Results 19,121-19,140 of 26,924 for speaker:Richard Boyd Barrett
- Irish Collective Asset-management Vehicles Bill 2014: Second Stage (9 Oct 2014)
Richard Boyd Barrett: I recently heard an advertisement on Newstalk which greatly disturbed me. It stated whether the economy goes up or down one can make money. This follows quite a widespread pattern of advertisements on radio stations these days which speak about spread trading and how one can make money out of thin air. If one has a bit of money one can give it to firms which will gamble on one's behalf....
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: European Stability Mechanism (Amendment) Bill 2014: Committee Stage (8 Oct 2014)
Richard Boyd Barrett: That is enough.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: European Stability Mechanism (Amendment) Bill 2014: Committee Stage (8 Oct 2014)
Richard Boyd Barrett: However, with the deal it was translated into debt.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: European Stability Mechanism (Amendment) Bill 2014: Committee Stage (8 Oct 2014)
Richard Boyd Barrett: Although it will be discussed case by case, and the details could vary a little, that is broadly the way they are likely to consider any applications.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: European Stability Mechanism (Amendment) Bill 2014: Committee Stage (8 Oct 2014)
Richard Boyd Barrett: I will not keep the Minister much longer. Does he not think the €60 billion figure suggests it is not envisaged by the ESM that there will be a recapitalisation of our banks that would be any substantial portion of the amount we put in? If the Minister is talking about €60 billion for all of Europe and we put €64 billion into our banks, would that not strongly suggest...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: European Stability Mechanism (Amendment) Bill 2014: Committee Stage (8 Oct 2014)
Richard Boyd Barrett: Okay. Given that it is only €60 billion, would it not-----
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: European Stability Mechanism (Amendment) Bill 2014: Committee Stage (8 Oct 2014)
Richard Boyd Barrett: Listen-----
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: European Stability Mechanism (Amendment) Bill 2014: Committee Stage (8 Oct 2014)
Richard Boyd Barrett: For what it is worth, my interpretation of the game-changer, and various things are being attributed to that term, was Cyprus and the resistance of the Cypriot people which forced the change in policy where countries had a bail-in. I welcome the bail-in, and the Minister's point is well made and reasonable but-----
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: European Stability Mechanism (Amendment) Bill 2014: Committee Stage (8 Oct 2014)
Richard Boyd Barrett: Absolutely, on the backs of many people.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: European Stability Mechanism (Amendment) Bill 2014: Committee Stage (8 Oct 2014)
Richard Boyd Barrett: Over €100,000.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: European Stability Mechanism (Amendment) Bill 2014: Committee Stage (8 Oct 2014)
Richard Boyd Barrett: Absolutely, thanks to the Cypriot people. That is my point.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: European Stability Mechanism (Amendment) Bill 2014: Committee Stage (8 Oct 2014)
Richard Boyd Barrett: No, I do not agree.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: European Stability Mechanism (Amendment) Bill 2014: Committee Stage (8 Oct 2014)
Richard Boyd Barrett: No. I do not agree. There was a big fight over the €100,000 limit and so on. The bail-in is welcome but it is 8% of liabilities, with the state's 5%. Then we have all the conditions about the extent to which it may threaten the stability of the wider eurozone and the debt sustainability of an individual state. After that bail-in, which is welcome but limited, the next port of call...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: European Stability Mechanism (Amendment) Bill 2014: Committee Stage (8 Oct 2014)
Richard Boyd Barrett: I do. I have a question on direct recapitalisation, not just retroactive recapitalisation. I wish to translate it into simple layman’s terms that people can understand. If the Minister makes an application for recapitalisation, the deal is that the ESM would buy a share in the financial institution, and in the case of retroactive recapitalisation we would get the money back. Is it...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: European Stability Mechanism (Amendment) Bill 2014: Committee Stage (8 Oct 2014)
Richard Boyd Barrett: Would the ESM sell the shares to the private sector?
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: European Stability Mechanism (Amendment) Bill 2014: Committee Stage (8 Oct 2014)
Richard Boyd Barrett: I have not finished yet. I have a few more questions for the Minister, but I just wanted to get clarity in order to fully understand the situation. The ESM would buy shares and sell them on, and we would get the money back. What the Minister seems to be saying, without making allegations, is that he will decide as the situation progresses whether it is better value for us, in terms of...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: European Stability Mechanism (Amendment) Bill 2014: Committee Stage (8 Oct 2014)
Richard Boyd Barrett: Does the Minister mean it might be a private financial entity?
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: European Stability Mechanism (Amendment) Bill 2014: Committee Stage (8 Oct 2014)
Richard Boyd Barrett: Or it could be the ESM.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: European Stability Mechanism (Amendment) Bill 2014: Committee Stage (8 Oct 2014)
Richard Boyd Barrett: Or we could hold on to it ourselves.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: European Stability Mechanism (Amendment) Bill 2014: Committee Stage (8 Oct 2014)
Richard Boyd Barrett: I wish to make a point on the application, which is the point I made on Second Stage. I thought I heard the Minister say something on that in response to Deputy Doherty. While the modalities, to use the Minister's term, or the terms and conditions that might apply to any application for direct recapitalisation will be discussed case by case by the board of governors, did he suggest, and...