Results 481-500 of 14,090 for speaker:Marc MacSharry

Seanad: Education and Training Responses to the Economic Downturn: Statements (5 Nov 2009)

Marc MacSharry: As the Minister of State is well aware, a number of other people and I have put forward what we envisage as a proposed entrepreneurship education strategy for Ireland. Those people include business people, entrepreneurs and educators such as DIT entrepreneurship lecturer, Dr. Thomas Cooney. A 12-point plan was included in this strategy. I know the Minister is familiar with that and I want...

Seanad: National Asset Management Agency Bill 2009: Second Stage (9 Nov 2009)

Marc MacSharry: I welcome the Minister and pay a personal tribute to the great effort he has been making in the past year to overcome unprecedented difficulties. I am sure it has been quite a substantial sacrifice for him and his family. I thank him for his efforts, his enthusiasm and his determination to find the appropriate solution to these problems. I am a fan of NAMA. Anybody in this House over the...

Seanad: National Asset Management Agency Bill 2009: Second Stage (9 Nov 2009)

Marc MacSharry: I do not interrupt anybody in the House. We had an unprecedented period of growth in this country over many years. All sides of the House at all times always called for more expenditure, more services and higher wages, even though pay and expenditure were being increased across the board. All of this was in a situation where money was available at 2% from the ECB at growth levels of 8% to...

Seanad: National Asset Management Agency Bill 2009: Second Stage (9 Nov 2009)

Marc MacSharry: To do that would undermine due process as well as our ability to get through this and tap into the national expertise and talent that exists. Many people throughout the banking system, politics, the public service, the Opposition and the Government have things to offer in this debate. Just because people worked for a particular institution or have a particular political affiliation does not...

Seanad: National Asset Management Agency Bill 2009: Second Stage (9 Nov 2009)

Marc MacSharry: I apologise. In any event, everybody agrees, irrespective of whether he or she is prepared to admit it publicly, that NAMA is the correct approach. It is the approach we must continue to tease out and improve in the Houses over the coming days. It is the most appropriate and best vehicle to get our financial system moving again while at the same time protecting taxpayers and the public...

Seanad: National Asset Management Agency Bill 2009: Second Stage (9 Nov 2009)

Marc MacSharry: One need not work in RTE to know something about economics.

Seanad: Order of Business (10 Nov 2009)

Marc MacSharry: I join Senators in calling for a debate on assisting families who find themselves defaulting on their mortgages. I also welcome the Irish Banking Federation statement of intent. It assures people who are in difficulty that if they communicate with the bank, a mutually acceptable way can be found for dealing with the problems. However, not every bank is affiliated to the Irish Banking...

Seanad: National Asset Management Agency Bill 2009: Committee Stage (10 Nov 2009)

Marc MacSharry: I agree with Senator O'Toole totally in that we have enough Oireachtas committees. That is not to say we could not re-jig the make-up of some to focus on the implementation of the sections of the Bill that are most appropriate. It is vital that there be as much accountability as possible. The Minister could consider the idea of the French model of the credit mediator. It would be good,...

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Marc MacSharry: I support the amendment. I also support the general concept of establishing a credit mediator. However, I do not know whether it will be possible to allow for the setting up of such an entity under this legislation. In the section, the term "may" rather than that of "shall" is used in respect of the Minister issuing guidelines. It is clear that an amendment will not be tabled in respect...

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Marc MacSharry: I have a question which is perhaps based on my inability to understand maths. I understand NAMA will not pay tax because the State will not tax itself.

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Marc MacSharry: However, if the SPV makes a profit, and 51% of it is privately owned, is the SPV subject to corporation tax before it splits up the dividend? In effect, will the State tax its 49% before it then hands on the profits to NAMA?

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Marc MacSharry: While I do not disagree with Senator Norris, I contend we need to differentiate clearly between public representatives lobbying and making representations. People are happy with how the political system operates in Ireland as it gives them access to public representatives to make their case on any given subject. Provided people meet the appropriate criteria pertaining to getting whatever...

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Marc MacSharry: I am conscious that the officials and the Minister are probably concerned about spooking the market in terms of how specific or prescriptive they are on the surcharge, but further clarity is required. I do not support the amendment but how will the surcharge be calculated? As Senator Twomey said, if one were to predict now the least likely to make a profit, it would be Anglo Irish Bank and...

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Marc MacSharry: I wonder will that apply to an individual who, for example, had planning permission in the countryside for a house and allowed it to lapse.

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Marc MacSharry: Today at 4.15 p.m. Report Stage ordered for Wednesday, 11 November 2009.

Seanad: National Asset Management Agency Bill 2009: Report and Final Stages (11 Nov 2009)

Marc MacSharry: With regard to the valuation panel, there has been a robust application process in NAMA that has been very difficult. No valuers have yet been appointed but short-lists and so forth have been compiled. The review of valuations is probably what interests Senator Bacik and perhaps there is scope for the Minister to allow an application process to exist there, similar to that which was carried...

Seanad: National Asset Management Agency Bill 2009: Report and Final Stages (11 Nov 2009)

Marc MacSharry: We had a good discussion about this last night. I am against both of these amendments. In respect of amendment No. 8, the local authorities will be first in the queue for any housing around the country. This amendment would undermine NAMA's ability to give the ultimate social dividend, to get the country moving again in order that we can have resources for sports capital or youth café...

Seanad: National Asset Management Agency Bill 2009: Report and Final Stages (11 Nov 2009)

Marc MacSharry: No.

Seanad: National Asset Management Agency Bill 2009: Report and Final Stages (11 Nov 2009)

Marc MacSharry: As Senators are aware, I have done quite an amount of work on this subject and prepared a series of recommendations which were presented to the Minister in August. It is clear that the amendment is not going to be accepted. However, the Irish Banking Federation, IBF, indicated yesterday that a committee involving itself and MABS would be established and oversee the application of its...

Seanad: National Asset Management Agency Bill 2009: Report and Final Stages (11 Nov 2009)

Marc MacSharry: I referred to the Enforcement of Court Orders Act.