Results 861-880 of 32,547 for speaker:Paschal Donohoe

Seanad: Credit Institutions (Stabilisation) Bill 2010: Second Stage (16 Dec 2010)

Paschal Donohoe: Supported.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Paschal Donohoe: I move amendment No. 1: In page 13, paragraph (c), line 26, to delete "and restoration". I wish to make a general point. The debate on the Bill is due to be guillotined at 4 p.m. and there are many points I wish to make about various sections. In reply to the debate on Second Stage the Minister of State, Deputy Mansergh, stated there were not many other examples of such legislation in other...

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Paschal Donohoe: Is it really necessary to include the phrase "and restoration"? What is the Minister seeking to restore?

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Paschal Donohoe: I hope they are listening.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Paschal Donohoe: In a way I wish to pick up on what Senator O'Toole said about the independence of the Central Bank from any explicit political guidance. Will the Minister explain further what this section means? The phrase "may from time to time specify a relationship framework in writing to govern the relationship between the Minister and Governor" is ripe for abuse in the future. Section 7(2) states:...

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Paschal Donohoe: Is much of that guidance not already laid out in the Central Bank Reform Act 2010, which specifies the role of the Central Bank and other regulatory bodies in our financial and banking systems? During the debate on that Bill we discussed setting up the Central Bank Commission. The section uses the phrase "to govern the relationship between the Minister and the Governor [of the Central...

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Paschal Donohoe: I move amendment No. 2: In page 15, subsection (4), lines 20 to 23, to delete all words from and including "Unless" in line 20 down to and including "exist," in line 23. May I ask a question on the section overall before I get into the amendment?

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Paschal Donohoe: The purpose of the amendment is to clarify the circumstances the Minister has in mind requiring giving written notice to the relevant institution. I apologise, I have lost my train of thought. May I have a moment to reflect? Perhaps Senator O'Toole could remind me of the purpose of my amendment.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Paschal Donohoe: I thank Senator O'Toole for stepping in. I emphasise one point he made. On subsection (1)(a), which states "notwithstanding any statutory or contractual pre-emption rights, the listing rules of a regulated market", does the Minister mean a stock exchange?

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Paschal Donohoe: I understand this legislation to state that notwithstanding the rules of the stock exchange, the Government will be able to step in to make rules and decisions on the presence of a company on that stock exchange. I thought that kind of relationship was one that very much occurred only between the listing company and where it is listing, in this case the Stock Exchange. It merely indicates...

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Paschal Donohoe: I have a question on section 7(1)(a). It indicates "rules of any other market on which the shares of the relevant institution may be traded from time to time" but does that include Senator O'Toole's example of AIB shares on the British Stock Exchange?

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Paschal Donohoe: This legislation will give the Government the power not only to override the rules of the Irish Stock Exchange but also any other stock exchange where an Irish company is traded.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Paschal Donohoe: There are two other points relating to section 7, with the first being section 7(5)(c), which states: "the Minister has reasonable grounds for believing that confidentiality with regard to the proposed direction order, or the possibility of the making of a direction order, would not be maintained and that the breach of such confidentiality would have significant adverse consequences". What...

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Paschal Donohoe: What urgent circumstances would result in the section being triggered?

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Paschal Donohoe: In that case, is it not a requirement that the Minister's application to the court be made on technical grounds? Could this provision be triggered by a change in broader circumstances or as a result of new information coming to light?

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Paschal Donohoe: Having read a substantial amount of commentary on the Bill and the record of the debate in the other House, it is clear that some of the powers provided for in section 13 have given rise to considerable discussion. The extraordinary innovation in the Bill is the introduction of the concept of special manager, a person who may be appointed to a bank and, on behalf of the Minister, exercise...

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Paschal Donohoe: I hope not.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Paschal Donohoe: There has been much discussion in the House about the scope and power of public interest directors, whether they have performed well and what they were aware of at different times. The Minister states the role of the special manager will be to act in the best interests of the bank, to which he or she has been appointed. This is not what is required. The purpose of the appointment must be...

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Paschal Donohoe: I understand this section concerns an institution which has been nominated to receive a special manager because of the threat it poses to the rest of the system. It also concerns the ability of the institution to challenge that it needs such a special manager. In this regard, the section includes the words, "not later than five working days after the making of the special management order"....

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Paschal Donohoe: Why is a period of five working days allowed instead of one?