Results 30,101-30,120 of 35,925 for speaker:Pearse Doherty
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)
Pearse Doherty: Just to be clear, if one of our banks required additional capital after stress tests were carried out next year, and it could not raise it in the international markets, it would have access to the ESM and this bail-in procedure would not apply.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)
Pearse Doherty: I just-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)
Pearse Doherty: I have no evidence at this stage either, but I just want to know if I am hearing this correctly. If the banks needed additional capital, would they able to go to the ESM for that capital, and is it the case that the bail-in procedures would not apply?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)
Pearse Doherty: The Minister can clarify this. It may not happen and it hopefully will not happen, but if it did happen, could we get access to the ESM? We were sold this so strongly. There was no reluctance on the part of the Minister during the Lisbon treaty referendum to tell us that we had that lifeline in the ESM. If a bank needs further capital - I am not mixing this up - sometime next year, do we...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)
Pearse Doherty: Before or after we apply a bail-in?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)
Pearse Doherty: Jesus Christ, Minister - just answer the question.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)
Pearse Doherty: The answer is a very simple "Yes" or "No".
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)
Pearse Doherty: Can a bank get capital through the ESM without the requirement for a bail-in, if it cannot raise money on the international markets and needs capital? I am wasting my time on this simple question.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)
Pearse Doherty: It is one year last week since the major game changer, or the seismic shift, as it was called at the time. The Minister presided over five ECOFIN meetings during the Presidency. There is one important line at the end of the five-page statement on potential retroactive application of the instrument. It has to be by mutual agreement and it must be on a case-by-case basis. We know that this...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)
Pearse Doherty: I am not sure whether too many people will be able to afford an autumn break. Hopefully, that was a hint that the Minister is going to ease up on austerity.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)
Pearse Doherty: True. That takes me back to the time the Minister said I was like the Donegal team, all defenders. Look what we did a year later, so just watch out. Some of the questions I want to raise have been touched on already. In regard to the supervision of the major and systemically important banks, the Minister mentioned there is a minimum requirement of three in each member state. For...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)
Pearse Doherty: We regulate Ulster Bank in regard to its operations here. It has over 1 million customers here. Is it a minimum of three banks?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)
Pearse Doherty: Is it for the Minister for Finance to determine which the third bank will be or whether there should be a fourth?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)
Pearse Doherty: There is no clarification on the third bank here, but there will be a third one.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)
Pearse Doherty: Okay, and it will base its choice on whether the banks selected are major banks or systemically important to the Irish economy. The Minister mentioned the bail-in and Deputy Donnelly also touched on that. Will the Minister tell us what effect the bail-in will have on pillar banks in which we have a shareholding - for example, AIB, which we nearly own completely, or Bank of Ireland? How...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Terms of Reference of Sub-Committee on Global Taxation: Motions (3 Jul 2013)
Pearse Doherty: Before we vote on the motion, I wish to speak in support of it. At least one speaker who voted against the previous two motions has suggested that it is the intention of the sub-committee to bring in the multinationals. Let me be clear, if we vote against this motion, the view of the committee is that no multinationals are to be brought in at this stage. It will be an option that could be...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Terms of Reference of Sub-Committee on Global Taxation: Motions (3 Jul 2013)
Pearse Doherty: Please allow me to finish.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Terms of Reference of Sub-Committee on Global Taxation: Motions (3 Jul 2013)
Pearse Doherty: The Chairman may not like what I am saying but I am entitled to say it.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Terms of Reference of Sub-Committee on Global Taxation: Motions (3 Jul 2013)
Pearse Doherty: I am in order. I am drawing comparisons between-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Terms of Reference of Sub-Committee on Global Taxation: Motions (3 Jul 2013)
Pearse Doherty: I am drawing comparisons between what is about to be agreed at this committee and what has been agreed under the last two motions, which would be the equivalent of a banking inquiry inviting in the architects, including the regulator, Minister for Finance and other Ministers present on the night of the bank guarantee and publishing a report which may include a recommendation to invite in the...