Results 7,601-7,620 of 11,242 for speaker:Noel Dempsey

National Oil Reserves Agency Bill 2006: Report Stage (Resumed) (8 Nov 2006)

Noel Dempsey: The Bill as drafted provides for the submission of an initial strategy statement to the Minister covering a five-year period. In the case of a subsequent strategy statement, the Bill does not specify the precise period to be covered as it will be specified by the Minister at the appropriate time. The flexibility that the Deputies seek is contained in the Bill as it stands. It is wise and...

National Oil Reserves Agency Bill 2006: Report Stage (Resumed) (8 Nov 2006)

Noel Dempsey: I understand the Deputy's reason for tabling the amendment but it is unnecessary because any direction given by a Minister must take into account a range of factors, all of which constitute the conditions pertaining at the time in question. I cannot recall any Minister who totally ignored the conditions pertaining at any particular time and directed a State company accordingly. It cannot be...

National Oil Reserves Agency Bill 2006: Report Stage (Resumed) (8 Nov 2006)

Noel Dempsey: The objective Deputy Durkan is trying to achieve in amendment No. 12 is already incorporated in the Bill in the objectives of NORA. The primary objective of the latter is to maintain oil reserves for the purpose of meeting Ireland's international oil stockholding obligations. As stated earlier in respect of amendment No. 11, NORA is not being given a role in respect of the internal market,...

National Oil Reserves Agency Bill 2006: Report Stage (Resumed) (8 Nov 2006)

Noel Dempsey: To be magnanimous to Deputy Durkan, I will accept the insertion of the two commas as proposed by him in amendments Nos. 13 and 14, but I cannot accept the amendment proposed as part of amendment No. 14 to insert the word "appropriate" in line 20 of section 8. As this word is unnecessary, I have tabled an amendment to amendment No. 14. On amendment No. 14, leaving aside the comma which we are...

National Oil Reserves Agency Bill 2006: Report Stage (Resumed) (8 Nov 2006)

Noel Dempsey: I move amendment No. 1 to amendment No. 14: To delete "appropriate".

National Oil Reserves Agency Bill 2006: Report Stage (Resumed) (8 Nov 2006)

Noel Dempsey: Amendment No. 26 proposes that the CEO should not be a member of the board. The text of the Bill as it stands proposes that the NORA board should comprise of six persons, including the chief executive in this instance. Notwithstanding what the Deputy says, there are various practices in various boards. In this case, and for the same reason as we talked about with regard to the 40% ceiling,...

National Oil Reserves Agency Bill 2006: Report Stage (8 Nov 2006)

Noel Dempsey: No. I do not advertise them because the existing companies and boards are listed in various publications. If they have such interest, there is absolutely nothing to prevent them from writing to the Minister to ask to be considered for membership of a board. I have done that once or twice — no more than that — in my ten or 12 years in the House on the basis of a curriculum vitae I...

National Oil Reserves Agency Bill 2006: Report Stage (8 Nov 2006)

Noel Dempsey: Of whom should the appointee be independent? Most Members have commented that such bodies are too independent during this and other debates. We must be consistent. I am accountable for the board I appoint and, therefore, I will not appoint people to a board if I think they will cause problems for the board, the company and myself, as a shareholder.

National Oil Reserves Agency Bill 2006: Report Stage (8 Nov 2006)

Noel Dempsey: Let us stop the nonsense. Every political party has appointed people to boards who they felt merited it and who they felt would reflect the views of the particular Minister or Government. I have appointed people of different political persuasions because they had something positive to contribute to the board. The nonsense that every time we are in Opposition——

National Oil Reserves Agency Bill 2006: Report Stage (8 Nov 2006)

Noel Dempsey: I accept that and, hopefully, it will remain as rare.

National Oil Reserves Agency Bill 2006: Report Stage (8 Nov 2006)

Noel Dempsey: The Deputy should not draw me down that route.

National Oil Reserves Agency Bill 2006: Report Stage (8 Nov 2006)

Noel Dempsey: I would not go down the same cul-de-sac as Fine Gael.

National Oil Reserves Agency Bill 2006: Report Stage (8 Nov 2006)

Noel Dempsey: Amendments Nos. 34, 39, 44, 45, 48, 51, 53 to 59, inclusive, and 64 refer to day-to-day operational matters, which need to be looked after by the agency, not the Oireachtas. The issues raised are addressed in the Bill. For example, amendment No. 58 deals with superannuation schemes. The Bill provides that approved schemes be laid before the Houses of the Oireachtas and we have our own...

National Oil Reserves Agency Bill 2006: Report Stage (8 Nov 2006)

Noel Dempsey: The Deputies are mixing up two separate matters by grouping amendments Nos. 4 and 65 together. Amendment No. 4 is not consistent with the standard corporate governance requirements imposed on similar bodies. If accepted, it would result in the form of the NORA annual accounts requiring to be approved by the Standards in Public Office Commission, which would not be welcomed by that body,...

National Oil Reserves Agency Bill 2006: Report Stage (8 Nov 2006)

Noel Dempsey: I am saying this is covered by section 14. It is also covered in section 24, which deals with cases, which both Deputies cited, relating to unauthorised disclosure of information by directors or a CEO. I do not disagree with the point generally but it is not a debate for this Bill specifically. Rather, it should be the subject of a wider debate on people who are in specified positions for...

National Oil Reserves Agency Bill 2006: Report Stage (Resumed) (8 Nov 2006)

Noel Dempsey: The amendments proposed are a re-arrangement of the text. On advice from the Parliamentary Counsel, I am satisfied that the text should remain unchanged. It does not need any further clarification. The section states: The Minister shall by order appoint a day to be the day on which the Irish National Petroleum Corporation Limited transfers the share owned by it in the National Oil...

National Oil Reserves Agency Bill 2006: Report Stage (Resumed) (8 Nov 2006)

Noel Dempsey: It is always a great pleasure to surprise the Deputy. Although the change is not necessary, as he will recall from our discussion of grammatically and legally correct commas, I am pleased to inform him that I will accept amendments Nos. 8 and 9. I cannot accept amendment No. 10. Section 32 of the Bill provides that a direction may be issued by the Minister to NORA requiring it to hold oil...

National Oil Reserves Agency Bill 2006: Report Stage (Resumed) (8 Nov 2006)

Noel Dempsey: NORA's function is to maintain strategic oil stocks in line with international stockholding obligations. While NORA purchases oil to meet them, it is not a commercial body and its core business is not trade in oil. The Irish oil industry is fully privatised, liberalised and deregulated and there is free entry into the market. It is not appropriate that NORA's role extend to monitoring the...

National Oil Reserves Agency Bill 2006: Report Stage (Resumed) (8 Nov 2006)

Noel Dempsey: Amendment No. 11 in the name of Deputy Broughan has already been discussed.

National Oil Reserves Agency Bill 2006: Report Stage (8 Nov 2006)

Noel Dempsey: I am not sure whether it would be in order to comment on Deputy Cowley's statement. I could do so but——