Results 61-80 of 123 for nama speaker:Richard Bruton

Order of Business (9 Mar 2010)

Richard Bruton: .... Today's Order Paper includes SI 88, the order for the introduction of the system of what is called long-term economic value for the €77 billion of assets that are proposed to be transferred to NAMA. This builds in the €7 billion overpayment for these assets over and above the market price. It is based on a very low risk factor in assessing the worth of the assets. Will the...

Finance Bill 2010: Report Stage (9 Mar 2010)

Richard Bruton: The Taoiseach invited me on the Order of Business to raise with the Minister for Finance the statutory instrument relating to NAMA which the Minister put on today's Order Paper. It appears to be an amended version of what we saw in the Act. It specifies a particular risk discount of 1.7% risk rate discount, which seems an extraordinarily low discount to apply to the flows of income...

Order of Business (4 Feb 2010)

Richard Bruton: ...on banking, reports today indicate that the write-downs by the National Asset Management Agency will be much greater than was anticipated. It is now clear that the business plan presented by NAMA to the Oireachtas is a work of fiction, as many on this side of the House said at the time. It is incumbent on the Government to produce legislation that will provide for a bank resolution...

European Central Bank Lending. (3 Feb 2010)

Richard Bruton: ..., with the result that some could fall out of qualification. Is the Minister confident that Irish banks have sufficient qualifying paper? Second, will Irish Government paper as issued through NAMA qualify at the ECB in all circumstances? Could the downgrading of Irish bonds and the ECB's tighter lending categories ever exclude Irish NAMA paper from being brought to the ECB for liquidity?...

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

Richard Bruton: It is hard to credit the arguments we are being offered to explain the exclusion of Anglo Irish Bank and NAMA from the obligations here. It raises a wider issue, which is that we are singling out the public service for pay cuts. The Government has decided that it will not address the commercial State bodies because it feels their industrial relations muscle is too great to take on. Is the...

Written Answers — National Asset Management Agency: National Asset Management Agency (15 Dec 2009)

Richard Bruton: ...has sought advice from the interim chief executive of the National Asset Management Agency regarding the impact the revisions in upwards only rent reviews will have on assets being transferred to NAMA; and if he will make a statement on the matter. [46615/09]

(15 Dec 2009)

Richard Bruton: ...are way out of line internationally? Where is the assault on commercial rents that are killing businesses? Where is the assault on the cost of credit? Last week, the banks told us that despite NAMA and the taxpayer shouldering all of this, it will not come down one whit as a result of the effort we are making. Where is the confrontation on the rip-off we see every day in our shops?...

Budget Statement 2010 (9 Dec 2009)

Richard Bruton: ...a review. The people did not want to hear that; they wanted to see concrete action that would transform the credit situation. The banks came in here last week and told us the transfer of money to NAMA would not make a cent of difference to availability of credit. That is a catastrophe that will destroy strong businesses, businesses that will be sucked down by the failure of credit. The...

National Assets Management Agency. (3 Dec 2009)

Richard Bruton: ...for his opinion. Does he believe that there is no shortage of credit in the economy? That is what the banks stated and he is now repeating that. Does he agree with them when they stated that NAMA will not improve in any way the availability of credit and will not reduce in any way the cost of credit? If he agrees with those statements from the banks, what is the point of NAMA if we do...

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

Richard Bruton: ...businesses get through this difficult time? On the contrary, the two major banks appeared before the Joint Committee on Finance and the Public Service and told members that the introduction of NAMA would not change by one whit the availability of credit through those banks. Moreover, it also would not change by a single cent the cost of credit to businesses that sought funding from those...

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Richard Bruton: ..., where someone defaults, his or her records should be placed in the public domain. We disagree with the Minister's assertion that this should only occur in the event of proceedings being taken by NAMA against an individual. Amendment No. 90 suggests that where a person fails to meet the terms relating to a credit facility paid for by the taxpayer, it would be in the public interest to...

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Richard Bruton: ...of some capital and could have more interest in the upside of the banks and be rewarded for their recovery. In return, we could have shared risk with the banks so that they could benefit if NAMA did exceptionally well, having paid only what was a market value. That was available to us and there was broad consensus that this would be accepted on the Opposition side. Many Deputies from...

National Asset Management Agency Bill 2009: Report Stage (4 Nov 2009)

Richard Bruton: I move amendment No. 2: In page 16, between lines 35 and 36, to insert the following: "2.---(1) For the purposes of this Act, the "Oireachtas Committee on NAMA" shall mean a Select Committee of each House, or a sub-committee thereof so enjoined and appointed by Resolutions of each such House, established with the purpose of monitoring the implementation of this Act, including all acts done in...

National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)

Richard Bruton: ...Deputy who has spoken endorsed the idea and wanted to see legislative provision for the existence of the committee so that a future Minister for Finance or Government could not eliminate a NAMA committee for scrutiny. Many of these powers are appropriate. Why should the Oireachtas not have a power over guarantees that the Minister issues on the taxpayers' behalf to the tune of thousands...

National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)

Richard Bruton: ...the establishment of a body that has no obligations under the Freedom of Information Act. It will have no register of the loans that can be viewed by the public. There is to be no comment by NAMA executives on policy when they attend an Oireachtas committee meeting. There will be no information as to how much the chief executive officer will be paid, no watchdog and no sight of a...

National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)

Richard Bruton: ...to underpin its work. It is the old mushroom treatment - keep them knee deep in manure and leave them in the dark. This is what he is offering the Oireachtas in the way it will oversee the NAMA exercise. If Fine Gael makes up a government after the next election, it will establish a NAMA Oireachtas scrutiny committee on a statutory basis so that it can have proper powers and recognise...

National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)

Richard Bruton: ...the way business was being conducted. We need instead a strong committee to hold the body to account. There are vital issues at this point such as the codes of conduct for credit, the way in which NAMA can enforce change and the way in which property is dealt with so that there are no sweetheart deals. These are matters which require tough oversight. The Minister has let the Oireachtas...

National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)

Richard Bruton: I move amendment No. 3: In page 16, between lines 35 and 36, to insert the following: "2.--Where NAMA proposes to establish a Special Purpose Vehicle to purchase, manage or dispose of assets, it shall do so only in accord with regulations published by the Minister and approved by the Oireachtas which shall include, but are not limited to: (a) the suitability of investors, (b) the suitability...

National Management Agency Bill 2009: Report Stage (Resumed) (4 Nov 2009)

Richard Bruton: ...Minister has stated that it is absolutely crucial that the SPVs are autonomous in their decision-making but he has not explained how he squares their autonomy with the power of veto in the hands of NAMA and his powers of direction. If they are autonomous, from whom are they autonomous if not from NAMA, Ministers and others? How does the Minister square this with his claims that they are...

National Management Agency Bill 2009: Report Stage (Resumed) (4 Nov 2009)

Richard Bruton: ...in which the Special Purpose Vehicle shall discharge its functions could interfere with the criterion of being autonomous. If, however, it does interfere how can the Minister say that a veto by NAMA does not interfere with their autonomy or that his ability to issue a direction that binds NAMA, and by extension the special purpose vehicle, does not interfere with it? We are being asked...