Results 1,541-1,560 of 4,608 for speaker:Joe O'Toole

Seanad: Business of Seanad (1 Oct 2008)

Joe O'Toole: I just do not think it is necessary.

Seanad: Business of Seanad (1 Oct 2008)

Joe O'Toole: We are still not gaining anything at this point by putting it through.

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

Joe O'Toole: The night was going very well but the Minister has scared the wits out of us with his "we are not there yet" phrase. I presume the Minister wants to strike that from the record immediately. He never said "we are not there yet". Senator Twomey asked the Minister to explain the Swedish model. In fairness to the point raised in the amendment and the question asked earlier, what happened in...

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

Joe O'Toole: This amendment contains very important material. If the Minister is not prepared to accept it as drafted, he should give an indication of how he would deal with it. That bank directors are independent is a joke. The copybook of corporate governance of Irish companies is the UK Higgs report. Fifteen years ago AIB decided to be brave and appointed Mr. Higgs to its board as one of its...

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

Joe O'Toole: It would be appropriate to record our thanks to the Minister and his officials.

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

Joe O'Toole: Hear, hear.

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

Joe O'Toole: Hear, hear.

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

Joe O'Toole: I wish to be associated with those remarks and, in particular, to thank our staff of the House who have done an extraordinary job in trying circumstances.

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

Joe O'Toole: On my behalf and, I am sure, on behalf of other Members and the Minister, I convey congratulations to Mr. David Doyle and the rest of the staff of the Department of Finance who went into the bearna baoil when it was necessary to do so. They made a bold move. We are launching the measure here tonight. Let us all wish it well and all who sail in her. It is a hugely important step. The...

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

Joe O'Toole: I will conclude with one negative comment. The Minister introduced e-Government to the Cabinet table and various attempts are being made in that respect in the Dáil. We had a fine debate here. In my subjective and biased view, it was a finer debate than that in the other House. What we passed here tonight now has to be sent physically to the far end of town, somebody has to do something...

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

Joe O'Toole: It could be printed and we would have it here. It is a very easy thing to do and I ask that it be considered. I thank the Minister for his openness and discussion tonight and I hope the Bill is a success.

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

Joe O'Toole: I accept the Minister's reference to the need to avoid legislative clutter, but the Chair will note that my suggestion avoided legislative clutter. It would provide comfort for us that the Minister would move along the lines indicated by the Labour Party amendment. One option to do this would be a remuneration committee system structured by the Department of Finance on the basis of a...

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

Joe O'Toole: On a point of order, RTE only reveals the salaries of its presenters. It does not reveal the salaries of its chief executives or assistant chief executives. We have been denied that information in the committees. I just want to add some clarity to the discussion.

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

Joe O'Toole: There is an important point here which may give the Minister the opportunity to enlarge upon the functions of the regulator. In these Houses we have consistently restricted the functions and powers of the regulatory authorities — all of them — because we have never liked to "interfere with the market", as the term is used. I have lost many arguments on this issue over the past 20 years....

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

Joe O'Toole: I want to remonstrate gently with the Minister. It is very easy to agree in this House that we need to get a balance in terms of the stringency of the Financial Regulator. Senator Coghlan and I made an impassioned appeal in this House, with full support from all sides, when the Director of Corporate Enforcement approached the Government two years ago, at a time when he was dealing with the...

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

Joe O'Toole: Senator Twomey referred to my previous comments. I have regularly discussed this matter with the regulators, who informed me several times that they are not worried about the banks collapsing on the basis of people being unable to meet their mortgage repayments. Nor are they worried about the banks' solvency. Traditionally, the loan to value ratio and its related liquidity were determined...

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

Joe O'Toole: Issues have been raised by a number of people and I felt the Minister would deal with them. This regulation is the core of the Bill. The first amendment tonight was by the Labour Party suggesting the Bill should not come into operation until this regulation was framed and put through the Houses. Whether one agrees or disagrees with that, the thinking behind it was that this is the core of...

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

Joe O'Toole: My apologies.

Seanad: Business of Seanad (1 Oct 2008)

Joe O'Toole: The Leader will confirm that this side of the House has offered co-operation throughout this debate. I asked last night, this morning and possibly again this afternoon why the legislation has to go through in such a rush. We found out last night there was no need for it to go through last night and now, 24 hours later, we are asking the same question. If there is a reason in the national...

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

Joe O'Toole: It is very important we make it clear that this Bill is not to guarantee losses. It is only to guarantee those losses the banks cannot meet out of their other funds, etc. In an attempt to be helpful and recognising the county from which I come where Mr. Daniel O'Connell made a fortune out of changing names, one cannot disagree with the intent of this. We said we should do this on the basis...