Results 981-1,000 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: Although it has not been included on the list, Fine Gael tabled it as an amendment.

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

Kieran O'Donnell: They are different amendments. I do not expect that those who manage the National Pensions Reserve Fund would invest in the banks of their own accord. This is being done because the Minister is directing them to make that investment.

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

Kieran O'Donnell: Precisely. To follow on from this, as matters stand, there is nothing to stop the Minister from putting funds into the National Pensions Reserve Fund in the morning, if he wishes, by way of front-loading. The point is that were the Minister to invest such moneys into any of the listed institutions, the matter should be brought back before this House to be discussed and approved. It is as...

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

Kieran O'Donnell: Absolutely not.

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

Kieran O'Donnell: The Minister is missing the point that we live in very uncertain times. It was always accepted that the National Pensions Reserve Fund would be used as a vehicle to recapitalise the banks. It is generally acknowledged by most commentators that these two banks will require further recapitalisation. It is generally accepted that this recapitalisation will come from the National Pensions...

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

Kieran O'Donnell: The figures are clear. After being recapitalised to the tune of €3.5 billion, Allied Irish Banks will have a tier 1 capital ratio of 8.5%. The bank had an operating loss of €122 million in 2008 and expects further losses in 2009 and 2010. It will make a bad debt write-off of €1.8 billion for 2008 and there are indications that the figure for 2009 will be between €2.9 billion and...

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

Kieran O'Donnell: If the banks require further funds, where will that funding be found? We cannot borrow the necessary amounts, so the National Pensions Reserve Fund is the only option. Deputy Bruton's proposal is reasonable. Taxpayers will not stand for a situation where more of their money is put into the banks without there being some discussion in the Dáil beforehand. It is as simple as that.

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

Kieran O'Donnell: On the basis of the assurance from the Minister and in the spirit of co-operation, we will be withdrawing amendment No. a1l.

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

Kieran O'Donnell: That is correct.

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

Kieran O'Donnell: The relevant part of this section states: "...to accept funds or assets for the benefit of the Fund from sources other than the Central Fund, if so directed by the Minister,". This gets back to taxpayers' property funding, and the Government would show respect for the House in making decisions. This is another form of directed investment by the Government with regard to the banks and it...

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

Kieran O'Donnell: I await the Minister of State's deliberations.

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

Kieran O'Donnell: I am pressing it.

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

Kieran O'Donnell: I move amendment No. a1l: In page 4, between lines 26 and 27, to insert the following: ""(cb) at the end of each year the Fund shall provide accounts for both its investments made in the normal course of its business and its 'directed investments' pursuant to this Act.",". The Minister gave an assurance in the House that he would direct the National Treasury Management Agency to give the...

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

Kieran O'Donnell: It is critical that the front loading by the Minister to the National Pensions Reserve Fund would be specifically for the purpose of investment into these financial institutions. Furthermore any of these institutions that receive funding should provide a quarterly report to the Houses of the Oireachtas detailing their lending to the enterprises and first-time house purchasers. We have had...

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

Kieran O'Donnell: It is real evidence.

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

Kieran O'Donnell: This section deals with regulation for specific financial instruments. I suspect one area of it relates to contracts for difference. I refer to section 12(4): "Every regulation under subsection (2) shall be laid before each House of the Oireachtas". Is the Minister willing to change "laid before" to "approved by"? This entire area, concerning the regulation of financial instruments, has...

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

Kieran O'Donnell: I am speaking on the section.

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

Kieran O'Donnell: Can I submit an amendment on the floor?

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

Kieran O'Donnell: Yes. I raise the matter now and the Minister might take this into consideration. I shall submit an amendment on Report Stage.

Public Finances: Motion (4 Mar 2009)

Kieran O'Donnell: I am delighted to contribute to this motion put forward by our deputy leader and finance spokesman, Deputy Richard Bruton. It is extremely important that we deal with what is probably the greatest economic crisis this country has ever faced. We find ourselves in a position today looking at approximately €22 billion of a borrowing requirement for 2009 and based on today's Government...