Results 3,101-3,120 of 4,810 for speaker:Liam Twomey

Seanad: Business of Seanad (1 Oct 2008)

Liam Twomey: Will it be 2.30 a.m. or 2.15 a.m.?

Seanad: Credit Institutions (Financial Support) Bill 2008: Second Stage (1 Oct 2008)

Liam Twomey: The debate on this legislation is reminiscent of a patient presenting himself to one with a large unsightly abscess. One has two options to treat such a patient. One can start him on antibiotics or, if it is a particularly difficult case, one can lance the abscess to release the underlying pus. I have the impression that all that has been done this week thus far is to start the patient on...

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

Liam Twomey: I move amendment No. 24: In page 3, between lines 35 and 36, to insert the following new subsection: "(7) (a) Any credit institution in receipt of financial support under this Act shall have appointed to its risk assessment committee, risk management committee or other appropriate board, such person as the Committee of Public Accounts shall direct to protect against possible misuse of such...

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

Liam Twomey: Amendment No. 17 is very much a version of the Fine Gael amendments that I withdrew subsequent to what the Minister said earlier. It is about bringing the Oireachtas closer to what is happening in the sector. We should have a central role in the regulation of, due diligence and everything else that happens in the financial sector. Concerning what the Minister said about oversight and...

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

Liam Twomey: It is not since my days as a junior doctor that I have worked all day and all night. First, I thank all the staff.

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

Liam Twomey: They have also worked all day and all night here. It was unexpected that they would be required to do so earlier. We thank the Minister for his commitment in this respect during the week. It is not too often that I reach across the political divide but I compliment him on what he has done this week. It was work well done and that must be said.

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

Liam Twomey: This has been an historical occasion for all of us. I hope we will not repeat it too often. Hopefully, what we have done will make a huge difference to our financial services and that we have headed off any major crisis the Minister thought was pending last Monday that led to this emergency legislation going through the Dáil. On behalf of everybody in Fine Gael I thank the Minister very...

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

Liam Twomey: I move amendment No. 5: In page 2, between lines 14 and 15, to insert the following new subsection: "(4) The Regulatory Authority shall have the power to examine any additional customer charges applied by a credit institution in receipt of financial support under this Act." This amendment provides for the regulatory authority to monitor any institutions receiving support from the State to...

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

Liam Twomey: I move amendment No. 6: 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 has been well discussed in the Lower House. It covers the situation of Ulster Bank which is not...

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

Liam Twomey: I move amendment No. 6a: In page 2, between lines 18 and 19, to insert the following new subsection: "(2) Any loan or other monies provided directly to a credit institution under this Act, shall not exceed €10 billion.". Since the amendment was tabled under pressure, I would like it to read differently. It should read "to all credit institutions". The legislation is concerned with saving...

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

Liam Twomey: My main point concerned something to which Senator Ross and others referred, namely, the considerable urgency in sorting out the legislation last Monday night. We have never been given the background to the urgency. What is the Swedish model, which the Minister believes is so good that it will save our banking sector? Should we know about other concerns or is everything fine?

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

Liam Twomey: The Financial Regulator went on the news and said good corporate governance, transparency and structures are very important. Such an oversight group with the necessary expertise reporting back to the relevant Oireachtas committee would fulfil those criteria and be very beneficial in fulfilling this legislation.

Seanad: Business of Seanad (1 Oct 2008)

Liam Twomey: The way in which this legislation is being brought through the Houses of the Oireachtas is making Members look like incompetent idiots in the eyes of the public, which is looking at what we are doing. There are 27 amendments left in the Dáil. If they spent five minutes on each of those amendments, it would take until midnight. It has been on amendment No. 1 for four hours, so the chance...

Seanad: Business of Seanad (1 Oct 2008)

Liam Twomey: That is not the point.

Seanad: Business of Seanad (1 Oct 2008)

Liam Twomey: On a point of order, there is a conflict here that must be resolved. We are not against coming in at midnight or at 2 a.m., but we want to deal with legislation.

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

Liam Twomey: This amendment is somewhat similar to our amendment No. 4, which is not quite as restrictive as Senator Kelly's. The important issue on which we would like to hear the Minister's views concerns the rebuilding of capital in a bank receiving financial assistance from the taxpayer. It would be almost unethical if people received large bonuses, large dividends or whatever if the taxpayer was...

Seanad: Credit Institutions (Financial Support) Bill 2008: Second Stage (1 Oct 2008)

Liam Twomey: Gushing.

Seanad: Credit Institutions (Financial Support) Bill 2008: Second Stage (1 Oct 2008)

Liam Twomey: That is unpatriotic.

Seanad: Credit Institutions (Financial Support) Bill 2008: Second Stage (1 Oct 2008)

Liam Twomey: Whatever the Fine Gael Party policy was, the Government adopted it.

Seanad: Order of Business (1 Oct 2008)

Liam Twomey: I ask the Leader to ensure that during the debate on the banking issue we are provided with good information on what is happening. Yesterday's debate on the economy and the debate on shoring up the banks were bereft of good quality information. I ask the Leader to ensure that whichever Minister comes to the House stops treating us like children and imbeciles and gives us proper information...