Results 1,021-1,040 of 2,829 for speaker:Paul Gogarty

National Asset Management Agency Bill 2009: Second Stage (Resumed) (17 Sep 2009)

Paul Gogarty: We will start from the beginning now. The beginning is the legislation before us and where we go from here, how we protect the Irish taxpayer and how we bring liquidity back into the system. As a Member of the Green Party, Comhaontas Glas, I must point my party's disagreement with the concept of the need to get back to economic growth. In the narrow economic thinking, the voodoo economics...

National Asset Management Agency Bill 2009: Second Stage (Resumed) (17 Sep 2009)

Paul Gogarty: The great depression in the US became apparent because of a shortage of credit. It was based on money that at the time was related to the gold standard. That no longer applies. The lending process now requires a certain amount of deposits going through the system and is dependent on channelling debt throughout the system. When a person puts approximately €1,200 into a bank, this...

National Asset Management Agency Bill 2009: Second Stage (Resumed) (17 Sep 2009)

Paul Gogarty: Absolutely. That is why, in the short term interests of this country, the economic interests of ordinary people being obtain loans for home improvements, business or in order to have their wages paid, we must get the banking system working again. That is the reason the Green Party is supporting this legislation. If we had our way we would change the whole global system of economics....

National Asset Management Agency Bill 2009: Second Stage (Resumed) (17 Sep 2009)

Paul Gogarty: We must operate within conventional economic thought. I mention this because issues such as economic growth, sustainability and peak oil arose at our conference in Athlone on NAMA and the various options put forward. Oil prices may have already peaked or are just about to peak and this will have a profound impact on the economic system as it is a limiting factor which will stop unbridled...

National Asset Management Agency Bill 2009: Second Stage (Resumed) (17 Sep 2009)

Paul Gogarty: There is another way.

National Asset Management Agency Bill 2009: Second Stage (Resumed) (17 Sep 2009)

Paul Gogarty: We realise the limitations in respect of changing the global economic system. However, we are in Government and in a position to do something that will, it is hoped, be far-reaching and positive for the country. I received an e-mail in which I was referred to as a quisling, a person who consorts with the enemy, who is unpatriotic. That is the level of-----

National Asset Management Agency Bill 2009: Second Stage (Resumed) (17 Sep 2009)

Paul Gogarty: That is the level of debate we have in this country, namely, a person who does the right thing but who may be aligned to a party that contributed to a problem, is not in Government in order to do the right thing. I do not wish to get into the politics of blame because I believe we are all to blame for this situation.

National Asset Management Agency Bill 2009: Second Stage (Resumed) (17 Sep 2009)

Paul Gogarty: Even the Green Party is to blame. We all had credit cards and we all borrowed. We did not sit eating lentils and wearing sandals.

National Asset Management Agency Bill 2009: Second Stage (Resumed) (17 Sep 2009)

Paul Gogarty: That is how the situation came about.

National Asset Management Agency Bill 2009: Second Stage (Resumed) (17 Sep 2009)

Paul Gogarty: This NAMA legislation is a serious attempt to try to address the liquidity problem. A number of varied proposals have been put forward. On the Labour Party nationalisation scheme, Deputy Eamon Gilmore said it is not nationalisation because it is only for a temporary period. However, as Alan Blinder, former vice-chairman of the Federal Reserve in the US suggested recently, if a government...

National Asset Management Agency Bill 2009: Second Stage (Resumed) (17 Sep 2009)

Paul Gogarty: Regardless of how it is done, the taxpayer has to fill the hole. We in the Green Party contend that NAMA, if done properly, will cost the taxpayer less than nationalisation. Nationalisation will lead to an outflow of investment in the country and there is no guarantee in terms of how long that would last. It also raises issues in regard to the 85,000 ordinary decent people employed in the...

National Asset Management Agency Bill 2009: Second Stage (Resumed) (17 Sep 2009)

Paul Gogarty: On nationalisation, we have already taken over Anglo Irish Bank. It has received more than €4 billion in capital funding to date and has lost approximately €15 billion in deposits. The Central Bank has had to make up the majority of the difference through a €10 billion liquidity injection. If the State were to wind up Anglo Irish Bank, the cost to the taxpayer would be in the region...

National Asset Management Agency Bill 2009: Second Stage (Resumed) (17 Sep 2009)

Paul Gogarty: That is a point. The taxpayer is ultimately responsible for day-to-day operations.

National Asset Management Agency Bill 2009: Second Stage (Resumed) (17 Sep 2009)

Paul Gogarty: That is what the taxpayer elects a Government to do. It would be far more politically prudent were my colleagues and I to hold up placards saying NAMA is bailing out the bankers and the developers and for that reason we should call an election and be the heroes.

National Asset Management Agency Bill 2009: Second Stage (Resumed) (17 Sep 2009)

Paul Gogarty: We are not going to do that. The right thing is to try to do right by the taxpayer and minimise the risk as much as possible. It gladdens my heart to have a former member of the Oireachtas, a Progressive Democrat, former Minister of State, Tom Parlon, criticise some of the achievements of the Green Party in respect of NAMA and related legislation.

National Asset Management Agency Bill 2009: Second Stage (Resumed) (17 Sep 2009)

Paul Gogarty: Anyone who is an enemy of Tom Parlon is a friend of mine and that is why I am supporting this legislation. Let us come now to the Fine Gael proposal. Fine Gael has proposed the establishment of a good bank which, unfortunately, will not get the assets required to make it work. The magic bank proposed by Fine Gael should be able to borrow from the European Central Bank but the assets have...

National Asset Management Agency Bill 2009: Second Stage (Resumed) (17 Sep 2009)

Paul Gogarty: Fine Gael also suggests we wait another year, until October 2010, when the bank guarantee scheme has expired.

National Asset Management Agency Bill 2009: Second Stage (Resumed) (17 Sep 2009)

Paul Gogarty: The process will begin as soon as the legislation is passed whereas under the Fine Gael proposal, it will not begin for a year. Such uncertainty cannot be tolerated. We may not have an economy in 12 months time if we do not set this process in train as soon as possible. Deputies Durkan, Lee, Burton and others made valid points in regard to the risks associated with this plan. Nobody denies...

National Asset Management Agency Bill 2009: Second Stage (Resumed) (17 Sep 2009)

Paul Gogarty: Those stamp duty receipts were squandered. There were some significant achievements during the ten years of the Fianna Fáil-Progressive Democrats Government but there were many follies too. Instead of dwelling on the past, the Government must proceed with clearing up the mess, hopefully with the constructive support of the Opposition. That is what we are trying to do by, for example,...

National Asset Management Agency Bill 2009: Second Stage (Resumed) (17 Sep 2009)

Paul Gogarty: The Minister for Finance indicated yesterday that schools, community organisations, sports clubs, voluntary housing organisations and others may be able to access NAMA land at reasonable rates. I would go further and argue that where the land was rezoned foolishly merely to fill the back pockets of a particular land owner or developer and is now worthless, that land should be handed over to...