Snippet data - viewing only, no editing possible


Label

Field name

Field value


Sitting_Date

10/10/2012 12:00:00 AM


Sitting_Forum


Snippet Ref No

SnippetRefNo

H00200

Selected Quill

SnippetType

1

Saved Quill

SnippetType_C4D


Selected Quill

SnippetType_1

1

Speaker Name

IndxSpeakerName

Ó Cuív, Éamon

Business Category

IndxMainHeadCat

Fiscal Responsibility Bill 2012: Second Stage (Resumed)

Sub Category

IndxSubTopic


Topic

IndxQHeadTopic


See Also

SeeAlso


Part1

TitlePart1


Part2

TitlePart2


Part3

TitlePart3


Volume

VolumeNo

778

Book No

BookNo

1

Pdf Ref

PdfPageRef

26

Default Business Index

IndexViewCategoryDefault

Fiscal Responsibility Bill 2012: Second Stage (Resumed)

3 Part Title Business Index

IndexViewCategoryTitle


Default Topic Index

IndexViewCategoryDefaultSpeaker

Fiscal Responsibility Bill 2012: Second Stage (Resumed)

3 Part Topic Index

IndexViewCategoryTitleSpeaker


Motion Code

MotionCode


Motion Title

MotionTitle


Stage

MotionStage


Amendment No

MotionAmendmentNo


Bill Code

BillCode


Bill Title

BillTitle


Stage

BillStage


Section

BillSection


Statement Code

StatementCode


Statement Title

StatementTitle


Stage

StatementStage


Hour Indicator

HourIndicator

Not applicable

Procedural Instruction

Procedural_Instruction

No

Debate Adjourned

DebateAdjourned

No

Question Askee

QAskee


Question Asker

QAsker


Question Department

QDept


Question ID

QID


Question Reference

QRef


Question Speaker PID

QSpeakerPID


Question Speaker PID To

QSpeakerPIDTo


Questions Asked

QUESTIONSASKED


Speaker Type

SpeakerType

1

Speaker Name

Senator


Deputy


Minister


Witness


Chairman


ViceChairman


ActingChairmanD


ActingChairmanS


Speaker4Display

Speaker4Display

Deputy Éamon Ó Cuív

Speaker

Speaker

Deputy Éamon Ó Cuív

SpeakerPID

SpeakerPID

EamonOCuiv

SpeakerText

SpeakerText

Éamon Ó Cuív

OriginalUnidSnippet

OriginalUnidSnippet

01A316304A1BC19F80257A9300461854

LastModifiedSnippet

LastModifiedSnippet

05/06/2020 09:39:50 AM

TopicIndex1stCategoryValues

TopicIndex1stCategoryValues

Snippet Contents:

I am pleased to have an opportunity to speak on this Bill. The Bill's aim is to ensure that governments follow good fiscal practice. However, I am not sure the remedy to the problems we face as a country is in this Bill. The history of the past ten years and the lack of definition of a structural deficit demonstrate, based on analysis done by independent international bodies, that during the boom years we would have complied with the terms of the new fiscal treaty. The Bill does not deal with the problem that arose in this country and in Spain, for example, where the transfer of huge funds within the European Union, due to the free market and open banking situation, led to a huge growth in the amount of credit available. This credit did not only come from Irish banks. It is a myth that it was all from Irish banks, but there were other major players in the market here. If the Irish banks had not lent money, the other international banks would have lent even more.
This situation led to a huge growth in tax revenue, which meant large surpluses were created. For example, the National Pensions Reserve Fund was largely funded from the surpluses, other than the Eircom money put into it. It was very difficult to calculate the structural surplus and the surplus due to extraordinary events. All of the economic commentators said we had a structural surplus and did not have a large structural deficit. Therefore, as with many other situations in Europe, the job is only being half done. It seems to me that Europe is reluctant to tackle some of the creations to which it is attached. One of these creations is this god it has made of competition and the free market. It loves hamstringing governments, but controlling the private sector seems to be anathema to it. It seems to believe that by definition, if there is competition, everything will work correctly.
However, as in human activity, what might be a good thing in reasonable measure can become a huge ill in society when taken to illogical extremes. For example, the belief that seems to pervade European thinking - that as long there is competition, business people will make money all the time - has been shown in the banking sector right across Europe to be spectacularly untrue. To be honest with ourselves, if someone had said ten years ago that organisations such as Bank of Ireland, AIB, KBC, Bank of Scotland and others right across Europe could not manage their own businesses, nobody would have believed it. If it had been said that German and French banks were potentially bust if they did not ask Irish and Spanish taxpayers to bail them out, nobody would have believed it, but that is what has happened. Despite all of these new rules, until we control this properly, what happened can happen again.
I do not believe that the European Union came to the aid of Ireland.