Results 1,601-1,620 of 4,717 for speaker:Martin Mansergh

Seanad: Economic Situation: Statements (27 Jan 2009)

Martin Mansergh: I welcome this opportunity to address the Seanad on the state of our economic prospects. We have witnessed their dramatic deterioration over the past year, which we must face up to. In the days of our prosperity, perhaps we should have heeded the words of the psalm, "though wealth increase, set not your heart upon it". Certainly, any belief here or elsewhere that the economic cycle could...

Seanad: Anglo Irish Bank Corporation Bill 2009: Committee and Remaining Stages (20 Jan 2009)

Martin Mansergh: The Minister for Finance, when he was speaking, stated that the Director of Corporate Enforcement is being assisted by the Financial Regulator who has particular powers to obtain information from financial institutions. I repeat the fact that there was no run on the bank and also, if one wishes to put it another way, that it was not insolvent. However, limited funding problems and the risk...

Seanad: Anglo Irish Bank Corporation Bill 2009: Committee and Remaining Stages (20 Jan 2009)

Martin Mansergh: ——is, of course, "No". We have an independent Director of Corporate Enforcement to investigate events in detail. Senators should not assume——

Seanad: Anglo Irish Bank Corporation Bill 2009: Committee and Remaining Stages (20 Jan 2009)

Martin Mansergh: If they want an enforcement process, we must allow it to take effect instead of doing what the Queen of Hearts did, namely, sentence first and hear the evidence afterwards.

Seanad: Anglo Irish Bank Corporation Bill 2009: Committee and Remaining Stages (20 Jan 2009)

Martin Mansergh: I will not accept the amendment. We have complete confidence that the Director of Corporate Enforcement will pursue these issues of grave concern and deep and legitimate public interest. As legislators, we should not try to duplicate our effective and efficient machinery. We cannot afford to do so.

Seanad: Anglo Irish Bank Corporation Bill 2009: Committee and Remaining Stages (20 Jan 2009)

Martin Mansergh: I do not think Senator Norris was here for the Minister's entire contribution. He can correct me if I am wrong. The Minister has taken strong issue with the article in The Irish Times to which Senator Norris referred. In both Houses, he has emphatically made the argument that the nationalisation of Anglo Irish Bank is a systemic issue. He has argued that the bank is not something that can...

Seanad: Anglo Irish Bank Corporation Bill 2009: Committee and Remaining Stages (20 Jan 2009)

Martin Mansergh: If the Senator believes in the principle of consent, we need that principle to have an all-Ireland Parliament. I would love to see an all-Ireland Parliament.

Seanad: Anglo Irish Bank Corporation Bill 2009: Committee and Remaining Stages (20 Jan 2009)

Martin Mansergh: Who raised the question of partition?

Seanad: Anglo Irish Bank Corporation Bill 2009: Committee and Remaining Stages (20 Jan 2009)

Martin Mansergh: That comment is unworthy of the Senator. I fully agree with many Senators who have stated that confidence, accountability, proper investigation and pursuit of breaches is needed. However, the Senator's proposed amendment is not necessary in light of the extensive legal powers available to the statutorily independent Office of the Director of Corporate Enforcement.

Seanad: Anglo Irish Bank Corporation Bill 2009: Committee and Remaining Stages (20 Jan 2009)

Martin Mansergh: I am confident the director will conduct a thorough examination of the unacceptable governance practices that have come to light in Anglo Irish Bank which rightly have caused such grave public concern. The Minister highlighted these matters in his statement announcing that Anglo Irish Bank was being taken into public ownership. In recent years the director and his staff have shown a strong...

Seanad: Anglo Irish Bank Corporation Bill 2009: Committee and Remaining Stages (20 Jan 2009)

Martin Mansergh: I am stating authoritatively that there was no run on Anglo Irish Bank.

Seanad: Anglo Irish Bank Corporation Bill 2009: Committee and Remaining Stages (20 Jan 2009)

Martin Mansergh: The decision the Minister took to nationalise Anglo Irish Bank followed consultation with the Central Bank, the Financial Regulator and the NTMA. The Government believed the recent corporate governance issues at Anglo Irish Bank had caused serious reputational damage to the bank at a time when market conditions were deteriorating for it, thus adding to funding pressures. Despite the...

Seanad: Anglo Irish Bank Corporation Bill 2009: Committee and Remaining Stages (20 Jan 2009)

Martin Mansergh: I am about to answer it, if the Senator allows me to finish.

Seanad: Anglo Irish Bank Corporation Bill 2009: Committee and Remaining Stages (20 Jan 2009)

Martin Mansergh: The Minister has addressed also the issue of what effect this will have on the public finances. This evening I repeated something the Minister had stated in the Dáil: Taking Anglo Irish Bank into State ownership should have no immediate impact on either the general Government debt or the current deficit as Anglo Irish Bank is a going concern and will continue to operate as a commercial...

Seanad: Anglo Irish Bank Corporation Bill 2009: Committee and Remaining Stages (20 Jan 2009)

Martin Mansergh: He was talking about his own powers as Minister.

Seanad: Anglo Irish Bank Corporation Bill 2009: Committee and Remaining Stages (20 Jan 2009)

Martin Mansergh: I gave the answer to that question.

Seanad: Anglo Irish Bank Corporation Bill 2009: Committee and Remaining Stages (20 Jan 2009)

Martin Mansergh: I will clarify it. Senator Fitzgerald need not worry.

Seanad: Anglo Irish Bank Corporation Bill 2009: Committee and Remaining Stages (20 Jan 2009)

Martin Mansergh: I am not.

Seanad: Anglo Irish Bank Corporation Bill 2009: Committee and Remaining Stages (20 Jan 2009)

Martin Mansergh: Senator Doherty's amendment, as supported by Senator McFadden, provides in effect that the Oireachtas would approve and direct the nominee. By virtue of his or her legal status, the nominee would step into the shoes of, and act on behalf of, the Minister for Finance, who is accountable to the Oireachtas for his actions and the actions of his nominee. However, we do not govern by committee...

Seanad: Anglo Irish Bank Corporation Bill 2009: Committee and Remaining Stages (20 Jan 2009)

Martin Mansergh: I was simply responding to Senator McFadden's remarks.