Results 7,261-7,280 of 50,151 for speaker:Micheál Martin

Banking System: Motion (30 Mar 2010)

Micheál Martin: We would have to hand back the medals in due course after the doping tests.

Banking System: Motion (30 Mar 2010)

Micheál Martin: I wish to make a number of comments. Much has been said in the debate. I concur with the comments of the Minister for Finance who described the figures involved as horrifying. The steps the Government has taken and those proposed by the Minister today represent policy of substance in leading our way out of the banking crisis. I have been disappointed by the quality and substance of the...

Banking System: Motion (30 Mar 2010)

Micheál Martin: The overall NAMA solution has received significant national and international endorsement. Commissioner Almunia, in his previous role as Commissioner for Economic and Monetary Affairs, stated that NAMA should be approved as quickly as possible. That was in October last. In his current role as Competition Commissioner he approved NAMA last Friday. Of the investment community 80% of...

Banking System: Motion (30 Mar 2010)

Micheál Martin: The list goes on. The International Monetary Fund, for example, was supportive of the efforts to restructure the financial sector, including the decision to establish the National Asset Management Agency. Other leading commentators who have stated their support include Mr. Kevin Gardiner of Barclay's Wealth who said, contrary to what Deputy Noonan indicated, that the Government has acted...

Banking System: Motion (30 Mar 2010)

Micheál Martin: I did not interrupt anyone from across the floor.

Banking System: Motion (30 Mar 2010)

Micheál Martin: I pose the question to the Opposition spokespersons. Have all of those people got it wrong in terms of the correct solution to the banking crisis? What has been absent from the Opposition has been any substantial policy alternative to the NAMA vehicle.

Banking System: Motion (30 Mar 2010)

Micheál Martin: I listened extensively, without interruption, to Deputy Bruton's contribution.

Banking System: Motion (30 Mar 2010)

Micheál Martin: I hope I get extra time. This tactic is going on and on and it is ridiculous.

Banking System: Motion (30 Mar 2010)

Micheál Martin: The only comfort in the interruptions is the knowledge that what I say rings true and is hurting. I listened to both Deputy Bruton and Deputy Burton. Deputy Bruton focused on the situation in Anglo Irish Bank. Fine Gael needs to recall it supported the State guarantee at that point and did so as it saw a need for safeguarding. Considering that it supported the guarantee and voted for it,...

Banking System: Motion (30 Mar 2010)

Micheál Martin: -----that any immediate wind-up would lead to a fire sale of assets resulting in a permanent additional and unnecessary loss of upwards of €30 billion. In addition, the State would have to provide a large sum of cash in the order of €70 billion up-front "to meet the deposits, bondholders and liabilities due to the Eurosystem". That is a fact.

Banking System: Motion (30 Mar 2010)

Micheál Martin: That is the one fact Deputy Bruton avoided in his contribution. In his entire contribution, he ignored the reality-----

Banking System: Motion (30 Mar 2010)

Micheál Martin: -----of what would happen if today-----

Banking System: Motion (30 Mar 2010)

Micheál Martin: The critique is about today's proposals-----

Banking System: Motion (30 Mar 2010)

Micheál Martin: He studiously avoided the core point, namely, the cost of winding up Anglo Irish Bank, forgetting it and endeavouring to pretend one can go on-----

Banking System: Motion (30 Mar 2010)

Micheál Martin: -----apart entirely from the default situation.

Banking System: Motion (30 Mar 2010)

Micheál Martin: I am addressing the Chair and am looking at the Acting Chairman intently. Economists have known since the Great Depression of the 1930s that the meltdown of any bank, a large bank in particular, can have catastrophic effects on the economy and citizens' welfare.

Banking System: Motion (30 Mar 2010)

Micheál Martin: Anglo Irish Bank was much larger relative to the Irish economy than Lehman Brothers was relative to the US economy. The disorderly failure of Lehman Brothers brought the global financial system to its knees-----

Banking System: Motion (30 Mar 2010)

Micheál Martin: -----and the disorderly failure of Anglo Irish Bank two weeks later would have had the same effect on the entire Irish banking system. The President of the European Central Bank, Mr. Jean-Claude Trichet, stated on numerous occasions that allowing Lehman Brothers to collapse was a critical mistake in the global financial crisis. The president of the Bundesbank, Mr. Axel Weber, said on a...

Banking System: Motion (30 Mar 2010)

Micheál Martin: Absolutely.

Banking System: Motion (30 Mar 2010)

Micheál Martin: Deputy Stagg knows all about it.