Results 1,381-1,400 of 11,979 for speaker:Billy Kelleher

Seanad: Budget 2010: Motion (16 Dec 2009)

Billy Kelleher: Anglo Irish Bank was nationalised for the specific reason that it was of systemic importance and failure to nationalise it would have had a knock on effect on the other financial institutions. The Government then capitalised Bank of Ireland and Allied Irish Banks and took equity in both banks. This was the first step in ensuring the stability of these two banks which are of systemic...

Seanad: Budget 2010: Motion (16 Dec 2009)

Billy Kelleher: Ireland faced major difficulties arising from a loss of competitiveness and a dependence on the property market, which had experienced an inflationary bubble due to the availability of cheap credit and a rapidly growing economy. Notwithstanding these problems, it has been acknowledged internationally that the Government made brave decisions at the time which helped us avoid a further...

Seanad: Budget 2010: Motion (16 Dec 2009)

Billy Kelleher: The National Asset Management Agency Bill has been passed and is being implemented. The Minister for Finance referred to an important feature of the budget which appears to have gone unnoticed. The budget made provision for establishing an independent appeals mechanism for those who are refused credit by any institutions subject to the deposit guarantee. We hope other financial...

Seanad: Budget 2010: Motion (16 Dec 2009)

Billy Kelleher: Yes, that is critically important. The Minister, in his Budget Statement, indicated that if a bank refuses to lend on appeal, it must state its reasons in writing within a specified period, at which point the matter will be revisited.

Seanad: Budget 2010: Motion (16 Dec 2009)

Billy Kelleher: In such circumstances, the bank must lend.

Seanad: Budget 2010: Motion (16 Dec 2009)

Billy Kelleher: Mr. John Trethowan will draw up proposals in this regard. The process is in train and the new mechanism will be of critical importance because, as every Senator and Deputy knows, there are difficulties in getting credit flowing into the broader economy. On competitiveness, Ireland lives or dies by its exports. In recent years, we have lost competitiveness in the international arena....

Seanad: Budget 2010: Motion (16 Dec 2009)

Billy Kelleher: On the budget proposals for dealing with competitiveness, the stabilisation of the public finances sends out a clear message. The flow of credit into the small and medium size business sector will be addressed in the context of the capitalisation of the banks and proposals made in the budget. The costs of electricity and energy are also key components of competitiveness. While the...

Seanad: Budget 2010: Motion (16 Dec 2009)

Billy Kelleher: Labour unit costs have declined by 4% here and increased by 3% in the rest of Europe. Ireland is becoming more competitive in the European Union, in particular in the eurozone. Exports held up well in 2009 and the indications are that 2010 will also be positive. While we face major challenges, we must take all the opportunities available to us. Competitiveness is the key to resolving the...

Seanad: Budget 2010: Motion (16 Dec 2009)

Billy Kelleher: I am trying to be helpful by pointing out that sterling has depreciated by 30%. The Senator should be aware of that.

Seanad: Budget 2010: Motion (16 Dec 2009)

Billy Kelleher: The weakness of sterling has created the added difficulty that tourists from the United Kingdom will not visit Ireland. In addition, exporting to the UK is extremely difficult for exporting companies. These are major challenges which are, unfortunately, outside our control. We must, therefore, try to be as competitive as possible by cutting and paring costs where possible to enable...

Seanad: Budget 2010: Motion (16 Dec 2009)

Billy Kelleher: I consider them helpful interventions rather than interruptions.

Seanad: Budget 2010: Motion (16 Dec 2009)

Billy Kelleher: The motion outlined by Fine Gael gives us an opportunity to explain to this House why the Government has taken this necessary action. Many of the decisions were unpalatable and difficult for many members of the Government. The Government had to make these decisions in the national interest to ensure we had credibility, to ensure we could survive in 2010 and to ensure the Government and the...

Seanad: Budget 2010: Motion (16 Dec 2009)

Billy Kelleher: While we were dealing with serious issues in the public finances and the crisis facing the country, we considered what we had to do.

Seanad: Budget 2010: Motion (16 Dec 2009)

Billy Kelleher: The Fine Gael policy document contains a number of assumptions that certain key components, such as electricity supply, would generate a certain amount of money if sold. That can be seen as aspirational.

Seanad: Budget 2010: Motion (16 Dec 2009)

Billy Kelleher: I will let the Senators rebut these points in their contributions and I will gladly listen in silence.

Seanad: Budget 2010: Motion (16 Dec 2009)

Billy Kelleher: Et tu Brute?

Companies (Miscellaneous Provisions) Bill 2009 [Seanad]: Report and Final Stages (17 Dec 2009)

Billy Kelleher: I move amendment No. 2: In page 6, lines 27 to 31, to delete all words from and including "information" in line 27, down to and including "purchased;" in line 31 and substitute the following: "information for total purchases on the recognised stock market concerned on each such day: (a) the date, in the place outside the State where the recognised stock market concerned is located, of the...

Companies (Miscellaneous Provisions) Bill 2009 [Seanad]: Report and Final Stages (17 Dec 2009)

Billy Kelleher: On a point of clarification, this amendment does not refer to the migration of funds but merely deals with the publication of the purchase of shares on company websites.

Companies (Miscellaneous Provisions) Bill 2009 [Seanad]: Report and Final Stages (17 Dec 2009)

Billy Kelleher: That is correct.

Companies (Miscellaneous Provisions) Bill 2009 [Seanad]: Report and Final Stages (17 Dec 2009)

Billy Kelleher: I thank the Deputy. The purpose of this measure is to introduce a simplified approach to companies that purchase their own shares. That is not an unusual practice for companies. If they have surplus cash amounts they would sometimes purchase their own shares.