Results 3,881-3,900 of 33,118 for speaker:Paschal Donohoe
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: It is always up to the voters or viewers to form a view on what the most important thing that has been said in this committee is. As a humble member of this committee it is a significant development that, given the Deputy's views on capitalism, he has said he would be okay with bonuses of up to €100,000.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: That was a genuine slip of the tongue, which I apologise for.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: The following is what I thought I heard the Deputy say. In fact it is what the Deputy said. He said a few minutes ago that he would be okay with bonuses for workers in our banks who are earning up to €100,000. That is important because it indicates that, given the Deputy's commitment to overthrow capitalism, even with that commitment his statement shows how the sands and background...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: But the Deputy is open to somebody who is earning €95,000 earning variable pay in a bank.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: I am not required to bring, nor will be I bringing forward, a Dáil resolution on the matter. Under the current legal framework it is a decision I make myself, with the consent of the Government. I have to get the agreement of Government, which I did yesterday. However, I have little doubt that there will be many other opportunities to debate it in the Dáil and for the matter to...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: As Deputy Barry knows, as a shareholder in a bank, neither I or the State are allowed to be involved in commercial decisions the bank makes. That is the nature of the relationship framework agreement we have with three banks. We have not been involved in any discussions on pay or the pay negotiations that are under way. That is led between management and unions. The State has played no...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: -----and to make such an assertion is wrong. Finally, I will go back to the point that there has been a revelation this afternoon, which is that Deputy Barry, the man who wants to overthrow capitalism, said he is open to a discussion on variable pay. That shows a recognition of some of the issues this decision yesterday aimed to address.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: I thank the Deputy for his contribution. He made reference, as he has done on a number of occasions, to the letter Philip Lane sent to me in 2019. He quoted selectively from page 2 of the letter. Did he have a look at what was stated on page 3 of the letter? If he did not, I will read it out to him. Page 3 of the letter he has quoted copiously from over recent days states, "Against this...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: I will answer the Deputy's question-----
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: -----and maybe we will then get into exactly what the Sinn Féin stance on this is. The letter also acknowledges that, "There is a risk of losing staff in critical functions or with specialist skills in the areas of IT, risk, compliance and related functions to firms that are not subject to remuneration restrictions." I never heard the Deputy quote that line.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: The letter goes on to state that, "The incorporation of variable pay into remuneration packages would also allow banks the flexibility to vary their costs in line with economic circumstances or business needs." The reason I begin with reminding the Deputy of elements of the letter-----
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: I acknowledged that.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: It is always the same with the Deputy. He makes an argument. I make an argument back but he never allows me to finish my point or to complete the argument. For fear that his interruptions did not allow him to hear the point I made to him, he selectively quoted from a letter Philip Lane sent to me. That is the point I made. The reason I made it is because he is selectively quoting....
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: -----who have had their lives-----
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: The Deputy says that I do not care. I know he does not like having his selective quotations pointed out to him in front of the committee. I understand why he wants to interrupt me again, but to continue my point, he again made the point that I do not care about those who have been affected by the appalling scandal of what happened with tracker mortgages. I assure the committee that of...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: That are in effect.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: Yes. It would include them.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: I move amendment No. 1: In page 24, line 11, to delete “subsections” and substitute “subsection”. These amendments propose to amend section 13. They all relate to the European Central Bank, ECB, competence in approving persons to pre-approval controlled function roles in significant entities. Section 13 amends section 23A of the Central Bank Reform Act 2010,...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: Yes, that is correct.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: Excuse me. I apologise. My answer to the Deputy’s question has just been framed by the debate we have been having on another matter. It is AIB and Bank of Ireland, but there is a larger group of banks that is under direct provision of the ECB. It includes AIB and Bank of Ireland, as I said, but it also references a large number of international banks that are present in Ireland. I...