Snippet data - viewing only, no editing possible


Label

Field name

Field value


Sitting_Date

11/29/2012 12:00:00 AM


Sitting_Forum


Snippet Ref No

SnippetRefNo

L00200

Selected Quill

SnippetType

1

Saved Quill

SnippetType_C4D


Selected Quill

SnippetType_1

1

Speaker Name

IndxSpeakerName

Hayes, Brian

Business Category

IndxMainHeadCat

Credit Institutions (Eligible Liabilities Guarantee)(Amendment) Scheme 2012: Motion

Sub Category

IndxSubTopic


Topic

IndxQHeadTopic


See Also

SeeAlso


Part1

TitlePart1


Part2

TitlePart2


Part3

TitlePart3


Volume

VolumeNo

784

Book No

BookNo

4

Pdf Ref

PdfPageRef

846

Default Business Index

IndexViewCategoryDefault

Credit Institutions (Eligible Liabilities Guarantee)(Amendment) Scheme 2012: Motion

3 Part Title Business Index

IndexViewCategoryTitle


Default Topic Index

IndexViewCategoryDefaultSpeaker

Credit Institutions (Eligible Liabilities Guarantee)(Amendment) Scheme 2012: Motion

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

2

Speaker Name

Senator


Deputy


Minister

Minister of State at the Department of Public Expenditure and Reform (Deputy Brian Hayes)

Witness


Chairman


ViceChairman


ActingChairmanD


ActingChairmanS


Speaker4Display

Speaker4Display

Minister of State at the Department of Public Expenditure and Reform (Deputy Brian Hayes)

Speaker

Speaker


SpeakerPID

SpeakerPID

BrianHayes

SpeakerText

SpeakerText

Brian Hayes

OriginalUnidSnippet

OriginalUnidSnippet

56D973EE3CEADCAD80257AC5004A4489

LastModifiedSnippet

LastModifiedSnippet

05/06/2020 11:34:06 AM

TopicIndex1stCategoryValues

TopicIndex1stCategoryValues

Snippet Contents:

I thank my colleagues for their contributions to the debate. In the five minutes allowed to me I will reply on some of the issues raised.
I recognise the appalling circumstances in which the country has found itself because of the reckless lending policies and arrogance of the banking sector over a generation. Many in the House today were, in their own way, cheerleaders for that arrogance and some of the well known personalities who fronted that arrogance over a generation. Of course, they have changed their position because the popularity stakes have changed.
The task of the Government on entering office had two dimensions, the first of which was to correct the appalling deficit of fiscal mismanagement by the previous Administration having been in power for 14 years. The second was to create the conditions in which the economy could grow again. In this regard, it is essential to have a banking system that is trusted by the people. Since we cannot say the banking system is trusted by the people, owing to the collapse brought about by the banks, we must take incremental steps to get the country into a better position. The Government stands over the decisions it has taken. The first decision it took on entering office was on further bank recapitalisation, built on the pillar banks. This is evident from a statement issued to the House in March 2011 by the Minister for Finance. There has since been a significant improvement in respect of the banks and the new banking culture we want to have instigated in the State. In the first instance, we have seen money coming back into the banks. I am not over-egging the pudding or suggesting there has been a radical inflow of money from international markets into the Irish banking system because that has not happened. However, there has been a slow, consistent inflow of moneys into the banking system to stabilise the banks. Deposits have stabilised. News on AIB this week indicates that, independent of the guarantee, €500 million was raised in three year bonds and that they were four times oversubscribed. The announcement on Bank of Ireland two weeks ago showed that, independent of the guarantee, the bank was able to obtain money in the international market. There was no chance that this could have happened two years ago or last year.
Our ambition in asking the House to accept the extension of the ELG scheme is to ensure it is brought to a swift conclusion next year. Will those who are criticising the two Government parties today support the Government when the scheme comes to an end? The bringing to an end of the guarantee, more than anything else, will be an example to the country, the banking sector and the international markets of our putting our house in order and changing the dynamics of the Irish banking sector. In asking colleagues to support the motion our objective is to exit the ELG scheme at some point next year. This would be an example of normalisation and Ireland making further progress in rebuilding the tattered banking system the Government was left to clear up. If we are to make progress, we must have a totally new banking system. That is why we put our store in the pillar banks. We got rid of the directors. It is also why the new banking unit in the Department of Finance is leading bilateral discussions with the banks and the Central Bank on a daily basis.