Results 10,781-10,800 of 26,610 for speaker:David Cullinane

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: Some €13.4 billion but the losses were €21 billion. The crystalised losses were €21 billion. Is that right?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: On those transfers, and the overall crystalised losses are €42.6 billion. Is that right?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: So the actual crystalised loss for Anglo Irish Bank was 50% of the overall loss?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: Roughly 50%. Half of the €66 billion went into Anglo Irish Bank. Then NAMA was set up and was given €31.8 billion to take the bad loans off the banks. The banks then crystalised losses. The losses are €42.6 billion. In the case of Anglo Irish Bank, it was €21 billion, a majority, and we can maybe question the wisdom of that. What happened when the banks...

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: At the time, they would have been booked as a loss when the transaction happened.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: Whether it was in a moment of time or over a period, how did the banks cope with those losses? What did they have to do to manage those losses?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: Back to the recapitalisation, which is a consequence of the fact that, for this particular bank, we took its bad loans and left it with a loss of €21 billion which happens to be 50% of the total amount of the crystalised losses. It then took approximately €29 billion of taxpayers' money which was put into it. At the end of the process, all we got was a broken bank which was...

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: I have watched enough of "Yes, Minister" to know that when Accounting Officers come in, it is a matter of policy and when the Minister comes in, he will say it is an operational matter for the Department. On something as serious as this, when we are talking about huge losses of this magnitude, we would have known this. None of this is new. It is flabbergasting to see the figures involved.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: The total losses so far to the State with regard to the overall investment in the banks, bailing out the banks, or whatever terminology one wants to use is €39 billion to date according to the Comptroller and Auditor General.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: The net cost to the State. That is going to increase because, year on year, we will have to pay back the interest. That is a moveable figure so it will go up again next year. In five or ten years the figure could be €45 billion.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: It is not the final figure.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: I am going to make a request for information before we finish. I wish all the witnesses a happy Christmas, and I hope Mr. Carville, who said that he has a chest infection, recovers. I thank him for coming here today despite that. From the figure at 2.1 which breaks down NAMA's loans we can see the total borrower debt, the NAMA payment for loans, which is the amount that NAMA got. The...

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: I assume there is no difficulty with that.

Trade Union Representation (Miscellaneous Provisions) Bill 2018: First Stage (16 Jan 2018)

David Cullinane: I move:That leave be granted to introduce a Bill entitled an Act to amend the Trade Union Act 1941 and the Industrial Relations (Amendment) Act 2001 to confer on authorised unions the right to have their representative duties to their members for collective bargaining and disciplinary matters recognised by employers and to provide for related matters. This is the seventh Bill that Sinn...

European Council: Statements (16 Jan 2018)

David Cullinane: Hear, hear.

European Council: Statements (16 Jan 2018)

David Cullinane: Three issues emerged from the last European Council meeting: Brexit, defence and monetary reform. All three are crucial and central to the future of the people of this island. All of these Council meetings are at a time when there is a focus on the future of Europe and discussion on the type of Europe we want to build. We all now recognise that this future will be without Britain and that...

European Council: Statements (16 Jan 2018)

David Cullinane: I did not signal, so I do not need to speak.

Written Answers — Department of Public Expenditure and Reform: Oireachtas Members' Remuneration (16 Jan 2018)

David Cullinane: 247. To ask the Minister for Public Expenditure and Reform the basic pay for TDs, Ministers of State, Ministers and the Taoiseach in each of the years 2007 to 2017; the basic pay that will apply to TDs, Ministers of State, Ministers and the Taoiseach in each of the years 2018 to 2021; and if he will make a statement on the matter. [54643/17]

Written Answers — Department of Education and Skills: Schools Building Projects Applications (16 Jan 2018)

David Cullinane: 413. To ask the Minister for Education and Skills if his attention has been drawn to the funding and resources shortfall at a school (details supplied); and if he will make a statement on the matter. [1300/18]

Written Answers — Department of Justice and Equality: Departmental Contracts (16 Jan 2018)

David Cullinane: 489. To ask the Tánaiste and Minister for Justice and Equality if his attention has been drawn to the fact that a company (details supplied) that receives public contracts from his Department does not recognise trade unions; and if he will make a statement on the matter. [54384/17]