Results 26,701-26,720 of 27,055 for speaker:Darragh O'Brien

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Darragh O'Brien: A reduction in their pension benefit.

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Darragh O'Brien: I am not saying that.

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Darragh O'Brien: Same as ARFs, which are exempt.

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Darragh O'Brien: Recommendation No. 9 seeks to ensure that benefits agreed in respect of current schemes will not be reduced by a scheme's trustees in order, effectively, to pay the levy. As stated on Second Stage, an average sized company might have a scheme which has been in operation for 20 to 30 years and this might incorporate a mix of retired members - with their retained benefits - and members who are...

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Darragh O'Brien: The overall point I make is that someone who has been a member of a scheme for a long period will obviously pay more. We have already discussed my views on the levy and the inequality relating to it. The Minister of State must recognise that the larger the scheme, the greater will be the charge upon it. In the context of the levy, we are discussing work schemes which, in the main, are...

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Darragh O'Brien: That is not true.

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Darragh O'Brien: The biggest change in pensions legislation was introduced by the previous Government. That is not true at all.

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Darragh O'Brien: Senator Jimmy Harte referred to investment managers and the cost of managing pension funds. Deputy Shane Ross suggested pension fund managers should carry the cost. I would love them to do so if it were feasible. The average cost of managed pension funds, the funds associated with workers' schemes, is 0.75% per annum, as any of the Minister of State's officials would tell him. More...

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Darragh O'Brien: Specifically on the recommendation, I thank the Minister of State for clarifying his position. It is interesting to note, and I take the Minister of State at his word, that the pensions industry has not responded to correspondence from the Minister for Finance at a point when the Bill is before this House and will be dealt with this week. This is an indictment of the industry that I find...

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Darragh O'Brien: That is a large stretch.

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Darragh O'Brien: The Minister of State is thinking of long-haired literary types who read the newspaper while getting their hair done.

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Darragh O'Brien: Correct.

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Darragh O'Brien: We had a good discussion yesterday and I thank the Minister of State for returning to the House. As I said on behalf of our group, there are many measures in the Finance (No. 2) Bill 2011 that we support. Senator Byrne has outlined a mechanism whereby Government must report back more regularly. As Senator Byrne intimated, it may be onerous to report on it every two months but I do not...

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Darragh O'Brien: We used to be on the other side of the fence.

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Darragh O'Brien: I realise it well.

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Darragh O'Brien: In fairness, Senator Byrne is responding to a comment made by the Minister of State.

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Darragh O'Brien: I agree with the main point made by Senator Byrne, which is that this needs to be tracked. The Minister of State cited a response from the Department, suggesting it would be difficult to do so. We are able to get regular updates on progress on the Croke Park agreement, a matter which is important and which we discussed this morning. It seems in that instance when we are looking at savings...

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Darragh O'Brien: I appreciate what the Minister of State is saying and we will be debating this. However, it concerns me. The Government is looking at a tax measure over four years of €1.8 billion. The Department of Finance would not be happy to know that we are raising a significant €470 million a year on the basis of the levy and will not be able to track the output of it. I understand the Government...

Seanad: Order of Business (15 Jun 2011)

Darragh O'Brien: Last week in the House my colleague, Senator Mark Daly, indicated that he had information to hand suggesting that, in some instances, developers were in a position to purchase back discounted loans from the National Asset Management Agency through offshore companies. On the Order of Business yesterday the Government Chief Whip, Senator Paul Coghlan, stated his view that Senator Daly had...

Seanad: Order of Business (15 Jun 2011)

Darragh O'Brien: Parts of it.