Results 11,141-11,160 of 16,057 for speaker:Mary Coughlan

National Asset Management Agency Bill 2009: Second Stage (Resumed) (17 Sep 2009)

Mary Coughlan: I will say it often enough. I am aware of the markets' reaction today to the Minister's speech, in particular in relation to our two main banks. It is not unexpected that a period of volatility in share prices would follow a significant announcement such as yesterday's and it will be a number of days before its full effects are visible. While the publication of half-year results at midday...

Leaders' Questions (22 Sep 2009)

Mary Coughlan: The Deputy's initial comment arose from the quarterly national survey. While it was not a surprise it is a reminder of the major challenge we face to sustain employment and create new opportunities here. The Government is taking several initiatives to address many of those issues, for example, concern about access to credit for business has been raised in this House over a considerable...

Leaders' Questions (22 Sep 2009)

Mary Coughlan: I brought together the banks, all the representatives of the small and medium sized enterprise sector, the foreign direct investment sector, and we have worked progressively on many of the issues raised by many sectors. Most particularly, we have been addressing people on both sides of the argument and familiarising them with the challenges within the banking and business sectors. For...

Leaders' Questions (22 Sep 2009)

Mary Coughlan: It is true that emigration has returned. If one looks at the figures one will see that a considerable number are those returning home. That is a fact. There are still over 26,000 people coming into this country.

Leaders' Questions (22 Sep 2009)

Mary Coughlan: As part of the recapitalisation of the banks there was a tie-in on a code of conduct of business. The banks set down a special fund for green energy and a seed capital fund. The ECB also provided finance to the banks on the basis of new businesses being set up and a considerable sum of money has been drawn down from those schemes. The issue pertinent to many people is not necessarily the...

Leaders' Questions (22 Sep 2009)

Mary Coughlan: These are vulnerable because of the collapse of the market. In working with those groups, the Minister for Arts, Sport and Tourism, Deputy Martin Cullen, and I are looking at specific initiatives regarding the sustainability of that sector of which some 35% is greatly vulnerable.

Leaders' Questions (22 Sep 2009)

Mary Coughlan: There is over-supply. We have had to introduce new incentives in order to support that sector and equally so within the retail sector. I say to the Ceann Comhairle and the Leader of the Opposition that on the basis of the availability of credit-----

Leaders' Questions (22 Sep 2009)

Mary Coughlan: -----there has been a greater understanding. When this started it was very difficult to get people into the one room but that situation has moved on and there are much better working relationships. As a consequence, a considerable number of difficulties have been addressed. Some credit has been made available.

Leaders' Questions (22 Sep 2009)

Mary Coughlan: However, access to further credit is a matter of grave concern and I am working with the banks in order to allow this to happen.

Leaders' Questions (22 Sep 2009)

Mary Coughlan: I appreciate that Opposition Deputies do not accept NAMA and that is fair enough. People are entitled to their opinions in this House. However, there is an enormous risk if we do nothing. Our view on this side of the House is that the introduction of NAMA is the best way to get liquidity into the banks and get them back to function, to do what they should be doing, namely, lending to...

Leaders' Questions (22 Sep 2009)

Mary Coughlan: -----are made. As a consequence, the view expressed by the Minister for Finance during the debate was on the basis of an uplift of 10% over ten years. It is not our intention to lose money in NAMA.

Leaders' Questions (22 Sep 2009)

Mary Coughlan: There are checks and balances to ensure that if there is any loss - which we do not expect - it will then be a matter for the banks to pay it through the levy.

Leaders' Questions (22 Sep 2009)

Mary Coughlan: There are ongoing investigations by the Garda and the Director of Corporate Enforcement. The Minister for Justice, Equality and Law Reform, Deputy Ahern, has provided additional resources for that investigation as have I to the Director of Corporate Enforcement. This House facilitated additional legislative measures in order for that matter to proceed. I appreciate, and I believe we all...

Leaders' Questions (22 Sep 2009)

Mary Coughlan: Those depositors are very important and are guaranteed by the State. I believe it is appropriate that we continue to support those people. I appreciate very much the Deputy's view with regard to Anglo Irish Bank but it is the considered view of the Government thus far that in NAMA it will deal with many issues appertaining to Anglo Irish Bank. The Minister for Finance alluded to this in...

Leaders' Questions (22 Sep 2009)

Mary Coughlan: The last thing I will do today is speculate about how much will be given to any bank.

Leaders' Questions (22 Sep 2009)

Mary Coughlan: Nor will I say whether what is written in the newspaper is the truth or otherwise.

Leaders' Questions (22 Sep 2009)

Mary Coughlan: Every Member of the House wants to have these investigations completed as quickly as possible. Some of us are here a number of years and we know that these things take time. We also know that comment in this House can have an adverse effect on these investigations. I do not want to see that and neither does anyone else.

Leaders' Questions (22 Sep 2009)

Mary Coughlan: The Deputy would rightly criticise us if we interfered in due process, and I do not think he is asking us to do so. It is a matter for this House to determine the laws of the land under our Constitution. We are proceeding as quickly as possible with regard to the investigation on the basis that it is independent of the political process. If we do not want it to be independent of the...

Leaders' Questions (22 Sep 2009)

Mary Coughlan: I was talking about further nationalisation.

Leaders' Questions (22 Sep 2009)

Mary Coughlan: We have made a decision to nationalise Anglo Irish Bank. I said that I am not prepared to speculate on the amount of money needed. As the Minister indicated in the context of NAMA and in the context of the other two main banks, due diligence is being done and considered on the capital requirements that may be necessary when the NAMA legislation is passed by the House.