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Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Green Paper on Capital Markets Union: Discussion (31 Mar 2015)

Liam Twomey: We now turn to scrutiny of COM (2015) 63 - Green Paper on building a capital markets union. I welcome Mr. Peter Brown, lecturer at the Institute of Investing & Financial Trading, and Dr. Constantin Gurdgiev, an economist at Trinity College Dublin. The format of this session will be the same as the previous one. Mr. Brown and Dr. Gurdgiev will make opening remarks, which will be...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Green Paper on Capital Markets Union: Discussion (31 Mar 2015)

Liam Twomey: I thank Dr. Gurdgiev.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Green Paper on Capital Markets Union: Discussion (31 Mar 2015)

Liam Twomey: Before you answer that question, there is a theme coming through from the debate. Irish SMEs are small, family owned and not big corporations. As was pointed out, what is classified as an SME in Germany would be considered a large company in Ireland. How adaptable is this model? Are we stuck with the bank financing model because that is just the structure of our SMEs or is it possible...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Green Paper on Capital Markets Union: Discussion (31 Mar 2015)

Liam Twomey: Mr. Brown and Deputy Donnelly made the point that we try to grow companies and sell them as soon as possible, but there is a problem with growing a company in Ireland. One reaches a certain point and it is very hard to grow the company beyond that point because of access to capital and to expertise. Is it cultural or is it because the system is set up that way?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Green Paper on Capital Markets Union: Discussion (31 Mar 2015)

Liam Twomey: Ms Regina Breheny, the director general of the Irish Venture Capital Association?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Green Paper on Capital Markets Union: Discussion (31 Mar 2015)

Liam Twomey: Deputy, can you ask the witnesses to answer you?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Green Paper on Capital Markets Union: Discussion (31 Mar 2015)

Liam Twomey: Securitisation was a dirty word only a few years ago as it was thought to have contributed to what happened to the world economy but it is creeping back into the conversation around CMU.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Green Paper on Capital Markets Union: Discussion (31 Mar 2015)

Liam Twomey: We have to finish this session as we were supposed to start another at 5 p.m.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Green Paper on Capital Markets Union: Discussion (31 Mar 2015)

Liam Twomey: No. This slot has finished as we have new witnesses coming in. I thank the witnesses for attending. It was excellent stuff and it will help us in our deliberations.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Green Paper on Capital Markets Union: Discussion (31 Mar 2015)

Liam Twomey: My apologies Mr. Carrigan the committee must suspend, there is a vote in the Dáil. We will resume immediately after the vote. Thank you.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Green Paper on Capital Markets Union: Discussion (31 Mar 2015)

Liam Twomey: Yes.

Water Charges: Motion (Resumed) [Private Members] (25 Mar 2015)

Liam Twomey: It is a fantasy.

Water Charges: Motion (Resumed) [Private Members] (25 Mar 2015)

Liam Twomey: Ireland has the cheapest water prices in Europe, cheaper than Bulgaria, Latvia and Greece. Every country in Europe, rich or poor, right or left, charges for water. Water charges stop waste and protect access to clean water. Sinn Féin must stop misleading the Irish people and stop saying it does not support water charges. Sinn Féin supports water charges in Northern Ireland.

Water Charges: Motion (Resumed) [Private Members] (25 Mar 2015)

Liam Twomey: It supports the installation of water meters in Northern Ireland and pays bonuses to Northern Ireland water bosses. By saying it does not, it is saying it is part of a pretend Government in Northern Ireland and that, when Mother Goose in Westminster stops laying the golden eggs, Sinn Féin fails to govern properly. It is happy to put the economic future of people in Northern Ireland at...

Water Charges: Motion (Resumed) [Private Members] (25 Mar 2015)

Liam Twomey: They are installing water meters in Northern Ireland. Sinn Féin supports the legislation in that regard and is supposed to be in government in Northern Ireland. Sinn Féin should stop misleading the people of the country by saying it does differently.

Water Charges: Motion (Resumed) [Private Members] (25 Mar 2015)

Liam Twomey: The difference with being in government in the Republic is that there is no Mother Goose to send us £4 billion a year to sort us out.

Water Charges: Motion (Resumed) [Private Members] (25 Mar 2015)

Liam Twomey: We must live within our means and be responsible in what we say to the people of Ireland. We must be responsible in how we act in government.

Water Charges: Motion (Resumed) [Private Members] (25 Mar 2015)

Liam Twomey: With regard to the nine Deputies who have signed the motion, I do not know what they have to offer to the Irish people apart from demonising the Garda Síochána. This surprises me when it comes from Deputies Finian McGrath and Tom Fleming. Why would they support the claptrap in this motion? I am all for candidates standing in the next general election but we must consider what...

Water Charges: Motion (Resumed) [Private Members] (25 Mar 2015)

Liam Twomey: The only alternative is cuts to old-age pensions and social welfare payments. How will they fund schools and hospitals? It is not in the motion if that is what Deputy Paul Murphy is pointing at. That is for discussion on another day as soon as the Independent Deputies start talking the truth and stop misleading people.

An Bille um an gCúigiú Leasú is Tríocha ar an mBunreacht (Aois Intofachta chun Oifig an Uachtaráin) 2015: An Dara Céim - Thirty-fifth Amendment of the Constitution (Age of Eligibility for Election to the Office of President) Bill 2015: Second Stage (25 Mar 2015)

Liam Twomey: The Deputy should stick to the legislation.

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