Results 26,341-26,360 of 35,959 for speaker:Pearse Doherty

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Pearse Doherty: Cuirim fáilte roimh an tOllamh Black chun an coiste. I welcome Professor Black. We are short on time and, as he can see, we have a very strict Chair. I will delve straight into an article Professor Black wrote in 2009 entitled “Those Who Forget the Regulatory Successes of the Past are Condemned to Failure”. He presents in it a model of how to build an effective...

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Pearse Doherty: I need to move on to another question as my time will run out. In his opening statement Professor Black talked about the ultra concentration of commercial lending is a tell to use poker analogy. He said that is a characteristic in the rapid model of growth. In relation to the ultra concentration of assets of other witnesses, we have had various reports done on behalf of the Irish...

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Pearse Doherty: Professor Black said a rolling loan gathers no loss.

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Pearse Doherty: You have proven that you are more than a banker. With regard to rolling loans and a stagnant commercial property market, where there is a downturn in commercial property sales and investment but a bank's loan book to commercial developers keeps growing, is that a tell? Whether it is or not, what should the reaction be?

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Pearse Doherty: Cuirim fáilte roimh Mr. Nava. I ask him to clarify the role of the Commission and the minimum requirements set for member states. Is it correct that the Commission sets the minimum standards through the process Mr. Nava outlined earlier? When the minimum standards were applied they were transposed into national law and the Commission stood back and did not check whether those minimum...

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Pearse Doherty: Would it be correct to say at that stage the Commission washed its hands with regard to the application of the minimum standards?

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Pearse Doherty: Did the Commission stand off? It had no other involvement in the application of the minimum standards once they were transposed and it had been assured they had been transposed accurately into national law.

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Pearse Doherty: What were the minimum standards in 2008 and 2009? What was the core tier 1 ratio for risk-rated assets at that stage? What was the percentage?

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Pearse Doherty: Does the European Commission have a role in approving capital injections for banks under EU state rules?

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Pearse Doherty: It had to approve capital injections. More specifically on the request to inject capital into Anglo Irish Bank in January 2009, when the Irish Government informed the European Commission that Anglo Irish Bank was capitalised above the 8% rule, did the Commission have no obligation to check whether that was accurate?

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Pearse Doherty: I have looked at the European Commission's website regarding the letter sent to it on 14 January by the then Minister for Foreign Affairs, Deputy Martin, which stated that the regulator assured that Anglo Irish Bank was capitalised above the minimum rates. I appreciate this was a competition issue, but regarding the division Mr. Nava heads up, is it correct that there was no requirement to...

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Pearse Doherty: I appreciate that.

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Pearse Doherty: I wish to clarify this. Mr. Nava's department deals with regulation. The request by the Irish State sought approval for the guarantee, which the Commission approved in mid-October. Is it correct that the request for all of the capitalisations of the banks, which would have been approved by the Commission, did not need input from the department Mr. Nava heads up?

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Pearse Doherty: A restructuring plan was required as part of the recapitalisation of Anglo Irish Bank. Does the competition arm of the Commission, as opposed to its regulation arm, deal with this issue? Mr. Nava indicated he has read the report by the House of Lords on the response of the European institutions to the crisis which was published on 27 January. The report was not completely uncritical of...

European Debt: Motion (Resumed) [Private Members] (4 Feb 2015)

Pearse Doherty: I am glad to be in a position to support the motion proposed by the Technical Group and co-signed by Sinn Féin Members. It is a sensible and timely motion that Ireland would support the call for a debt conference. Somebody in my office brought to my attention the headline in one of our newspapers about the Minister, Deputy Noonan, saying he broadly supported the concept of a debt...

Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Second Stage (4 Feb 2015)

Pearse Doherty: Cuirim fáilte roimh an mBille seo. Tá sé thar am dó. Anuraidh, bhí go leor plé agus scansáil ann nuair a d'fhógair an Rialtas go mbeadh an Bille foilsithe in 2015. Ag an am sin, dúirt mé gur chóir an Bille seo teacht os comhair na Dála go lom láithreach agus go gcomhoibródh Sinn Féin leis an Rialtas chun a...

Other Questions: Budget Consultation Process (4 Feb 2015)

Pearse Doherty: 8. To ask the Minister for Finance his views on whether the budgetary process would benefit from the creation of a specific body to provide independent costings of alternative budgets from Opposition parties and if he sees an existing body such as the Irish Fiscal Advisory Council taking on such a role. [4654/15]

Other Questions: Budget Consultation Process (4 Feb 2015)

Pearse Doherty: This question seeks the Minister's view on whether the budgetary process would be enhanced by the creation of a specific body to provide independent costings of alternative budgets from Opposition parties, whether an existing body such as the Irish Fiscal Advisory Council could take on this role and whether this process would enhance the type of debate we have on proposals from the Opposition...

Other Questions: Budget Consultation Process (4 Feb 2015)

Pearse Doherty: I welcome the Minister's response to this proposal, which I have been making for some time. I note from the Official Report of the Dáil that this matter was also raised with the late Minister for Finance, Brian Lenihan, by the Tánaiste when Labour Party Opposition spokesperson on finance and by other Deputies. The provision of this type of process would allow for a proper,...

Other Questions: Budget Consultation Process (4 Feb 2015)

Pearse Doherty: I appreciate that. This is long overdue. I welcome that the Government has agreed to it. While this issue has arisen as a result of the, in my view, nonsensical debate in regard to budgetary costings, budgets were never costed by the Opposition until 2011. This is something new that has crept into the debate, although it is somewhat welcome. The debate around whether all proposals or...