Results 301-320 of 881 for speaker:Peter Power

National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)

Peter Power: I thank Deputy O'Donnell and Fine Gael. This is an important amendment and it adds to the section. On the general point on whether the President will sign the legislation in advance of seeking EU approval they are separate matters entirely. Once the legislation is passed in this House and in the Seanad later this afternoon, it will go to the President. The matter of EU approval does not...

National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)

Peter Power: ——and the agreement of European Union. That means we can get this up and running quickly. We have had long discussions on guidelines and whether they should be mandatory or optional and whether the Minister "may" or "shall" introduce them. We could have all the guidelines in the world directing the banks to do all types of wonderful things but if the banks do not have the capital on...

National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)

Peter Power: ——they will not be able to lend. We have had more than 100 hours of debate but it comes down to one very simple thing.

National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)

Peter Power: That is how we relieve the banks of their distressed assets and make the Irish banking system function again. The reason it became dysfunctional is a separate matter to be debated in another way in another forum. The question which this legislation puts before the House is how to relieve the banks of their distressed assets and how we put a structure in place which allows the banks to...

National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)

Peter Power: We are returning the Bill with one amendment to it and that is the amendment which Deputy O'Donnell just proposed.

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (10 Nov 2009)

Peter Power: Once again it is a pleasure to join Members in the Upper House. I do not know if I can match what I heard was a virtuoso performance by the Minister for Finance last night.

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (10 Nov 2009)

Peter Power: Like Senator Alex White said, it has more to do with the detailed substance of the amendments rather than one's performance. That said, the Minister dealt in his first reply with quite a number of the points raised about these amendments. When oversight, transparency and scrutiny are bundled together as one separate issue, they must be balanced against the real and important issue of...

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Peter Power: I am glad that Deputy Ring did not work himself up into a state of anger. God forbid what that might look like. I agree with many of the points Deputy Ring made regarding regulation, a separate issue in terms of this amendment. We all share the multiple objectives of wanting to have appropriate oversight and scrutiny, which will be the objective of the committee to which these reports will...

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Peter Power: To quote words of the Minister, the taxpayer is already deeply embedded in the banking system through our shareholding, but does that mean that because we have an interest in those banks the taxpayer, through freedom of information arrangements, by some other amendment or under this particular arrangement and Members of the Oireachtas would have access to the individual accounts or performing...

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Peter Power: There is a significant practical reason, if the amendment were to be accepted and enshrined in the legislation, that this would not serve the interest of the State or taxpayers. Clearly, if this sort of information on performing loans that were not causing any loss to the State were to be made available to Members of the Houses of the Oireachtas, and by extension to the public, this would...

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Peter Power: A part-time lawyer.

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Peter Power: I keep my hand in.

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Peter Power: I also failed to address the Deputy's point, although it was my intention to do so.

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Peter Power: We should examine the Minister's proposal and stress test it against the proposal before the House. Deputy Bruton's point is that there is a distinction to be drawn between default on a loan and proceedings being instituted. There are probably very few people in the House who, at some stage, perhaps in their youth, have not fulfilled all their obligations on all their loans at all times. I...

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Peter Power: With respect to the Deputy we are concerned here with Oireachtas oversight. We will deal with that amendment when we come to it. This amendment concerns the quality of the information that comes before the Oireachtas, not whether the court proceedings are held in camera.

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Peter Power: Of course we will be flexible but this point is not relevant to the amendment under discussion.

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Peter Power: As Deputy Burton has spoken about the point in detail I wish to respond briefly. This relates to amendment No. 89, which we are far from reaching. The Deputy seeks there to delete the provision which gives the court discretion, where it sees fit, to provide for in camera hearings. The issue was raised on Committee Stage. Since then the Minister sought the advice of the Attorney General on...

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Peter Power: I do not want to dwell on this point again.

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Peter Power: It has nothing to do with whether the Oireachtas is able to carry out its functions of scrutiny and oversight effectively on the basis of the reports that will come before it. The quality of the information set out in section 51(3) will provide that information.

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Peter Power: I have listened carefully to Deputy Burton's points on tax policy and non-residents. It, however, misses the fundamental point of what is good for the taxpayer and the State and what makes NAMA more effective. If this amendment were accepted it would undermine that important objective. Whether someone who benefits under NAMA is an Irish citizen or not ought not to be relevant. Take the...