Results 81-100 of 123 for nama speaker:Richard Bruton

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

Richard Bruton: ...provides for information to be presented and that the people on this board are suitable persons, do not have conflicts of interest, report effectively, and do not interfere with the objectives of NAMA. This amendment is eminently acceptable. It may need a small bit of tweaking but I think Deputy Gogarty will finally accept that it should be accepted in principle, subject to some tweaking...

Order of Business (15 Oct 2009)

Richard Bruton: We will shortly move on to Committee Stage of the NAMA Bill and the Government has stated that it will willingly listen to constructive suggestions from the Opposition. Is the Tánaiste agreeable to having the Comptroller and Auditor General assess the NAMA business plan on behalf of the Oireachtas so that we could have such a report when we are considering the issues concerned on Committee...

Order of Business (13 Oct 2009)

Richard Bruton: The Taoiseach is no stranger to Finance Bill debates and he will be aware that if the Government uses the allocation of time motion, most of the substantive sections in the NAMA Bill will not be discussed.

National Asset Management Agency Bill 2009: Second Stage (16 Sep 2009)

Richard Bruton: ...the following: "Dáil Éireann declines to give the National Asset Management Agency Bill 2009 a Second Reading because: 1. The Government has published neither the Bacon report that underpins the NAMA proposal nor any proper analysis of this enormous initiative in terms of: a. The enormous risks for taxpayers of using a dubious and politically influenced valuation methodology to pay €90...

National Asset Management Agency Bill 2009: Second Stage (16 Sep 2009)

Richard Bruton: ...over the last seven years is not to accept glib assurances from Ministers that everything will turn out all right on the night. Many of those who are telling us today there is no alternative to NAMA are the same people who told us the property price rises were based on sound economic fundamentals.

National Asset Management Agency Bill 2009: Second Stage (16 Sep 2009)

Richard Bruton: ...certain investors to deal with the toxic loans and the bad decisions they made. That is an important distinction. This approach to bank resolution has many positive aspects that do not feature in NAMA. The risks and the responsibility for working out problems will remain with those investors who created them and the losses that occur will be first borne by those professional investors...

National Asset Management Agency Bill 2009: Second Stage (16 Sep 2009)

Richard Bruton: The Taoiseach is shifting the burden from where it was created to the taxpayer. That is not the correct approach we should adopt. NAMA fails the critical tests of being effective, fair and of involving the least cost. It does not square up to those criteria. Its origins do not start with the needs of enterprises and families. It does not distinguish the important part of banking from the...

National Asset Management Agency Bill 2009: Second Stage (16 Sep 2009)

Richard Bruton: The way in which alternatives have been treated by other Ministers and by the Government undermines confidence in this debate. It has not been focused on defending what has been put forward in the NAMA legislation, the overpaying that is proposed. Why is it proposed to pay this long-term economic value? All the debate has been about the Government trying to discredit alternatives....

National Asset Management Agency Bill 2009: Second Stage (16 Sep 2009)

Richard Bruton: ...asked for a risk sharing mechanism that did not leave subordinated bonds of questionable value on the banks' balance sheets but instead forced the shareholders and the investors to take risk in NAMA. That advice has not been heeded. The IMF in its study said that state-run politically controlled asset recovery management systems are not successful. Its advice is not being heeded....

National Asset Management Agency Bill 2009: Second Stage (16 Sep 2009)

Richard Bruton: It is important for the Minister to remember that international best practice on the way to deal with a banking crisis has evolved since he first hatched the NAMA approach. At that stage, examples of recovery banks were not plentiful but now we have a very good example of a recovery bank that is even being reported on the national airwaves. Bank resolutions that separated good from bad and...

National Asset Management Agency Bill 2009: Second Stage (16 Sep 2009)

Richard Bruton: ...away from the principle. At this late stage I still appeal to the Minister to look at the alternative approaches that have been successful in other countries that have learned from the mistakes of NAMA, but the Minister is not adopting the lessons they have learnt. We need to pull back from the NAMA approach and set as our priority the creation of a vehicle that gets credit to people and...

National Asset Management Agency. (8 Jul 2009)

Richard Bruton: I want to ask questions to shed more light on what is happening. At the initial stages, we heard that every development loan, totalling €90 billion, was to be taken on by NAMA. More recently, it was indicated that it will be based on screening. Will the taxpayer take on the worst loans after this screening? What is the screening that will narrow it down? What will be the role of the...

National Asset Management Agency. (8 Jul 2009)

Richard Bruton: Can I take it from the reply that there will be no political oversight of this process of valuation and execution against the criteria? Can I also take it that NAMA will decide if we nationalise? If it gives a haircut that is more than shareholders' funds, we will nationalise and if it gives a haircut less than shareholders' funds we will not nationalise. That decision has been devolved to...

Order of Business (25 Jun 2009)

Richard Bruton: ...2010 will be €35 billion. That will be more than the aggregate of their capital reserves and retained earnings. The report also takes considerable issue with elements of the strategy regarding NAMA. A prominent economist has said there are those who do not know and those who do not know that they do not know. People who do not know something look for advice, but what do people who do...

Financial Measures (Miscellaneous Provisions) Bill 2009: Second Stage (23 Jun 2009)

Richard Bruton: ...the Opposition does not understand instead of defending what they are putting forth. I have seen this happen repeatedly. Instead of the Government setting out the reasons for the guarantee, NAMA, the nationalisation and recapitalisation of Anglo Irish Bank and keeping it as a going concern, it attacks everybody else, as if all of us are Balubas trying to destroy our international...

Financial Measures (Miscellaneous Provisions) Bill 2009: Second Stage (23 Jun 2009)

Richard Bruton: ...on whether these were sound policies. That is frustrating. With each sequence the Minister states that he is only looking for one thing, but he will already have made commitments. In the case of NAMA, for example, he will probably have made commitments before September that are simply irreversible. Technically, the Minister can say the Dáil is approving the matter but de facto he will...

Financial Services (Deposit Guarantee Scheme) Bill 2009 - Committee Stage (Resumed) and Remaining Stages (17 Jun 2009)

Richard Bruton: ..., other than the one that failed or caused the payment to be made? Would it be a recoupment from that institution when it got back on its feet? Will it be somewhat like the levy to make up NAMA? Will those who broke all the rules and, as a result, created the problem have to pay more than those who were prudent in running their businesses? Will every institution be treated equally or...

Financial Services (Deposit Guarantee Scheme) Bill 2009: Second Stage (16 Jun 2009)

Richard Bruton: ...that some elements of the banking system might be rotten. We have been failed in that area. I would like to speak about some elements of the Bill. I am sure we will return to this topic when the NAMA legislation and the legislation to extend the guarantee are brought before the House. Will the Minister indicate what the cost of the guarantee he provided last September has been? We were...

Banking System: Motion (Resumed) (13 May 2009)

Richard Bruton: ...smaller operation. Serious concerns have been raised, not just by spokespersons in this House who might be regarded as Opposition, but by people who are entirely independent in their assessment of NAMA. None of these has been answered. We have the difficulty of pricing the loans, of which the Government seems to be aware, and the risk that taxpayers will be left shouldering the losses....

Banking System: Motion (Resumed) (13 May 2009)

Richard Bruton: Ireland would be foolish to rush into solutions now on the basis of a report from the NAMA and a few other advisors at a time when we would be closing off other solutions that clearly are being considered by other countries and for which momentum is growing across the world.