Results 24,681-24,700 of 26,148 for speaker:Kieran O'Donnell
- National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)
Kieran O'Donnell: The debate on NAMA is still ongoing.
- National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)
Kieran O'Donnell: Given Deputy Gogarty's dissatisfaction with developers and the type of building that took place in recent years, I suspect he will vote against the Bill.
- National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)
Kieran O'Donnell: I ask the Minister of State to elaborate on the changes made by the amendments. What is the purpose of the finance committee? What will be its membership? I assume this ties in with the quarterly reports. What will be the precise functions of the finance committee?
- National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)
Kieran O'Donnell: The section states the members of the credit committee and the finance committee shall be members of the board or officers of NAMA and at least two members of each of those committees shall be members of the board Normally reporting to the board is done through the financial controller, who would have his or her own team. In many cases the financial controller might also be a member of the...
- National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)
Kieran O'Donnell: This relates to the establishment of a finance committee within NAMA. As Deputy Burton has stated, we have discussed the SPVs at length, and they will be for all intents and purposes the operational vehicle of NAMA. The SPVs will consider day to day activity and all the powers will effectively be delegated to the SPVs. There will be a master SPV and a number of subsidiaries, baby SPVs,...
- National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)
Kieran O'Donnell: I move amendment No. 1 to Seanad amendment No. 9: In line 2, subsection (4), after "knowledge if" to insert the following: "following consultation with any Committee of the Houses of the Oireachtas established to monitor Acts done in the furtherance of this Act, the Minister is of the view that". During the Committee Stage debate in this House, the Minister took on board the possibility that...
- 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.