Results 6,781-6,800 of 26,037 for speaker:Kieran O'Donnell
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)
Kieran O'Donnell: Is it paid in cash?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)
Kieran O'Donnell: In what is proposed, is there a distinction between current capitalisation and retrospective recapitalisation?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)
Kieran O'Donnell: What is the distinction? Obviously, Mr. Ó Brolcháin has looked at this in great depth; therefore, we will deem him to be the authority on it. Article 14 on retrospective recapitalisation has particular significance in the Irish context. What is the distinction between how the ESM looks at retrospective recapitalisation and current recapitalisation?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)
Kieran O'Donnell: In terms of current recapitalisation, it is relatively straightforward. There are procedures in place. In terms of retrospective recapitalisation, at this time, there is nothing on a procedural basis as such. Is that a fair comment?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)
Kieran O'Donnell: In terms of current recapitalisation, they have specified how it would function.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)
Kieran O'Donnell: In terms of the timeframe, the Department expects the ESM to go through national parliaments by November.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)
Kieran O'Donnell: When is it expected that the single supervisory mechanism will be in place?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)
Kieran O'Donnell: Therefore, by early November, the single supervisory mechanism will be in place, with the ESM structure.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)
Kieran O'Donnell: Have they laid down timeframes or guidelines as to when an application can be made for recapitalisation, be it on an ongoing, real-time or current basis or on a retrospective recapitalisation basis?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)
Kieran O'Donnell: Which involves a current application.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)
Kieran O'Donnell: It has yet to be indicated what that process will be as distinct from the current procedure.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)
Kieran O'Donnell: In reply to Deputy Michael McGrath, Mr. Ó Brolcháin spoke about the €60 billion the ESM had. Is this direct capital funding from each member state? Is it based on the cash contributions from each?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)
Kieran O'Donnell: Is it fair to say the ESM has leveraged? Of this funding, it just so happens that €80 billion has been provided by way of individual cash investments by member states. Is it just a co-incidence that the figure for the recapitalisation of banks is lower than that figure at €60 million?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)
Kieran O'Donnell: Over what time period is it to provide for the €60 billion? Is it a one or two year programme?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)
Kieran O'Donnell: No timeframe is indicated.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)
Kieran O'Donnell: The eurozone has a relatively large number of member countries. In the context of our own situation, €60 billion is lower than the burden the Irish taxpayer took on in terms of the banks. While it is a phenomenal amount of money, in the broader European context as opposed to Ireland, it is not enormous. The question arises as to what would happen if the €60 billion was gone...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)
Kieran O'Donnell: Can Mr. Ó Brolcháin see a situation arising where the ESM could take a controlling interest in Irish banks? It is a question Deputy Michael McGrath broached and an obvious one to ask. Would the ESM seek to take controlling interests in Irish banks if the situation arose or would it use a mechanism whereby it would keep a minority interest coupled with preference shares?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)
Kieran O'Donnell: What are the voting rights on the board of the ESM? What are they based on for direct recapitalisation?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)
Kieran O'Donnell: Does that mean it has to be a unanimous decision?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion (24 Sep 2014)
Kieran O'Donnell: So any direct recapitalisation or direct retrospective recap would have to be by unanimous decision.