Results 161-180 of 194 for nama speaker:Marc MacSharry

Seanad: Banking: Statements (31 Mar 2010)

Marc MacSharry: ...Lenihan, has acted decisively but has taken the necessary time to ensure the steps taken were the correct ones. The bank guarantee scheme was introduced initially, followed by the establishment of NAMA and yesterday the initial transfer of bad loans to NAMA was made following a long period of due diligence, which I, as a valuer in my previous career, believe was extremely prudent. I am...

Seanad: Order of Business. (30 Mar 2010)

Marc MacSharry: ...wish to be obliged to do what needs to be done today. However, this does not mean that we can shy away from the necessity of taking the action required. In the light of the transfer of loans to NAMA, the recapitalisation of the various institutions and the great news relating to the agreement reached at Croke Park last night, we will finally be presented with a template which will bring...

Seanad: Finance Bill 2010 (Certified Money Bill): Second Stage. (24 Mar 2010)

Marc MacSharry: ...which could be discussed further on Committee Stage. The windfall tax has been mentioned. I note this provision is being amended in section 25 of the Finance Bill 2010 and that is relates to the NAMA legislation. I acknowledge I will have ample opportunity to speak about that issue on Committee Stage. I believe, having reflected on the matter, that the 80% windfall tax would have been...

Seanad: Order of Business (11 Feb 2010)

Marc MacSharry: ...political affiliations do not impact on their expertise or ability to do a good job. In case the Senators opposite doubt me, let me remind them that one of the best appointees to the board of NAMA is a former Fine Gael activist and insolvency accountant from Limerick. The fact that he has in the past been a Fine Gael activist does not remotely affect my opinion of his ability to do an...

Seanad: Order of Business (28 Jan 2010)

Marc MacSharry: ...in this country is telling collectors that they should not encourage people to engage with MABS for fear that it might contact it to make a payment proposal. Permanent TSB, which is not under NAMA, has regrettably moved to increase rates. There is an air of inevitability that the EU will raise interest rates. We require legislative reform immediately, along the lines I have already...

Seanad: Banking Sector: Statements (26 Jan 2010)

Marc MacSharry: ...Anglo Irish Bank. We are set to have further capitalisation and further moneys will be put into those institutions, giving the State more ownership of them. We have also seen the establishment of NAMA, and I join the call made on the Order of Business today that we might have a debate on NAMA and its progress so far. Senator Regan made that call and I certainly welcome it. He stated...

Seanad: Credit Institutions (Eligible Liabilities Guarantee) Scheme 2009: Motion (3 Dec 2009)

Marc MacSharry: I welcome the Minister of State to the House. This is not the time or the place to get into a Second Stage debate on banking, NAMA or the budget. We have had opportunities to do this doing the week. I welcome this motion, which sets out the basic terms and conditions of a guarantee. The primary legislation was passed in the summer and this is an extension to it. It is good and...

Seanad: Pre-Budget Outlook: Statements (1 Dec 2009)

Marc MacSharry: ...Majesty's Government at present. The Government has taken many steps over the past year and the Minister of State, Deputy Mansergh, mentioned several of them. These include the establishment of NAMA, labour market activation measures, the back to education allowance, the work placement scheme, the employment subsidy scheme - I do not agree it should be limited to certain sectors because...

Seanad: National Asset Management Agency Bill 2009: Report and Final Stages (11 Nov 2009)

Marc MacSharry: ...night. I am against both of these amendments. In respect of amendment No. 8, the local authorities will be first in the queue for any housing around the country. This amendment would undermine NAMA's ability to give the ultimate social dividend, to get the country moving again in order that we can have resources for sports capital or youth café programmes and the kind of infrastructure...

Seanad: National Asset Management Agency Bill 2009: Report and Final Stages (11 Nov 2009)

Marc MacSharry: With regard to the valuation panel, there has been a robust application process in NAMA that has been very difficult. No valuers have yet been appointed but short-lists and so forth have been compiled. The review of valuations is probably what interests Senator Bacik and perhaps there is scope for the Minister to allow an application process to exist there, similar to that which was carried...

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Marc MacSharry: I have a question which is perhaps based on my inability to understand maths. I understand NAMA will not pay tax because the State will not tax itself.

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Marc MacSharry: ...a profit, and 51% of it is privately owned, is the SPV subject to corporation tax before it splits up the dividend? In effect, will the State tax its 49% before it then hands on the profits to NAMA?

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Marc MacSharry: ...making representations on, I do not see a difficulty. Senator Alex White has withdrawn his amendment to section 221. I ask the Minister to consider the issue because it relates to an employee of NAMA or a NAMA entity or somebody acting on behalf of NAMA who is approached or lobbied to make a certain decision in favour of a person, issue or valuation. The provision compels the employee to...

Seanad: National Asset Management Agency Bill 2009: Committee Stage (Resumed) (11 Nov 2009)

Marc MacSharry: ...others will not. Does that mean we lose because we are only in a position to apportion whatever percentage of surcharge on the profits made versus the percentage of loans originally taken over by NAMA? That is a concern and I believe the public would like us to be a little more definite about potential losses. Of course we are all very hopeful, if not confident, that it will be in a...

Seanad: National Asset Management Agency Bill 2009: Committee Stage (10 Nov 2009)

Marc MacSharry: ...Committee on Economic Regulatory Affairs should be involved. We do not need all three to be involved but the terms of reference of one could be adjusted such that it would focus specifically on NAMA. We could consider the membership of the committee and none of us would worry about who the Chairman would be once it was the most appropriate person. As Senator O'Toole pointed out, it was...

Seanad: National Asset Management Agency Bill 2009: Second Stage (9 Nov 2009)

Marc MacSharry: ...has been quite a substantial sacrifice for him and his family. I thank him for his efforts, his enthusiasm and his determination to find the appropriate solution to these problems. I am a fan of NAMA. Anybody in this House over the past year would know that. Before it emerged that we were going to go down the route of the asset management route, I had been calling in this House for us...

Seanad: National Asset Management Agency Bill 2009: Second Stage (9 Nov 2009)

Marc MacSharry: ...real time environment. I am glad the Minister has introduced these various measures, such as the bank guarantee scheme, the nationalisation of Anglo Irish Bank and the very thoughtful process with NAMA. One might say that the Second Stage debate on this has been ongoing since last July. That is to be welcomed because it has evolved through that period and improved. It will continue to...

Seanad: National Asset Management Agency Bill 2009: Second Stage (9 Nov 2009)

Marc MacSharry: ...joint committees and the various other watchdogs that can be put in place. It is vital we have absolute transparency and accountability, notwithstanding the fact that there are some aspects to NAMA and the special purpose vehicle that will not be open for competitive reasons. When the Oireachtas joint committee was considering the draft Bill that was published over the summer, there was a...

Seanad: National Asset Management Agency Bill 2009: Second Stage (9 Nov 2009)

Marc MacSharry: I apologise. In any event, everybody agrees, irrespective of whether he or she is prepared to admit it publicly, that NAMA is the correct approach. It is the approach we must continue to tease out and improve in the Houses over the coming days. It is the most appropriate and best vehicle to get our financial system moving again while at the same time protecting taxpayers and the public...

Seanad: Mortgage and Debt Support Measures: Motion (4 Nov 2009)

Marc MacSharry: ...a statutory non-court-based debt settlement system, and the establishment of a central Debt Enforcement Office to remove as many debt enforcement proceeds from the courts as possible; notes that NAMA is not a bailout for developers and that extending it to homeowners would not provide them with relief; notes that the proposal for a Home Owner Support Scheme would involve the State in...