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Results 81-100 of 234 for speaker:Michael Mulcahy

Financial Emergency Measures in the Public Interest Bill 2009: Second Stage (19 Feb 2009)

Michael Mulcahy: They are sleepwalking through the fact that virtually every western industrialised country is suffering its most severe recession or near depression for the past 40 years. They think Ireland is a unique case and it has done something particularly bad. I invite Opposition Members to visit Japan, Britain or the USA. In January, more than 500,000 people lost their jobs in the USA and every...

Financial Transactions (11 Feb 2009)

Michael Mulcahy: Hear, hear.

Financial Transactions (11 Feb 2009)

Michael Mulcahy: Let him finish.

Stabilisation of the Public Finances: Motion (Resumed) (4 Feb 2009)

Michael Mulcahy: I wish to share time with Deputy Conlon.

Stabilisation of the Public Finances: Motion (Resumed) (4 Feb 2009)

Michael Mulcahy: We will have five minutes each. It is important that there should be a mature appreciation not just in this House but among the population as to the seriousness of the current economic situation. It is perfectly right and reasonable to examine what we have done in recent years, to be positive where it is appropriate to be positive and to be critical where it is appropriate to be critical....

Special Report on New EU Legislation: Statements. (20 Nov 2008)

Michael Mulcahy: I welcome the debate on this excellent report, which I will come back to in due course. It is worth remembering the genesis of this committee. Credit should go to all parties concerned. If I recall correctly, it was Deputy Ruairí Quinn who originally proposed the establishment of the scrutiny committee. The Labour Party introduced legislation in regard to the European Union (Scrutiny) Act...

Financial Resolution No. 13: Stamp Duties (14 Oct 2008)

Michael Mulcahy: I will consider the resolutions in order. I join other Members in supporting Financial Resolution No. 9, which deals with the pensions issue. The previous position was unnecessarily generous to high income earners and a threshold of €150,000 is totally acceptable. In general, I support all these resolutions. The Government is acting correctly to stabilise the national finances and to do...

Financial Resolution No. 13: Stamp Duties (14 Oct 2008)

Michael Mulcahy: Unearned income deserves to be taxed, given the state of the national finances, but this should be a temporary measure. At 20%, DIRT is too high. We should encourage people to save. If we do not, we are encouraging people to consume, to spend their money rather than save it. That is not a good idea. I wish to make a similar point on capital gains tax. I support the measure on a temporary...

Financial Resolution No. 3: Income Tax (14 Oct 2008)

Michael Mulcahy: It is unpalatable to the community at large when taxation has to be increased, no more so than in the case of this levy. On balance, however, it is a fair compromise given the other provisions in the budget and the need to raise revenue. Will the Taoiseach confirm the figures the levy will raise in revenue? People are prepared to contribute to raising revenue but I would temper that by...

Financial Resolution No. 3: Income Tax (14 Oct 2008)

Michael Mulcahy: I also support resolution No. 2 which provides a good re-balancing for the first-time house buyer. I am glad this and other measures have been targeted at the housing sector. Despite the problems in the construction sector, from my experience there is still much demand for houses, both local authority and private. Will the Taoiseach ensure the local authority scheme is closely monitored so...

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Michael Mulcahy: I want to address amendments Nos. 2 and 4. I agree with certain of the sentiments in both these amendments, but the wording is such that I would be almost compelled to vote against them. Deputy Burton should remember it is not just high-flying executives of the banks who have share options but hundreds, if not thousands, of ordinary employees in the banks who are motivated to work harder...

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) (1 Oct 2008)

Michael Mulcahy: ——when the former is given little time to examine a document. This is the case no matter which party is in opposition. In fairness, we only received this document at approximately 9 p.m. last night. None of us has had much time to consider it. All parties supporting the principle of the Bill are to be congratulated on engaging with the spirit of this endeavour. That is essential....

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) (1 Oct 2008)

Michael Mulcahy: I have not——

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) (1 Oct 2008)

Michael Mulcahy: Let me finish. This is very important legislation and the Government must be generous and listen to the words of wisdom when they arise from the Opposition with regard to proposed amendments in this Bill, as the Minister is asking the nation to assume a very large responsibility.

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) (1 Oct 2008)

Michael Mulcahy: Given the content of section 6(5), it would be a better idea that there should be a requirement on the Minister to have such a scheme passed by the House, rather than put the onus on the House to bring a motion to annul such a scheme. I mean this in a positive sense.

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) (1 Oct 2008)

Michael Mulcahy: I will be totally open and honest with all good suggestions.

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) (1 Oct 2008)

Michael Mulcahy: This is going a little away from the matter of the amendment but I fully support the notion. As for constitutional responsibility, that is the purpose of our Ministers. It is the job of the Minister to come to the House, to be fully accountable and to say "I have made this scheme", or "I have made this financial arrangement, I am standing here, I am proud of it and I am prepared to be...

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) (1 Oct 2008)

Michael Mulcahy: I will join in the spirit of the last several contributions by refraining from the temptation of making a Second Stage speech. Instead, I will address myself strictly to Deputy Burton's proposed amendment. The Minister and Taoiseach have already said that the Opposition has been generous in its support for the principle of the Bill. It is never easy for an Opposition to take a Government...

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Michael Mulcahy: I wish to comment on some of the proposed amendments. The key concept in section 6 is flexibility on the part of the Minister for Finance. We are dealing here with six financial institutions, and potentially more than 30, which will have various obligations and share structures. It is fallacious to think that we can devise a "one size fits all" approach to assisting these institutions. It...

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Michael Mulcahy: Are we to set up another tier of expertise? We have people of the highest ability in the Central Bank and in the Financial Regulator's office and I will be damned if we are going to hire more people. It is an insult to these people to say they are not capable of providing expertise.

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