Results 32,161-32,180 of 33,049 for speaker:Paschal Donohoe

Seanad: Order of Business (13 Jan 2011)

Paschal Donohoe: Was that experience gained on the golf course?

Seanad: Industrial Development (17 Dec 2010)

Paschal Donohoe: This motion concerns the venture capital industry in Ireland which consists of private bodies that play a role in investing in local entrepreneurial companies and people looking to set up ventures. I have recently seen some information showing that the size of the venture capital industry in Ireland is much bigger than one might expect it to be given the size of our economy and the pressure...

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Paschal Donohoe: I thank Senator O'Toole for stepping in. I emphasise one point he made. On subsection (1)(a), which states "notwithstanding any statutory or contractual pre-emption rights, the listing rules of a regulated market", does the Minister mean a stock exchange?

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Paschal Donohoe: I understand this legislation to state that notwithstanding the rules of the stock exchange, the Government will be able to step in to make rules and decisions on the presence of a company on that stock exchange. I thought that kind of relationship was one that very much occurred only between the listing company and where it is listing, in this case the Stock Exchange. It merely indicates...

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Paschal Donohoe: I have a question on section 7(1)(a). It indicates "rules of any other market on which the shares of the relevant institution may be traded from time to time" but does that include Senator O'Toole's example of AIB shares on the British Stock Exchange?

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Paschal Donohoe: This legislation will give the Government the power not only to override the rules of the Irish Stock Exchange but also any other stock exchange where an Irish company is traded.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Paschal Donohoe: There are two other points relating to section 7, with the first being section 7(5)(c), which states: "the Minister has reasonable grounds for believing that confidentiality with regard to the proposed direction order, or the possibility of the making of a direction order, would not be maintained and that the breach of such confidentiality would have significant adverse consequences". What...

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Paschal Donohoe: What urgent circumstances would result in the section being triggered?

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Paschal Donohoe: In that case, is it not a requirement that the Minister's application to the court be made on technical grounds? Could this provision be triggered by a change in broader circumstances or as a result of new information coming to light?

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Paschal Donohoe: Having read a substantial amount of commentary on the Bill and the record of the debate in the other House, it is clear that some of the powers provided for in section 13 have given rise to considerable discussion. The extraordinary innovation in the Bill is the introduction of the concept of special manager, a person who may be appointed to a bank and, on behalf of the Minister, exercise...

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Paschal Donohoe: I hope not.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Paschal Donohoe: There has been much discussion in the House about the scope and power of public interest directors, whether they have performed well and what they were aware of at different times. The Minister states the role of the special manager will be to act in the best interests of the bank, to which he or she has been appointed. This is not what is required. The purpose of the appointment must be...

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Paschal Donohoe: I understand this section concerns an institution which has been nominated to receive a special manager because of the threat it poses to the rest of the system. It also concerns the ability of the institution to challenge that it needs such a special manager. In this regard, the section includes the words, "not later than five working days after the making of the special management order"....

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Paschal Donohoe: Why is a period of five working days allowed instead of one?

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Paschal Donohoe: Why does the Bill declare a period of six months from the making of a relevant special management order? I understand this to mean the period a special manager will be in place. What is the thinking behind this provision? I would have thought that, given the role such a person would have, it would make sense to leave him or her in place for a longer period to send a signal to the culture...

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Paschal Donohoe: Just about.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Paschal Donohoe: I want to add to that and draw attention to section 4, which gives the special manager "sole authority over and direction of all officers and employees of the relevant institution". This means anybody working in the financial institution would be bound to obey the direction of the special manager in any area. Will the Minister clarify this? If the special manager asks an employee to carry...

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Paschal Donohoe: The Minister did not answer my specific question and I want an answer. I asked what the relationship would be between the special manager and an employee of one of these financial institutions. For example, it could be the director, the chief executive officer or chief operations officer of the bank. My understanding is that this Bill will give the special manager the ability to order any...

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Paschal Donohoe: My question concerns section 22(2). On receivership, enforcement and claims against the financial institution, the Bill states: "Paragraphs (f), (g) and (h) of subsection (1) do not apply to the Bank, the European Central Bank or any other national central bank within the Eurosystem." If it is necessary to say this section does not apply to other banks within the euro system, why is it not...

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Paschal Donohoe: I thank the Minister for clarifying and I understand this point.