Results 25,661-25,680 of 31,374 for speaker:Eamon Ryan

Written Answers — Grant Payments: Grant Payments (30 Mar 2010)

Eamon Ryan: There are no plans to increase the grant of €4,000 for external wall insulation under the Home Energy Savings Scheme.

Written Answers — Departmental Reports: Departmental Reports (30 Mar 2010)

Eamon Ryan: The following table shows the current status of proposals in the Report of the Special Group on Public Service Numbers and Expenditure relating to my Department and to bodies and agencies under its remit. Implementation of the proposals in the Report is a matter for the Government. As the Deputy is aware the report of the Special Group outlined a wide range of proposals across all...

Banking System: Motion (30 Mar 2010)

Eamon Ryan: ------in order that we learn the lessons from history. We took a very harsh approach and examined the banks, and said we said we do not accept their figures any more, that we are giving the figures, in terms of what we see as the potential losses, and are using a much sharper discount than anyone expected. The figures show that our two main banks, namely, AIB and Bank of Ireland, are truly...

Banking System: Motion (30 Mar 2010)

Eamon Ryan: I refer to David McWilliams's argument about doing that and giving up on our reputation in that sense but we might as well go the whole hog, leave the euro and use the opportunity to devalue to get out of the economic difficulties.

Banking System: Motion (30 Mar 2010)

Eamon Ryan: The certainty of that as an approach is driven by an analysis which does not consider the fact that the European Central Bank is one of the main depositors or bondholders in Anglo Irish Bank. If we take the option of defaulting on those who have money on deposit in Anglo Irish Bank, we would have to say to the ECB that we will not pay it back.

Banking System: Motion (30 Mar 2010)

Eamon Ryan: One cannot differentiate between bondholders and the ECB in that section of the balance sheet.

Banking System: Motion (30 Mar 2010)

Eamon Ryan: It would be difficult legally to differentiate between them and say we will not touch the ECB but we will touch Deutsche Bank or whichever bank is involved. Having examined this inside out and having tried to determine what is the easiest way for us to get out of this, the default option is the more expensive and risky. It would require us to take the hugely risky step for which David...

Banking System: Motion (30 Mar 2010)

Eamon Ryan: No other country has taken the default option and the ECB has set itself against banks of this scale defaulting in any member state.

Banking System: Motion (30 Mar 2010)

Eamon Ryan: That is what I tried to say at the weekend and it may have been misunderstood in certain quarters. I am proud of the Green Party's role in trying to do the right thing in the past year and that we introduced a risk sharing component in order that the banks would take the hit on subordinated debt.

Banking System: Motion (30 Mar 2010)

Eamon Ryan: I am also proud that we insisted on and pushed for the highest haircut possible to makes sure we reflected-----

Banking System: Motion (30 Mar 2010)

Eamon Ryan: It was not just the EU. If people had cared to listen, all along we said we would insist on a loan by loan valuation, we would not do favours to the banks, we would force them to recognise their losses and that is what has happened today.

Banking System: Motion (30 Mar 2010)

Eamon Ryan: I am proud we have consistently recognised that the culture and people within our banking system are culpable and we called for them to be cleared out from the very start, particularly at board level, where they had responsibility for the strategic errors make.

Banking System: Motion (30 Mar 2010)

Eamon Ryan: I am also proud we pushed for further support for the taxpayer through the introduction of a levy on the banks to cover any losses incurred. In addition, we pushed for the Government to give support to those who have been caught in this downturn with debt problems. It is important that we look after particular groups within our country who have been left in serious debt difficulties.

Banking System: Motion (30 Mar 2010)

Eamon Ryan: The Green Party has engaged in several difficult actions. First, we faced up to this problem and we have tried to take control of it in a way we think is the least costly for the taxpayer. However, it is more important that we learn lessons to change the culture in the banking system and in our markets in order that such failures do not happen again and that the State is not left with the...

Banking System: Motion (30 Mar 2010)

Eamon Ryan: How has the Deputy arrived at that figure?

Banking System: Motion (30 Mar 2010)

Eamon Ryan: Those loans now have the value they should have.

Banking System: Motion (30 Mar 2010)

Eamon Ryan: There has been a 50% discount.

Banking System: Motion (30 Mar 2010)

Eamon Ryan: This was done by the Regulator, who is an independent international expert.

Banking System: Motion (30 Mar 2010)

Eamon Ryan: Every Member deeply regrets it but we should not confuse the people by saying the cost of this is €40 billion when it is closer to €20 billion.

Banking System: Motion (30 Mar 2010)

Eamon Ryan: This is the worst market failure in the history of the State. It is not the first in the banking area. We had ICI, the DIRT scandal and the Rusnak scandal, and perhaps there was a moral hazard in the failure of the banks to learn that such scandals would not be tolerated or accepted and led them and us into this crisis. We now have to face up to the problem, take control of it and deal...