Results 6,261-6,280 of 31,374 for speaker:Eamon Ryan

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (30 Sep 2010)

Eamon Ryan: Indeed. It was driven here by a property bubble.

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (30 Sep 2010)

Eamon Ryan: There was a property bubble at the heart of our problem and everyone must learn some lessons from that regarding our obsession in the latter part of this decade-----

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (30 Sep 2010)

Eamon Ryan: I guarantee Deputy Durkan-----

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (30 Sep 2010)

Eamon Ryan: I was indeed and I remember-----

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (30 Sep 2010)

Eamon Ryan: I remember listening to voices sitting in front of me in the Chamber, at that time who were calling for the scrapping of stamp duty to keep the property prices up.

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (30 Sep 2010)

Eamon Ryan: They also came from the Opposition side of the House.

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (30 Sep 2010)

Eamon Ryan: I have a clear recollection that they did.

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (30 Sep 2010)

Eamon Ryan: I do not wish to set off one side of the House against the other but seek a recognition that if we are to learn the lessons from this crisis, that it was this obsession with property and that frantic attempt to try to continue building 80,000 to 100,000 units per year that caused our problem.

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (30 Sep 2010)

Eamon Ryan: Moreover, I must inform Deputy Durkan that behind that lay a planning approach on councils nationwide in which all parties were engaged-----

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (30 Sep 2010)

Eamon Ryan: ----- that further hyped up the froth.

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (30 Sep 2010)

Eamon Ryan: No, it is not.

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (30 Sep 2010)

Eamon Ryan: This simply is to state some of the facts that lay behind the fundamental problem we faced, which was this obsession with property and the inflation of land values. This did emerge from our planning system, as well as from our banking system, and one should be honest about that.

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (30 Sep 2010)

Eamon Ryan: Yes, our example is the very worst and yes it hurts terribly. Moreover, because it is our own, it hurts even more. Whatever about international comparisons, this is the worst experience we have ever faced and I intend to do everything I can to ensure we never have it again. However, the solution being pursued is common to many similar bank crises in the past. It comprises an introduction...

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (30 Sep 2010)

Eamon Ryan: ----- and then one capitalises the banks.

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (30 Sep 2010)

Eamon Ryan: The latest book to go through the American example is Too Big to Fail by Andrew Sorkin. It cites that model as the standard operating procedure and response one makes and that is what the Government has done. I acknowledge it has taken time. It took time from the consideration of such an option to getting it through this House. It took the Government a long time but it was right to...

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (30 Sep 2010)

Eamon Ryan: It also has taken time for the officials in NAMA to carry out their fundamental first task, which was to ascertain the scale of the losses. Real lessons were learned that banks do not necessarily present information in the timely and honest fashion that was need and that it was right for the Government to take the firm action of sending in independent analysts rather than trusting the banks....

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (30 Sep 2010)

Eamon Ryan: At present, we are moving to the conclusion of the crucial third element of the entire process, that is, the capitalisation of the banks. This is an important part of this process to enable them to begin lending in order that the economy can start to recover. In respect of Anglo Irish Bank and INBS, the banking model employed was completely and, to my mind fraudulently, wrong in the sense...

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (30 Sep 2010)

Eamon Ryan: I will.

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (30 Sep 2010)

Eamon Ryan: Yes, I believe we all bear responsibility, obviously including in particular the Ministers who were in power at the time, as well as the regulators and board members of those banks. I note that it was very much the great and the good, that is, the well-regarded in our society, who were in such regulatory systems, on such boards and in the political systems. Yes, there was widespread failure...

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (30 Sep 2010)

Eamon Ryan: I would like to have time to speak on our budget and on the European Union response to this because that is a significant issue. I may have to speak about it on another occasion. People have rightly asked whether we should not have taken on the senior bondholders. My instinct is absolutely similar to that of others in the House in that I ask why the taxpayer should have to take all the hit....