonds now?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Kieran O'Donnell: On that section, it is a matter of good governance to have separation of employees and the board. The credit union movement is not unique but is based around volunteerism. Perhaps the Minister could examine having the board separate from its employees as a matter of good governance but, if the situation arises where a specific credit union cannot meet that criteria, it can make an...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Kieran O'Donnell: I concur with Deputy McGrath about people going up for re-election. There are two aspects to this. For directors, a new rule is coming in whereby they can only serve a maximum of nine years in a 15-year period. Based on the circumstances of the credit union and to achieve continuity, that could be extended to 12 years over the 15-year period. They would still need to be re-elected every...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Kieran O'Donnell: I welcome the Minister's decision to extend the relevant periods from nine to 12 years and three to four years. This is a pragmatic approach which does not undermine the principle. The credit union movement will benefit from his decision as it will improve continuity. Having a chairman in place for four rather than three years will also strengthen the boards of credit unions.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Kieran O'Donnell: When we spoke to the interpretation section of the Bill, we referred to financial services legislation, which the Minister is examining for the purposes of clarity. That will feed into the protocol also. The protocol will be in place, but it is more a case of there being certainty for the credit union side on their exact obligations. The Minister is doing this in a legal context with...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Kieran O'Donnell: I concur with Deputy Humphreys. We discussed this matter on a previous occasion when credit unions came before the committee. The role of treasurer or chairman of a finance committee was very important in the volunteerism of credit unions. One could set up a finance committee whose chair could have the role previously filled by the treasurer. The chief executive officer might bring the...

Public Accounts Committee: Business of Committee (22 Nov 2012)

Kieran O'Donnell: Is there anything specific to the issues we are covering in the accounts of WIT for 2010? They may have been noted in a note to the account in terms of qualification of the accounts.

Public Accounts Committee: Business of Committee (22 Nov 2012)

Kieran O'Donnell: I think we should pursue it.

Public Accounts Committee: Business of Committee (22 Nov 2012)

Kieran O'Donnell: We are not launching a report today but giving a further overview on what is in the public domain. It undermines the integrity of our process in terms of making reports. Invariably, they end up in the public domain before we launch the report.

Public Accounts Committee: Business of Committee (22 Nov 2012)

Kieran O'Donnell: I am not saying we should not. I am just making a comment.

Public Accounts Committee: Business of Committee (22 Nov 2012)

Kieran O'Donnell: I am just making a comment.

Public Accounts Committee: 2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 4 - National Pensions Reserve Fund
Chapter 25 - Accounts of the National Treasury Management Agency
National Treasury Management Agency - Financial Statements 2011
National Pensions Reserve Fund Commission - Financial Statements 2011 (22 Nov 2012)

Kieran O'Donnell: I thank the Chairman and welcome Mr. Corrigan and his colleagues. Was the €4.7 billion that the NTMA disposed out of the National Pensions Reserve Fund the largest disposal of its type?