Results 1,701-1,720 of 4,810 for speaker:Liam Twomey

Seanad: Credit Institutions (Financial Support) Bill 2008: Committee Stage. (1 Oct 2008)

Liam Twomey: This amendment is somewhat similar to our amendment No. 4, which is not quite as restrictive as Senator Kelly's. The important issue on which we would like to hear the Minister's views concerns the rebuilding of capital in a bank receiving financial assistance from the taxpayer. It would be almost unethical if people received large bonuses, large dividends or whatever if the taxpayer was...

Seanad: Credit Institutions (Financial Support) Bill 2008: Committee Stage. (1 Oct 2008)

Liam Twomey: I move amendment No. 5: In page 2, between lines 14 and 15, to insert the following new subsection: "(4) The Regulatory Authority shall have the power to examine any additional customer charges applied by a credit institution in receipt of financial support under this Act." This amendment provides for the regulatory authority to monitor any institutions receiving support from the State to...

Seanad: Credit Institutions (Financial Support) Bill 2008: Committee Stage. (1 Oct 2008)

Liam Twomey: I move amendment No. 6: In page 2, before section 3, to insert the following new section: "3.—The Minster shall at all times in the operation of this Act be cognisant of the broader competitive environment along with the business needs of all banks with substantial operations in Ireland.". This has been well discussed in the Lower House. It covers the situation of Ulster Bank which is not...

Seanad: Credit Institutions (Financial Support) Bill 2008: Committee Stage. (1 Oct 2008)

Liam Twomey: I move amendment No. 6a: In page 2, between lines 18 and 19, to insert the following new subsection: "(2) Any loan or other monies provided directly to a credit institution under this Act, shall not exceed €10 billion.". Since the amendment was tabled under pressure, I would like it to read differently. It should read "to all credit institutions". The legislation is concerned with saving...

Seanad: Credit Institutions (Financial Support) Bill 2008: Committee Stage. (1 Oct 2008)

Liam Twomey: My main point concerned something to which Senator Ross and others referred, namely, the considerable urgency in sorting out the legislation last Monday night. We have never been given the background to the urgency. What is the Swedish model, which the Minister believes is so good that it will save our banking sector? Should we know about other concerns or is everything fine?

Seanad: Credit Institutions (Financial Support) Bill 2008: Committee Stage. (1 Oct 2008)

Liam Twomey: The Financial Regulator went on the news and said good corporate governance, transparency and structures are very important. Such an oversight group with the necessary expertise reporting back to the relevant Oireachtas committee would fulfil those criteria and be very beneficial in fulfilling this legislation.

Seanad: Credit Institutions (Financial Support) Bill 2008: Committee Stage. (1 Oct 2008)

Liam Twomey: I move amendment No. 24: In page 3, between lines 35 and 36, to insert the following new subsection: "(7) (a) Any credit institution in receipt of financial support under this Act shall have appointed to its risk assessment committee, risk management committee or other appropriate board, such person as the Committee of Public Accounts shall direct to protect against possible misuse of such...

Seanad: Credit Institutions (Financial Support) Bill 2008: Committee Stage. (1 Oct 2008)

Liam Twomey: Amendment No. 17 is very much a version of the Fine Gael amendments that I withdrew subsequent to what the Minister said earlier. It is about bringing the Oireachtas closer to what is happening in the sector. We should have a central role in the regulation of, due diligence and everything else that happens in the financial sector. Concerning what the Minister said about oversight and...

Seanad: Credit Institutions (Financial Support) Bill 2008: Committee Stage. (1 Oct 2008)

Liam Twomey: It is not since my days as a junior doctor that I have worked all day and all night. First, I thank all the staff.

Seanad: Credit Institutions (Financial Support) Bill 2008: Committee Stage. (1 Oct 2008)

Liam Twomey: They have also worked all day and all night here. It was unexpected that they would be required to do so earlier. We thank the Minister for his commitment in this respect during the week. It is not too often that I reach across the political divide but I compliment him on what he has done this week. It was work well done and that must be said.

Seanad: Credit Institutions (Financial Support) Bill 2008: Committee Stage. (1 Oct 2008)

Liam Twomey: This has been an historical occasion for all of us. I hope we will not repeat it too often. Hopefully, what we have done will make a huge difference to our financial services and that we have headed off any major crisis the Minister thought was pending last Monday that led to this emergency legislation going through the Dáil. On behalf of everybody in Fine Gael I thank the Minister very...

Seanad: Order of Business (8 Oct 2008)

Liam Twomey: We must have a serious debate on the banking sector. A major sense of urgency was created last week that has metamorphosised into a degree of incompetence and insecurity about what we are supposed to be doing this week. People may want to fool themselves into thinking we are doing the right thing here but what we must watch are the markets. The Irish stock market crashed on the last two...

Seanad: Order of Business (8 Oct 2008)

Liam Twomey: Look what happened to the Progressive Democrats.

Seanad: Budget Statement 2009: Statements (15 Oct 2008)

Liam Twomey: There has been no acknowledgment by the Ministers, or anyone in the Cabinet, of the people who are responsible for getting us into this mess, and who have effectively destroyed our public finances over the last number of years. This morning the Minister for Health and Children, Deputy Mary Harney, was so out of touch she thought that the only people who would be affected by the withdrawal of...

Seanad: Budget Statement 2009: Statements (15 Oct 2008)

Liam Twomey: We will wait for the rest of the Ministers to line up. The conditions and pay of Ministers have been enhanced considerably over the past eight years and they are out of touch with ordinary people. The budget has this written all over it. It is not fair and the Government was out to hammer people for whatever it could get out of them. It is a disgrace. How does the budget seek to secure the...

Seanad: Budget Statement 2009: Statements (15 Oct 2008)

Liam Twomey: I am sure they are given that every Minister looks after his own patch but what will happen elsewhere? All the Minister for Finance said he would do is produce a few reports and see what will happen. Perhaps he will examine the issue again in 2011 but who knows? The Government does not have a clue what it is doing. The scale of borrowing is frightening and this has not hit home with people...

Seanad: Budget Statement 2009: Statements (15 Oct 2008)

Liam Twomey: The taxes are back.

Seanad: Budget Statement 2009: Statements (15 Oct 2008)

Liam Twomey: They were the Department of Finance's figures. The Senator should not mislead the House.

Seanad: Credit Institutions (Financial Support) Act 2008: Motion (17 Oct 2008)

Liam Twomey: On a point of order——

Seanad: Credit Institutions (Financial Support) Act 2008: Motion (17 Oct 2008)

Liam Twomey: On a point of order, no respect is being shown for the House with this sort of carry on; we should know what we are going to do in this respect.