Results 961-980 of 26,021 for speaker:Kieran O'Donnell

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: Okay, my apologies.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: I will speak to amendment No. a1. Our amendment is amendment No. a1.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: I note that the Minister has stated that he has received the report on executives in the covered institutions. I ask him to make the contents of that report known to the House during Committee Stage. Perhaps we could withdraw this amendment if he let us know exactly what the report stated and we could move on the measure. The public can see €7 billion of their money being invested into...

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: How lengthy is the report on remuneration? How many pages?

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: This report is critical. It was brought in with the Credit Institutions (Financial Support) Act 2008 and the guarantee scheme. The Minister spoke about 33% for the banks but that percentage comes off a very high base and bears no comparison to a person affected by the pension level, be to 3% or 4%, or with the 1% levy for a person on low income. Deputies are lobbied about that. This...

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: When does the Minister propose to bring this remuneration report before the House?

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: Fine Gael has tabled a similar amendment. The purpose of this legislation is to put moneys from the National Pensions Reserve Fund into the two main banks — AIB and Bank of Ireland — but as the legislation currently stands, can the Minister put funds into the listed financial institutions, AIB and Bank of Ireland, and Irish Life & Permanent, without bringing it back before the House? We...

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: Amendment No. a1e is grouped with these amendments in the names of Deputy Burton and me. We would like some clarification. It is extremely important to remember this is taxpayer's money. The Minister mentioned advanced contributions in the order of €3 billion. Those contributions should be restricted purely to investment in these financial institutions with specific reference to ensure...

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: The Minister did not answer the question.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: After it has been brought to Government, can the Minister then bring it before the House? Is he giving that commitment?

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: Is the Minister giving a commitment to the House that we will see the contents of that report?

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: I am glad to hear that. In that spirit, I hope the Minister will look favourably on the amendments we have proposed. The main issue is the flow of funds to small businesses and first time buyers. We need to see clear evidence it is happening and to date we have not. We are being asked to vote on a Bill which is giving €7 billion of taxpayer money to two institutions.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: One of the main debates today is the need to find €5 billion in savings through increased taxes and expenditure cuts. However, €7 billion of taxpayers' money is being put into the two main banks under this legislation. When AIB published its annual accounts, reference was made to the €3.5 billion being provided by the Exchequer through the NPRF in the context of its core tier 1...

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: Under the legalisation, funds can be provided both from the Exchequer and non-central funds to the NPRF.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: State assets could be sold and the money realised provided to the NPRF. In that case, taxpayers' money would be involved but there would be no accountability. We are not interfering with the Minister's role in dealing with the banks but the amendments provide for accountability to the Houses of the Oireachtas on the use of taxpayers' money. The Minister stated earlier he cannot direct the...

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: The chief executive officer of AIB clearly stated his core tier 1 capital ratio had increased to 8.5% but this was qualified subsequently as being the case after the €3.5 billion is provided by the Exchequer via the NPRF. The amendment is reasonable, as it does not restrict the Minister from dealing with the banks and giving them the security they need. It ensures proper debate on the use...

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: Is the Minister suggesting that?

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: I seek clarification. The National Pensions Reserve Fund is entitled to do its business independently. If it wishes, it can invest in any asset.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: If the Minister has that power, he will be removing the commission's discretion. Regardless of whether he is investing funds from the Exchequer or elsewhere, he is using taxpayers' money. Obviously, he cannot interfere with the NPRF. This issue comprises two elements. The commission has its own role and can invest in assets on which it believes it will get a maximum return. A different...

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: To clarify, Fine Gael tabled a similar amendment. Has it been included in the amendment list?