Results 5,721-5,740 of 32,583 for speaker:Richard Bruton
- National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)
Richard Bruton: There is consensus.
- National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)
Richard Bruton: There is broad consensus on the need for this oversight.
- National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)
Richard Bruton: The Minister has run to ground for whatever reason. It will leave a suspicion in the minds of people that he does not want proper scrutiny and oversight and that all his the talk and blather about the need for transparency and to have a powerful Oireachtas is hot air.
- National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)
Richard Bruton: When it comes to making the decisions, the Minister is not to be found fronting up to the decisions that need to be made. This is an important amendment and one that should be made. I hope the House will support us on this amendment.
- National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)
Richard Bruton: I move amendment No. 3: In page 16, between lines 35 and 36, to insert the following: "2.--Where NAMA proposes to establish a Special Purpose Vehicle to purchase, manage or dispose of assets, it shall do so only in accord with regulations published by the Minister and approved by the Oireachtas which shall include, but are not limited to: (a) the suitability of investors, (b) the suitability...
- National Management Agency Bill 2009: Report Stage (Resumed) (4 Nov 2009)
Richard Bruton: We have not had sight of the shareholders agreement which the Minister has seen. The House might, perhaps, be a little more assured if we had sight of that agreement.
- National Management Agency Bill 2009: Report Stage (Resumed) (4 Nov 2009)
Richard Bruton: Will the shareholder agreement prevent the banks from being shareholders in the master SPV? Will it prevent unsuitable people becoming members of this board? I am speaking in this regard about people who are unsuitable in the broadest sense, unsuitable for this job, not necessarily unsuitable in terms of conflicts of interest or corruption, but because they are not appropriate people to be...
- National Management Agency Bill 2009: Report Stage (Resumed) (4 Nov 2009)
Richard Bruton: Again I am disappointed in the response. We are being asked to accept the rejection of this amendment that would give the Oireachtas some control without any sight of the shareholders' agreement. The Minister is totally vague as to the criteria EUROSTAT applies that should inform the Oireachtas decision in the area. He offers platitudes about what EUROSTAT might accept. Deputies Ardagh,...
- National Management Agency Bill 2009: Report Stage (Resumed) (4 Nov 2009)
Richard Bruton: That is what I find it difficult to accept. We are being asked time and again to accept on faith in respect of this legislation that the Minister has many things that are too sophisticated for him to explain fully to us in the House but that if we trust him he will have everything sorted. We would not be in the hole we are in if Ministers and advisers in the financial and regulatory system...
- Written Answers — Public Sector Pay: Public Sector Pay (4 Nov 2009)
Richard Bruton: Question 166: To ask the Minister for Finance the amount which would be raised from a reduction in public sector pay by a 5% reduction on all incomes from â¬35,000 to â¬100,000, a 10% reduction on all incomes from â¬100,000 to â¬200,000 and a 20% reduction on all incomes greater than â¬200,000. [39483/09]
- National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)
Richard Bruton: I welcome the Minister's amendment and the tenor of all the amendments being discussed. Initially the Minister resisted them but did come around to the view that the legislation would be enhanced if it had solid guidelines. It is important as to how the Minister will handle the reporting arrangements in respect of these commitments. After recapitalisation occurred there was a great deal of...
- National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)
Richard Bruton: I welcome the Minister's indication that his guidelines will cover declined cases. We would like to know a little more about the guidelines. He spoke at considerable length about many interesting topics but few of them dealt with the credit guidelines. We need to see some firm indication of the character of the guidelines he is proposing. Specifically, I would like information on the...
- National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)
Richard Bruton: The Minister gave the impression in his response that the matter of homeowners was entirely different, and if homeowners came anywhere near this, they would be swallowed up. That is not fair. The Minister has the scope to do something more constructive for homeowners. Other jurisdictions are doing the sort of things that have been suggested, over a longer period and perhaps with some...
- National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)
Richard Bruton: I support the principle underpinning the amendment, which is slightly different from amendment No. 90 in my name. This is an exceptional situation where the normal rules of confidentially cannot be applied with an iron fist. We are of the view that a register should be kept. In the first instance, the Comptroller and Auditor General, on behalf of an Oireachtas committee, should have sight...
- National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)
Richard Bruton: A part-time politician.
- National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)
Richard Bruton: I thought the Minister of State was building up to accepting our amendment when he drew a firm distinction between those who are in default and those who are not.
- National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)
Richard Bruton: I can obviously look forward to amendment No. 90 being accepted later on. This is the core point. I can accept a certain protection of confidentiality for those who have met all their obligations but I do not see how that applies for people who have not met their obligations and where, in this extraordinary situation, the taxpayer has had to acquire those obligations and pay more than the...
- National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)
Richard Bruton: Although it is only definitional, this amendment really raises the fundamental issue on which the whole debate in this Bill has hinged. What ought the State be paying for the acquisition of these loans? We now have three definitions of value on the table. Deputy Morgan's definition is some kind of competitive bidding situation. These loans are available now, so let us put them out to...
- National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)
Richard Bruton: There would be a bigger return.
- National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)
Richard Bruton: Has his contribution anything to do with the amendment under discussion?