Results 3,041-3,060 of 4,608 for speaker:Joe O'Toole
- Seanad: Economic Situation: Statements (30 Sep 2008)
Joe O'Toole: The Government needs to call for a dissolution of the boards, re-establish them and put back on them the good people. We need to ensure that all bonuses, directors' perks and â¬1 million salaries per year are done away with immediately and the level of due diligence and oversight of the way the banks do their business is made clear. The Sarbanes-Oxley Act 2000 in the US makes chief...
- Seanad: Economic Situation: Statements (30 Sep 2008)
Joe O'Toole: The Minister of State made a point when summing up that I did not hear clearly but I would like to have it put on the record again. The fact of the matter is that today, the action by Government has eased the access to credit for the banks and it has cheapened the cost of credit and money to the banks. Therefore, the banks are actually better off than they were this morning because we have...
- Seanad: Economic Situation: Statements (30 Sep 2008)
Joe O'Toole: Yes, that is on the record. Is it the Government's view, because the cost of money to the banks is cheaper, that from tomorrow morning effectively the cost of borrowing to the consumer should also be reflected in cheaper borrowing?
- Seanad: Order of Business (1 Oct 2008)
Joe O'Toole: I wish to pick up on the same points touched on yesterday and to which we attempted to get answers yesterday afternoon from the Minister of State, Deputy Mansergh, who was extraordinarily coy and reluctant to share information or views with us. One matter about which we know more now than previously is that the banks found it easier and cheaper to get credit yesterday. The Minister of State...
- Seanad: Order of Business (1 Oct 2008)
Joe O'Toole: ââto deal with this and taxpayers should be represented. That seems an obvious requirement. I am pleased the legislation will give the State the authority to take equity in some of these companies and to examine their subsidiaries. An issue raised here time and again and by those involved in the regulatory area â we have the Oireachtas Joint Committee on Economic Regulatory Affairs...
- Seanad: Human Body Organs and Human Tissue Bill 2008: Second Stage (1 Oct 2008)
Joe O'Toole: I congratulate Senator Quinn on the amount of work he invested in preparing this legislation, which is very important. It is my privilege to second the Bill. I should declare a related interest in that my sister has been the national kidney and transplant co-ordinator for many years. I am, therefore, quite familiar with many aspects of this matter and I know families that experienced great...
- Seanad: Business of Seanad (1 Oct 2008)
Joe O'Toole: The Leader will confirm that this side of the House has offered co-operation throughout this debate. I asked last night, this morning and possibly again this afternoon why the legislation has to go through in such a rush. We found out last night there was no need for it to go through last night and now, 24 hours later, we are asking the same question. If there is a reason in the national...
- Seanad: Business of Seanad (1 Oct 2008)
Joe O'Toole: This is ridiculous and unnecessary at this point. We should adjourn until 7.30 a.m. and deal with it then. The Leader knows my views on this.
- Seanad: Business of Seanad (1 Oct 2008)
Joe O'Toole: I just do not think it is necessary.
- Seanad: Business of Seanad (1 Oct 2008)
Joe O'Toole: We are still not gaining anything at this point by putting it through.
- Seanad: Credit Institutions (Financial Support) Bill 2008: Second Stage (1 Oct 2008)
Joe O'Toole: I wish to share time with Senator Bacik. I have no inhibitions in supporting this bold, courageous and necessary legislation. Senators should take care when commenting in the House and those who make statements should be prepared to back them up. For the past two weeks, outrageous, unfounded and unfair criticism has been made of the Financial Regulator by Members of both Houses and...
- Seanad: Credit Institutions (Financial Support) Bill 2008: Second Stage (1 Oct 2008)
Joe O'Toole: I would like to see how we will make the banks pay for the guarantee. I share Senator Twomey's mistrust of the banks and I do not want the legislation to operate on the basis of trust in the banks. We must have watchdogs operating in the banks as well as additional scrutiny. Their boards should be dissolved and reconstituted. An oversight body should be also established to examine perks...
- Seanad: Credit Institutions (Financial Support) Bill 2008: Committee Stage. (1 Oct 2008)
Joe O'Toole: It is very important we make it clear that this Bill is not to guarantee losses. It is only to guarantee those losses the banks cannot meet out of their other funds, etc. In an attempt to be helpful and recognising the county from which I come where Mr. Daniel O'Connell made a fortune out of changing names, one cannot disagree with the intent of this. We said we should do this on the basis...
- Seanad: Credit Institutions (Financial Support) Bill 2008: Committee Stage. (1 Oct 2008)
Joe O'Toole: I accept the Minister's reference to the need to avoid legislative clutter, but the Chair will note that my suggestion avoided legislative clutter. It would provide comfort for us that the Minister would move along the lines indicated by the Labour Party amendment. One option to do this would be a remuneration committee system structured by the Department of Finance on the basis of a...
- Seanad: Credit Institutions (Financial Support) Bill 2008: Committee Stage. (1 Oct 2008)
Joe O'Toole: On a point of order, RTE only reveals the salaries of its presenters. It does not reveal the salaries of its chief executives or assistant chief executives. We have been denied that information in the committees. I just want to add some clarity to the discussion.
- Seanad: Credit Institutions (Financial Support) Bill 2008: Committee Stage. (1 Oct 2008)
Joe O'Toole: There is an important point here which may give the Minister the opportunity to enlarge upon the functions of the regulator. In these Houses we have consistently restricted the functions and powers of the regulatory authorities â all of them â because we have never liked to "interfere with the market", as the term is used. I have lost many arguments on this issue over the past 20 years....
- Seanad: Credit Institutions (Financial Support) Bill 2008: Committee Stage. (1 Oct 2008)
Joe O'Toole: I want to remonstrate gently with the Minister. It is very easy to agree in this House that we need to get a balance in terms of the stringency of the Financial Regulator. Senator Coghlan and I made an impassioned appeal in this House, with full support from all sides, when the Director of Corporate Enforcement approached the Government two years ago, at a time when he was dealing with the...
- Seanad: Credit Institutions (Financial Support) Bill 2008: Committee Stage. (1 Oct 2008)
Joe O'Toole: Senator Twomey referred to my previous comments. I have regularly discussed this matter with the regulators, who informed me several times that they are not worried about the banks collapsing on the basis of people being unable to meet their mortgage repayments. Nor are they worried about the banks' solvency. Traditionally, the loan to value ratio and its related liquidity were determined...
- Seanad: Credit Institutions (Financial Support) Bill 2008: Committee Stage. (1 Oct 2008)
Joe O'Toole: Issues have been raised by a number of people and I felt the Minister would deal with them. This regulation is the core of the Bill. The first amendment tonight was by the Labour Party suggesting the Bill should not come into operation until this regulation was framed and put through the Houses. Whether one agrees or disagrees with that, the thinking behind it was that this is the core of...
- Seanad: Credit Institutions (Financial Support) Bill 2008: Committee Stage. (1 Oct 2008)
Joe O'Toole: My apologies.