Results 21,341-21,360 of 35,889 for speaker:Pearse Doherty

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Pearse Doherty: Has any other jurisdiction conferred on its Minister for Finance all of the powers necessary to implement the loan agreement and the reviews and amendments, as provided for in this jurisdiction under section 2? These are expansive powers.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Pearse Doherty: I move amendment No. 4:In page 4, line 7, to delete “Minister” and substitute “Oireachtas”. The amendment also deals with the issue of whether ministerial or Oireachtas approval should be required. Section 3, as presented, provides that, on the approval of the Minister, payments up to a sum of €1.815 billion may be made from the Central Fund, as required....

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Pearse Doherty: Is the Minister of State referring to amendment No. 4?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Pearse Doherty: I welcome the decision of the Minister of State to accept amendment No. 5 which is, as I indicated, another fail-safe mechanism or safeguard which addresses my concerns about one element of section 2, namely, the sum of money involved. Amendment No. 4 proposes to confer the power of decision making on the Oireachtas as opposed to the Minister. If I understood the Minister of State...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Pearse Doherty: Where a financial institution has gone bust to some degree or another, all of the steps set out as part of the resolution waterfall must be taken. It is not, therefore, the case that institution X would be in serious trouble and that we would need to trigger this mechanism within a couple of days. A number of steps have to be taken and the process relating to them will take quite some time....

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Pearse Doherty: I do not see from where the Minister of State is coming. There is no way that this would happen overnight. Unfortunately, we have been there and done that. The Minister of State and I sat on the banking inquiry. The Houses of the Oireachtas were convened and a guarantee was introduced basically overnight. Regardless of whether that needed to be done, it was a scenario in which, in the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Pearse Doherty: Why four days? The Minister of State has not explained that.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Pearse Doherty: Is it four days from the request?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Pearse Doherty: The request will not be made on the day that the bank says that it is in trouble.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Pearse Doherty: Okay, I signal that I want to withdraw the amendment, but I reserve the right to retable it on Report Stage. The Minister made a valid point on elections, when the Oireachtas does not sit, but beyond that I do not agree with the points made. I will table an amended version of this that will take into account times when the Oireachtas is not sitting when the decision can be triggered....

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Pearse Doherty: I move amendment No. 5: In page 4, between lines 11 and 12, to insert the following: “(2) Notwithstanding the provision of section 2, any decision under the terms of the Loan Facility Agreement to vary the sum specified in section 3(1)* shall be subject to a vote of the Oireachtas.”.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Pearse Doherty: I move amendment No. 6:In page 5, between lines 4 and 5, to insert the following:“or(c) within one month of any payment made under section 3.”. This is a simple amendment. The legislation currently states that the Minister shall report within a year or at the end of each year on the payments made. This amendment would include the option of the Minister reporting within one...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Pearse Doherty: Subject to that provision, is the amendment agreed?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Pearse Doherty: There is a gap at the moment. The penalties are €500,000 and three years as opposed to the €10 million.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Pearse Doherty: I support that and I agree with the points Deputy Paul Murphy has made. As I said on Second Stage, it is not the best way to do this. I am not sure why primary legislation was not drafted to deal with this but we are where we are and it needs to be introduced. There is a gap. I thank the Minister of State for the note on this. I have questions as to the advice the Minister received in...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Pearse Doherty: There is a wider issue here that goes beyond the Minister of State's remit. Advice was given to the Minister by someone. I am not sure if it was departmental officials or the Attorney General. The advice was that transposing by way of statutory instrument would have dealt with this issue. At a very late stage in the drafting process, it was discovered that it was not possible to do that...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Pearse Doherty: I am going to ask this question for the third time, which makes me suspicious. I appreciate the comments the Minister of State made and his provision of the note. Are the Minister of State or his officials aware of any pending cases which may come under the lesser penalties as opposed to the penalties that would be incurred under this legislation?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Pearse Doherty: I appreciate that.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Pearse Doherty: May I speak to the amendment for a minute? I appreciate the letter the Chairman gave me on this, and I am familiar with the practice that while it is the Chairman who signs the letter it is usually not the chairperson who makes the ruling. I met the Clerk of the Dáil on other interpretations of this. It is deeply frustrating for Members who have a role in financial matters. The idea...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Pearse Doherty: I appreciate that. I ask that the interrogation happen prior to the deadline for tabling amendments on Report Stage.