Results 32,521-32,540 of 33,392 for speaker:Paschal Donohoe

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.

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

Paschal Donohoe: Section 22(3) gives the special manager power on a load of detailed activity that could take place in the banks, including actions concerning bank accounts and bank mandates. Section 21 states that a special manager may appoint people to help in the discharge of his or her duties. Would it not be better if the section also referred to people working for the special manager? Otherwise...

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

Paschal Donohoe: I move amendment No. 1: In page 13, paragraph (c), line 26, to delete "and restoration". I wish to make a general point. The debate on the Bill is due to be guillotined at 4 p.m. and there are many points I wish to make about various sections. In reply to the debate on Second Stage the Minister of State, Deputy Mansergh, stated there were not many other examples of such legislation in other...

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

Paschal Donohoe: Is it really necessary to include the phrase "and restoration"? What is the Minister seeking to restore?

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

Paschal Donohoe: I hope they are listening.

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

Paschal Donohoe: In a way I wish to pick up on what Senator O'Toole said about the independence of the Central Bank from any explicit political guidance. Will the Minister explain further what this section means? The phrase "may from time to time specify a relationship framework in writing to govern the relationship between the Minister and Governor" is ripe for abuse in the future. Section 7(2) states:...

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

Paschal Donohoe: Is much of that guidance not already laid out in the Central Bank Reform Act 2010, which specifies the role of the Central Bank and other regulatory bodies in our financial and banking systems? During the debate on that Bill we discussed setting up the Central Bank Commission. The section uses the phrase "to govern the relationship between the Minister and the Governor [of the Central...

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

Paschal Donohoe: I move amendment No. 2: In page 15, subsection (4), lines 20 to 23, to delete all words from and including "Unless" in line 20 down to and including "exist," in line 23. May I ask a question on the section overall before I get into the amendment?

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

Paschal Donohoe: The purpose of the amendment is to clarify the circumstances the Minister has in mind requiring giving written notice to the relevant institution. I apologise, I have lost my train of thought. May I have a moment to reflect? Perhaps Senator O'Toole could remind me of the purpose of my amendment.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Second Stage (16 Dec 2010)

Paschal Donohoe: Supported.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Second Stage (16 Dec 2010)

Paschal Donohoe: I welcome the Minister and thank him for his contribution. Given the reference he made to the ECB-IMF support plan for our country, I invite him to make one comment later in the day. A growing number of people are saying that our country was bullied into accepting some form of a deal. I hear it increasingly from young people, who I am looking to represent. Parties on this side of the...

Seanad: Credit Institutions (Stabilisation) Bill 2010: Second Stage (16 Dec 2010)

Paschal Donohoe: Okay. What will happen between now and early next year which will require the Minister to override those shareholders? I would appreciate it if the Minister would come back to this later. As I said, the injection of capital alone is allowed under the current framework. The second reason the issue of timing is very important is that the special resolution mechanism, about which the Minister...

Seanad: Credit Institutions (Stabilisation) Bill 2010: Second Stage (16 Dec 2010)

Paschal Donohoe: I am not advocating that.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Second Stage (16 Dec 2010)

Paschal Donohoe: There are not many hours. It was only published on Tuesday.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Second Stage (16 Dec 2010)

Paschal Donohoe: It came out of the Dáil last night.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Second Stage (16 Dec 2010)

Paschal Donohoe: That is correct.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Second Stage (16 Dec 2010)

Paschal Donohoe: Absolutely.

Seanad: Rail Services (8 Dec 2010)

Paschal Donohoe: I welcome the Minister of State and thank the Cathaoirleach for selecting this motion. It refers to the Dublin underground interconnector, which is frequently referred to as the underground DART. It could provide an underground facility that would link many of Dublin's existing train stations. By so doing, it could free up capacity for additional services and trains to come into the city...