Results 2,341-2,360 of 4,810 for speaker:Liam Twomey

Seanad: National Asset Management Agency Bill 2009: Report and Final Stages (11 Nov 2009)

Liam Twomey: That would be useful.

Seanad: National Asset Management Agency Bill 2009: Report and Final Stages (11 Nov 2009)

Liam Twomey: The Minister could get him under section 221.

Seanad: National Asset Management Agency Bill 2009: Report and Final Stages (11 Nov 2009)

Liam Twomey: I still intend to press the amendment. None of us wants to see NAMA fail but in the next few years there will be many problems and difficulties for the Minister. There will be the master SPV and there may be other SPVs. I have no doubt the Minister might find himself setting up property management companies in the foreseeable future. Ongoing critical financial management will be required....

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Liam Twomey: The SPV is a private company, not a public company. NAMA is a public company. I had this discussion yesterday with the Minister involved. It seems strange that a private company which is not a charity is exempt from all taxes.

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Liam Twomey: The SPV is managing all of these-----

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Liam Twomey: We were told that all of the bonds it is handling for the State are exempt, although the investors and whatever dividend they are paid are not exempt. I understand this because this involves income for these individuals. The Minister is suggesting that any profits made on handling these bonds and in dealing with them on behalf of the State, which are being handled by the SPV on behalf of...

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Liam Twomey: It would seem the Minister is suggesting a private company will not pay income tax.

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Liam Twomey: The Senator should ask Senator Boyle about it.

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Liam Twomey: It has been evident in recent years that it is not always possible for the Garda Síochána or even a member of the board to instil confidence in a whistleblower that he or she will be protected. The Minister is aware of cases in which persons who have acted as whistleblowers have had their names released, either directly or indirectly, to their employers, which has had a detrimental effect...

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Liam Twomey: I move amendment No. 69: In page 132, subsection (4), lines 23 to 27, to delete paragraph (b) and substitute the following: "(b) shall be apportioned to each participating institution on the basis of any loss incurred by NAMA on the assets acquired by NAMA under this Act,". This relates to the levy that will be applied if NAMA does not make a profit. The levy will be applied to the...

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Liam Twomey: The way it is structured in the Bill means that Allied Irish Banks and Bank of Ireland must try to put funds aside for Anglo Irish Bank's losses. Anglo Irish Bank is more likely to have the larger losses in the loan book that is transferred to NAMA. If a surcharge is imposed in ten years, it appears AIB and Bank of Ireland will have to make allowances for that.

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Liam Twomey: AIB and Bank of Ireland will pay for its losses.

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Liam Twomey: When I brought forward a proposal that the levy should be introduced from the outset, I was ridiculed by the Minister for Finance on the basis that what I was suggesting would spook the markets. What will be the effect of the proposal that in ten years' time some of the participating banks will be responsible for the undefined losses incurred by Anglo Irish Bank, Irish Nationwide and any...

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Liam Twomey: My point is that in three years' time, when it is hoped matters in the financial sector will have improved, international investors will again become interested in our banking sector. It will then be pointed out to them that a surcharge may have to be paid in the future. NAMA may be showing good potential at that stage but if it is not, then we are only making more trouble for ourselves....

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Liam Twomey: I want to ask about the changes the Minister proposes to make to the Planning and Development Act 2000. It is about extending planning for NAMA. When this is being extended, are any changes to planning permission being contemplated which might improve the overall environment and the green agenda when applications come up for renewal? This might not be directly connected, but are there any...

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Liam Twomey: I am sure the windfall tax issue has been discussed in-depth with the Minister. This does not apply to one-off housing in rural areas. It has nothing whatsoever to do with, say, a family that wants to sell a small site for a house to one of its members or someone else in the community.

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Liam Twomey: There will be much rezoning back to agricultural use in the next few years.

Seanad: National Asset Management Agency Bill 2009: Report and Final Stages (11 Nov 2009)

Liam Twomey: I move amendment No. 1: In page 16, between lines 35 and 36, to insert the following: "2.—Where NAMA proposes to establish a Special Purpose Vehicle to purchase, manage or dispose of assets , it shall do so only in accord with regulations published by the Minister and approved by the Oireachtas which shall include, but are not limited to: (a) the suitability of investors, (b) the...

Seanad: National Asset Management Agency Bill 2009: Report and Final Stages (11 Nov 2009)

Liam Twomey: I second the amendment.

Seanad: National Asset Management Agency Bill 2009: Report and Final Stages (11 Nov 2009)

Liam Twomey: I move amendment No. 3: In page 17, between lines 17 and 18, to insert the following: "(viii) to ensure that the measures taken in this Act restore confidence in the banking sector are reciprocated by lending by the participating institutions to members of the public generally in their private capacity and to small and medium enterprise in particular, (ix) to ensure an orderly property...