Results 1,381-1,400 of 26,396 for speaker:David Cullinane

Seanad: European Stability Mechanism Bill 2012: Committee and Remaining Stages (27 Jun 2012)

David Cullinane: So Fine Gael would do away with court cases and the right to challenge decisions? The Senator has answered the question for us.

Seanad: European Stability Mechanism Bill 2012: Committee and Remaining Stages (27 Jun 2012)

David Cullinane: According to Fine Gael, only millionaires and billionaires may take cases.

Seanad: Order of Business (28 Jun 2012)

David Cullinane: During the past number of days, two of the Leader's ministerial colleagues from the Fine Gael Party called for the Government to breach its commitments under the Croke Park agreement. The Minister for Transport, Tourism and Sport, Deputy Leo Varadkar, called for the suspension of increments for those paid from the public purse. Ironically this is during the same week that the Government...

Seanad: Credit Guarantee Bill 2012: Committee Stage (28 Jun 2012)

David Cullinane: I move amendment No. 1: In page 8, subsection (1), lines 33 and 34, to delete all words from and including "2 per cent" in line 33 down to and including "agreement." in line 34 and substitute the following: "the administration costs of the loan to which the agreement relates and not less than 0.8 per cent of the principal of the loan.". I welcome the Minister of State. On Second Stage my...

Seanad: Credit Guarantee Bill 2012: Committee Stage (28 Jun 2012)

David Cullinane: I have a number of points in response to the clarifications. I agree with Senator White's comment that the €150 million figure is too small. We would all like the pot to be bigger, although we recognise that we are in straitened economic circumstances. I spoke earlier of the problems we have in the south east, with almost 20% unemployment and many businesses closing. Many businesses are...

Seanad: Credit Guarantee Bill 2012: Committee Stage (28 Jun 2012)

David Cullinane: One could make the same argument for the north west or north east of the country

Seanad: Credit Guarantee Bill 2012: Committee Stage (28 Jun 2012)

David Cullinane: That may be part of the problem. We cannot allow the fund to be a sticking plaster solution for the even larger problem of the banks not lending to businesses, especially to viable ones. The legislation is seen as a reasonable attempt by the Government to deal with the problem. We, as taxpayers, own some of the banks and we must ensure that the banks are doing what is in the best interest...

Seanad: Credit Guarantee Bill 2012: Committee Stage (28 Jun 2012)

David Cullinane: There must be an element of risk taken by the State to ensure that companies in need of support receive it. I know that we must cover costs. I also know that there are administration costs and that the State bears a cost by giving the guarantee and we genuinely accept that. All Senators must also ensure that we protect the State from any liability. Given what the scheme is obliged to do...

Seanad: Credit Guarantee Bill 2012: Committee Stage (28 Jun 2012)

David Cullinane: I move amendment No. 2: In page 8, subsection (2), line 39, to delete "2 per cent of the principal of the money" and substitute the following: "the administration costs of the loan to which the agreement relates and not less than 0.8 per cent of the principal of the loan".

Seanad: Credit Guarantee Bill 2012: Committee Stage (28 Jun 2012)

David Cullinane: I move amendment No. 3: In page 9, before section 11, to insert the following new section: 11.—The Minister shall within 12 months and every 12 months thereafter, from the passing of this Act prepare and lay before Dáil Éireann a report detailing the impact of all measures contained in this Act on the availability of credit to SMEs, rates of bank lending to SMEs, levels of lending under...

Seanad: Credit Guarantee Bill 2012: Committee Stage (28 Jun 2012)

David Cullinane: We do not seek reports for their own sake. As I noted previously, while we would prefer the scheme to be bigger and bolder, it is nonetheless significant. It is interesting to note the Minister of State's comment that the trends or data required to compile a report of any value may not be available after 12 months.

Seanad: Credit Guarantee Bill 2012: Committee Stage (28 Jun 2012)

David Cullinane: That is somewhat at odds with the Minister's statement that the legislation would be reviewed after one year. On what basis will it be reviewed after one year, if not on trends and data that become available? Why can a report not be published? Reports will only be as significant as the information available and I accept the first report may not be as significant as subsequent reports. The...

Seanad: Credit Guarantee Bill 2012: Committee Stage (28 Jun 2012)

David Cullinane: If it is not provided for in the Bill, we cannot hold him to account.

Seanad: Credit Guarantee Bill 2012: Committee Stage (28 Jun 2012)

David Cullinane: There is no pessimism. If anything, we want the Bill to be more ambitious and I have no doubt the scheme will be a success. I have made the point several times that we want to build on it. However, we also want the State to deal with the even bigger problem that the banks, for whatever reason, are not lending to businesses to the extent that they should. I remind the Minister of State...

Seanad: Credit Guarantee Bill 2012: Committee Stage (28 Jun 2012)

David Cullinane: The amendment reads: The Minister shall ... lay before Dáil Éireann a report detailing the impact of all measures contained in this Act on the availability of credit to SMEs, rates of bank lending to SMEs, levels of lending under the scheme and relevant default. If we had that information, it would be of value in dealing with the broader point of the difficulties experienced by SMEs in...

Seanad: Credit Guarantee Bill 2012: Committee Stage (28 Jun 2012)

David Cullinane: With respect, what we are calling for is an annual report. Unfortunately, what the Bill provides for is the production of a report at the Minister's discretion.

Seanad: Credit Guarantee Bill 2012: Committee Stage (28 Jun 2012)

David Cullinane: A few minutes ago the Minister of State was saying one year was not long enough because data and trends would not be available. He cannot have it every way. The reality is that we want an annual report. I fail to see why people read something into an amendment which is simply not there. There is no pessimism behind the amendment and no trap has been set for the Government. It simply asks...

Seanad: Credit Guarantee Bill 2012: Committee Stage (28 Jun 2012)

David Cullinane: It would not prevent him from acting.

Seanad: Credit Guarantee Bill 2012: Committee Stage (28 Jun 2012)

David Cullinane: At a minimum, we would have an annual report.

Seanad: Credit Guarantee Bill 2012: Committee Stage (28 Jun 2012)

David Cullinane: There is not a huge difference between what the Minister of State has said and what we are seeking. When reports are published, a commitment should be given that we can discuss them in the Dáil and this House.