Results 4,301-4,320 of 40,550 for speaker:Joan Burton

Approval of Credit Institutions (Financial Support) Scheme 2008: Motion (17 Oct 2008)

Joan Burton: I agree with what David McWilliams said.

Approval of Credit Institutions (Financial Support) Scheme 2008: Motion (17 Oct 2008)

Joan Burton: He said that they ought to come from as far away as possible from the cosy world of the golf clubs and yacht clubs on the east coast of Dublin and Leinster. They are all members of the same ten social institutions. They all meet each other, they go to each other's parties, they went to school together and they went to college together. I went to college with many of them, so I know them.

Approval of Credit Institutions (Financial Support) Scheme 2008: Motion (17 Oct 2008)

Joan Burton: I went to college with some of them, but I came via a different route and I never lost the sense that as a politician I had a duty to do more than just be a cheerleader for them. We can welcome the fact that they do well, but by goodness we must watch the public interest in what they do. One of the bankers has become everybody's favourite uncle by giving friendly quotes. Having been rescued...

Approval of Credit Institutions (Financial Support) Scheme 2008: Motion (17 Oct 2008)

Joan Burton: On 6 July 2007, The Sunday Business Post carried an article which stated: Anglo-Irish Bank chairman Seán FitzPatrick raised eyebrows with his diatribe against the "corporate McCarthyism" of what he saw as over-zealous regulation of businesses. . . . Having run the boardrooms of some of Ireland's most prominent public companies, Seán FitzPatrick knows the value of picking his battles. It...

Approval of Credit Institutions (Financial Support) Scheme 2008: Motion (17 Oct 2008)

Joan Burton: No, I was given a sandwich and it was lovely.

Approval of Credit Institutions (Financial Support) Scheme 2008: Motion (17 Oct 2008)

Joan Burton: I refer to the Minister's regulations allowing for any pain they might suffer. What is the actuarial basis for the calculation of the risk? There is no evidence that the Minister carried out such a calculation. The Minister's officials indicated it may have been done, but the scheme indicates that all those details are confidential. Paragraph 44 of the scheme states: "A covered institution...

Approval of Credit Institutions (Financial Support) Scheme 2008: Motion (17 Oct 2008)

Joan Burton: Although the scheme provides that any call on the State to honour the guarantee will be met by a payment out of this designated account, Department of Finance officials in their briefing to me made it clear that such an event would amount to an act of bankruptcy by one of the covered banks. In that event we would be in a very different situation. The account, which the Minister says will...

Approval of Credit Institutions (Financial Support) Scheme 2008: Motion (17 Oct 2008)

Joan Burton: Deputy O'Keeffe should keep going. This is superb stuff.

Approval of Credit Institutions (Financial Support) Scheme 2008: Motion (17 Oct 2008)

Joan Burton: He got up as soon as the Deputy said "brother".

Approval of Credit Institutions (Financial Support) Scheme 2008: Motion (17 Oct 2008)

Joan Burton: The Minister acknowledged that there has been no actuarial valuation of that risk. That is the difficulty.

Approval of Credit Institutions (Financial Support) Scheme 2008: Motion (17 Oct 2008)

Joan Burton: The Government's valuation is the lowest.

Approval of Credit Institutions (Financial Support) Scheme 2008: Motion (17 Oct 2008)

Joan Burton: I share Deputy Bruton's frustration. We have faithfully attended the Oireachtas Joint Committee on Finance and the Public Service and put many of these questions to the Financial Regulator and the Governor of the Central Bank in great detail. In reply we have received polite, meaningless words. All they ever say is that the fundamentals are okay. Why should we take the Minister at his...

Approval of Credit Institutions (Financial Support) Scheme 2008: Motion (17 Oct 2008)

Joan Burton: The date in question was the end of the financial year of the bank I mentioned. As far as I know, none of the Irish banks has the same financial year end date. Is that a significant factor? It seems to me that it may be. Auditors have to undertake valuations at the end of the financial year. The Minister's guarantee may have created a scenario which had obvious implications for the bank....

Approval of Credit Institutions (Financial Support) Scheme 2008: Motion (17 Oct 2008)

Joan Burton: So it was done at the request of the Commission.

Approval of Credit Institutions (Financial Support) Scheme 2008: Motion (17 Oct 2008)

Joan Burton: I asked whether the Minister is considering the Paulson 1 formula, which involves parking distressed assets.

Approval of Credit Institutions (Financial Support) Scheme 2008: Motion (17 Oct 2008)

Joan Burton: I also asked about the role of the National Treasury Management Agency and the National Pensions Reserve Fund, if any, in that regard. Can the Minister outline his views on such matters?

Approval of Credit Institutions (Financial Support) Scheme 2008: Motion (17 Oct 2008)

Joan Burton: I asked the Minister for his views on it.

Approval of Credit Institutions (Financial Support) Scheme 2008: Motion (17 Oct 2008)

Joan Burton: This is out of order. The Minister is giving a Second Stage speech rather than answering questions.

Approval of Credit Institutions (Financial Support) Scheme 2008: Motion (17 Oct 2008)

Joan Burton: We could all read the document the Minister has before him.

Approval of Credit Institutions (Financial Support) Scheme 2008: Motion (17 Oct 2008)

Joan Burton: If there was a referee here the Minister would be given a yellow card. He is time wasting.