Results 27,561-27,580 of 28,255 for speaker:Éamon Ó Cuív

Dormant Accounts (Amendment) Bill 2004 [Seanad]: Report Stage (Resumed) and Final Stage. (11 May 2005)

Éamon Ó Cuív: Ba mhaith liom moladh go nglacfar leis an mBille agus buíochas a ghlacadh leis na Teachtaí a ghlac páirt sa díospóireacht. Tuigim go bhfuil malairt tuairime faoin mBille ach, agus é sin ráite, agus é ag dul tríd an dá Theach, bhí díospóireacht thar a bheith foirfe, ciallmhar agus iomlán ann. Tá lúcháir orm gur éirigh linn an Bille seo a chur tríd gan deifir agus gan aon...

Dormant Accounts (Amendment) Bill 2004 [Seanad]: Report Stage (Resumed). (11 May 2005)

Éamon Ó Cuív: I move amendment No. 16: In page 14, lines 28 to 30, to delete all words from and including "or" in line 28 down to and including "section" in line 30 and substitute the following: ", advisers or other service providers engaged for any purpose relating to applications for disbursements under this Part". This is essentially a technical amendment the purpose of which is to modify slightly an...

Dormant Accounts (Amendment) Bill 2004 [Seanad]: Report Stage (Resumed). (11 May 2005)

Éamon Ó Cuív: The effect of this amendment is to delete section 10. This section is consequential to the board's changed role regarding decision making in that it removes the accountability of the chairperson to the Committee of Public Accounts for decisions on disbursements made by the former board. Removal of this section will create an anomaly whereby the board would no longer make decisions on...

Dormant Accounts (Amendment) Bill 2004 [Seanad]: Report Stage (Resumed). (11 May 2005)

Éamon Ó Cuív: That is a rule where offices and boards do not make disbursements. Where they make direct disbursement, they are accountable for the money to the Committee of Public Accounts. For example, Oifig an Chomisinéara Teanga only has administrative money and does not make disbursements and, therefore, it does not have a responsibility——

Dormant Accounts (Amendment) Bill 2004 [Seanad]: Report Stage (Resumed). (11 May 2005)

Éamon Ó Cuív: No, but he has an office. He is not an accounting officer in terms of being answerable to the Committee of Public Accounts. It is not a question of whether he has a board since the office only handles administrative money. The same applies to this board in that there is no disbursement function directly attributable to the board. The disbursements will be made by Departments. Let us suppose...

Dormant Accounts (Amendment) Bill 2004 [Seanad]: Report Stage (Resumed). (11 May 2005)

Éamon Ó Cuív: In that case, it is the National Treasury Management Agency which is managing the fund. It refers to what we were talking about earlier in regard to investment and so on. The NTMA does that and transfers the money to the Dormant Accounts Fund Disbursements Board which then disburses the money. This is why there is a reference to the chief executive of the agency. As the Deputy is aware, the...

Dormant Accounts (Amendment) Bill 2004 [Seanad]: Report Stage (Resumed). (11 May 2005)

Éamon Ó Cuív: There never was one.

Dormant Accounts (Amendment) Bill 2004 [Seanad]: Report Stage (Resumed). (11 May 2005)

Éamon Ó Cuív: There is one.

Dormant Accounts (Amendment) Bill 2004 [Seanad]: Report Stage (Resumed). (11 May 2005)

Éamon Ó Cuív: If the Deputy checks the definitions in the Dormant Accounts Act 2001, he will find that "agency" means the National Treasury Management Agency. Anywhere that the word "agency" is mentioned in the Dormant Accounts Act 2001 and in this Bill, it refers to the National Treasury Management Agency because that is what the definition at the front of the Bill states. Therefore, anywhere the Bill...

Dormant Accounts (Amendment) Bill 2004 [Seanad]: Report Stage (Resumed). (11 May 2005)

Éamon Ó Cuív: The Deputy has got it in one.

Dormant Accounts (Amendment) Bill 2004 [Seanad]: Report Stage (Resumed). (11 May 2005)

Éamon Ó Cuív: May I have one minute to explain the situation clearly?

Dormant Accounts (Amendment) Bill 2004 [Seanad]: Report Stage (Resumed). (11 May 2005)

Éamon Ó Cuív: Yes, but it refers to the chief executive of the agency. I know this is complicated but in fact——

Dormant Accounts (Amendment) Bill 2004 [Seanad]: Report Stage (Resumed). (11 May 2005)

Éamon Ó Cuív: I wish to explain as simply as I can. Perhaps I can do this in one and a half minutes. At present, there are two bodies involved. The management of the fund, which, as all the Deputies noted, contains a great deal of money, is performed by the National Treasury Management Agency. It manages the fund and its chief executive must ensure that the agency attempts to get the best returns for the...

Dormant Accounts (Amendment) Bill 2004 [Seanad]: Report Stage (Resumed). (11 May 2005)

Éamon Ó Cuív: We have discussed this before. This is the entire basis of the Bill. The board will draw up a plan which it will present to the Minister who will bring it before the Cabinet, which he is not currently obliged to do, and it will then review the actions. It is all in section 41. This is rehashing——

Dormant Accounts (Amendment) Bill 2004 [Seanad]: Report Stage (Resumed). (11 May 2005)

Éamon Ó Cuív: Can we agree to take the amendment now?

Dormant Accounts (Amendment) Bill 2004 [Seanad]: Report Stage (Resumed). (11 May 2005)

Éamon Ó Cuív: I am advised I must propose the section.

Dormant Accounts (Amendment) Bill 2004 [Seanad]: Report Stage (Resumed). (11 May 2005)

Éamon Ó Cuív: That is fine. I am not in a hurry.

Dormant Accounts (Amendment) Bill 2004 [Seanad]: Report Stage (Resumed). (11 May 2005)

Éamon Ó Cuív: I hope I will be able to persuade Members that what I am proposing is stronger than the amendment. When one is thinking of law one has to read the words carefully. I agree with Deputy McGinley that there are roles for independent boards carrying out certain functions. We all agree with that as a matter of principle. The question we have to decide is where it is more appropriate for a board...

Dormant Accounts (Amendment) Bill 2004 [Seanad]: Report Stage (Resumed). (11 May 2005)

Éamon Ó Cuív: That is not what the Deputy's amendment says. It refers to persons appointed by the Minister.

Dormant Accounts (Amendment) Bill 2004 [Seanad]: Report Stage (Resumed). (11 May 2005)

Éamon Ó Cuív: I ask the Deputy to read his amendment. It proposes the Minister consults with the bodies he thinks are important and then he can nominate what four members he wishes.