Results 4,201-4,220 of 40,550 for speaker:Joan Burton

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) (1 Oct 2008)

Joan Burton: No. It includes the banks, as part of the scheme, recapitalising to cover some of the impairment of their asset values for the reasons that I set out. I did not say anything about the taxpayer paying anything for this, God forbid.

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Joan Burton: Can I have clarification about the times allocated for debate? We understood from the discussion between the Whips that there was to be a maximum of ten minutes on section 1 in order to allow the moving of the Labour Party's amendments on section 2, particularly amendment No. 2. Is that now interpreted as an open debate on section 1 which may use up the time allocated for section 2? That...

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Joan Burton: In that event, I will beg the Ceann Comhairle's indulgence to move the section 2 amendments because it is important they are brought to the floor of the House in the spirit of democracy and the co-operation which we happily offered to the Minister earlier.

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Joan Burton: I also raised Deputy Richard Bruton's points on section 1 earlier. It is important for the Minister to remember he is taking powers not just to give guarantees but to allow himself take equity, loans, debentures, near-equities or other types of interests in banking companies. The Minister must respond to these issues. I wish to speak about amendment No. 2 in the name of the Labour Party,...

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Joan Burton: The salary of the Minister for Finance.

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Joan Burton: I understand the Minister earns between €250,000 and €300,000. Is that correct?

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Joan Burton: Would it be such a hardship for some of these executives to come down to that level? The important point is that such a provision would send out a signal that the historical era of free booting banking, reckless risk-based investment and the bonus culture is over, that we have turned a page and are now entering a different historical era in which banking concentrates on sound economic...

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Joan Burton: I commend the Labour Party amendments to the Minister. My party also intends to support amendment No. 4, but I assume Deputy Bruton will speak on that. I recommend that the Minister take a brave stand on remuneration and do what taxpayers all over Ireland would wish.

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Joan Burton: Interfering?

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Joan Burton: Section 5 is truly extraordinary. It gives the Minister enormous powers, with only very limited reference to the Dáil. It provides that the Minister may, in respect of any difficulty that arises in the operation of the Bill during the two-year period, make regulations to do anything that appears necessary or expedient in bringing the Bill into operation. I assume this would apply in the...

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Joan Burton: Yes. The Minister and his party must come to realise that the business of trying to protect banks who have engaged in delinquent behaviour should end. The legislation already provides the institutions in question with extraordinary guarantees but, in this section, the Minister is seeking to offer a further extraordinary shield of protection and privacy to banking institutions which may have...

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Joan Burton: This section is the heart of the Bill. It seeks to give the Minister extraordinary powers for the kind of scheme drawn up, whether and what will be paid by participants for the scheme and what the scheme will consist of. We have heard the Taoiseach and the Minister talk about it as a guarantee scheme but the section makes it very clear that it extends over a whole range of potential...

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Joan Burton: Because every time they come in they tell us everything is perfect.

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Joan Burton: We are not having another committee. Would it not be more taxpayers' money down the Swannee? Is that the Minister's sole response?

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Joan Burton: That is meant to be the Joint Committee on Finance and the Public Service, but people from the Central Bank, for example, attend and do not answer questions.

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Joan Burton: Could the Minister accede to the proposal——

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Joan Burton: ——to protect people who are in danger of losing their homes?

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Joan Burton: There will be much work for lawyers in this legislation. Under section 7, which addresses mergers and acquisitions, power will lie with the Minister rather than the Competition Authority. Has the Minister heard from the authority, which is normally aggressive in defending its territory? Section 8 addresses the role of the NTMA, which has done a good job in its management of the national...

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Joan Burton: Will the Minister take shares if the impairment is permanent?

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Joan Burton: So we get equity only when a bank is totally banjaxed.