Results 141-160 of 246 for nama speaker:Kieran O'Donnell

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Functions of NAMA: Discussion (24 Oct 2012)

Kieran O'Donnell: ...properties, particularly for inward investment, is pertinent in both Limerick city and county. I refer, in particular, to finishing fitted out units as distinct from core units and the scope NAMA has in this regard. I am familiar with the NAMA legislation because I put it through on behalf of Fine Gael and debated it at length with the late lamented Brian Lenihan. I know it from the...

European Financial Stability Facility and Euro Area Loan Facility (Amendment) Bill 2011: Second Stage (Resumed) (21 Sep 2011)

Kieran O'Donnell: ...and Spain are well below Ireland in this regard. Other European countries, particularly Germany and France, asked us to recapitalise our banks. The European Commission was clearly in favour of NAMA, which represents another form of recapitalisation because it removed risky assets from the balance sheets of the Irish banks and improved their capital ratios. Deputy Ross was correct when he...

Central Bank and Credit Institutions (Resolution) (No.2) Bill 2011: Second Stage (Resumed) (29 Jun 2011)

Kieran O'Donnell: ...2008 but had not been introduced. My view is that it should have been introduced. We should consider the knock-on effects of what happened to Anglo Irish Bank - the bank was nationalised, NAMA was brought in, and the discounts on the NAMA loans turned out to be significantly higher than expected. My understanding was that the transfer of loans to NAMA was supposed to be based on...

EU-IMF Programme of Financial Support: Motion (15 Dec 2010)

Kieran O'Donnell: Half of it is going in NAMA. The Deputy should check his facts.

EU-IMF Programme for Ireland and National Recovery Plan 2011-14: Statements (Resumed) (1 Dec 2010)

Kieran O'Donnell: ...tax incentive schemes and not regulating the banks, but it has also compounded it with a series of measures on the banking crisis. This started with the bank guarantee scheme and followed on with NAMA and the nationalisation of Anglo Irish Bank. In the period since this issue arose in September 2008, over two years ago, we have not seen one person from the banking system brought to book....

Bank Guarantee Scheme: Motion (Resumed) (17 Nov 2010)

Kieran O'Donnell: ...these. They should have been separated, and the way to do that was through a bank resolution scheme, specifically in respect of Anglo Irish Bank. To compound the issue, the Government came up with NAMA, and accepted the figures from the banks. No due diligence was carried out prior to the development of the business plan, so it was done on the basis of inaccurate information. NAMA was...

Chemicals (Amendment) Bill 2010: Second Stage (19 Oct 2010)

Kieran O'Donnell: ...being competitive and compliant with regulations. We must monitor how our neighbours implement these regulations too, a task on which the Government often falls down. For example, in the case of NAMA, why did the Government not monitor how larger EU member states resolved their banking problems? Germany hived off the toxic assets from its banks into separate companies with a 10% to 20%...

Economic Strategy: Motion (Resumed) (30 Sep 2010)

Kieran O'Donnell: ...of our general Government deficit is due to unemployment. The Government did not factor in any sort of growth. Now we are in a situation whereby €90 billion is going into the banks, including NAMA. It is the equivalent to virtually 100% of our annual wealth. How did we get to this position? How do we have a situation whereby the biggest bank in the country is being nationalised...

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (30 Sep 2010)

Kieran O'Donnell: ...was clearly insolvent. The Minister made reference to our proposal for a good bank-bad bank model. The greatest difference under our proposal is that toxic loans would not have been valued. NAMA, which we opposed at the outset, has had an impact in terms of the sentiment of international markets.

Banking Sector Regulation (30 Sep 2010)

Kieran O'Donnell: .... Prior to this, business lending was also very much based on security being provided by property. Does the Minister agree there is a need for a scheme to get credit flowing to the SME sector? NAMA and bank recapitalisations to date have not succeeded in getting credit flowing again. Does the Minister agree there is a need for a partial loan guarantee scheme and a national recovery bank?

