Results 901-920 of 26,021 for speaker:Kieran O'Donnell

Banking System: Motion (25 Feb 2009)

Kieran O'Donnell: I propose to share time with Deputies Varadkar, Reilly, O'Mahony, Breen and Clune.

Banking System: Motion (25 Feb 2009)

Kieran O'Donnell: Far from playing politics, Fine Gael has taken a position. Ireland is probably experiencing its most difficult financial, economic and political problem in our lifetime. The problem is that the Government is engaging in paralysis. We are getting only soundbites and no action.

Banking System: Motion (25 Feb 2009)

Kieran O'Donnell: We have yet to see a five-year plan for the economy. There were discussions with the social partners for a number of months, yet the Government produced the document on pensions at the very last minute. That is no way to run a Government.

Banking System: Motion (25 Feb 2009)

Kieran O'Donnell: The purpose of our motion is to get the banking and regulatory systems on a proper footing. A couple of things have disturbed me this evening. I see that Bank of Ireland has appointed Mr. Richie Boucher as its CEO, which is an internal appointment. We do not know of any cap on his salary. We propose external appointments, which do not send out the wrong signal, although this is nothing...

Banking System: Motion (25 Feb 2009)

Kieran O'Donnell: If the 8% cannot be paid, it can be rolled into ordinary shares. Once again, the Deputy is playing with the facts. It has been disclosed this evening that the Financial Regulator is assisting the Garda Síochána in its investigations and certain matters involving Anglo Irish Bank have been referred by the regulator to the Garda. This is now in the public domain. If these matters are being...

Banking System: Motion (25 Feb 2009)

Kieran O'Donnell: No.

Banking System: Motion (25 Feb 2009)

Kieran O'Donnell: We want transparency and we want accountability. These are questions that need to be answered by the Minister. In all the contributions made by Fianna Fáil Deputies tonight, I did not hear one mention of the taxpayer. This is fundamentally about protecting taxpayers' money. We want the banking system to be fluid and functional, because the key feature in this recapitalisation scheme is...

Banking System: Motion (25 Feb 2009)

Kieran O'Donnell: The guarantee scheme was supposed to provide funds to small businesses and to mortgage holders.

Banking System: Motion (25 Feb 2009)

Kieran O'Donnell: That is what was put forward.

Banking System: Motion (25 Feb 2009)

Kieran O'Donnell: When the Minister of State checks the facts out, he will find that they are accurate. This is not about bailing out the banks, or keeping bankers in salaries or re-appointing people who created the problem. However, on both occasions that is what has happened in the banking sector. How can the Government expect the public to have trust? We have made a very straightforward proposal. If the...

Banking System: Motion (25 Feb 2009)

Kieran O'Donnell: I have not got any invitation yet.

Banking System: Motion (25 Feb 2009)

Kieran O'Donnell: Energy prices need to be brought down. The Minister for Communications, Energy and Natural Resources is not dealing with the issue. He could move in tomorrow morning and show that the regulator allowed the ESB to reduce its costs. We have put forward practical measures. We have called on the board and the management of the Financial Regulator to be replaced. We have called for a cap on...

Banking System: Motion (25 Feb 2009)

Kieran O'Donnell: The Minister needs to come into the House to tell us how much Mr. Boucher is being paid. He needs to tell us if the Government is happy with his appointment, considering he was involved in the bank and created the problems. I commend the motion to the House, and I hope we get support from the Fianna Fáil Deputies who proclaim to have such an interest in restoring the banking system.

Financial Emergency Measures in the Public Interest Bill 2009: Committee Stage (Resumed) and Remaining Stages (25 Feb 2009)

Kieran O'Donnell: It shows their priorities.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Second Stage (3 Mar 2009)

Kieran O'Donnell: I move amendment No. 1: To delete all words after "That" and substitute the following: "Dáil Éireann declines to give this Bill a Second Reading because: I. the Government's recapitalisation strategy for AIB and Bank of Ireland has already been dismissed by the financial markets as lacking in credibility, II. the Government has refused to provide an assessment of the superior 'Good Bank'...

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Second Stage (3 Mar 2009)

Kieran O'Donnell: Ultimately, the purpose of the scheme to recapitalise Bank of Ireland and AIB through the National Pensions Reserve Fund must be to enable those banks to restore credit lines for small businesses, first-time buyers and others. Fine Gael is of the view that, for various reasons, this legislation will not succeed in that objective.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Second Stage (3 Mar 2009)

Kieran O'Donnell: We support recapitalisation but in a different form. This House is charged with ensuring value for taxpayers' money. The Bill facilitates the allocation of €3.5 billion to both AIB and Bank of Ireland. To compare, the pension levy will yield €1.4 billion in a year, according to the Minister's figure, and the income levy will provide €2 billion. The Taoiseach indicated in the House...

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Second Stage (3 Mar 2009)

Kieran O'Donnell: The bad bank would function as a debt collection agency rather than a functioning bank.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Second Stage (3 Mar 2009)

Kieran O'Donnell: It would be funded in terms of what is required to wind the parent bank down. It would engage in no new commercial lending.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Second Stage (3 Mar 2009)

Kieran O'Donnell: It would be funded so as to enable it to meet its requirements in terms of being solvent. It would no longer be operating as a commercial bank in the markets. The bad bank would effectively function as a debt collection agency, while allowing the new, good, bank to function. The problem is that the international markets do no accept that €7 billion is sufficient funding for AIB and Bank...