Results 25,161-25,180 of 26,148 for speaker:Kieran O'Donnell

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: Yes. I raise the matter now and the Minister might take this into consideration. I shall submit an amendment on Report Stage.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: Fine Gael has tabled a similar amendment. The purpose of this legislation is to put moneys from the National Pensions Reserve Fund into the two main banks — AIB and Bank of Ireland — but as the legislation currently stands, can the Minister put funds into the listed financial institutions, AIB and Bank of Ireland, and Irish Life & Permanent, without bringing it back before the House? We...

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: Amendment No. a1e is grouped with these amendments in the names of Deputy Burton and me. We would like some clarification. It is extremely important to remember this is taxpayer's money. The Minister mentioned advanced contributions in the order of €3 billion. Those contributions should be restricted purely to investment in these financial institutions with specific reference to ensure...

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: The Minister did not answer the question.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: After it has been brought to Government, can the Minister then bring it before the House? Is he giving that commitment?

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: Is the Minister giving a commitment to the House that we will see the contents of that report?

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: I am glad to hear that. In that spirit, I hope the Minister will look favourably on the amendments we have proposed. The main issue is the flow of funds to small businesses and first time buyers. We need to see clear evidence it is happening and to date we have not. We are being asked to vote on a Bill which is giving €7 billion of taxpayer money to two institutions.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: One of the main debates today is the need to find €5 billion in savings through increased taxes and expenditure cuts. However, €7 billion of taxpayers' money is being put into the two main banks under this legislation. When AIB published its annual accounts, reference was made to the €3.5 billion being provided by the Exchequer through the NPRF in the context of its core tier 1...

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: Under the legalisation, funds can be provided both from the Exchequer and non-central funds to the NPRF.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: State assets could be sold and the money realised provided to the NPRF. In that case, taxpayers' money would be involved but there would be no accountability. We are not interfering with the Minister's role in dealing with the banks but the amendments provide for accountability to the Houses of the Oireachtas on the use of taxpayers' money. The Minister stated earlier he cannot direct the...

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: The chief executive officer of AIB clearly stated his core tier 1 capital ratio had increased to 8.5% but this was qualified subsequently as being the case after the €3.5 billion is provided by the Exchequer via the NPRF. The amendment is reasonable, as it does not restrict the Minister from dealing with the banks and giving them the security they need. It ensures proper debate on the use...

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: Is the Minister suggesting that?

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: I seek clarification. The National Pensions Reserve Fund is entitled to do its business independently. If it wishes, it can invest in any asset.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: If the Minister has that power, he will be removing the commission's discretion. Regardless of whether he is investing funds from the Exchequer or elsewhere, he is using taxpayers' money. Obviously, he cannot interfere with the NPRF. This issue comprises two elements. The commission has its own role and can invest in assets on which it believes it will get a maximum return. A different...

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: To clarify, Fine Gael tabled a similar amendment. Has it been included in the amendment list?

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: Although it has not been included on the list, Fine Gael tabled it as an amendment.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: They are different amendments. I do not expect that those who manage the National Pensions Reserve Fund would invest in the banks of their own accord. This is being done because the Minister is directing them to make that investment.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: Precisely. To follow on from this, as matters stand, there is nothing to stop the Minister from putting funds into the National Pensions Reserve Fund in the morning, if he wishes, by way of front-loading. The point is that were the Minister to invest such moneys into any of the listed institutions, the matter should be brought back before this House to be discussed and approved. It is as...

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: Absolutely not.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Kieran O'Donnell: The Minister is missing the point that we live in very uncertain times. It was always accepted that the National Pensions Reserve Fund would be used as a vehicle to recapitalise the banks. It is generally acknowledged by most commentators that these two banks will require further recapitalisation. It is generally accepted that this recapitalisation will come from the National Pensions...