Results 21-40 of 234 for speaker:Michael Mulcahy

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.

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.

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

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

Michael Mulcahy: As we approach the end of what has been a fruitful debate, we must acknowledge that we all come to the issue from different perspectives. The different parties have different policies on whether we should create a good or bad bank or whether we should nationalise the banks. However, it is important to realise that we all have the same primary interest. We understand there has been a severe...

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

Michael Mulcahy: Not one cent will be written off by the State, NAMA or anyone else.

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: Report Stage (Resumed). (4 Nov 2009)

Michael Mulcahy: Many points similar to those which have arisen in respect of these amendments were made on Committee Stage. I wish to reiterate my personal support for the idea of an Oireachtas committee to monitor the activities of NAMA. Given the huge amount of money involved, €54 billion - it could be more - the public will not be happy with any less a form of scrutiny. For this reason, I suggested...

National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)

Michael Mulcahy: The functions of the proposed oversight committee are not delineated and its membership is not defined. For those reasons, I believe amendment No. 4 does not pass mustard, with all due respect to Deputy Burton. Amendment No. 2 is in the name of Deputy Bruton. As I stated last week on Committee Stage there is much in this amendment I can support and believe is valuable. The provisions I do...

National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)

Michael Mulcahy: With all due respect, that is what the Deputy said.

National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)

Michael Mulcahy: There is nothing in the proposed amendment that would muzzle the chief executive reporting on the activities of NAMA.