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Seanad: Credit Institutions (Financial Support) Bill 2008: Second Stage (1 Oct 2008)

Marc MacSharry: Hear, hear.

Seanad: Credit Institutions (Financial Support) Bill 2008: Second Stage (1 Oct 2008)

Marc MacSharry: I welcome the Minister of State. Although this is an extraordinary hour of the night at which to be addressing the Seanad, it has been dictated by extraordinary times. On behalf of Fianna Fáil, I thank all the Members of Fine Gael and the Labour Party for their co-operation in this regard, despite the many false starts last night and today. I also thank them for the spirit in which they...

Seanad: Credit Institutions (Financial Support) Bill 2008: Second Stage (1 Oct 2008)

Marc MacSharry: ——and I am sure there were developers——

Seanad: Credit Institutions (Financial Support) Bill 2008: Second Stage (1 Oct 2008)

Marc MacSharry: I am sure no Member wishes to interrupt any other Member tonight.

Seanad: Credit Institutions (Financial Support) Bill 2008: Second Stage (1 Oct 2008)

Marc MacSharry: I certainly will not interrupt anyone but one must deal with the facts to hand. While one may discuss the American situation if one wishes, at issue here is the Irish situation and the fact remains that this debate pertains to liquidity. The solvency issue still is up for debate and there may be some banks which will be obliged to have write-downs and there may be impairments. However, I...

Seanad: Credit Institutions (Financial Support) Bill 2008: Second Stage (1 Oct 2008)

Marc MacSharry: Members are obliged to listen to levels of interruptions. I do not wish to interrupt anyone, nor will I. Members will be here until 4.40 a.m. on this Stage and all will have their say.

Seanad: Credit Institutions (Financial Support) Bill 2008: Committee Stage. (1 Oct 2008)

Marc MacSharry: I join others in thanking the staff of the House, the Clerk and the Assistant Clerk of the Seanad and all the staff associated with the House who have given unstintingly of their time and co-operation in recent days. I also thank the officials from the Department of Finance and other State agencies, who have given unstintingly of their time over the past week in the preparation of this most...

Seanad: Credit Institutions (Financial Support) Bill 2008: Committee Stage. (1 Oct 2008)

Marc MacSharry: ——of anybody I could possibly imagine in terms of the commitment and effort he managed to put into this and for the time that he has given us here.

Seanad: Credit Institutions (Financial Support) Bill 2008: Committee Stage. (1 Oct 2008)

Marc MacSharry: I congratulate each Member of the Seanad for the spirit in which they have processed this legislation. It is appropriate as the sun shines in from Merrion Square that this legislation provides the vehicle for Government that it may steer us in these uncertain times——

Seanad: Credit Institutions (Financial Support) Bill 2008: Committee Stage. (1 Oct 2008)

Marc MacSharry: ——to more positive economic times for our people in the future.

Seanad: Credit Institutions (Financial Support) Bill 2008: Second Stage (1 Oct 2008)

Marc MacSharry: I commend the Government, with the support in spirit of the Opposition, on the innovation and forthright leadership it has shown in recent days. It shows the rest of the world, not least our people, that their legislators are in control and prepared to take the appropriate action as and when needed. One has seen a level of courage and innovation that, lest there was any doubt in recent...

Seanad: Order of Business (1 Oct 2008)

Marc MacSharry: I join others in welcoming the opportunity to debate the Credit Institutions (Financial Support) Bill 2008 tonight. Not wishing to pre-empt what we might say on it, may we all share the wish for improved regulation and to minimise the risk and ensure we are most diligent in carrying out what we all hope will be a positive contribution to the economy? I look forward to a robust debate later...

Seanad: Economic Situation: Statements (30 Sep 2008)

Marc MacSharry: In light of the fact that the Credit Institutions (Financial Support) Bill is coming to the House later, I do not have a question. However, as I am sure all Members would wish, I thank the Minister of State for sitting with us for three hours. It is reasonably unprecedented that a Minister would spend so much time with us. I thank him for doing do and look forward to discussing the Bill later.

Seanad: Economic Situation: Statements (30 Sep 2008)

Marc MacSharry: Apart from the unparliamentary language, and one proposal——

Seanad: Economic Situation: Statements (30 Sep 2008)

Marc MacSharry: This is the third economic debate we have had in the past nine months and again, I fail to see any real recommendations from the Fine Gael members of the Opposition. The Labour Party has its ten-point plan, to which I will refer later.

Seanad: Economic Situation: Statements (30 Sep 2008)

Marc MacSharry: This is an outrageous level of interruption.

Seanad: Economic Situation: Statements (30 Sep 2008)

Marc MacSharry: It is outrageous.

Seanad: Economic Situation: Statements (30 Sep 2008)

Marc MacSharry: There was one proposal Senator Twomey made I would recommend the Minister of State bring to the Minister for Finance, which was to double the tax relief for first-time buyers. I am sure the Government will reflect on that. I thank Senator Twomey for that long-winded single proposal, with unparliamentary language to boot, which I have never heard in my seven years in this House. I utterly...

Seanad: Economic Situation: Statements (30 Sep 2008)

Marc MacSharry: That is business. If they are not, it will be reflected in their share prices. What the Government has done today is to take decisive action. It has given an example to the rest of the world. That is the international sentiment on what the Irish Government has done. The British Government immediately stated it was watching what was happening here, and the Opposition in the UK has said the...

Seanad: Economic Situation: Statements (30 Sep 2008)

Marc MacSharry: Thanks to the taxpayer, yes.

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