Results 201-220 of 234 for speaker:Michael Mulcahy

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Michael Mulcahy: I am getting to that.

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Michael Mulcahy: In fairness, what was said in this context was said by Deputy Arthur Morgan when addressing amendment No. 16. I was not prepared for that comment to lie on the record of the House without challenge. In proposing his amendment, he made the erroneous statement that this was a bailout for builders. If he was going to make that proposition -----

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Michael Mulcahy: If the Deputy was going to make that proposition, he should have substantiated it. I want the record to be absolutely clear that builders or developers are liable to the banks for every cent of their loans once those loans are transferred to NAMA. If that is not the case, perhaps the Minister or someone else will tell us. I have been proceeding in this debate on the basis that the full...

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Michael Mulcahy: Precisely, that point is accepted.

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Michael Mulcahy: I accept that. I accept that the gap between what NAMA will pay and the market value is a genuine matter of concern. However, as the Minister pointed out on Committee Stage, it must be borne in mind that the State owns Anglo Irish Bank, which holds the largest tranche of loans being transferred and has warrants of 25% in Bank of Ireland and AIB. Therefore, five sixths of that €7 billion...

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Michael Mulcahy: However, he should also acknowledge that this system allows for a social dividend to be paid out of the process. Deputy Higgins should be generous enough to acknowledge that and not just say that this amounts to a socialisation of loss, because------

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Michael Mulcahy: We had a very good discussion on that. I will not go into the issue of full economic value. However, we must accept that there would be no point in having NAMA if all it would do was pay market value. It makes sense, in the context of our ownership of Anglo Irish Bank and our warrants in other banks, to get money into the banks. Were it otherwise, we would be borrowing money not at 1.5%,...

National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)

Michael Mulcahy: On a point of order, is this the Second Stage speech again?

National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)

Michael Mulcahy: So what? What point is the Deputy making?

National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)

Michael Mulcahy: I also strongly support the proposed amendment. It is very important that proper planning and sustainable development form part of the ethos of NAMA. In line with what I stated in my earlier contribution, we must always remember that the primary purpose of NAMA will be to repay the sum of €54 billion out of the proper assets back to the European Union because it remains a liability of the...

National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)

Michael Mulcahy: Hear, hear.

Order of Business (19 Nov 2009)

Michael Mulcahy: It is not.

Statement of Estimates for Houses of the Oireachtas Commission: Motion (19 Nov 2009)

Michael Mulcahy: I move: That Dáil Éireann take note of the Statement of Estimates of moneys required in respect of ongoing expenditure for the period beginning on 1 January 2010 and ending on 31 December 2010, prepared and published by the Houses of the Oireachtas Commission in accordance with section 13 of the Houses of the Oireachtas Commission Act 2003 as amended by section 8 of the Houses of the...

Statement of Expenditure for Houses of the Oireachtas: Motion (19 Nov 2009)

Michael Mulcahy: I move: That Dáil Éireann take note of the supplementary sum not exceeding €997,000 required by the Houses of the Oireachtas Commission to defray the charge which will come in course of payment during the year ending on 31 December 2009 for a grant-in-aid.

Leaders' Questions (19 Jan 2010)

Michael Mulcahy: Abbeylara.

Banking Crisis: Statements (19 Jan 2010)

Michael Mulcahy: An inquiry into the banking failure which occurred over the past two years is essential. I commend the Minister for Finance on the proposals he has drafted for an inquiry. I will adopt the reasoning used by the Minister and the Minister of State at the Department of Foreign Affairs, Deputy Peter Power, both of whom were very eloquent. If one is a pensioner who has lost a pension, a...

Job Creation. (16 Feb 2010)

Michael Mulcahy: That is not a point of order.

Order of Business (10 Mar 2010)

Michael Mulcahy: Deputy Creed should listen.

Banking System: Motion (30 Mar 2010)

Michael Mulcahy: I wish to share my time with Deputy Paul Gogarty, with the permission of the House. As the famous saying goes, those who do not learn from their mistakes are condemned to repeat them. This is, without doubt, the most serious financial crisis in the history of the State, brought about by a combination of factors which all occurred in a relatively short period of time: an international...

Banking System: Motion (30 Mar 2010)

Michael Mulcahy: Given the amount of legislation, the complex nature of the problems the State is grappling with and the depth of the recession, the Minister for Finance and the Government have done exceptionally well in this area. I sat through the Second and Committee Stage debates on the NAMA legislation, as Deputy Higgins can testify, and although some good and genuine points were made by the Opposition,...