Results 981-1,000 of 1,150 for speaker:Frank Fahey
- Banking System: Motion (25 Feb 2009)
Frank Fahey: On the issue of international confidence, it is worth noting that there are reasons to believe some UK-based foreign hedge funds are spreading false rumours about the state of the Irish economy. They are comparing Ireland to Iceland, for example, to try to force the sovereign default on which they have placed their bets. The approach of Fine Gael and the Labour Party is sustaining the hopes...
- Order of Business (26 Feb 2009)
Frank Fahey: The Deputy tore up the jersey last weekend.
- Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Second Stage (Resumed) (4 Mar 2009)
Frank Fahey: I propose to share time with Deputy Kennedy.
- Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Second Stage (Resumed) (4 Mar 2009)
Frank Fahey: I welcome this carefully constructed legislation which will have a significant impact in supporting and assisting the banking sector. A properly functioning banking system is vital for the economy. I welcome the approach we saw from Fine Gael and Labour this morning. This represents a far more responsible approach to the crisis in which we find ourselves. Therefore, it is disappointing to...
- Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Second Stage (Resumed) (4 Mar 2009)
Frank Fahey: The State will receive an 8% dividend on that investment. In addition, the State is allowed, through the purchase of preference shares, to appoint 25% of the directors and to have 25% of the voting rights. The National Pensions Reserve Fund is getting a much better return for its investment in the two banks than it would obtain from any investment anywhere in the world. The 2000 Act...
- Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Second Stage (Resumed) (4 Mar 2009)
Frank Fahey: It amounted to â¬16 billion at the end of the year and it is vitally important that the Government retains the principle in good times and in bad times. I was concerned by proposals from the Labour Party, whereby the fund would be raided in good times to invest in capital projects.
- Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Second Stage (Resumed) (4 Mar 2009)
Frank Fahey: That is an unfortunate personal attack.
- Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Second Stage (Resumed) (4 Mar 2009)
Frank Fahey: In December 2004, Deputy Burton stated: And we have the money. Once again, this year, the General Government Balance is in surplus. There is scope for judicious exchequer borrowing if required, and there are extensive cash balances in the national pension reserve fund. All that is needed is some imagination and some drive.
- Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Second Stage (Resumed) (4 Mar 2009)
Frank Fahey: This is hurtful for Deputy Burton but I have a question for her.
- Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Second Stage (Resumed) (4 Mar 2009)
Frank Fahey: I have a question for Deputy Burton that she can answer in her own time. Does she now think that it would have been a good idea to raid the National Pensions Reserve Fund when the advice of the independent National Treasury Management Agency was that it was not in the best interests of the fund and that it did not adhere to the principles on which the agency was set up to invest money in any...
- Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Second Stage (Resumed) (4 Mar 2009)
Frank Fahey: I know I am touching a nervous vein.
- Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Second Stage (Resumed) (4 Mar 2009)
Frank Fahey: The reality is that the Labour Party, and particularly Deputy Burton, wanted to raid this fund against the advice of the National Treasury Management Agency at a time when we were spending major amounts of money in this countryââ
- Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Second Stage (Resumed) (4 Mar 2009)
Frank Fahey: It is just as well that those kinds of policies were not implemented and the Government did not give in to Deputy Burton or to the Labour Party when they were suggesting irresponsible policy at that time.
- Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Second Stage (Resumed) (4 Mar 2009)
Frank Fahey: While the investment value of the fund is going down, I have no doubt that it will increase again.
- Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Second Stage (Resumed) (4 Mar 2009)
Frank Fahey: I have no doubt that the investment, the first â¬4 billion invested in the two main banks, will have a significant impact in ensuring that we have a good banking sector in this country. While there are no proposals to put more money in at this time, and we hope there will not be, this is enabling legislation that allows for further investment in the banks if necessary.
- Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Second Stage (Resumed) (4 Mar 2009)
Frank Fahey: It also allows for the setting up of a company or body corporate as an investment vehicle. This will allow the commission the flexibility to invest through the investment vehicle where it is more efficient than investing directly. That is an important and significant amendment that will allow for future requirements in respect of liabilities that may have to be taken over as we try to...
- Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Second Stage (Resumed) (4 Mar 2009)
Frank Fahey: It requires the disclosure of positions in financial instruments. As we have seen recently it is vital that investors with a significant investment in particular companies or banks should declare them and these should be known to the markets. Damage was done in that respect and it should not be repeated. I wholeheartedly support this Bill and I hope the Labour Party, in becoming a more...
- Written Answers — Social Welfare Benefits: Social Welfare Benefits (10 Mar 2009)
Frank Fahey: Question 322: To ask the Minister for Social and Family Affairs the number of persons that are in receipt of more than â¬800 per month rental subsidy in each county as administered by the Health Service Executive; the number of persons receiving rent subsidy in 2008; and the cost of same. [10175/09]
- Written Answers — Public Transport: Public Transport (24 Mar 2009)
Frank Fahey: Question 526: To ask the Minister for Justice, Equality and Law Reform the number of public service vehicle drivers' licences on issue in counties Galway, Cork, Limerick and Dublin for the years 2006, 2007, 2008 and to date in 2009; and the number of persons awaiting the passenger service vehicle drivers' knowledge test. [10980/09]
- Housing (Miscellaneous Provisions) Bill 2008 [Seanad]: Second Stage (Resumed) (31 Mar 2009)
Frank Fahey: I welcome the introduction of the Housing (Miscellaneous Provisions) Bill 2008 and I congratulate the Minister and Minister of State on the work they and their departmental officials have done on this Bill. The reforms proposed in the Bill are timely, particularly the powers given to the Minister to issue policy directions with which housing authorities must comply and guidelines to which...