Results 5,261-5,280 of 36,133 for speaker:Pearse Doherty

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Pearse Doherty: I thank the Minister for his presentation. I will pick up on a couple of aspects of it. I will begin by focusing on the banking recovery and resolution process. One of the proposals ECOFIN will be dealing with is the bail-in proposal mentioned by the Minister. It is to be welcomed that depositors will not be given the same ranking as senior bondholders. I would like to focus on the role...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Pearse Doherty: Under any of these options, in respect of which the Minister for Finance is giving this group political direction and his own opinions, would the ESM recapitalise the banks before there would be a bail-in of depositors?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Pearse Doherty: I am interested in the political direction that the Minister is giving. Is it the position of this State that the ESM should recapitalise before depositors are asked to contribute to recapitalisation of the banks?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Pearse Doherty: I appreciate that. The Minister has set out the Government's overarching policy position. The bail-in is one of the outstanding issues that will have to be agreed at the ECOFIN meeting on banking recovery and resolution. The Minister outlined how the working group will take that process forward. As a member of this committee, I would like to know what the Irish position on this is. It is...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Pearse Doherty: Is that a "Yes" or a "No"? If the Minister can answer in those terms, it will be quite clear.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Pearse Doherty: This is a hypothetical example.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Pearse Doherty: That is fair enough. I would like to focus on another aspect of this issue before I ask some other questions. We have seen the situation in Cyprus. I know we are dealing with the here and now in terms of the banking situation. At a later stage, the stress tests may or may not show that additional capital is required. When the ratios increase as a result of future directives, the banks...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Pearse Doherty: I have run out of time because the Minister refused to answer a simple question with a "Yes" or "No".

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Pearse Doherty: The Minister answered the question but took ten minutes to do so.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Pearse Doherty: Many people in this State believe there is a moral crisis at the heart of Europe, austerity is not working and Ireland would be in a better position if the commitment made last June had been fulfilled. That view was echoed this week by no less a person than the President. Will the Minister state at the ECOFIN meeting that the process is not working and a change of direction is needed to...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Pearse Doherty: In that case, does the Minister believe there is no moral crisis in Europe?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Pearse Doherty: That which Europe is demanding of Irish people is morally wrong. The moral crisis arises from citizens being pushed to the brink to rescue financiers and large banks and from the transfer of wealth from some of the poorest in society to financial institutions in order that they can be bailed out for behaving recklessly. The European Union has advanced arguments for this course of action and...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Pearse Doherty: The President stated that Europe is facing a moral crisis.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Pearse Doherty: I have two brief questions for the Minister. The last ECOFIN meeting agreed an extension of the maturities relating to the EFSM and the EFSF. There will be additional surveillance of Ireland until 75% of these loans are repaid. The draft regulation states that the Commission shall conduct, in liaison with the ECB, regular review missions in the member state under post-programme...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Pearse Doherty: Does that mean there is a question over our exiting the programme?

Other Questions: Ombudsman for Children Reports (9 May 2013)

Pearse Doherty: 7. To ask the Minister for Children and Youth Affairs if she will advise her and her Department’s analysis, if same has been done, of the more than 1,200 complaints recorded and addressed by the Ombudsman for Children in 2012; if it is the practice that year on year such an analysis is undertaken in order to take appropriate action to help reduce, if not eliminate, the causes of repeat...

Written Answers — Department of Finance: IBRC Liquidation (9 May 2013)

Pearse Doherty: 60. To ask the Minister for Finance if he instructs the Special Liquidator KPMG or indirectly the independent professional valuers of PWC and UBS pursuant to the Irish Bank Resolution Corporation Act 2013 to alter their preferred loan methodologies in order to ensure that the valuation of the total loan book of Irish Bank Resolution Corporation is greater than €12.928 billion combined...

Written Answers — Department of Finance: IBRC Liquidation (9 May 2013)

Pearse Doherty: 64. To ask the Minister for Finance if the instructions given to the independent professional valuers of PWC and UBS, pursuant to the Irish Bank Resolution Corporation Act 2013, by the Special Liquidator KPMG or indirectly by him is to achieve the most accurate independent valuation of the current market value or whether the instruction given is to ensure that the total valuation of the total...

Written Answers — Department of Finance: State Banking Sector Regulation (9 May 2013)

Pearse Doherty: 59. To ask the Minister for Finance if he will detail the total nominal value of assets in the Asset Management Unit of Permanent TSB; if he will provide a category of the breakdown of these assets, in nominal value owner occupied mortgages, nominal value buy to let mortgages, nominal value of tracker owner occupied mortgages, nominal value of tracker buy-to-let mortgages, nominal value of...

Written Answers — Department of Finance: Central Bank of Ireland Issues (9 May 2013)

Pearse Doherty: 61. To ask the Minister for Finance the cost to the Central Bank of Ireland for borrowing unused capacity from counterparts in the 17-nation currency bloc relating to ANFA assets to ensure that the Central Bank of Ireland’s holding of Irish Government bonds as part of the promissory note restructuring deal is not in breach of Article 123 of the Treaty on the Functioning of the European...