Results 10,581-10,600 of 11,979 for speaker:Billy Kelleher

Companies (Miscellaneous Provisions) Bill 2009 [Seanad]: Report and Final Stages (17 Dec 2009)

Billy Kelleher: I move amendment No. 5: In page 16, lines 41 to 43, to delete all words from and including "considers" in lines 41 and 42, down to and including "so." in line 43 and substitute the following: "is satisfied that— (a) the proposed de-registration of the applicant would contravene the terms of an agreement or arrangement between the applicant and any shareholder or creditor of the applicant;...

Companies (Miscellaneous Provisions) Bill 2009 [Seanad]: Report and Final Stages (17 Dec 2009)

Billy Kelleher: It is Christmas.

Companies (Miscellaneous Provisions) Bill 2009 [Seanad]: Report and Final Stages (17 Dec 2009)

Billy Kelleher: I thank Deputies and, in particular, the Chairman of the Joint Committee on Enterprise, Trade and Employment, Deputy Penrose, and Oppositions spokespersons, for their co-operation. The amended version of the Bill will go before the Seanad tomorrow. There is an urgency about it because we are small nation competing against others for these types of funds. It is high end. It is important...

Seanad: Budget 2010: Motion (16 Dec 2009)

Billy Kelleher: I welcome the opportunity to speak on this issue and I look forward to listening to the rest of the contributions. We have to speak about the budget in the context of the difficulties we are facing. Senators opposite referred to the acceptance of €4 billion in savings to stabilise the budget deficit. That is very noble from the Opposition, but when it gets down to specifics, the proposals...

Seanad: Budget 2010: Motion (16 Dec 2009)

Billy Kelleher: I am quite sure that would not be different in this House. Reference has been made to the difficulties faced by this country. Everybody accepts that the challenges are enormous. The purpose of the budget last week was to stabilise the public finances, to reduce the budget deficit by €4 billion and to send out a strong message that Ireland is capable of dealing with its own difficulties....

Seanad: Budget 2010: Motion (16 Dec 2009)

Billy Kelleher: Let us be quite clear. The reduction in child benefit for those on family income supplement, low pay or social welfare will be compensated by increases in child dependant allowance. There are issues in the budget that should be highlighted, even though I do not expect the Opposition to do so. However, if Members are discussing the issues in public fora, it is important to put out the facts...

Seanad: Budget 2010: Motion (16 Dec 2009)

Billy Kelleher: The reductions will put pressure on families and on people who are living on the margins and finding it very difficult. We acknowledge that, but we did not go out to try to diminish anybody's living standards. When we try to find €4 billion, it is not tenable or feasible for any Senator to state in this House that they could have found it somewhere else.

Seanad: Budget 2010: Motion (16 Dec 2009)

Billy Kelleher: I have read the Fine Gael document, and although it is a very fine document, it is built on aspiration.

Seanad: Budget 2010: Motion (16 Dec 2009)

Billy Kelleher: It is very difficult to put a figure on aspiration when we have to deal with the critical issue of trying to stabilise the finances. That document is about selling the family silverware at a time when it is very difficult to bring any investment into the country-----

Seanad: Budget 2010: Motion (16 Dec 2009)

Billy Kelleher: The other issue of great importance is the attempt to stabilise the credit and banking systems in this country. Throwaway remarks have been made and a simplistic view propagated that the Government is taking from those without means to give to the banks. A functioning, modern economy must have a stable banking system.

Seanad: Budget 2010: Motion (16 Dec 2009)

Billy Kelleher: Internationally banks have been under-----

Seanad: Budget 2010: Motion (16 Dec 2009)

Billy Kelleher: If a country wishes to develop its economy, it must have a stable banking system.

Seanad: Budget 2010: Motion (16 Dec 2009)

Billy Kelleher: The difficulties in the credit institutions have not been completely resolved and will have to be addressed again in 2010. As everyone is aware, credit is not flowing to the broader economy and this is having a drag effect on economic growth and stimuli. I hope growth will return by mid or late 2010. I must refer again to what the Government is trying to achieve in the banking system as the...

Seanad: Budget 2010: Motion (16 Dec 2009)

Billy Kelleher: The bank guarantee introduced on 29 September 2008 was a fundamentally important factor. At that time, significant international pressure and madness in the money markets could have resulted in a systemic collapse of the important Irish banks.

Seanad: Budget 2010: Motion (16 Dec 2009)

Billy Kelleher: As we approached Christmas last year, Anglo Irish Bank was nationalised. One must consider the decision in the context of the time. The meltdown in the financial markets had created a global crisis. Failure to nationalise Anglo Irish Bank would have had a knock on effect on the other banks.

Seanad: Budget 2010: Motion (16 Dec 2009)

Billy Kelleher: Anglo Irish Bank was nationalised for the specific reason that it was of systemic importance and failure to nationalise it would have had a knock on effect on the other financial institutions. The Government then capitalised Bank of Ireland and Allied Irish Banks and took equity in both banks. This was the first step in ensuring the stability of these two banks which are of systemic...

Seanad: Budget 2010: Motion (16 Dec 2009)

Billy Kelleher: Ireland faced major difficulties arising from a loss of competitiveness and a dependence on the property market, which had experienced an inflationary bubble due to the availability of cheap credit and a rapidly growing economy. Notwithstanding these problems, it has been acknowledged internationally that the Government made brave decisions at the time which helped us avoid a further...

Seanad: Budget 2010: Motion (16 Dec 2009)

Billy Kelleher: The National Asset Management Agency Bill has been passed and is being implemented. The Minister for Finance referred to an important feature of the budget which appears to have gone unnoticed. The budget made provision for establishing an independent appeals mechanism for those who are refused credit by any institutions subject to the deposit guarantee. We hope other financial...

Seanad: Budget 2010: Motion (16 Dec 2009)

Billy Kelleher: Yes, that is critically important. The Minister, in his Budget Statement, indicated that if a bank refuses to lend on appeal, it must state its reasons in writing within a specified period, at which point the matter will be revisited.

Seanad: Budget 2010: Motion (16 Dec 2009)

Billy Kelleher: In such circumstances, the bank must lend.