Results 101-120 of 4,608 for speaker:Joe O'Toole

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Joe O'Toole: It is a grey market in other words.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Joe O'Toole: I accept that.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Joe O'Toole: The Minister can correct me if I am wrong but is the following the procedure as outlined? There may be equity going from the bank to the Minister in lieu of whatever is being given to the bank. That is the consideration. When the bank and the Minister make that decision and the transaction does not comply with the listing rules of the London Stock Exchange, for example, section 7(1)(b)...

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Joe O'Toole: I can understand that, although it is cumbersome.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Joe O'Toole: I was stumped when the Minister was compelled to make reference to the principles of natural justice. Natural justice still applies-----

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Joe O'Toole: That is nice to know.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Joe O'Toole: Perhaps it is just me, but section 20 is a step too far and I cannot take it. There is just too much involved. In the first place, I see the function of the special manager as that of an examiner or a person appointed to run the business for a period of time. I wrote a letter to the Minister this week, although he will not have seen my name on it. My name was not on the bottom, but the...

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Joe O'Toole: I know what the Minister is trying to do, but this is not the way to do it. There are other ways to do so. If a case was taken to the Four Courts, the Minister might state his case and rely on the public interest, as mentioned in the Preamble or whatever precedes the Bill proper, but I do not believe that would hold sway or be what was required. The Minister used the word "proportional"...

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Joe O'Toole: On a point of order, I am not arguing with the Minister. On foot of its investigation in 2001, the Committee of Public Accounts reported that issues of which the Central Bank was aware could not be communicated to other authorities. That was after the passage of the Central Bank Act 1942, which the Minister quoted. It may be the Companies (Auditing and Accounting) Act 2003 that provided a...

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Joe O'Toole: I have another question. I am deeply uncomfortable with this. I have listened to the Minister's answers and know they were given to me in good faith but I believe he is being overly influenced by his objectives, with which I agree. However, I do not believe this legislation will work. There is no mention of directors. I nearly had to be tied down last week when I heard the debate on the...

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Joe O'Toole: Section 22 deals with that matter.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Joe O'Toole: Yes, with the shareholders and directors.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Joe O'Toole: Surely that is not true. Section 22(1)(a) states that all functions that would be vested in the directors of the relevant institution will be vested in the special manager. There will be nothing left to do.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Joe O'Toole: Does he take all responsibility?

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Joe O'Toole: No.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Joe O'Toole: This comes back to section 6.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Joe O'Toole: Have we not given him the power to sell any or all of the assets?

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Joe O'Toole: The name of the bank is possibly the only asset. The Minister of State, Deputy Mansergh, said the part of the bank sold in Poland was probably worth more than the entire bank at one stage.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Joe O'Toole: On a point of order, will the Cathaoirleach put one composite question in two minutes?

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Joe O'Toole: As a disinterested observer, I voted for the guarantee scheme. Knowing what we know now, I would still support the legislation if I had to vote for it again because it was the correct and only decision available to us. However, the Minister is not completely blameless in this nor is the main Opposition party completely to blame. Very responsibly, Fine Gael supported the guarantee...