Results 1,401-1,420 of 4,717 for speaker:Martin Mansergh

Written Answers — Garda Stations: Garda Stations (10 Mar 2009)

Martin Mansergh: The commencement of projects under the Garda building programme will depend on the availability of resources and the priority accorded to the project by the Garda Síochána and the Department of Justice, Equality and Law Reform. Kilfinane Garda station is not currently prioritised.

Challenges facing the Health Service: Statements (10 Mar 2009)

Martin Mansergh: I wish to share time with Deputy Timmy Dooley. I will start by doing something that is probably unheard of in this House, which is to praise the HSE. I had the pleasure of opening a new facility owned by the Irish Wheelchair Association in Tipperary and both the association and those running the facility could not have been stronger in their praise of the co-operation they received from the...

Written Answers — Decentralisation Programme: Decentralisation Programme (5 Mar 2009)

Martin Mansergh: A number of key projects were identified as priority elements of the decentralisation programme in the Government announcement of 14 October 2008. The construction of a new headquarters building in Mullingar for the Department of Education and Science, in conjunction with a new headquarters for the Department of Agriculture, Fisheries and Food in Portlaoise and a new decentralised office for...

Seanad: Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee Stage (5 Mar 2009)

Martin Mansergh: I do not think I can be accused of defending the National Pensions Reserve Fund with insufficient vigour. I refute the notion that it is a sacred cow.

Seanad: Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee Stage (5 Mar 2009)

Martin Mansergh: As Senator Harris noted, it was a prudential decision. I hate to think of the circumstances we would face today if we did not have the fund, given the banking crisis that has come on top of the budgetary and employment crises.

Seanad: Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee Stage (5 Mar 2009)

Martin Mansergh: It has been our saving grace. It is not the Government's intention to begin using the fund for various purposes. A specific emergency has arisen and acting on it is not inconsistent with the fund's long-term purpose after 2025. It is being made available solely for the purpose of recapitalisation. The annual 1% contribution is a substantial charge on the Exchequer by any standard. The...

Seanad: Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee Stage (5 Mar 2009)

Martin Mansergh: I think Senator Ross is wrong. A more pragmatic point is that because the annual contribution to the fund is not reckoned in the calculation of the general Exchequer balance, it does not impact on Government expenditure. High borrowing costs are a temporary phenomenon and if we succeed, as I hope we shall, in getting the financial situation under control, any additional borrowing costs will...

Seanad: Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee Stage (5 Mar 2009)

Martin Mansergh: My Cork grandmother would certainly have approved of the motto, "Never explain, never apologise".

Seanad: Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee Stage (5 Mar 2009)

Martin Mansergh: It is fair to say that both parts of this amendment reflect a concern, which we all share, to improve the flow of credit in the economy. Under the Credit Institutions Financial Support Act 2008, the Minister for Finance can provide financial support only where, after consultation with the Central Bank and the Regulatory Authority, he or she is of the opinion that there is a serious threat to...

Seanad: Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee Stage (5 Mar 2009)

Martin Mansergh: I have set out already what recapitalisation involves. Senator Burke referred to Anglo Irish Bank as our bank. Anglo Irish Bank is a semi-State bank which is run at arm's length on a commercial basis. It is not an instrument of Government that operates according to different rules from other banks. Anglo Irish Bank will bring before Government a business plan outlining its proposals on...

Seanad: Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee Stage (5 Mar 2009)

Martin Mansergh: Like the Minister for Finance, I respect the decisions of this House and the other House. Section 27 of the National Pensions Reserve Fund Act 2000 requires the National Pensions Reserve Fund Commission to submit an annual report to the Minister for Finance "as soon as may be, but not later than 6 months, after the end of each financial year". The Minister is then required to "cause copies...

Seanad: Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee Stage (5 Mar 2009)

Martin Mansergh: I occasionally provided a little drafting help to Sinn Féin in the past, but I will not do so on this occasion. The report on remuneration will not tell us how much the executives should be paid. It will advise the Government, which will then make a decision taking the report into account. As with any other report, we will not necessarily be bound by any or every recommendation in it.

Seanad: Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee Stage (5 Mar 2009)

Martin Mansergh: It is not possible to impose such chauvinist and protectionist thinking on the National Pensions Reserve Fund. The amendment is not acceptable. The scope of the Bill is such that it allows the Minister for Finance to direct the NPRF commission to invest in a listed credit institution. That means a credit institution listed on a stock exchange which has a trading presence in this country....

Seanad: Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee Stage (5 Mar 2009)

Martin Mansergh: Recapitalisation is linked to a customer lending package to support credit availability. If we want our banks to act commercially to revive their credibility and profitability we cannot ring-fence their commercial activities within the State or the island. That would be contrary to EU rules.

Seanad: Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee Stage (5 Mar 2009)

Martin Mansergh: The mutuals are not covered in this section.

Seanad: Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee Stage (5 Mar 2009)

Martin Mansergh: They are a separate issue and are being dealt with by the Government separately.

Seanad: Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee Stage (5 Mar 2009)

Martin Mansergh: That is correct.

Seanad: Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee Stage (5 Mar 2009)

Martin Mansergh: I will deal with amendment No. 4 in general first. Section 6 of the Bill allows the Minister for Finance to transfer shareholdings or other assets to the fund. Paragraph (c)(5A) is the counterpart to that provision, allowing the commission to accept funds and other assets. Any shareholding or other interest transferred by the Minister under the powers provided in section 6 of this Bill...

Seanad: Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee Stage (5 Mar 2009)

Martin Mansergh: It is a standard fee for a body that is receiving an investment. It is self-explanatory.

Seanad: Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee Stage (5 Mar 2009)

Martin Mansergh: It is paying the Exchequer.