Results 781-800 of 4,608 for speaker:Joe O'Toole

Seanad: National Asset Management Agency Bill 2009: Report and Final Stages (11 Nov 2009)

Joe O'Toole: Will the Minister explain that to the Minister for Defence, Deputy O'Dea, as he was a bit confused about this?

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Joe O'Toole: Immediately.

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Joe O'Toole: No tax is paid on the money which the SPV pays to NAMA. NAMA has a special purpose vehicle which operates as a separate legal entity at arm's length from NAMA itself. For example, NAMA might decide there is a certain element of rental income which it will securitise and put a price on, and that is made available in a special purpose vehicle. The reasons it is done this way is so that the...

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Joe O'Toole: This discussion goes two ways. Senator Coghlan is absolutely correct in stating that if an issue requiring public representation arises, one puts it on the record and deals with it. Let us not get carried away in deciding where this takes us. In this regard, one should consider what occurs if one goes across the line and discusses making decisions on tendering, the sale of property or...

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Joe O'Toole: Plenty of people were prepared to make comments on how FÁS worked. FÁS was characterised by an absence of governance. Yesterday we approved an audit committee for NAMA. An audit committee will be operating next year and it will consider four or five issues of importance in connection with NAMA's business. Let us consider four: the purchase or sale of property; a tender; the engagement of...

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Joe O'Toole: The sooner, the better. The Minister should issue a guidance chart. The Department of Finance has issued three or four in recent years. One is Welcome to the Board, a document for people on semi-State bodies. Another concerns governance issues. Recently the Department issued a third, an update on how governance should operate. Anybody who does not know how it operates should not be in...

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Joe O'Toole: That is a special deal.

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Joe O'Toole: That is a special deal.

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Joe O'Toole: That is good.

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Joe O'Toole: That is correct.

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Joe O'Toole: About individuals.

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Joe O'Toole: I move amendment No. 69a: In page 133, line 35, after "Act.", to insert the following: "However, the text of this Act shall be published electronically in each of the official languages as soon as practicable after its enactment.". I welcome the Minister, Deputy Brian Lenihan. Molaim leasú a dhéanamh ar an mBille ag an bpointe seo. Section 227 states: "Section 7 of the Official Languages...

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Joe O'Toole: Cúpla bliain ina dhiaidh sin bhí an tAire sásta go mbeadh doiciméid foilsithe ar an Idirlíon. That satisfied everybody. Bhí mise an-sásta le sin. Ag féachaint ar an reachtaíocht os ár gcomhair anseo, chuir sé an-díomá orm nuair a thuig mé go rabhamar chun éalú ón Acht chomh tapaidh sin agus gan focal ón Aire Gnóthaí Pobail, Tuaithe agus Gaeltachta who should, rather than...

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Joe O'Toole: Go raibh míle maith agat, a Aire. Táim thar a bheith sásta le sin. I really believe it is something many people will appreciate. The Minister will recall that the Government was very successful in getting Gaeilge recognised as one of the official languages of the European Union. There is a great opportunity to stress test how well that is working. I suggest the Minister first sends...

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Joe O'Toole: I am speaking on the section and the amendment. There is a crucial issue in question here and there is a great need for clarity. Last night, when I said this could not work, it was interpreted as meaning I was opposed to it. I completely agree with the objectives of the points being made by Senator Fitzgerald. However, I am also saying - I will brook no contradiction on this - it cannot...

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Joe O'Toole: This is a free market economy. I do not like it, but that is the way it is. When I was looking for a mortgage for my house in 1971, the idea of going to a bank never crossed my mind. There was no such thing as bank mortgages; people went to a building society. In 1933, six men who could not get credit anywhere sat in the Teachers' Club in Dublin. They borrowed from each other and lived...

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Joe O'Toole: I will come to that.

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Joe O'Toole: We have dealt with this issue previously since the foundation of the State. Emerging from that, I have given one example, namely, the mutual building societies, which were non-profit making, committed to their members and which had a soft, reasonable and humane approach to debt. Similarly, another member of my union established the Irish credit union movement, which similarly dealt with...

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Joe O'Toole: In some countries it is, but in New Zealand where the Government has done that, it is not the case. It needs more. That has to do with the articles of association.

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Joe O'Toole: I have spent some time in that direction, let us say.