Results 15,921-15,940 of 26,610 for speaker:David Cullinane

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: Roughly 50%. Half of the €66 billion went into Anglo Irish Bank. Then NAMA was set up and was given €31.8 billion to take the bad loans off the banks. The banks then crystalised losses. The losses are €42.6 billion. In the case of Anglo Irish Bank, it was €21 billion, a majority, and we can maybe question the wisdom of that. What happened when the banks...

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: At the time, they would have been booked as a loss when the transaction happened.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: Whether it was in a moment of time or over a period, how did the banks cope with those losses? What did they have to do to manage those losses?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: Back to the recapitalisation, which is a consequence of the fact that, for this particular bank, we took its bad loans and left it with a loss of €21 billion which happens to be 50% of the total amount of the crystalised losses. It then took approximately €29 billion of taxpayers' money which was put into it. At the end of the process, all we got was a broken bank which was...

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: I have watched enough of "Yes, Minister" to know that when Accounting Officers come in, it is a matter of policy and when the Minister comes in, he will say it is an operational matter for the Department. On something as serious as this, when we are talking about huge losses of this magnitude, we would have known this. None of this is new. It is flabbergasting to see the figures involved.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: The total losses so far to the State with regard to the overall investment in the banks, bailing out the banks, or whatever terminology one wants to use is €39 billion to date according to the Comptroller and Auditor General.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: The net cost to the State. That is going to increase because, year on year, we will have to pay back the interest. That is a moveable figure so it will go up again next year. In five or ten years the figure could be €45 billion.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: It is not the final figure.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: I am going to make a request for information before we finish. I wish all the witnesses a happy Christmas, and I hope Mr. Carville, who said that he has a chest infection, recovers. I thank him for coming here today despite that. From the figure at 2.1 which breaks down NAMA's loans we can see the total borrower debt, the NAMA payment for loans, which is the amount that NAMA got. The...

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: I assume there is no difficulty with that.

European Council Meeting: Statements (13 Dec 2017)

David Cullinane: We have consistently said that if the Government acts in the national interest, which means protecting all of the people of Ireland, then Sinn Féin will support it. We will be strong supporters of any Government which ensures that we get the best possible deal for Ireland in what are very complex negotiations on Brexit. Our position has always been clear: we want to avoid any hardening...

Joint Oireachtas Committee on European Union Affairs: European Commissioner for Education, Culture, Youth and Sport (13 Dec 2017)

David Cullinane: I welcome the European Commissioner and wish him well for his stay and his travels. First, will the European Commissioner explain how, in his area of responsibility, he will be able to protect citizens who live in the North in a post-Brexit scenario where the North will be taken out of the European Union against the wishes of the people who live there? If there is Brexit and the North is...

Ceisteanna - Questions (Resumed): Departmental Communications (13 Dec 2017)

David Cullinane: Not the good ones.

Ceisteanna - Questions - Priority Questions: Brexit Negotiations (13 Dec 2017)

David Cullinane: That was how the electorate voted.

Ceisteanna - Questions - Priority Questions: Brexit Negotiations (13 Dec 2017)

David Cullinane: The Tánaiste has not answered the question about the difference between full alignment and the customs union.

Ceisteanna - Questions - Priority Questions: Brexit Negotiations (13 Dec 2017)

David Cullinane: This has not been negotiated.

Ceisteanna - Questions - Priority Questions: Brexit Negotiations (13 Dec 2017)

David Cullinane: 26. To ask the Minister for Foreign Affairs and Trade if the Government has a guarantee that Northern Ireland will stay in the customs union and Single Market; and if he will make a statement on the matter. [53242/17]

Ceisteanna - Questions - Priority Questions: Brexit Negotiations (13 Dec 2017)

David Cullinane: I commend the Minister on his appointment as Tánaiste. It is very important we get clarity and certainty for businesses, farmers and citizens across the island of Ireland with respect to what will happen in Brexit negotiations. The only way we can provide certainty to businesses, farmers and others that there will be no hardening of the Border is if the North stays in the customs union...

Ceisteanna - Questions - Priority Questions: Brexit Negotiations (13 Dec 2017)

David Cullinane: Again, the Minister has not answered the question so I will keep putting it until the Tánaiste or Taoiseach answers it. It is a fundamental matter, central to protecting the interests of the people of Ireland. The Minister spoke of full alignment, which we acknowledge as progress. The qualification that comes with full alignment is that it is only on the basis of alignment with...

Ceisteanna - Questions - Priority Questions: Brexit Negotiations (13 Dec 2017)

David Cullinane: If the Tánaiste does not understand the difference between full alignment and the North staying in the customs union and Single Market, cracks are beginning to appear. I will ask him again.