Results 121-140 of 4,608 for speaker:Joe O'Toole

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

Joe O'Toole: The reason he does not refer to the report is because Professor Honohan went on to suggest that the guarantee was perhaps too extensive. As the Minister does not want to acknowledge that finding, he sticks to the other argument. Without being patronising, the jury is out on what would have happened to senior bondholders. I concur with the Minister's thesis because I am not comfortable with...

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

Joe O'Toole: I want those words to be removed because I do not want to be associated with restoring Anglo Irish Bank. I am aware that the section deals with the financial position rather than the bank but words mean what people think they mean. Getting rid of those words will not damage the Minister's intentions.

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

Joe O'Toole: I have raised the following question, including on the Order of Business. Does this country need a Central Bank? What we need is regulation and a Central Bank for the currency. Forget about the little Irelanders, as I describe them, who believe this is something to do with sovereignty. I am just talking about operating our currency. I presume the Minister would be instinctively in favour...

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

Joe O'Toole: I thank the Minister for his response. I read something recently about whether a central bank can go bust. It is a question which goes to the heart of the point the Minister just made. Since we left the gold standard, central banks cannot go bust. Quantitative easing is the proof of this. There is a row in the United States currently. They will print $600 billion extra and buy bonds...

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

Joe O'Toole: The Long Title refers to disturbance, permanent and otherwise, of rights, including property rights. We will come back to it. We are giving our permission to steamroll through 200 years of legislation. I am not saying I oppose this. I have problems with the way it is done in a number of places, but this section is different. We are saying we will not touch the man in Dame Street and that...

Seanad: Credit Institutions (Stabilisation) Bill 2010: Second Stage (16 Dec 2010)

Joe O'Toole: I do not see any speaker on the other side of the House. It will be quite appalling if Fianna Fáil, the main Government party, takes only two speaking slots, one of which is shared, on this important Bill. Its doing so reflects the contempt with which this House is being treated in certain places. This is probably the most crucial Bill-----

Seanad: Credit Institutions (Stabilisation) Bill 2010: Second Stage (16 Dec 2010)

Joe O'Toole: I am entitled to make that comment. I was very tempted to call a quorum but decided not to in favour of putting that remark on the record. In welcoming the Minister of State, Deputy Mansergh, I speak as one who has tended to support all the main decisions of the Government over recent years. I had an argument with the Minister during the week. He challenged me on why I had supported a...

Seanad: Credit Institutions (Stabilisation) Bill 2010: Second Stage (16 Dec 2010)

Joe O'Toole: I may well have to do so. It should be pointed out to my colleagues in the Labour Party that every time they say they did not vote for the guarantee, every significant financial commentator says those who voted for it were absolutely correct. Commentators have pointed out the chaos that would have been created had there been no guarantee. Professor Honohan's report is very clear-----

Seanad: Credit Institutions (Stabilisation) Bill 2010: Second Stage (16 Dec 2010)

Joe O'Toole: -----on what would have happened had the credit guarantee scheme not been introduced two years ago.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Second Stage (16 Dec 2010)

Joe O'Toole: There may well be a question of width, but in terms of quality, the guarantee was necessary. We are making a huge mistake with this legislation. I have seen this happen before with rushed legislation. I note we are amending the Building Societies Act 1989. It was rushed through this House and caused problems thereafter. I do not understand what the Minister refers to as the recitals in the...

Seanad: Credit Institutions (Stabilisation) Bill 2010: Second Stage (16 Dec 2010)

Joe O'Toole: On a point of order, I had not the remotest intention of criticising the Minister. I was criticising the Minister of State's party colleagues in this House. I had no intention of citing the Minister.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Second Stage (16 Dec 2010)

Joe O'Toole: With respect, I was referring to non-property rights.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Second Stage (16 Dec 2010)

Joe O'Toole: I referred to non-property rights. I accept the Minister of State's comments otherwise, but I have a problem with the issue of non-property rights.

Seanad: Order of Business (16 Dec 2010)

Joe O'Toole: On a point of order, that is incorrect. The judgment this morning confirmed the Irish Constitution and asked that it be implemented. The judgment does not ask us to legislate for abortion.

Seanad: Order of Business (16 Dec 2010)

Joe O'Toole: The Leader did not explain the procedure for taking the Appropriation Bill.

Seanad: Order of Business (16 Dec 2010)

Joe O'Toole: Is it intended to take all Stages of the Bill?

Seanad: Order of Business (16 Dec 2010)

Joe O'Toole: My notes indicate that Committee Stage of the Credit Institutions (Stabilisation) Bill 2010 will be taken at 4 p.m.

Seanad: Order of Business (16 Dec 2010)

Joe O'Toole: The House has debated air traffic, flights, etc., on a number of occasions recently. I ask the Leader to walk down the road to his neighbour, Mr. Michael O'Leary of Ryanair, and ask him whether he misled us. While I accept people from Castlepollard would not promulgate untruths-----

Seanad: Order of Business (16 Dec 2010)

Joe O'Toole: I hope the Leader is not defending him. Mr. O'Leary promised to deliver 6 million additional passengers to Ireland if the airport travel tax was abolished. His response to last week's decision by the Government to reduce the air travel tax from €10 to €3 was to cut six routes out of the country. The same individual told us he would save Shannon Airport, but he cut the number of flights...

Seanad: Order of Business (16 Dec 2010)

Joe O'Toole: I made a personal request to the Leader.