Results 9,181-9,200 of 15,555 for speaker:Eoghan Murphy

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: I am sorry; it is not a blank cheque.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: I am sorry.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: If the Deputy's concern is about protecting the bail-in element of the agreement and ensuring the principle is not undermined, it is imperative that we protect this part of the resolution waterfall, as it is important. The Deputy argued for it because of what had happened during the crisis. The complexity of putting the SRF agreement together across the eurozone member states s hould not be...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: It is democracy in terms of Oireachtas oversight, but democracy is also about vesting certain powers in the Minister of the day and giving the Government the authority to enter into agreements and, where necessary, change them on behalf of the State where it believes doing so is in the best interests of the people. If the Deputy intends to table an amendment on Report Stage, we can revert to...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: This is one of the last five or six countries to enter into the agreement. Various countries have provided for different forms of oversight of the agreement as a whole. Some have forgone the opportunity to provide for national oversight completely and opted for the commitment fee, whereby the fund would pay a standing amount of money each year. They have forgone the opportunity to provide...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: Is the Deputy referring to this section?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: I am not aware of any such arrangement in respect of this section. I am aware that other governments have forgone providing for the national oversight we are seeking in the legislation.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: I am not aware of any such arrangement in respect of this section.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: While I am not aware if that is the case, our reading of the section may be that it is not as expansive as the Deputy suggests.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: That will not be a problem.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: I thank the Deputy for tabling the amendments. As they have been grouped together, I will speak, first, to amendment No. 5 because it flows directly from section 2. The Office of the Parliamentary Counsel does not believe the amendment would necessarily add any additional layer of protection to the legislation. Section 3 is clear that if the amount were to be increased by way of a review...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: I am referring to amendment No. 5 which provides the additional layer of protection the Deputy seeks. I reiterate that I am informed that the amendment is not necessary and would not make for good drafting from a legislative point of view. However, if the Deputy proposes to press it, the Government will be in a position to accept it. On amendment No. 4, it is important to note that...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: That is not necessarily the case. I will correct my statement. The argument is that certainty is required such that a decision could be made when the loan was called upon. Given the dire straits one would expect an institution to be in at that point, any risk of a delay could make matters worse and would risk contagion in other areas. The idea is that certainty will be provided by the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: To repeat that-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: This is a loan facility that will be paid by the banks. It may never be drawn down or only drawn down in part. This is not a question of the Oireachtas giving approval now to agree to the bailing out of an institution using sovereign funds. It is an assumption to say that we will definitely be able to debate the failure of a bank as it is happening. As we both know, such failures can...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: We are not liable for anything in the fund.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: The banks take on that liability and are paying into it at the moment. Some 3.3% is the allocation key that our banking system pays into the fund. The loan facility amount, which is a temporary arrangement until the fund has been fully mutualised, is calculated in the same way. Deputy Paul Murphy is right. This is about greater certainty. There is less certainty if a decision is left...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: No.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: This is about ensuring that if a decision is to be made, it can be made within four days.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: That is the period in the existing loan facility agreement. It is not necessarily arbitrary. It is the period required by the European Financial Stability Facility, EFSF.