Results 3,041-3,060 of 11,861 for speaker:Brian Hayes

Job Creation (22 Feb 2012)

Brian Hayes: I note the comments made in the past on this matter by the Minister, Deputy Noonan. He is open to considering this. My understanding is that he will open a consultation process with the pensions industry soon, which could lead to an opportunity to use some of that resource. We are in an unusual position in that much of the pension funds that are collected here are not actually used here,...

State Banking Sector (22 Feb 2012)

Brian Hayes: I propose to take Questions Nos. 8 and 9 together. As the Deputy is aware, I have indicated that I am committed to reviewing the approach to the promissory notes with a view to reducing the overall cost to the State of correcting the banking system. The troika has agreed to engage in a process with Irish officials to produce a common paper which will consider options for re-engineering the...

State Banking Sector (22 Feb 2012)

Brian Hayes: I understand the Deputy's frustration, which is felt on all sides of the House, concerning the outstanding liability to the State arising from the criminal reckless lending of a bank which effectively brought this country to its knees. The dilemma - to take my ship analogy - is that the ship has left dock. The decision was made by the previous Administration when, in the first instance, it...

State Banking Sector (22 Feb 2012)

Brian Hayes: -----and then proceeded to nationalise it. The problem is that reneging on that contract is seen, from the European perspective, as a form of default. We are arguing that the bank is effectively now functioning as a type of financial warehouse in that its task, over a period of time, is to outwork the assets and liabilities that are there. We are making progress in articulating that to...

State Banking Sector (22 Feb 2012)

Brian Hayes: One of the reasons that our ten-year bond yields have improved so significantly, with the interest charged declining from 14.5% to less than 7% over a period of months, is the view that has grown that Ireland is now a sound place in which to invest. If we were to go down the road, as Greece has done, of arguing for private sector investment - effectively debt write-offs - how could we then...

State Banking Sector (22 Feb 2012)

Brian Hayes: The Deputy makes several assertions which I intend to counter. If he wishes to subject the people of this country to the new conditions of austerity that will affect the Greek people-----

State Banking Sector (22 Feb 2012)

Brian Hayes: I did not interrupt the Deputy. I object to any proposal to subject the Irish people to that experience. The people of this State will not be subjected to it as long as this Government is in place. The question is how one negotiates. Does one negotiate based on the Gaiety school of amateur acting, as we have just seen from the Deputy, or does one negotiate in a deliberate and calm way on...

State Banking Sector (22 Feb 2012)

Brian Hayes: I reject the assertion that we have achieved nothing.

State Banking Sector (22 Feb 2012)

Brian Hayes: Greek people have seen a further reduction in the minimum wage, while in this State we have increased the minimum wage, as both parties in government promised to do in the course of the election. We have achieved that by negotiation. For a programme country to secure that type of concession is an extraordinary achievement. I reject what the Deputy said in regard to the interest rate...

State Banking Sector (22 Feb 2012)

Brian Hayes: We will work with our external partners to find an agreed solution. That is what we are committed to achieve. If the Deputy is fair about this, he will come to the same conclusion.

State Banking Sector (22 Feb 2012)

Brian Hayes: For the totality of years.

State Banking Sector (22 Feb 2012)

Brian Hayes: I did not say that. I ask Deputy Broughan not to put words into my mouth. I said that this is an ongoing issue for the Government. I have not committed to any specific time lines on this.

State Banking Sector (22 Feb 2012)

Brian Hayes: I have not said whether it will be paid in March. I have given no commitments in that regard. Deputy Donohoe raised an important issue. Irrespective of the promissory note, the debt mountain facing this country is a considerable issue. We owe slightly more than €180 billion, €140 billion of which relates to the difference between income and expenditure and €40 billion of which...

State Banking Sector (22 Feb 2012)

Brian Hayes: If the Deputy wants to subject the Irish people to a second bail-out-----

State Banking Sector (22 Feb 2012)

Brian Hayes: I am asking the Deputy to understand to what they are now going to commit.

State Banking Sector (22 Feb 2012)

Brian Hayes: They are committing to a type of economic Armageddon in terms of what they face on public expenditure.

State Banking Sector (22 Feb 2012)

Brian Hayes: If Deputy Broughan wants to expose our people to that I fundamentally disagree with him. Written Answers follow Adjournment.

Credit Availability (22 Feb 2012)

Brian Hayes: As indicated to the Deputy in a written reply yesterday, the Government has imposed lending targets on the two domestic pillar banks for the three calendar years, 2011 to 2013. Both banks were required to sanction lending of at least €3 billion in 2011, €3.5 billion this year and €4 billion in 2013 for new or increased credit facilities to SMEs. These followed on the initiatives taken...

Credit Availability (22 Feb 2012)

Brian Hayes: I agree with the Deputy that this is the key test of whether we can get the economy moving again, namely, getting credit out to SMEs in particular. The climate has been challenging given the recent difficulties in the economy. It is a chicken and egg situation. We need more applications to come forward and a better processing regime by the banks. Some of the advances we have seen during...

Credit Availability (22 Feb 2012)

Brian Hayes: I welcome the Deputy's constructive remarks. This is a challenge particularly as we proceed through 2012. The Taoiseach has rightly pointed out that this is the year when the investment jobs agenda is the crucial test for us all to get people back to work. That will not happen unless we can provide funds into the real economy. It is important to state also that the whole of Government is...