Results 1,441-1,460 of 26,021 for speaker:Kieran O'Donnell
- National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)
Kieran O'Donnell: I thank the Leas-Cheann Comhairle for his common sense approach. More of that around here would be very much welcomed. The surcharge is based on a surcharge on corporation tax that may never be payable because the banks will have losses forward. It should have been based on operating profits before adjustments for any losses forward. It should be on the basis of a charge rather than a tax...
- National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)
Kieran O'Donnell: The issue of protection in terms of the whistleblower elements of the legislationââ
- National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)
Kieran O'Donnell: We are reaching the conclusion of the debate on the National Asset Management Agency Bill. My difficulty is that many of the sections that are very relevant have never been properly discussed in this Chamber. We should be given time to discuss those areas in some detail again.
- National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)
Kieran O'Donnell: We have no issue with these technical amendments.
- National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)
Kieran O'Donnell: With regard to the designation of assets taken over by NAMA, the Minister mentioned that implicit in the valuation of the loan will be the level of security attaching to it. Has the Minister the authority to take over all the security? Could a bank state it wished to transfer less security, which could result in the value of the loan decreasing accordingly? Has the Minister a veto on...
- National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)
Kieran O'Donnell: Could the agency decide to leave certain of the security with the individual institution?
- National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)
Kieran O'Donnell: Has NAMA the legal authority to ensure banks disclose all the security attaching to the loans?
- National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)
Kieran O'Donnell: How will that be done?
- National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)
Kieran O'Donnell: With regard to amendment No. 8 to section 63, has the Minister looked at the structures of the covered institutions whose loans are being transferred to NAMA? Effectively, one could have performing loans in those banks which may never be taken over by NAMA. One could have a situation where the banks would maintain certain performing loans through legal structures they have offshore and in...
- National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)
Kieran O'Donnell: Does the Minister mean the draft business plan?
- National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)
Kieran O'Donnell: With due respectââ
- National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)
Kieran O'Donnell: From where did the â¬120 million come?
- National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)
Kieran O'Donnell: Did the Minister look into the legal structures of the banks in terms of offshore subsidiaries, where those offshore subsidiaries are located and whether there are legal disclosure requirements in respect of those countries? The figure of â¬120 million as the gross loan book was mentioned by the Minister on a number of occasions. That loan book transpired to be â¬77 billion. That is a...
- National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)
Kieran O'Donnell: It is a big hole.
- National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)
Kieran O'Donnell: I refer to a point requiring clarification in section 63, amendment No. 8. Why was this amendment included at the eleventh hour? It is a Seanad amendment. Why does the Minister find it necessary to include it? The amendment states, "subject to any prohibition in any applicable law". Does this mean that the laws in a tax haven will take precedence over law in this jurisdiction?
- National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)
Kieran O'Donnell: My main concern is for the Irish taxpayer with regard to NAMA and that good assets may end up in tax havens. The Minister stated that one of the reasons he was taking performing property loans into NAMA was to enable NAMA to be self-financing. I might disagree with that policy for a business plan but the basic concept was that in order to enable NAMA to have some possibility of being viable...
- National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)
Kieran O'Donnell: Why was it necessary to introduce this at the tenth hour? Will the law that appertains to the jurisdiction in which the subsidiary of a bank is located take precedence over Irish law? What about performing loans in such jurisdictions that NAMA might try to get at but for which it has no legal basis to act?
- National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)
Kieran O'Donnell: I wish to make one more point.
- National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)
Kieran O'Donnell: Does the Minister hold concerns that there are performing loans in jurisdictions which are tax havens? Will the Minister be dealing with countries with which we have legal agreements? Does the Minister hold concerns that there will be performing assets in tax haven jurisdictions at which NAMA and the Government will not be able to get? When carrying out due diligence in the banks did the...
- National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)
Kieran O'Donnell: What if they are held by a subsidiary of the bank in a jurisdiction with which we have no legal agreement?