Results 5,961-5,980 of 40,550 for speaker:Joan Burton
- Written Answers — Consumer Debt: Consumer Debt (16 Jun 2009)
Joan Burton: Question 89: To ask the Minister for Finance his views on the launch of the Irish Banking Federation and the Money Advice and Budgeting Service operational protocol on consumer debt settlement; his views on whether this may require, or could be improved by, a legislative footing; and if he will make a statement on the matter. [23739/09]
- Written Answers — Inquiry into Child Abuse: Inquiry into Child Abuse (16 Jun 2009)
Joan Burton: Question 259: To ask the Minister for Education and Science the position regarding the disposal of documents relating to the Ryan commission's recent report into child abuse at institutions; and if he will make a statement on the matter. [23695/09]
- Financial Services (Deposit Guarantee Scheme) Bill 2009 - Committee Stage (17 Jun 2009)
Joan Burton: The Bill contains extensive references to the Central Bank and the Financial Services Authority of Ireland, two of the institutions the Labour Party proposes should be subject to freedom of information legislation. This country is guaranteeing debt to an unbelievable extent, at least â¬440 billion, with the guarantee of last September. We do not yet have a complete analysis of the...
- Financial Services (Deposit Guarantee Scheme) Bill 2009 - Committee Stage (17 Jun 2009)
Joan Burton: I want to make this point briefly. It is extraordinary that the biggest financial deal ever entered into by an Irish Government, on the back of the taxpayer, for unknown quantities of money should be entirely exempt from the right of those of us in this House or under freedom of information legislation to obtain information. This is in direct contrast to what happens in the US, where the...
- Financial Services (Deposit Guarantee Scheme) Bill 2009 - Committee Stage (17 Jun 2009)
Joan Burton: If we are discussing section 1, I would like to make a contribution on the section after Deputy Rabbitte.
- Financial Services (Deposit Guarantee Scheme) Bill 2009 - Committee Stage (17 Jun 2009)
Joan Burton: Yesterday we discussed how the Labour Party called for the extension of the deposit guarantee scheme some time before the Government acknowledged there was a serious financial crisis in our banking system last September and before it rushed into the ill-fated guarantee. The Labour Party is on record as proposing a significant increase in the deposit guarantee structure in Ireland. The...
- Financial Services (Deposit Guarantee Scheme) Bill 2009 - Committee Stage (17 Jun 2009)
Joan Burton: The Minister indicated the cost of winding up this bank immediately could be as high as â¬60 billion.
- Financial Services (Deposit Guarantee Scheme) Bill 2009 - Committee Stage (17 Jun 2009)
Joan Burton: Various people speaking on behalf of the bank have said the cost could be as high as â¬60 billion, with newspaper articles echoing that. Nevertheless, the Minister is refusing to tell us what the ordinary person on the street wants to know. The Minister will immediately commit â¬4 billion in extra equity to Anglo Irish Bank and everybody agrees that although that money has pretty much...
- Financial Services (Deposit Guarantee Scheme) Bill 2009 - Committee Stage (17 Jun 2009)
Joan Burton: What is the classification of the different types of debt in the bank?
- Financial Services (Deposit Guarantee Scheme) Bill 2009 - Committee Stage (17 Jun 2009)
Joan Burton: The Minister should have it. Why should he not? He is the Minister and it is our money. He carries the responsibility for it.
- Financial Services (Deposit Guarantee Scheme) Bill 2009 - Committee Stage (17 Jun 2009)
Joan Burton: I have never boasted about anything. Why does he not have the information?
- Financial Services (Deposit Guarantee Scheme) Bill 2009 - Committee Stage (17 Jun 2009)
Joan Burton: Why?
- Financial Services (Deposit Guarantee Scheme) Bill 2009 - Committee Stage (17 Jun 2009)
Joan Burton: So the Minister does not know anything about the bank but we are bailing it out.
- Financial Services (Deposit Guarantee Scheme) Bill 2009: Committee Stage (Resumed) (17 Jun 2009)
Joan Burton: I have a general question which may arise later in the sections. Under this Bill the responsibility for the guarantee scheme reverts to the Central Bank rather than to the Financial Regulator. Is that part of the proposed new architecture on regulation where the Central Bank is to be the main authority? We have had no discussion in this House on the architecture of regulation, although the...
- Financial Services (Deposit Guarantee Scheme) Bill 2009 - Committee Stage (Resumed) and Remaining Stages (17 Jun 2009)
Joan Burton: The basic purpose of a deposit guarantee scheme is to prevent a run on a bank. The most pertinent example in Ireland's case was that of the British Government stepping in to protect Northern Rock. Based on the provisions of the Bill, responsibility for preventing a run on a bank now resides with the Central Bank of Ireland, which is given the role of advising the Minister for Finance. What...
- Financial Services (Deposit Guarantee Scheme) Bill 2009 - Committee Stage (Resumed) and Remaining Stages (17 Jun 2009)
Joan Burton: When it comes to the private affairs of banks, we have a culture of total secrecy. However, this culture of absolute secrecy in our banks, where there is no requirement for freedom of information, allowed individuals in banks, particularly in Anglo Irish Bank, to behave like those in The Bonfire of the Vanities. They had complete licence to do whatever they wanted and to maintain right up...
- Financial Services (Deposit Guarantee Scheme) Bill 2009 - Committee Stage (Resumed) and Remaining Stages (17 Jun 2009)
Joan Burton: It is difficult because it is a short Bill and some of this is dealt with later on. However, the role and approach of the Central Bank of Ireland are critical.
- Financial Services (Deposit Guarantee Scheme) Bill 2009 - Committee Stage (Resumed) and Remaining Stages (17 Jun 2009)
Joan Burton: I referred earlier in the debate to section 4(4) which basically gives the Minister the right to vary the amount. In a uniform credit deposit protection scheme a good bank, which is well regulated and well run, ends up reserving exactly the same amount as a bank which is indulging in risky behaviour. Can the Minister clarify what his approach to that will be? The Anglo-Irish Bank model was...
- Financial Services (Deposit Guarantee Scheme) Bill 2009 - Committee Stage (Resumed) and Remaining Stages (17 Jun 2009)
Joan Burton: Similarly, Irish Nationwide was the other example of a building society which was behaving in an incredibly risky business manner. All the institutions which are covered by this deposit guarantee scheme will face the same requirements concerning the scheme. Surely, however, it would make sense that if a bank is engaging in a risky or bad business model, it should be more penalised than a...
- Financial Services (Deposit Guarantee Scheme) Bill 2009 - Committee Stage (Resumed) and Remaining Stages (17 Jun 2009)
Joan Burton: This is a deposit guarantee scheme. For the foreseeable future in the Irish economy, many people will have a very high propensity to save, due to their personal finances, jobs and so on. Interest rates are on the floor at the moment, so the ordinary depositor will want safety and will also look for rates of return. By and large, the people offering greater rates of return in Ireland in...