Results 25,101-25,120 of 31,374 for speaker:Eamon Ryan

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (30 Sep 2010)

Eamon Ryan: I have a clear recollection that they did.

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (30 Sep 2010)

Eamon Ryan: I do not wish to set off one side of the House against the other but seek a recognition that if we are to learn the lessons from this crisis, that it was this obsession with property and that frantic attempt to try to continue building 80,000 to 100,000 units per year that caused our problem.

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (30 Sep 2010)

Eamon Ryan: Moreover, I must inform Deputy Durkan that behind that lay a planning approach on councils nationwide in which all parties were engaged-----

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (30 Sep 2010)

Eamon Ryan: ----- that further hyped up the froth.

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (30 Sep 2010)

Eamon Ryan: No, it is not.

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (30 Sep 2010)

Eamon Ryan: This simply is to state some of the facts that lay behind the fundamental problem we faced, which was this obsession with property and the inflation of land values. This did emerge from our planning system, as well as from our banking system, and one should be honest about that.

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (30 Sep 2010)

Eamon Ryan: Yes, our example is the very worst and yes it hurts terribly. Moreover, because it is our own, it hurts even more. Whatever about international comparisons, this is the worst experience we have ever faced and I intend to do everything I can to ensure we never have it again. However, the solution being pursued is common to many similar bank crises in the past. It comprises an introduction...

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (30 Sep 2010)

Eamon Ryan: ----- and then one capitalises the banks.

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (30 Sep 2010)

Eamon Ryan: The latest book to go through the American example is Too Big to Fail by Andrew Sorkin. It cites that model as the standard operating procedure and response one makes and that is what the Government has done. I acknowledge it has taken time. It took time from the consideration of such an option to getting it through this House. It took the Government a long time but it was right to...

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (30 Sep 2010)

Eamon Ryan: It also has taken time for the officials in NAMA to carry out their fundamental first task, which was to ascertain the scale of the losses. Real lessons were learned that banks do not necessarily present information in the timely and honest fashion that was need and that it was right for the Government to take the firm action of sending in independent analysts rather than trusting the banks....

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (30 Sep 2010)

Eamon Ryan: At present, we are moving to the conclusion of the crucial third element of the entire process, that is, the capitalisation of the banks. This is an important part of this process to enable them to begin lending in order that the economy can start to recover. In respect of Anglo Irish Bank and INBS, the banking model employed was completely and, to my mind fraudulently, wrong in the sense...

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (30 Sep 2010)

Eamon Ryan: I will.

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (30 Sep 2010)

Eamon Ryan: Yes, I believe we all bear responsibility, obviously including in particular the Ministers who were in power at the time, as well as the regulators and board members of those banks. I note that it was very much the great and the good, that is, the well-regarded in our society, who were in such regulatory systems, on such boards and in the political systems. Yes, there was widespread failure...

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (30 Sep 2010)

Eamon Ryan: I would like to have time to speak on our budget and on the European Union response to this because that is a significant issue. I may have to speak about it on another occasion. People have rightly asked whether we should not have taken on the senior bondholders. My instinct is absolutely similar to that of others in the House in that I ask why the taxpayer should have to take all the hit....

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (30 Sep 2010)

Eamon Ryan: As I understand it - I will be happy to hear Deputy Noonan argue another view - contracts were entered into giving the depositors the exact same rights as the bondholders. Those rights cannot be taken away retrospectively. A court challenge from a bondholder would contend the deposit holder has the exact same rights as a bondholder and that one could not just attack a bondholder without...

Written Answers — Energy Efficiency Programmes: Energy Efficiency Programmes (30 Sep 2010)

Eamon Ryan: The following table gives a breakdown for 2008, 2009 and 2010 to date of the total expenditure and the number of homes assisted under the energy efficiency programmes administered by the Sustainable Energy Authority of Ireland. Programme 2008 2009 2010 (to date) Programme Totals (08 to date) Home Energy Saving scheme (HES) Total Spend (€) €1.4m €16.3m €31.1m €48.8m Number...

Written Answers — Energy Efficiency Programmes: Energy Efficiency Programmes (30 Sep 2010)

Eamon Ryan: The Government's National Retrofit Programme will draw together the existing energy efficiency programmes of Sustainable Energy Authority of Ireland (SEAI) into a single framework. The objective of the Retrofit Programme is to deliver energy efficiency upgrades to one million residential, public and commercial buildings in Ireland. It will be a programme of scale, involving energy supply...

Written Answers — Telecommunications Services: Telecommunications Services (30 Sep 2010)

Eamon Ryan: The cost to the Exchequer from the operation of 1890 telephone numbers by Government Departments and other public sector organisations is a matter for the Department or organisation in question. The costs incurred on this service by my Department in the 12 month period from September 2009 to August 2010 were €370.24. My Department uses both a lo-call number and local number for members of...

Written Answers — Natural Gas Grid: Natural Gas Grid (30 Sep 2010)

Eamon Ryan: The development and expansion of the natural gas network is in the first instance a commercial matter for Gaslink, the independent subsidiary of Bord Gáis Éireann, which is statutorily obliged under Section 8 of the Gas Act 1976, as amended, to develop and maintain a system for the supply of natural gas that is both economical and efficient. The Commission for Energy Regulation (CER), is...

Written Answers — Telecommunications Services: Telecommunications Services (30 Sep 2010)

Eamon Ryan: The European Commission has set aside a portion of the European Economic Recovery Programme (EERP) funding for rural broadband initiatives. Using this funding, which will be augmented by an Exchequer contribution, I intend to formally launch a Rural Broadband Scheme before the end of this year. This scheme will aim to provide a basic broadband service to individual un-served rural premises...