Results 3,321-3,340 of 4,414 for speaker:Sean Barrett

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Report and Final Stages (2 Jul 2013)

Sean Barrett: I move amendment No. 2: In page 44, line 5, after “with” to insert the following: “The Competition Authority, the National Competitiveness Council and”.These amendments are allied. We were talking to the Minister for Finance, Deputy Noonan, last Thursday and saying that we must distinguish, according to the American model, between Wall Street and Main Street....

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Report and Final Stages (2 Jul 2013)

Sean Barrett: Section 49 provides that it may consult with such other persons as the bank considers appropriate. That is what happened. We now have a Central Bank Governor who I hope, and particularly if he is listening to this debate, will consider what something is doing for competition and competitiveness in the Irish economy. However, if the bank does not consider that appropriate, it will not...

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Report and Final Stages (2 Jul 2013)

Sean Barrett: I thank the Minister of State.

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Report and Final Stages (2 Jul 2013)

Sean Barrett: I move amendment No. 4: In page 59, between lines 12 and 13, to insert the following:“(d) the measures undertaken by the financial service provider in response to complaints made under this section.”.I wish to discuss the amendment briefly. I do not wish to detain the Minister of State. The amendment proposes that the ombudsman report include information about complaints. We...

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Report and Final Stages (2 Jul 2013)

Sean Barrett: The section does not, however, make any provision for reporting on the actions taken by banks in response to complaints. That is the problem. As well as the categorisation of complaints, we must have categorisation of responses. To say the sector would find anything this Parliament does "unduly burdensome" suggests the people who are supposed to be regulating the banks have some neck. The...

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Report and Final Stages (2 Jul 2013)

Sean Barrett: I gather from the rejection of the amendment that the banks do not want the rest of us to know about these decisions. We need a reformed banking system. When people make complaints, the rest of us are entitled to know what was done about them. Or should banks just continue doing what they have been doing for probably well over a decade?

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Report and Final Stages (2 Jul 2013)

Sean Barrett: With regard to individual complaints, last week we asked for the banks' attention to be drawn to the suggestion that triple damages should be paid. That was rejected and the Minister was supposed to be considering the position. I want to record my disappointment that when it is a case of Parliament versus the banks, the banks always seem to win. I regret that. This is a section stating...

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Report and Final Stages (2 Jul 2013)

Sean Barrett: No. With deep regret I withdraw the amendment. However, I really regret what is happening here this evening.

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Report and Final Stages (2 Jul 2013)

Sean Barrett: I support the Minister's amendments. It will be extremely difficult to introduce competition into the Irish market in this way because the two pillar banks are so protected. We were doing the same for VHI for a long period and also for CIE and Aer Lingus. If outside investors see one or two companies being supported utterly and totally by the taxpayer, they will find it very difficult to...

Seanad: Order of Business (2 Jul 2013)

Sean Barrett: I would like to extend my best wishes to the Taoiseach, who is addressing the European Parliament today. I hope that our MEPs, whom he has met in this House, will alert him to the close links between Irish MEPs and the Seanad. As Seán Kelly, MEP, said to us when he was here, "I wish to congratulate the Seanad in being to the fore in our national discourse on the issue." Jim Higgins,...

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Sean Barrett: I thank the Minister and wish him well.

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Sean Barrett: I move amendment No. 23: In page 55, line 38, to delete “€10,000,000” and substitute “€50,000,000”.As I understand it, the penalties under the 1942 Act are doubled but inflation has increased far more. I would hate to think that the penalties were being reduced in real terms. It is okay if we fine them the index linked euro equivalent of the 1942...

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Sean Barrett: I thank the Minister. As always, I sought harsher fines. If we were trying to do the reverse I do not think that any Member of the House would be happy to take a doubling of his or her 1942 salary and expect to live on that sum. It would be a reduction in real terms. I appreciate that the Minister wants an early warning system. I will not press my amendment. Reducing the imposition of...

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Sean Barrett: I move amendment No. 25: In page 59, between lines 12 and 13, to insert the following:“(d) the responses of the financial service provider to complaints made under this section.”.My amendment deals with the ombudsman's report and its content. The section contains excellent material such as the trading name of the financial services provider, the identity of any group that the...

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Sean Barrett: We have serial offenders and I would impose harsher fines on them. However, I will not press my amendment and thank the Minister for his response.

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Sean Barrett: I thank the Minister. We developed a banking system that was based solely on property. Bankers played golf with builders and built up house prices. The expertise for SMEs to which the Minister referred will be welcome. He will get strong support from these benches.

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Sean Barrett: I move amendment No. 17: In page 33, subsection (3), line 36, after “exceed” to insert “triple”.Section 43(3) reads: "In subsection (1) “appropriate redress” means such monetary or other redress as is specified in the direction and (in the case of redress for pecuniary loss) as does not exceed the amount of the loss suffered or anticipated to be...

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Sean Barrett: I move amendment No. 20: In page 44, subsection (1), between lines 4 and 5, to insert the following:“(c) in the case of the so-called pillar banks shall consult with the Competition Authority and the National Competitiveness Council on the impact of the proposed regulations on the non-banking economy,”.The section in the Bill provides that the Central Bank "may consult with such...

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Sean Barrett: Is there a possibility the phrase "any other body" is too vague? As consumers, we want to have specified bodies referred to. Referring to "any other body" allows for discretion when society wants better value from Irish banks. I am sure the Governor and his very able staff will consult the bodies I have mentioned. Should it be discretionary? How will we enforce it? They may say that...

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Sean Barrett: Is there a role for the Ombudsman in this? I believe corporate Ireland will penalise the whistleblower regardless of the protections we insert here. That is the human rights part of it. The record is that the whistleblower's career would take a different path if he or she stays quiet. As the song goes, "Whatever you say, say nothing", and we need this to happen. What about the...