Results 4,481-4,500 of 4,608 for speaker:Joe O'Toole

Seanad: Credit Institutions (Stabilisation) Bill 2010: Second Stage (16 Dec 2010)

Joe O'Toole: On a point of order, I had not the remotest intention of criticising the Minister. I was criticising the Minister of State's party colleagues in this House. I had no intention of citing the Minister.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Second Stage (16 Dec 2010)

Joe O'Toole: With respect, I was referring to non-property rights.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Second Stage (16 Dec 2010)

Joe O'Toole: I referred to non-property rights. I accept the Minister of State's comments otherwise, but I have a problem with the issue of non-property rights.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Joe O'Toole: As a disinterested observer, I voted for the guarantee scheme. Knowing what we know now, I would still support the legislation if I had to vote for it again because it was the correct and only decision available to us. However, the Minister is not completely blameless in this nor is the main Opposition party completely to blame. Very responsibly, Fine Gael supported the guarantee...

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Joe O'Toole: The reason he does not refer to the report is because Professor Honohan went on to suggest that the guarantee was perhaps too extensive. As the Minister does not want to acknowledge that finding, he sticks to the other argument. Without being patronising, the jury is out on what would have happened to senior bondholders. I concur with the Minister's thesis because I am not comfortable with...

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Joe O'Toole: I want those words to be removed because I do not want to be associated with restoring Anglo Irish Bank. I am aware that the section deals with the financial position rather than the bank but words mean what people think they mean. Getting rid of those words will not damage the Minister's intentions.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Joe O'Toole: I have raised the following question, including on the Order of Business. Does this country need a Central Bank? What we need is regulation and a Central Bank for the currency. Forget about the little Irelanders, as I describe them, who believe this is something to do with sovereignty. I am just talking about operating our currency. I presume the Minister would be instinctively in favour...

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Joe O'Toole: I thank the Minister for his response. I read something recently about whether a central bank can go bust. It is a question which goes to the heart of the point the Minister just made. Since we left the gold standard, central banks cannot go bust. Quantitative easing is the proof of this. There is a row in the United States currently. They will print $600 billion extra and buy bonds...

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Joe O'Toole: The Long Title refers to disturbance, permanent and otherwise, of rights, including property rights. We will come back to it. We are giving our permission to steamroll through 200 years of legislation. I am not saying I oppose this. I have problems with the way it is done in a number of places, but this section is different. We are saying we will not touch the man in Dame Street and that...

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Joe O'Toole: The amendment needs to be taken in the context of the entire section. Section 7(4) appears to be contradictory to section 7(1)(a) - assuming that somebody can understand section 7(1)(a). First, I will explain my understanding of that subsection and then explain how the amendment fits into that. Section 7(1)(a) provides that "the Minister may make a proposed direction order proposing that a...

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Joe O'Toole: I will listen to the Minister on it. I am just confused on it. It states, "without prejudice to the generality of the foregoing," and if the Minister can bring me to an understanding of that, then the next clause in it is, "the alteration of the rights of shareholders".

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Joe O'Toole: No. The Minister is giving power to do all of these things and this amendment seems to be supporting that, in other words, by taking a catch-all clause out of it to undermine the Minister's powers after the Minister had given himself all of these powers. The Bill provides, "(including, without prejudice to the generality of the foregoing," the Minister can make a specified alteration,...

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Joe O'Toole: I want to be clear about one point, I am not querying the objective or the purposes of the Bill. The query is a purely legislative one. I am not arguing the case for what the Minister is trying to achieve. I am merely raising questions on the method in which the Minister is doing it. The questions that come up for me are the ones that I raised. AIB, for example, is currently listed on...

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Joe O'Toole: It is a grey market in other words.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Joe O'Toole: I accept that.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Joe O'Toole: The Minister can correct me if I am wrong but is the following the procedure as outlined? There may be equity going from the bank to the Minister in lieu of whatever is being given to the bank. That is the consideration. When the bank and the Minister make that decision and the transaction does not comply with the listing rules of the London Stock Exchange, for example, section 7(1)(b)...

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Joe O'Toole: I can understand that, although it is cumbersome.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Joe O'Toole: I was stumped when the Minister was compelled to make reference to the principles of natural justice. Natural justice still applies-----

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Joe O'Toole: That is nice to know.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Joe O'Toole: Perhaps it is just me, but section 20 is a step too far and I cannot take it. There is just too much involved. In the first place, I see the function of the special manager as that of an examiner or a person appointed to run the business for a period of time. I wrote a letter to the Minister this week, although he will not have seen my name on it. My name was not on the bottom, but the...