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (Resumed) (30 Sep 2010)

Kieran O'Donnell: This is a stark day for the Irish economy. The Minister said NAMA was to deal with development loans but the purpose of NAMA was to free up credit for the SME sector. There is no logical reason to transfer the remaining development loans from Anglo Irish Bank to NAMA. What is the expected cost to the taxpayer via the National Pensions Reserve Fund for the recapitalisation of AIB? The bank...

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (Resumed) (30 Sep 2010)

Kieran O'Donnell: ...Anglo Irish Bank and the Irish Nationwide Building Society. The investment amounts to 25% of GDP, while the general Government deficit will be 32% of GDP. The level of investment in the banks and NAMA comes to nearly 100% of gross domestic product. The amounts involved are horrific. The Minister had two years to resolve the issue of the banks. It was always the intention when the...

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (Resumed) (30 Sep 2010)

Kieran O'Donnell: The French Finance Minister was enamoured with the Minister because he sold a pup, especially in terms of NAMA. NAMA has not done what it was supposed to do. We made a reasonable proposal and at the time the Minister argued on the basis of it. We proposed that the banks would sort out the problem themselves. There is one great flaw in NAMA, namely, it crystalises the losses and toxic...

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (Resumed) (30 Sep 2010)

Kieran O'Donnell: It is in the public domain. It is a reasonable point. I do not wish to get personal but the situation as it stands is that between NAMA and the banks we have had a 100% increase in our national debt for which future generations will have to pay. It is like someone buying a house or business for €200,000 and being told by the bank he or she will be given a loan for another €200,000...

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (Resumed) (30 Sep 2010)

Kieran O'Donnell: ...is €1.5 billion which will come out of vital services across the spectrum for the citizens who are paying taxes. The problem with the banking system is that it has become about the process of NAMA, but no one considers the consequences. The haircuts are so out of control that the taxpayers have to fill a big hole in the banks and the banks are more concerned with building their balance...

Credit Institution (Eligible Liabilities Guarantee) (Amendment) Scheme 2010: Motion (29 Sep 2010)

Kieran O'Donnell: ...still do not know the final figure for Anglo Irish Bank. Credit is still not being extended to small businesses and the financial sovereignty of the State is at risk because of Government policy. NAMA is a disaster that has achieved the opposite of what it was set up to do. It was supposed to stabilise the property market and get credit flowing but it has done neither. The hair cuts in...

Banking Sector Crisis: Motions (8 Jul 2010)

Kieran O'Donnell: ...that the advice given to the Minister at the time be made available to the commission. I will deal with the macro level shortly. I am digressing slightly, but these are important matters. NAMA's revised business plan is inadequate in that it has no profit and loss accounts or cash flow projections. When the draft business plan was debated, the Minister did not state from where the...

Banking Sector Crisis: Motions (8 Jul 2010)

Kieran O'Donnell: In which case, why are the figures in the draft business plan that was laid before the House during our discussion on the NAMA legislation so far off those in the revised business plan? We need more detail on the plan.

Economic Issues: Motion (Resumed) (7 Jul 2010)

Kieran O'Donnell: ...examining of the performance of the Minister for Finance, the Taoiseach and the Department of Finance in the context of crisis management of the banking issue. The new business plan produced by NAMA is a disgrace. It has no cash flow projections for the coming years and no profit and loss account projections. This is unlike the original draft plan which, to be honest, was a fabrication...

European Financial Stability Facility Bill: Second Stage (24 Jun 2010)

Kieran O'Donnell: .... The British Government reduced its corporation tax rate, which has implications for us as a country. In the wider context, it will be the SME sector that will bring about growth. We discussed NAMA on the Order of Business, but it would be critical in terms of the role of Mr. John Trethowan in the SME sector to get credit flowing so that there would be sectoral limits of credit to flow...