Results 29,221-29,240 of 34,778 for speaker:Seán Fleming
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: It can borrow.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: Who will provide the backstop?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: Do not mind the detail; what institution will provide the backstop?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: We are not there yet. If it is decided that an institution is to go into resolution, will it be somewhat like what happened here when KPMG was called in? Who physically will manage the resolution? Will it be one of the big four accounting firms? Mr. Carrigan should talk me through this process. I have read the sentence that should a national resolution authority not comply with the...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: But I still do not know who will do the work of carrying out the resolution.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: Will it be hiring? That is like telling me that when the IBRC was liquidated, it was done by the Government. That is not the case, as the job was contracted out to somebody.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: Yes, it must have the authority to hire staff. However, it will not have staff in place because I hope they never will be needed.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: That is a little like telling me that when it was decided to put the IBRC into liquidation, the supervisory authority knew some guy. The Central Bank is not involved in managing that process. Who physically will carry out the liquidation to which I am referring?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: There will be 240 people.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: The authority would not have the staff to carry out the resolution of a bank; 240 people would not cover it because they would also have their day job to do. My point is that it will be necessary to contract the work out to someone.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: Yes, in the authority, but they will not be-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: I hope they will never have any work to do. Mr. Carrigan is suggesting they are somewhat like the fire brigade.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: In a case in which it is deemed that a bank must be part of a resolution, what call will the resolution board have on the auditors who signed the most recent financial statements? A question arose in Ireland as to the reason the auditors had not spotted it. Mr. Carrigan should talk me through this process. We cannot have some of the big global accounting firms issuing audit certificates...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: If it is not to be included in the directive, no legislative provision will be made for it. From where will the legislative provision come on this subject? This is a matter on which the Government and its officials in the Department of Finance are working with the other governments. Forgive me if I am wrong, but one reason the delegates have come before the national Parliament is to get...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: Members are aware that there is legislation to deal with these issues. However, I note that no auditor has as yet been held liable for some of the banking failures here. My point is that there have been banking failures in Europe where everyone agrees that a new resolution mechanism is needed to have in place a fund, funded by the industry, in order that taxpayers will not be caught next...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: What institutions in Ireland are likely to come under this resolution process?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: Is there a list of those Mr. Carrigan could send to us? Is it a long list? Is it five or six, 25 or 26 or 100?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: Would Mr. Carrigan send that to the committee tomorrow and we will circulate it to members.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: On the risk-based issue, we have dealt with the 1% average. In terms of the risk, some people, and Mr. Carrigan or myself might not like the point to be made, would make the point that banks in Ireland carry a higher risk than a bank in Germany. In addition to the type of institution, it might be said that a bank in Greece or Ireland carries a potential greater risk and in view of the...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: Those countries with safer banks or those that have proven they are safer countries in which to bank-----