Results 31,701-31,720 of 40,550 for speaker:Joan Burton

Credit Institution (Eligible Liabilities Guarantee) (Amendment) Scheme 2010: Motion (29 Sep 2010)

Joan Burton: The Deputy was short-selling Brian Cowen last week so be careful; his share sales are not always to be recommended.

Credit Institution (Eligible Liabilities Guarantee) (Amendment) Scheme 2010: Motion (29 Sep 2010)

Joan Burton: That is a fantasy. The situation was reported in all the newspapers for weeks and months beforehand. The Minister must not read the newspapers.

Credit Institution (Eligible Liabilities Guarantee) (Amendment) Scheme 2010: Motion (29 Sep 2010)

Joan Burton: I have a copy of the quotations.

Credit Institution (Eligible Liabilities Guarantee) (Amendment) Scheme 2010: Motion (29 Sep 2010)

Joan Burton: The Minister stated: "The State is underwriting very substantial liabilities in monetary terms but is, as I have outlined, at a far remove from loss arising from these liabilities".

Credit Institution (Eligible Liabilities Guarantee) (Amendment) Scheme 2010: Motion (29 Sep 2010)

Joan Burton: That was the Minister's solemn declaration. These are many more quotes like that.

Credit Institution (Eligible Liabilities Guarantee) (Amendment) Scheme 2010: Motion (29 Sep 2010)

Joan Burton: No loss at all.

Credit Institution (Eligible Liabilities Guarantee) (Amendment) Scheme 2010: Motion (29 Sep 2010)

Joan Burton: Even the most pessimistic observer could not have foreseen just how calamitous a decision the 2008 bank guarantee has turned out to be. The date of 29 September 2008 is as steeped in infamy in Ireland's history as Pearl Harbour was for the generation of Americans led by President Franklin Roosevelt. I propose to outline one case. Professor Morgan Kelly was attacked with vitriol by the...

Credit Institution (Eligible Liabilities Guarantee) (Amendment) Scheme 2010: Motion (29 Sep 2010)

Joan Burton: No, they have scattered. Ministers and their acolytes have persistently peddled the myth that the Honohan report wholeheartedly endorsed the September 2008 guarantee. Deputy Lenihan and Fianna Fáil were at it before they chose to flee the House so as not to hear some of the truth. They fled. They are not here. They have left a sole Green Party Member in command.

Credit Institution (Eligible Liabilities Guarantee) (Amendment) Scheme 2010: Motion (29 Sep 2010)

Joan Burton: That document did no such thing. Yes, Professor Honohan did acknowledge that some kind of guarantee was required, as did I even before 29 September 2008. A deposit guarantee would have had unanimous support here. Two weeks beforehand, on 16 September 2008, I looked for a €75,000 guarantee for ordinary depositors. I got my answer from the Minister — a very short "No". A year earlier,...

Credit Institution (Eligible Liabilities Guarantee) (Amendment) Scheme 2010: Motion (29 Sep 2010)

Joan Burton: Today's vote is, in effect, a vote of confidence in the Government's banking strategy. That is what those opposite are seeking.

Credit Institution (Eligible Liabilities Guarantee) (Amendment) Scheme 2010: Motion (29 Sep 2010)

Joan Burton: The Minister of State's colleague was locked up with his bike in the shed and all of his phones turned off so she should not give us her view.

Credit Institution (Eligible Liabilities Guarantee) (Amendment) Scheme 2010: Motion (29 Sep 2010)

Joan Burton: We do know that an incorporeal meeting took place and that a garda knocked on the door. What happened thereafter, I do not know. Two years after the original guarantee, which we were promised would cost nothing, we are faced with enormous bills, credit is still scarce, and the cost of Government borrowing is soaring. The Labour Party has no confidence in the Government's banking strategy....

Credit Institution (Eligible Liabilities Guarantee) (Amendment) Scheme 2010: Motion (29 Sep 2010)

Joan Burton: Two years on from the original bank guarantee, the Government has still made no progress with the introduction of a special resolution regime for the banks. Once the guarantee was granted, the introduction of such a resolution mechanism was the only realistic way in which the financial burden could be shared appropriately between taxpayers and the banks' investors. As of midnight, some...

Credit Institution (Eligible Liabilities Guarantee) (Amendment) Scheme 2010: Motion (29 Sep 2010)

Joan Burton: We have been informed that the relevant figure will not be announced until after the markets close tomorrow. At this stage, the Financial Regulator and the Government must know what is the full amount. It is simply not acceptable that the Dáil should be asked to make a decision on the guarantee while the information on Anglo Irish Bank is being withheld from Deputies.

Credit Institution (Eligible Liabilities Guarantee) (Amendment) Scheme 2010: Motion (29 Sep 2010)

Joan Burton: Is the Minister going to make a comprehensive statement tomorrow in which he will comment on Anglo Irish Bank and Irish Nationwide and will he address the funding position and situation of the two main banks, Bank of Ireland and Allied Irish Banks? I wish to close by referring to contagion and confidence. The former is something one does not want in financial markets while the latter is...

Order of Business (29 Sep 2010)

Joan Burton: The Government did nothing when the share price collapsed the previous March.

Order of Business (29 Sep 2010)

Joan Burton: The Government sat on its hands. It knew in March 2008 that the share price had collapsed.

Order of Business (29 Sep 2010)

Joan Burton: Following his meeting with Commissioner Alumunia, the Minister for Finance announced that the plan for Anglo Irish Bank had changed from the good bank-bad bank scenario proposed by himself and the board of the bank to one where an asset-recovery bank and a funding bank will be established. I wrote to the Minister some weeks ago to clarify whether legislation would be required in this regard....

Order of Business (29 Sep 2010)

Joan Burton: This is within——

Order of Business (29 Sep 2010)

Joan Burton: This is about legislation. The Minister for Finance tells me he is exploring — he thinks he is Shackleton — legislation on Anglo Irish Bank. In response to the leader of the Labour Party, the Taoiseach said earlier that he did not have a precise figure on Anglo Irish Bank.