Results 8,821-8,840 of 12,886 for speaker:Paul Coghlan

Seanad: Order of Business (7 Jun 2012)

Paul Coghlan: I have and I am looking forward to the Leader's response. However, this was just playacting which is not like Senator Darragh O'Brien, who dealt with some serious matters. The way he referred to this was somewhat of a joke, if I may say so. I will leave it to the Leader to respond.

Seanad: Order of Business (7 Jun 2012)

Paul Coghlan: The Senator is good at floating rumours.

Seanad: Order of Business (7 Jun 2012)

Paul Coghlan: It is absolutely known.

Seanad: NAMA and Irish Bank Resolution Corporation Transparency Bill 2011: Second Stage (6 Jun 2012)

Paul Coghlan: One is an agent for the vendor.

Seanad: NAMA and Irish Bank Resolution Corporation Transparency Bill 2011: Second Stage (6 Jun 2012)

Paul Coghlan: Has the Senator his own correspondence with NAMA about this property?

Seanad: NAMA and Irish Bank Resolution Corporation Transparency Bill 2011: Second Stage (6 Jun 2012)

Paul Coghlan: That was dealt with by Bank of Ireland before NAMA was involved and the Senator knows it-----

Seanad: NAMA and Irish Bank Resolution Corporation Transparency Bill 2011: Second Stage (6 Jun 2012)

Paul Coghlan: The Senator received a letter.

Seanad: NAMA and Irish Bank Resolution Corporation Transparency Bill 2011: Second Stage (6 Jun 2012)

Paul Coghlan: I warmly welcome the Minister to the House. This Bill is fatally flawed, both legislatively and commercially. I am glad the Minister is here to add his authoritative voice on the subject. The Bill proposes the contravening of the legislation which established NAMA and which governs how it conducts its business. It envisages the public revelation of commercially sensitive information and...

Seanad: NAMA and Irish Bank Resolution Corporation Transparency Bill 2011: Second Stage (6 Jun 2012)

Paul Coghlan: Sections 3 and 4 of the Bill propose the publication of debtor-specific information, including details of debtor properties. This is expressly prohibited under the legislation which established NAMA and which was introduced by Senator Daly's party. It was expressly prohibited for reasons I will raise presently. Information about debtors is also protected against disclosure by the Data...

Seanad: NAMA and Irish Bank Resolution Corporation Transparency Bill 2011: Second Stage (6 Jun 2012)

Paul Coghlan: This would, with immediate effect, scare off institutional investors for whom confidentiality is a must. To whom, therefore, would large NAMA-controlled commercial buildings be sold were this Bill enacted? The effect would be to give non-NAMA institutions, who are actively deleveraging in the marketplace, competitive advantage over NAMA. It is incomprehensible to me that this House would...

Seanad: NAMA and Irish Bank Resolution Corporation Transparency Bill 2011: Second Stage (6 Jun 2012)

Paul Coghlan: -----for Ireland's recovery and sustainable economic growth. The Bill also raises the possibility of collusive behaviour between potential buyers, particularly in the case of larger properties. I can only presume that this is an unintended consequence of the Senator's Bill.

Seanad: NAMA and Irish Bank Resolution Corporation Transparency Bill 2011: Second Stage (6 Jun 2012)

Paul Coghlan: If the Senator does not like it, he had better stand back because he will hear more.

Seanad: NAMA and Irish Bank Resolution Corporation Transparency Bill 2011: Second Stage (6 Jun 2012)

Paul Coghlan: The Bill also raises the possibility of collusive behaviour.

Seanad: NAMA and Irish Bank Resolution Corporation Transparency Bill 2011: Second Stage (6 Jun 2012)

Paul Coghlan: The scale of the obligation placed on NAMA would be huge and represent an unnecessary use of scare resources.

Seanad: NAMA and Irish Bank Resolution Corporation Transparency Bill 2011: Second Stage (6 Jun 2012)

Paul Coghlan: This Government intends introducing a new mechanism soon to be established by the Property Services Regulatory Authority. NAMA supports the new mechanism, which will see the publication of all residential sales prices in the country and has suggested that the extension of this to commercial property would be equally welcome. NAMA recently announced its intention to provide €2 billion in...

Seanad: NAMA and Irish Bank Resolution Corporation Transparency Bill 2011: Second Stage (6 Jun 2012)

Paul Coghlan: Senator Daly refers to transparency when what he really means is revelations of commercially sensitive and confidential debtor information. I make this point while noting that NAMA is already subject to a high level of public accountability compared to other commercial semi-State bodies, reflecting the fact that it is managing a significant financial exposure on behalf of the taxpayer. Too...

Seanad: NAMA and Irish Bank Resolution Corporation Transparency Bill 2011: Second Stage (6 Jun 2012)

Paul Coghlan: I am dealing with the facts.

Seanad: NAMA and Irish Bank Resolution Corporation Transparency Bill 2011: Second Stage (6 Jun 2012)

Paul Coghlan: The NAMA Act makes the agency accountable in a number of ways. Its annual report and financial statements are laid before the Houses of the Oireachtas. I am advised by NAMA that its annual report and financial statements will be published within the next two months and will be a full and detailed account of its 2011 operations and results. The chairman and chief executive are also...

Seanad: NAMA and Irish Bank Resolution Corporation Transparency Bill 2011: Second Stage (6 Jun 2012)

Paul Coghlan: No, Senator Daly has not.

Seanad: NAMA and Irish Bank Resolution Corporation Transparency Bill 2011: Second Stage (6 Jun 2012)

Paul Coghlan: You are wrong on both.