Results 1,161-1,180 of 26,021 for speaker:Kieran O'Donnell

Financial Services (Deposit Guarantee Scheme) Bill 2009: Second Stage (16 Jun 2009)

Kieran O'Donnell: This Bill is being introduced against the backdrop of the increase in the deposit protection levels last September in the wake of a failure in bank regulation worldwide and more particularly in Ireland. I welcome this deposit protection scheme because only seven covered institutions are provided for in terms of the overall deposit guarantee as well as certain loans for banks. I welcome that...

Financial Services (Deposit Guarantee Scheme) Bill 2009: Second Stage (16 Jun 2009)

Kieran O'Donnell: We are debating this only until 7 p.m. The Minister should have been here.

Financial Services (Deposit Guarantee Scheme) Bill 2009: Second Stage (16 Jun 2009)

Kieran O'Donnell: I am glad to hear that. As the Minister of State will be aware, it is estimated that there is currently enough land zoned for residential purposes to accommodate just short of 1 million housing units. At 50,000 units per year, that is the equivalent of 20 years' supply. Much of that land will end up in NAMA. It will be nothing more than agricultural land. How can NAMA be justified on pure...

Financial Services (Deposit Guarantee Scheme) Bill 2009: Second Stage (16 Jun 2009)

Kieran O'Donnell: These are all interlinked and have come about because of the financial crisis and because of a banking crisis caused by a lack of regulation. The Financial Regulator is gone and the heads of all the main banks are gone. Dire mistakes have been made and we need to discuss this in depth. I will return to the Bill. Section 4, which is important, provides that the Minister will have the power...

Financial Services (Deposit Guarantee Scheme) Bill 2009: Second Stage (16 Jun 2009)

Kieran O'Donnell: It is not about that. The Minister will find that in France and other European countries they are covered.

Financial Services (Deposit Guarantee Scheme) Bill 2009: Second Stage (16 Jun 2009)

Kieran O'Donnell: What about NAMA?

Financial Services (Deposit Guarantee Scheme) Bill 2009: Second Stage (16 Jun 2009)

Kieran O'Donnell: How will the Minister get a return on NAMA?

Financial Services (Deposit Guarantee Scheme) Bill 2009: Second Stage (16 Jun 2009)

Kieran O'Donnell: That is a misinterpretation.

Financial Services (Deposit Guarantee Scheme) Bill 2009 - Committee Stage (17 Jun 2009)

Kieran O'Donnell: When the Minister is considering providing tabular information, can he examine the breakdown between credit unions, the banks, the covered and uncovered institutions and provide the average range of deposits per institution so that we can get an idea of the level of deposits per institution?

Financial Services (Deposit Guarantee Scheme) Bill 2009 - Committee Stage (Resumed) and Remaining Stages (17 Jun 2009)

Kieran O'Donnell: The Minister said 0.2% of the reserve would be charged but will that apply to credit unions also? Is that the Minister's intention? A position may arise where it might be more costly in terms of credit unions overall than the banks, so perhaps the Minister can expand on that.

Financial Services (Deposit Guarantee Scheme) Bill 2009 - Committee Stage (Resumed) and Remaining Stages (17 Jun 2009)

Kieran O'Donnell: I refer to the credit unions. If Irish institutions had taken a more prudent view and had not followed some of the international competitors, we would not be in the mess we are in with the banking sector. It is not the case that they had to follow international trends.

Financial Services (Deposit Guarantee Scheme) Bill 2009 - Committee Stage (Resumed) and Remaining Stages (17 Jun 2009)

Kieran O'Donnell: Equally that applies because Ireland is in this mess as a result of the housing market. Referring to credit unions and section 4, the majority of the credit union movement has been extremely prudent in how it lent money and retained its deposit base. It seems a little unfair in a situation where they will be levied on a higher deposit base to a loan base over the normal banking institutions....

Financial Services (Deposit Guarantee Scheme) Bill 2009 - Committee Stage (Resumed) and Remaining Stages (17 Jun 2009)

Kieran O'Donnell: I welcome that.

Financial Services (Deposit Guarantee Scheme) Bill 2009 - Committee Stage (Resumed) and Remaining Stages (17 Jun 2009)

Kieran O'Donnell: I note that and welcome it.

Financial Services (Deposit Guarantee Scheme) Bill 2009 - Committee Stage (Resumed) and Remaining Stages (17 Jun 2009)

Kieran O'Donnell: No one disagrees with that but we are into a new area. I welcome the fact that the deposit protection scheme has been extended to credit unions. Many smaller credit unions in cities, towns and villages throughout the country were the backbone of small savings, small loans and small business. We are entering a new era of the credit union movement and we must find something reflective of the...

Financial Services (Deposit Guarantee Scheme) Bill 2009 - Committee Stage (Resumed) and Remaining Stages (17 Jun 2009)

Kieran O'Donnell: Has section 7 been discussed already?

Financial Services (Deposit Guarantee Scheme) Bill 2009 - Committee Stage (Resumed) and Remaining Stages (17 Jun 2009)

Kieran O'Donnell: I thought I heard Deputy Burton speaking on it.

Financial Services (Deposit Guarantee Scheme) Bill 2009 - Committee Stage (Resumed) and Remaining Stages (17 Jun 2009)

Kieran O'Donnell: I was outside the Chamber and I thought the Deputy spoke on the section.

Financial Services (Deposit Guarantee Scheme) Bill 2009 - Committee Stage (Resumed) and Remaining Stages (17 Jun 2009)

Kieran O'Donnell: With regard to the credit union movement, it is proposed under this section that: "A group or groups of credit unions may, subject to the prior approval of the Minister, make an aggregate payment or payments on behalf of each credit union which is a member of such a group in satisfaction of the amount of a deposit in the deposit protection account." Considering the charge to be levied on...

Financial Services (Deposit Guarantee Scheme) Bill 2009 - Committee Stage (Resumed) and Remaining Stages (17 Jun 2009)

Kieran O'Donnell: To clarify, will the rate to be applied to the group of credit unions coming together be subject to negotiation? How is it proposed to deal with the matter? There is an anxiety there and I appreciate the Minister referring to the fact that the credit union movement may not have a consistency of thought. There is anxiety among many smaller credit unions, which we represent, because of the...