Results 161-180 of 260 for nama speaker:Joan Burton

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

Joan Burton: ...half is going into the ordinary countrywide mainstream systemic banks into which people put their deposits and that lend to businesses and homeowners. That is the crux of the problem on the NAMA proposal. The NAMA proposal will fail or work to the degree that those two issues are addressed. For homeowners, the psychological signal is that one has a framework agreement for a two-year...

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

Joan Burton: ...money going into Bank of Ireland and Allied Irish Banks is different because they are high street operators in every town and county in Ireland. Related to that is another issue which the people in NAMA will have to consider. The fee package of €240 million a year is largely going to go, inevitably, into the Dublin region. If the Minister is talking about spending that kind of money,...

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

Joan Burton: I move amendment No.12: In page 17, between lines 17 and 18, to insert the following: 3.—Every 30 days NAMA shall report to Dáil Éireann setting out details of its operation including the identities of the owners of, and particulars (including value) of, any assets acquired by it during the period in question valued at over €100,000.". As we know, NAMA is taking over loans, good and...

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

Joan Burton: To set the record straight, the NAMA draft business plan is constructed around the notion of significant tranches of loans being transferred from the banks to NAMA in 30-day periods, so that by the end of July, it is anticipated that the €54 billion in loans or the bonds will be issued. Therefore, it is the structure of the Minister's proposals that gives rise to the response of a 30-day...

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

Joan Burton: ...and I offered the Minister the opportunity to bring forward amendments that reflect its principal purpose. It would be outrageous if people who benefit from the chain of actions arising from NAMA, taking over loans, pursuing guarantees, acquiring land development interests, could avail of Ireland's generous tax exile laws and relocate out of the jurisdiction. The Minister answered that...

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

Joan Burton: Yes, but I would like to respond briefly. I thanked the Minister already but I want to formally record my thanks to him for moving to the quarterly reporting basis in respect of NAMA. It is very helpful. It is wrong, however, to delay the publication of the quarterly information for another three months. That is regrettable. The public service has to get used to real time. Such delay is...

Order of Business (5 Nov 2009)

Joan Burton: I am concerned about our amendment that will forbid court cases arising from NAMA to be heard in camera. There is no precedent in Irish civil law for holding court hearings-----

Written Answers — National Asset Management Agency: National Asset Management Agency (5 Nov 2009)

Joan Burton: ...may be transferred to the National Assets Management Agency; his views on the financing of such speculative share purchases fall within the definition of associated loans eligible for transfer to NAMA. [39953/09]

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

Joan Burton: ..., has also done some detailed analysis which he has made available to every Member of the House. He has experience in compiling valuations and schedules of valuations, which is the system that NAMA proposes to use. The decision to overpay for the assets is fundamentally flawed for a number of reasons. From a democratic point of view, it is really unacceptable to people, whether they are...

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

Joan Burton: ...debate on Report Stage is, in effect, the last serious opportunity we have in the Dáil to try, on behalf of citizens and taxpayers, to correct the dreadful flaws in the Minister's proposals for NAMA. I refer in particular to the decision to overpay for the assets by a factor of at least €7 billion and possibly €11 billion or €12 billion. The Bill does not deal at all with the extra...

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

Joan Burton: ...of that House, consisting of specified persons not being members of the Houses of the Oireachtas to report to Dáil Éireann every 30 days on the operation of this Act and the activities of NAMA. (2) The Minister, NAMA, and any other body or person having functions under this Act shall be required to co-operate with the Oversight Committee in the performance of its functions.".

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

Joan Burton: ...Members who were here for the Committee Stage debate will recall that the Minister agreed to accept the spirit of a similar amendment we tabled. Our Committee Stage amendment No. 40 proposed that "NAMA shall undertake proper and sustainable planning for all properties under development" and so on. I am in a slight quandary because the Minister said he would accept the spirit of amendment...

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

Joan Burton: ...control the issuing of the debt and control the loans to be taken over. This is the terminology the Minister used in describing the SPV in the note he sent to the Dáil. Despite that, and despite NAMA taking the risk, nonetheless, this SPV would have to pony up only €100 million, with €51 million to be provided by the private sector, for control of an entity which is going to control...

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

Joan Burton: ...the SPV has these powers and is independent, then the Minister made an entirely contradictory statement when he said: "Since the State is guaranteeing the securities issued by the master SPV, the NAMA representatives on the board will maintain a veto over all decisions of the board that could affect the interests of NAMA or of the Irish Government." When he replied to me on the issue the...

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

Joan Burton: ...Minister how he gets over the essential contradictions at the heart of this particular creation. Most people I meet on the street and at club functions and so on are actually worried to death about NAMA. They are worried about the implications for themselves and their families of the cost of the €54 billion that is riding on NAMA and for which they are responsible. Almost everybody I...

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

Joan Burton: I welcome the concessions made by the Minister on the advice of the Attorney General to give legal recognition to the SPV in the Bill. That is a positive step. In section 4, the definition of a NAMA group entity on page 20 is "a subsidiary of NAMA" and so on, and reference is made to "any other body corporate and any trust, partnership," etc. The Labour Party has put forward an amendment in...

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

Joan Burton: ...a committee will be of limited value. According to the draft business plan and the Minister's subsequent remarks, the €54 billion of loans will be transferred between the establishment date of NAMA and probably seven months later at 30 day intervals. By the time a Dáil committee is up and running, most of the action will be over. That is why in the case of the asset relief programmes...

Financial Services Regulation. (3 Nov 2009)

Joan Burton: ...up to approximately €23 million to date. The Minister also referred to further consultants, HSBC and Rothschilds, who got the Merrill Lynch contract. In addition, the Minister announced in the NAMA draft business plan that he intends to spend €240 million a year on consultancy, some of which would go into the banks and much of which would go into the private firms in regard to legal...

Financial Services Regulation. (3 Nov 2009)

Joan Burton: ...? Would the rate be in excess of €1,000 per day for the senior people working on the contracts? I find the €7.5 million fee charged by Merrill Lynch extraordinarily high. In his report on NAMA, Mr. Bacon referred to Merrill Lynch, but it is very difficult to know what bit of the company's advice was useful. The Department or the NTMA recently hired an economist to give the Minister...

NAMA Business Plan. (3 Nov 2009)

Joan Burton: With regard to the power of the Comptroller and Auditor General to institute value for money reports, a series of changes have taken place since the draft NAMA business plan was prepared. Property values have continued to fall. We have received information from various court cases and legal actions. We have learnt that the value of the Irish Glass Bottle site in Ringsend has decreased...