Results 28,281-28,300 of 32,583 for speaker:Richard Bruton

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Richard Bruton: I will be brief. My amendment deals with banks which are currently facing difficulties and have many intensive care loans. We are told that estimates have been made of how many loans are non-performing. It is very important, now that the taxpayer is effectively the guarantor for deposits, that we have some solid assurances that work is being done within the banks to restructure their loan...

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Richard Bruton: I move amendment No. 5: In page 2, before section 3, to insert the following new section: 3. The Minster shall at all times in the operation of this Act be cognisant of the broader competitive environment along with the business needs of all banks with substantial operations in Ireland. This amendment relates to banks operating in the jurisdiction which are not covered by the guarantee. We...

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Richard Bruton: We are on amendment No. 5 which relates to banks operating in Ireland which are not covered by the guarantee. Will the Minister indicate the nature of the ring-fencing process that he envisages? Will he shed some light on how he hopes to set criteria for applicants which might seek this cover and how he will ring-fence the cover to ensure the taxpayer will not be exposed to guarantees that...

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) (1 Oct 2008)

Richard Bruton: I wish to make some brief comments. I am content to allow the guarantee scheme to operate with the Minister having discretion to apply it on the understanding that he will return to the House with the scheme and provide us with an opportunity to approve it and not on the basis that we must have a Private Members' motion seeking to annul it. We need Government time committed to presenting...

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) (1 Oct 2008)

Richard Bruton: I realise that but in considering the amendment before us it is important that we know we will have a chance to have a positive role in approving or disapproving of the scheme. I also wish to make it clear to the Minister that Fine Gael wants this scheme extended beyond what the Minister is now stating. The Minister has stated it will have the basis of charges and the revenue raised and the...

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Richard Bruton: In section 1 the Minister for Finance introduces a definition of "financial support" which includes a loan, a guarantee, an exchange of assets and any other kind of financial accommodation or support. So far in the debate it has been indicated the Bill will simply extend a guarantee from the State to the banks' depositors. However, in the Bill the Minister is taking power to provide much...

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Richard Bruton: Yes. If that is the case, will the Minister explain how the €520 billion assets, which he claims are available, can be if the European Central Bank has pre-empted some of them? There seems to be an element of double-counting in building up to the €80 billion buffer.

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Richard Bruton: One of the amendments in section 2 is in my name.

Written Answers — Tax Code: Tax Code (1 Oct 2008)

Richard Bruton: Question 71: To ask the Minister for Finance his plans to make changes in tax practice that would result in tips being subject to VAT; the reason for this tax on a gift; and if he will make a statement on the matter. [32719/08]

Written Answers — Waste Disposal: Waste Disposal (1 Oct 2008)

Richard Bruton: Question 161: To ask the Minister for the Environment, Heritage and Local Government if his attention has been drawn to the fact that an industry based proposal in the jewellery and watches sector to meet the obligations under the recycling regulations has not been approved; the perceived defects in the proposal by the industry; his estimate of the extra compliance costs that would be...

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) (1 Oct 2008)

Richard Bruton: Every word he said was in order.

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Richard Bruton: I want to raise some questions regarding the merger legislation. I cannot understand how the Minister would want to override competition law where circumstances arise, where perhaps a consolidation is occurring that is in the interest of the financial system's stability. What is not clear is why the Minister is not making provision for some role for the Dáil in such an event. A merger of...

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Richard Bruton: This is an enormous change and this debate has been worthwhile. I welcome the concessions given by the Minister in respect of bringing the scheme before the House for positive approval. I welcome his indication that he will seek to put someone on the board and that there will be proper supervision of risk assessment. Misgivings remain and there are amendments I would have liked to have...

Credit Institutions (Financial Support) Bill 2008: Committee Stage. (1 Oct 2008)

Richard Bruton: A roaming charge.

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Richard Bruton: This section is the main meat of the Bill and there are several amendments to which I wish to speak. I will deal with them as quickly as I can. Amendment No. 10 arises from concern that the Minister, in defining the guarantee and the types of deposit to be guaranteed, appears to extend the definition in the Bill compared to what he said in the press release he issued yesterday. In other...

Credit Institutions (Financial Support) Bill 2008: Committee Stage. (1 Oct 2008)

Richard Bruton: I will be as brief as I can. The whole rules of the game for banking have changed. Any money the banks raise has a guarantee from the taxpayer, which radically changes the way we view banking. It is essential that a regulatory regime is in place in which the House can have confidence. The Minister for Finance is taking sizable powers and there is no doubt that, under the legislation, he...

Credit Institutions (Financial Support) Bill 2008: Committee Stage. (1 Oct 2008)

Richard Bruton: The problem is the Minister is asking us to make an act of faith and trust that he, in consultation with the regulatory authorities, will come up with a scheme that is robust. Prudence would suggest that we should not make that act of faith quite so easily. We need to see a scheme. I further believe that some of the powers the Minister proposes to take, which will not be included in this...

Credit Institutions (Financial Support) Bill 2008: Committee Stage. (1 Oct 2008)

Richard Bruton: My amendments were submitted before 10.30 a.m. if that is the issue.

Written Answers — Health Insurance: Health Insurance (30 Sep 2008)

Richard Bruton: Question 149: To ask the Minister for Health and Children her views on whether the health insurance premia for older and sicker persons will increase in view of the decision of the Supreme Court to strike down the risk equalisation scheme; the steps she is taking to stabilise the health insurance market and ensure community rating in order that health insurance remains affordable; and if she...

Credit Institutions (Financial Support) Bill 2008: Second Stage (30 Sep 2008)

Richard Bruton: Everyone in this House will agree that huge mistakes have been made in Ireland in recent years that have undermined the successful model that we had. It was a model of an economy based on strong export growth, tight management of public finances and a financial sector that had a proper balance in its approach to funding. The problem was the dangerous flirtation with the property sector that...