Results 3,321-3,340 of 27,019 for speaker:Michael Noonan

Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011: Report and Final Stages (12 Oct 2011)

Michael Noonan: I move amendment No. 4: In page 51, to delete lines 10 to 12 and substitute the following: "(b) the value of the shares acquired by or disposed of by the member— (i) as at the date or dates on which the shares were acquired or disposed of, as the case may be, and (ii) as at the date on which the special management order concerned was made.".

Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011: Report and Final Stages (12 Oct 2011)

Michael Noonan: I move amendment No. 5: In page 64, line 31, to delete "by the Central Bank". These amendments are required to address a technical issue with the wording of section 88 and of item 3 of Schedule 2, Part 4, which amends section 74 of the Land and Conveyancing Law Reform Act 2009, as published. Any disposal pursuant to an order will not in practice be made by the Central Bank although the...

Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011: Report and Final Stages (12 Oct 2011)

Michael Noonan: I move amendment No. 6: In page 80, to delete lines 5 to 32 and substitute the following: " " 1 Section 87(3) After paragraph (d), insert:"(e) require the credit union to raise within such period as may be specified and maintain such reserves or other financial resources or to maintain such non-financial resources, as may be specified;(f) require the credit union to take such steps as may...

Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011: Report and Final Stages (12 Oct 2011)

Michael Noonan: Yes, it is an appeal against the action taken by the Central Bank to intervene in a credit union. There is no appeal mechanism now. The pros and cons are as follows: If one has an appeal mechanism, we delay the bank from going in, which it may have to do as a matter of urgency. On the other hand, it may be appropriate in certain circumstances to have somebody else take a second look. That...

Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011: Report and Final Stages (12 Oct 2011)

Michael Noonan: I thank all Deputies who contributed, in particular Deputies McHugh and Doherty and the leader of Fianna Fáil. Deputy Doherty will recall we had a short recess on Committee Stage during which members were contacted by members of the credit union movement. The sequence of events was that as the Bill was proceeding the Central Bank asked for additional powers of resolution to be applied to...

Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011: Report and Final Stages (12 Oct 2011)

Michael Noonan: I thank Deputies for their contributions. We all share the same objective; we want the ethos of the credit unions to continue while we want them to be solid and have deep roots in the modern financial world as they work in their communities. Sometimes when only a few Members are in attendance in the Dáil, we think no one is listening and that the views expressed have no influence. I assure...

Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011: Report and Final Stages (12 Oct 2011)

Michael Noonan: I move amendment No. 11: In page 81, lines 12 and 3, to delete "by the Central Bank".

Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011: Report and Final Stages (12 Oct 2011)

Michael Noonan: I move amendment No. 12: In page 81, between lines 18 and 19, to insert the following: " " 1 Section 2(1), definition of "articles of association", paragraphs (a) to (c) Substitute:"(a) in the case of a credit institution that is established by charter, its bye-laws, and(b) in the case of a credit institution that is a building society, its rules;". ". Amendments Nos. 12, 13, 20, 21, 22 and...

Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011: Report and Final Stages (12 Oct 2011)

Michael Noonan: I move amendment No. 13: In page 82, between lines 6 and 7, to insert the following: 5 Section 3(c) For "the Central Bank Act 1971, the Building Societies Act 1989 or the Credit Union Act 1997", substitute "the Central Bank Act 1971 or the Building Societies Act1989".

Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011: Report and Final Stages (12 Oct 2011)

Michael Noonan: I move amendment No. 14: In page 83, to delete lines 53 to 56 and substitute the following: "(b) the value of the shares acquired by or disposed of by the member— (i) as at the date on which the shares were acquired or disposed of, as the case may be, and (ii) as at the date on which the direction order concerned was made.".".

Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011: Report and Final Stages (12 Oct 2011)

Michael Noonan: I move amendment No. 15: In page 85, to delete lines 7 to 10 and substitute the following: "(b) the value of the shares acquired by or disposed of by the member— (ii) as at the date on which the shares were acquired or disposed of, as the case may be, and (ii) as at the date on which the special management order concerned was made.".".

Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011: Report and Final Stages (12 Oct 2011)

Michael Noonan: I move amendment No. 16: In page 85, to delete lines 23 to 26 and substitute the following: "even though the making of that order would have the consequences of affecting (including reducing) the rights enjoyed by subordinated creditors before the order, but nothing in this subsection shall be taken as requiring the Minister to consider the possible adverse consequences of the order on the...

Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011: Report and Final Stages (12 Oct 2011)

Michael Noonan: I move amendment No. 17: In page 87, to delete line 34 and substitute the following: "(b) the market value of those subordinated liabilities— (ii) as at the date or dates referred to in paragraph (a), and (ii) as at the date on which the subordinated liabilities order concerned was made.".

Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011: Report and Final Stages (12 Oct 2011)

Michael Noonan: I move amendment No. 18: In page 87, between lines 43 and 44, to insert the following: " " 34 New section After section 33, insert:"Relevant institution not to dispose of assets, liabilities.33A.—(1) Unless the Minister provides prior written consent, a relevant institution shall not dispose of any asset or liability which is to be transferred under a transfer order, except in the...

Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011: Report and Final Stages (12 Oct 2011)

Michael Noonan: I move amendment No. 19: In page 89, to delete lines 41 to 44 and substitute the following: " " (b) the value of the shares acquired by or disposed of by the member—(i) as at the date or dates on which the shares were acquired or disposed of, as the case may be, and(ii) as at the date on which the transfer order concerned was made.". 42 Section 37(5) Delete. ".

Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011: Report and Final Stages (12 Oct 2011)

Michael Noonan: I move amendment No. 20: In page 89, after line 57, to insert the following: " " 44 Section 39(5) For "a credit union or a building society", substitute "a building society" in each place where it occurs. ".

Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011: Report and Final Stages (12 Oct 2011)

Michael Noonan: I move amendment No. 21: In page 90, line 5, to delete "a credit union or a building society" and substitute "a building society".

Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011: Report and Final Stages (12 Oct 2011)

Michael Noonan: I move amendment No. 22: In page 90, lines 16 and 17, to delete "the Building Societies Act 1989 or the Credit Union Act 1997" and substitute "the Building Societies Act 1989".

Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011: Report and Final Stages (12 Oct 2011)

Michael Noonan: I move amendment No. 23: In page 90, between lines 42 and 43 to insert the following: " " 46 Section 47(1) For "the Companies Acts, the Building Societies Act 1989 or the Credit Union Act 1997", substitute "the Companies Acts or the Building Societies Act 1989". 47 Section 50(2) In paragraph (g), for "(S.I. No. 490 of 2009)." substitute "(S.I. No. 490 of 2009);".After paragraph (g),...

Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011: Report and Final Stages (12 Oct 2011)

Michael Noonan: I move amendment No. 24: In page 91, between lines 17 and 18, to insert the following: " " 49 Section 53(a) For "the Companies Acts, the Building Societies Act 1989 or the Credit Union Act 1997", substitute "the Companies Acts or the Building Societies Act 1989". ".