Results 441-460 of 1,591 for speaker:Eugene Regan

Seanad: Credit Institutions (Financial Support) Bill 2008: Second Stage (1 Oct 2008)

Eugene Regan: The Irish banks have devised a very elegant solution to their liquidity problems. They put that to the Minister and he adopted it. He probably had very little choice under the circumstances.

Seanad: Credit Institutions (Financial Support) Bill 2008: Second Stage (1 Oct 2008)

Eugene Regan: I understand how the Minister reacted. I emphasise the word——

Seanad: Credit Institutions (Financial Support) Bill 2008: Second Stage (1 Oct 2008)

Eugene Regan: May I have an audience please? I emphasise "reaction", because to speak and gloat as Senators have done at this stage is out of order. The fact is it was an extreme situation, the Minister did act, or react as the case may be, and he has support across the House. It is entirely out of order to indulge in some of the gloating about the leadership, planning and so on.

Seanad: Credit Institutions (Financial Support) Bill 2008: Second Stage (1 Oct 2008)

Eugene Regan: Having said that, no lessons will have been learned if we do not recognise how we got into this situation. It is very simple. Unsustainable and reckless lending practices by the banks, coupled with reckless and inflationary expenditure by the Government, provided the context which created the lack of confidence in the Irish banks and the run on the banks earlier this week. I have a problem...

Seanad: Credit Institutions (Financial Support) Bill 2008: Second Stage (1 Oct 2008)

Eugene Regan: It starts with regulation and schemes to be adopted by the Minister. I cannot even find clear wording to provide for the type of indemnity that is being provided by the Government in this legislation. In his contribution the Minister of State made a number of points including what it is intended to do under the legislation. He said it is intended to put "a fee mechanism in place to...

Seanad: Order of Business (2 Oct 2008)

Eugene Regan: Regarding the discussion this morning, I want to remind Members of the basic principles on which that debate took place. I have a question for the Leader. We have confirmation from the Minister that the Government only took action faced with a collapse in the banking system. We know how that came about and it is something on which the Government could have acted earlier. Once the...

Seanad: Order of Business (7 Oct 2008)

Eugene Regan: I support Senator Fitzgerald's amendment to the Order of Business. I also support her statements on the banks. The House had a comprehensive debate last week and took on trust the Government's proposal, lending it qualified support. We know it is only a temporary reprieve as we can see from the market movements this week. In respect of the capitalisation of banks, the distinction between...

Seanad: Order of Business (8 Oct 2008)

Eugene Regan: There is only one issue in regard to the banking crisis we have talked about but it is the issue the Minister is avoiding on every occasion, namely, capitalisation. The Minister said in Brussels after the ECOFIN meeting that the issue of recapitalisation of banks was being considered by some EU states but he did not believe that policy was necessary in Ireland, although he considered that...

Seanad: Order of Business (8 Oct 2008)

Eugene Regan: I support Senator Fitzgerald's proposal to amend the Order of Business because the Minister must make a statement on this issue. If he does not understand the situation it is well set out by Patrick Honohan, professor of international financial economics at the department of economics in Trinity College Dublin today in The Irish Times and by David McWilliams in The Independent. We must...

Seanad: Order of Business (8 Oct 2008)

Eugene Regan: It is unfair, unreasonable and perverse. We should follow the recommendation in the tribunal and the Oireachtas should review the way public representatives deal with allegations that are passed to them, but to suggest, with all respects to the chairman of that tribunal, that two public representatives, by passing on to the Minister for Justice, Equality and Law Reform unedited the...

Seanad: Order of Business (8 Oct 2008)

Eugene Regan: We should follow up on that recommendation. While the two public representatives have legal redress, the Oireachtas should examine that matter because we are all at a loss as to what we should do when we receive allegations against public bodies.

Seanad: Order of Business (8 Oct 2008)

Eugene Regan: Do I take it that the Senator agrees with me?

Seanad: Order of Business (9 Oct 2008)

Eugene Regan: I note a draft of the bank guarantee scheme has been sent to Brussels for approval. It is curious that it has been sent to Brussels for approval before it comes to the Oireachtas. I appreciate this matter was debated in the other Chamber yesterday. However, in last week's debate, Fine Gael pointed out some issues in the scheme and the legislation, concerning State aid rules, which were...

Seanad: Order of Business (9 Oct 2008)

Eugene Regan: ——to whatever. The only statement the Minister can make is that it is unacceptable that people do not have clean water. Does the Minister not appreciate that he is responsible and that he must outline measures to tackle problems to do with the environment and water quality and not just complain about the condition of the environment? He is the Minister. He is responsible and we would...

Seanad: Order of Business (15 Oct 2008)

Eugene Regan: I also have a question on the budget although I know we will have a debate. This budget is mean, nasty and sneaky. It is mean in terms of the 1% levy because this is regressive. It is nasty in terms of the increase in an array of health charges. It is sneaky in many respects, particularly the one by which one must qualify for health benefits. That is at the micro level. Many of the...

Seanad: Order of Business (15 Oct 2008)

Eugene Regan: I am sure the Leader remembers those years well. That was the cause of the problems in our public finances. We will have a doubling of the national debt over two years. We will also exceed by over 100% the 3% borrowing limit against GDP. We will increase inflation, reduce growth and increase unemployment. Does the Leader agree with this assessment of the impact of the budget on the...

Seanad: Order of Business (15 Oct 2008)

Eugene Regan: ——and the scrutiny by this House of decisions made which have European implications. The Leader should explain why the scheme was not brought back to the Seanad for debate last week. We might have pointed to further frailties in it as we did in respect of the State aid and discrimination aspects when it was first introduced.

Seanad: Unemployment Levels: Statements (15 Oct 2008)

Eugene Regan: I am puzzled by the Minister of State's statement in regard to what we are doing about unemployment. I did not find any justification for some of the assertions made in the statement. In bringing forward the budget by six weeks, the Government recognises that further measures will need to be taken to bring further stability to the economy. I do not see where we are going by bringing...

Seanad: Unemployment Levels: Statements (15 Oct 2008)

Eugene Regan: In the interests of procedures of the House, the Minister of State should not be worried about the time I have been allocated, or will take, to relay the few comments I wish to make on this issue. The basis of the Minister of State's statement was that the way to deal with unemployment was through lifelong learning, our education system, etc. There is no basis for that statement because when...

Seanad: Budget Statement 2009: Statements (15 Oct 2008)

Eugene Regan: The Minister of State claims that the budget is designed to stabilise public finances. It may be designed to do that but it does not do so. We will borrow an extra €2 billion next year in order to subsidise current spending. Looking back, that is the situation we were in when the man with whom the Minister of State worked, Charlie Haughey, brought the country to near penury in the late...