Results 6,961-6,980 of 13,375 for speaker:Pat Rabbitte

National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)

Pat Rabbitte: When Deputy Gogarty expresses his no doubt genuine concern about the cost of a committee I reckon that under the new pared down regime implemented by the Minister for Finance a committee probably costs up to €20,000 a year these days. It would be €20,000 well spent. That is not a compelling argument against invigilating an investment of €54 billion by the taxpayer. A more serious...

National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)

Pat Rabbitte: Hear, hear.

National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)

Pat Rabbitte: I think we need some fiscal contraception.

National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)

Pat Rabbitte: Depending on whom one believes, the SPV is merely a technical device to take the debt from the national accounts or, as many commentators such as Deputy O'Donnell have described it, a seismic shift that changes the nature of NAMA. Why did the Minister handle the matter in this way? He never explained to the House why the SPV emerged in the public domain in the fashion that it did.

National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)

Pat Rabbitte: When the CSO made its submission to EUROSTAT, which I believe was last July, and when the initial draft legislation was being published, was there any reason no attention was drawn to this? The first I learned of it was when I read Matt Cooper's book approximately three weeks ago. He refers to the SPV in the book, but in the belief that NAMA is to own it. It emerged in the documentation...

National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)

Pat Rabbitte: I stand corrected and accept that. It is interesting to draw attention to a couple of points in the EUROSTAT statement. It refers to the Minister's submission that real estate prices in Ireland will increase by 10% over the next ten years. It states: "EUROSTAT is not in a position to judge whether this condition in plausible, however the presence of market investors is reassuring (those...

National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)

Pat Rabbitte: It had already been born but it was kept under wraps.

National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)

Pat Rabbitte: Is Deputy Gogarty whipped often?

National Management Agency Bill 2009: Report Stage (Resumed) (4 Nov 2009)

Pat Rabbitte: Deputy Gogarty is leaving.

National Management Agency Bill 2009: Report Stage (Resumed) (4 Nov 2009)

Pat Rabbitte: That is what the Minister has been telling him since the special convention.

National Management Agency Bill 2009: Report Stage (Resumed) (4 Nov 2009)

Pat Rabbitte: It is off the wall.

National Management Agency Bill 2009: Report Stage (Resumed) (4 Nov 2009)

Pat Rabbitte: While NAMA can veto something, can it cause something to happen? Can it create something as distinct from vetoing private sector involvement?

National Management Agency Bill 2009: Report Stage (Resumed) (4 Nov 2009)

Pat Rabbitte: Before the break, the Government seemed to wobble. We are all greatly relieved the crisis seems to have passed. There is such merit in this amendment that even Deputy Gogarty took it to heart before the break.

National Management Agency Bill 2009: Report Stage (Resumed) (4 Nov 2009)

Pat Rabbitte: Garlic and greens. In any event, it appears the crisis has passed and Deputy Gogarty's pledge to support the amendment was short lived. It was unusual that he said he would support it unless the Minister could persuade him otherwise. The Minister did not even try, but Deputy Gogarty will still not support it.

National Management Agency Bill 2009: Report Stage (Resumed) (4 Nov 2009)

Pat Rabbitte: It is like the little boy who cried wolf - we can expect it one of these days. I ask the Minister to return to the issue of the shareholders' agreement. He said the board is not up and running so we cannot talk about what is in the shareholders' agreement. What kind of things has the Minister in mind that will mean the minority shareholder will dictate the play? I have some difficulty...

National Management Agency Bill 2009: Report Stage (Resumed) (4 Nov 2009)

Pat Rabbitte: One last comment. The Minister has left us hanging in that he has assured us that he has just had a message from the Attorney General, who has advised him he may indeed accede to those difficult questions being posed from the Opposite side of the House. However, we do not know when and how he will accede. The Bill will be gone from this House again before the Minister addresses the issue....

National Management Agency Bill 2009: Report Stage (Resumed) (4 Nov 2009)

Pat Rabbitte: How can the Comptroller and Auditor General audit a private company?

National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)

Pat Rabbitte: Greed.

National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)

Pat Rabbitte: I support the amendments but I am not sure I do so with a great deal of conviction. I am not sure that it is possible to have a functioning oversight system consistent with the provision in the Bill to muzzle the chief executive of NAMA when appearing before a committee. It does not make sense to provide for democratic oversight and at the same time say in section 57 that the chief...

National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)

Pat Rabbitte: I acknowledge the role of the Governor of the Central Bank. That does not mean-----