Coghlan, Paul

Thursday, 12 March 1998

Seanad Éireann Debate
Vol. 154 Nbr. 13

Order of Business.

Since we last met there was a largely unheralded announcement by the Minister of State at the Department of Enterprise, Trade and Employment regarding the disclosure of the commission on life assur...More Button

I accept what you say, a Chathaoirligh, but I want to acknowledge the U-turn in the Minister's position since the motion was tabled in January.More Button

I appreciate that but I welcome the Government's U-turn while awaiting more detail, and invite the Leader to make a statement on the matter.More Button

I appreciate your guidance to a freshman Senator, a Chathaoirligh. I also support Senator Ryan's remarks on the Blaskets. The Act was blatantly unconstitutional, as the former Deputy, Mr. Begley,...More Button

Central Bank Bill, 1997: Second Stage.

I join Senator Bonner in welcoming the Minister to the House and in complimenting Senator Ross on a fine contribution which was enlightening, entertaining and interesting. His devil's advocacy st...More Button

Senator Ross belled many cats and his comments about what Ireland is accepting were pertinent. He gave vent to his suspicions about EMU and said people had been indoctrinated. He pointed out that ...More Button

The Senator made a great case for Ireland remaining outside EMU at least until Britain decides to join. Everybody accepts that Britain will join and that it wants to time its entry in terms of its...More Button

The Bill is a necessary technical measure to bring the law governing the Central Bank into line with European obligations, particularly the provisions relating to the European system of Central Ban...More Button

The final stage of EMU begins on 1 January 1999 with the launch of the euro and the irrevocable fixing of the conversion rates of the various currencies. D Day in that regard is in May and nervous...More Button

Ireland is pro Europe and pro EMU. Therefore, this side supports the Bill, despite all our reservations. Undoubtedly, there will be major changes and, as other speakers said, EMU will be irrevers...More Button

Britain's intentions remain the big imponderable because it will not be a member of EMU at the beginning. Will it seek competitive advantage through its currency policy or will it quickly adopt a ...More Button

Our biggest fear is that sterling will be volatile against the euro. As Senator Ross indicated, sterling may fluctuate widely and then much of our industry would be exposed. We are repeatedly tol...More Button

Preparing for EMU has been a good disciplinary measure for Ireland. The policies pursued by successive Governments have helped us by greatly strengthening our economy. The Bill emphasises the abs...More Button

I note that the executive board will all be eminent, well qualified people, but we are not told what their qualifications will be. Each will be appointed for an eight year term which will not be r...More Button

Experts tell us Ireland is well qualified for entry given our growth, per capita income, growing employment, low inflation and low budget deficits. The explanatory memorandum states that se...More Button

sole authority and responsibility for the exercise of the powers and the carrying out of the tasks and duties conferred upon the Central Bank of Ireland by or under the Treaty or the Statute shall ...More Button

This implies that the Governor will be all powerful and the board members largely redundant when this legislation is enacted. The loss of independence is a result of the Minister and all others be...More Button

Section 8 refers to the obligations of the Central Bank regarding certain defined State institutions to provide information and returns to the Central Bank. This is very necessary and I agree with...More Button

The frightening aspect of this exercise is fixing rates irrevocably in accordance with the Treaty. Section 17 provides that the Governor of the Central Bank may attend any Oireachtas committee but ...More Button

The memorandum states:More Button

... the new section recognises the competence of the European System of Central Banks in the field of monetary policy and the transfer to Community level of all monetary powers of Member States par...More Button

We are tying ourselves to Europe irrevocably and we will sink or swim with the rest. There is a large element of trust involved in this but I believe it is the right course. I certainly hope so.More Button