Results 181-200 of 246 for nama speaker:Kieran O'Donnell

Financial Emergency Measures in the Public Interest (No. 2) Bill 2009: Committee and Remaining Stages (16 Dec 2009)

Kieran O'Donnell: ...the Irish Financial Services Regulatory Authority. Furthermore, they should apply to the National Treasury Management Agency, which is fully State-owned. Some 5% of the money paid to the banks by NAMA, or €2.7 billion, will be in the form of subordinated debt, but Professor Honohan stated it should have been treble that figure - 15%, which represents another €5.4 billion on top of...

Financial Emergency Measures in the Public Interest (No. 2) Bill 2009: Committee and Remaining Stages (16 Dec 2009)

Kieran O'Donnell: Exactly. I am trying to give context to the debate and underpin it with thought. I support this amendment, which should apply to both Anglo Irish Bank and NAMA. We are told NAMA should be self-financing. We should not be paying exorbitant salaries which will take away from the bottom line. Those working for the agency should be paid reasonable salaries. There should be consistency...

Financial Resolution No.5: General (Resumed). Debate resumed on the following motion: (10 Dec 2009)

Kieran O'Donnell: ...but the debate will finish in a short period. From speaking to my colleagues I am aware they are frustrated. We were elected to represent people. In his speech, the Taoiseach made reference to NAMA and the benefit of the long debate on that legislation but I do not see the benefit of a short debate on the budget. This budget is probably the most divisive ever and it will be cruel on...

Financial Resolution No.5: General (Resumed). Debate resumed on the following motion: (10 Dec 2009)

Kieran O'Donnell: ...for employees. However, there is no joined-up thinking. It appears the Government has carried out a book keeping exercise with no thoughts of bringing the economy out of recession. I refer to NAMA. The Taoiseach remarked that he took a systematic view in terms of dealing with the banking crisis and that the Government was dealing with the banks. However, the former chief executive of...

Written Answers — National Asset Management Agency: National Asset Management Agency (3 Dec 2009)

Kieran O'Donnell: Question 122: To ask the Minister for Finance his views on the confirmation that certain financial institutions covered under the National Asset Management Agency may not be using the NAMA bonds to obtain low interest credit from the European Central Bank for use in lending to small business; if he intends to issue guidance to the institutions regarding this matter; the alternative plans in...

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

Kieran O'Donnell: ...for Finance. This matter is too significant to do otherwise. AIB's representatives appeared before the Committee on Finance and the Public Service last week stating that they may not use the NAMA bonds to get credit flowing. This is not good enough.

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

Kieran O'Donnell: ...Sheehy, appeared recently before the Oireachtas Joint Committee on Finance and the Public Service. He stated that there would be no great changes. He also stated initially that AIB would not use NAMA bonds to obtain credit from the ECB at reduced rates to enable credit to flow. When pushed at length, he then effectively stated the bank might consider it. However, this simply is not...

Pre-budget Outlook: Statements (17 Nov 2009)

Kieran O'Donnell: ...level, to a policy of no increases in commercial rates in the coming three years. I have not heard the Government say that. It is a very pro-active measure. Regarding banking, there is nothing in NAMA to ensure that credit will flow. If credit does not flow, businesses will not be able to function. The measure I proposed for cutting employers' PRSI would give a cash flow advantage to...

National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)

Kieran O'Donnell: I move amendment No. 1 to Seanad amendment No. 11: In line 2, subsection (1), after "NAMA" to insert "or any group entity of NAMA".

National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)

Kieran O'Donnell: ...the issues. The amendments drafted by the Minister made no reference whatsoever to the SPVs so I tabled an amendment to relate to group entities because I expect that SPVs will do all the work of NAMA and effectively will be NAMA. We could have a situation where the legislation refers to NAMA but people could be employed by the SPVs; the legislation would be unworkable outside of the...

National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)

Kieran O'Donnell: .... The reference is to "any Committee of the Houses of the Oireachtas established to monitor Acts done in the furtherance of this Act". Nothing in this amendment would affect the workings of NAMA as envisaged by the Minister. When the Minister spoke about the valuation panel he seemed to suggest that he shared our concerns regarding the appointment of individuals to the panel. This is a...

National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)

Kieran O'Donnell: ...ensure the appointment process is above reproach. That is precisely what the public is seeking and it is necessary to restore trust in banking institutions. The Minister of State reassures us that NAMA's valuations will be cautious but the reality is that we are looking at valuations of 15% above market value. Moreover, there must be significant doubt regarding the reliability of...

National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)

Kieran O'Donnell: ...Minister's amendment. In the current circumstances, the amendment needs to be prescriptive. The guidelines should be agreed with the financial institutions before their loans are transferred to NAMA. The guidelines will not work if they are agreed after the transfer of loans. During the debate on Report Stage, the Minister assured the House that the guidelines were not merely a threat...

National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)

Kieran O'Donnell: In respect of the €5 billion available to NAMA as development capital, how long will it take the Minister to develop and lay before the House a detailed business plan for the disbursement of this money? I welcome the Green Party Members to the House. Deputy Cuffe is like a sunshine player in that he flits in and out. The Green Party Deputies remind me of Animal Farm in being more Fianna...

National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)

Kieran O'Donnell: The debate on NAMA is still ongoing.

National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)

Kieran O'Donnell: The section states the members of the credit committee and the finance committee shall be members of the board or officers of NAMA and at least two members of each of those committees shall be members of the board Normally reporting to the board is done through the financial controller, who would have his or her own team. In many cases the financial controller might also be a member of the...

National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)

Kieran O'Donnell: This relates to the establishment of a finance committee within NAMA. As Deputy Burton has stated, we have discussed the SPVs at length, and they will be for all intents and purposes the operational vehicle of NAMA. The SPVs will consider day to day activity and all the powers will effectively be delegated to the SPVs. There will be a master SPV and a number of subsidiaries, baby SPVs,...

National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)

Kieran O'Donnell: ...taxpayers' money is at stake, Fine Gael strongly believes there is a compelling argument for the statutory establishment of a parliamentary committee to ensure there is Oireachtas oversight of the NAMA project. We feel that the Minister should appoint the members of the valuation panel following consultation with such an Oireachtas committee. When I examined the various categories set out...

National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)

Kieran O'Donnell: With regard to the designation of assets taken over by NAMA, the Minister mentioned that implicit in the valuation of the loan will be the level of security attaching to it. Has the Minister the authority to take over all the security? Could a bank state it wished to transfer less security, which could result in the value of the loan decreasing accordingly? Has the Minister a veto on...

National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)

Kieran O'Donnell: Has NAMA the legal authority to ensure banks disclose all the security attaching to the loans?