Bonner, Enda

Thursday, 12 March 1998

Seanad Éireann Debate
Vol. 154 Nbr. 13


Order of Business.

I would like to ask the Leader about a matter raised by the Labour Party which has been on the Order of Business since October, the health effects of emissions from telephone masts. I attended a s...More Button

I congratulate the people of Ballina on their achievement. I had discussions with the IDA a month ago. Letterkenny, not Wexford, was in the running for that factory, but I was told the factory wa...More Button

Central Bank Bill, 1997: Second Stage.

I welcome the Minister of State who, given the length of the contributions so far, will be here for quite a while.More Button

I compliment Senator Ross on a very fine speech. He has awakened many of the doubts I have had in this area over the years. However, we have gone too far down the path to change now, although I k...More Button

I have had grave doubts about this area since seeing the effect decimalisation had on our economy. Perhaps it did not affect the big players but it had serious effects for ordinary people in terms ...More Button

Many issues concerning EMU have been discussed today, not all of which relate to the Bill. Senator Ross disagrees with the use of the word “streamlining” but the Bill is simply rectifying the situa...More Button

The legislation is set in the wider context of entry into EMU. The Bill is essentially technical and complex and details the changes necessary to existing Central Bank Acts to allow for our entry ...More Button

The decision on which countries qualify to enter EMU will be made in May. Most countries will have met the criteria set down for entry. EMU will begin on time on 1 January 1999 and there is no dou...More Button

As the Minister of State said, the Commission and the EMI will produce their convergence reports on 25 March, which is a little over a week away. The changes in this Bill, which will make our legi...More Button

Many decisions will be made on 1 May — the countries entering EMU will be named, the European Central Bank will be founded and fixed rates of exchange will be pre-announced.More Button

As Senator Ross said, all the main political parties in this and the Lower House support the Bill. While some have small difficulties with its details, it is interesting to note very few amendments...More Button

We are merely going through the motions with this Bill as all the necessary decisions were made earlier in the EEC Treaty, as amended by the Treaty on European Union, and with certain provisions co...More Button

The decisions to enter EMU have been made. Regardless of whether they were made for political or economic reasons, and regardless of whether the pace is being driven by the larger and more powerful...More Button

The European Monetary Institute, the forerunner to the European Central Bank, is based in Frankfurt, Germany. In recent days France and Germany have been pushing for a decision before May on who w...More Button

We should have no fears if the euro follows in the path of the US dollar. The United States has a common currency for all states and an extensive federal budget which is combined with individual ...More Button

We are told the benefits of a single currency are lower interest rates and lower inflation — although one might wonder about that having listened to Senator Ross — the elimination of ex...More Button

My main concern is whether we have properly prepared for entry and whether EMU has been set up too quickly without the necessary preparation. I note we have until 2002 for all steps to be integrate...More Button

There are many costs associated with EMU for business people, especially small businesses and there are costs associated with changes to IT systems and accounting procedures. Reorganisation of cus...More Button

Very little is being done by my profession to advise members on the implications of EMU, as has been done when there are changes to company law. As an accountant I deal with them on a regular basi...More Button

The EU Commission is slow to accept that mistakes have been made in the past or that certain EU directives should be deleted. We are seeking the abolition of the directive on the elimination of du...More Button

Senator Ross referred to the areas in regard to which we all have reservations. Coming from a Border constituency, my biggest fear is sterling. In this regard, I was assured by the comments by the...More Button

The decision by the British Government to stay out of EMU has created difficulties. In view of our break with sterling following our entry into the exchange rate mechanism, it would be better if ...More Button

The rate at which we enter EMU will have a significant effect on our economy because of our trade links with Europe. However, matters will impact on us to a greater extent because of our trade lin...More Button

Our currency has weakened by over 25 per cent against sterling in the past year alone. If we enter EMU at the suggested exchange rate of £2.41 against the Deutchemark we will face a 12.5 per...More Button

Despite the Central Bank, there have been many abuses of exchange controls by certain banks and their customers. The largest bank in the country recently announced annual profits of approximately ...More Button

Small business people with overdrafts of perhaps £7,000 to £8,000 can incur up to £1,500 in referral charges. The banks blame computerisation. However, surely a bank manager shou...More Button

Our interest rates will probably converge and drop to possibly 3 or 4 per cent from the present level of approximately 6 per cent. What effect will that have on house prices, which are already ou...More Button

Will the criminal rates of interest charged on credit cards converge when we enter EMU? Will a rate of 5 or 6 per cent apply compared to the present rate of approximately 24 per cent, which is bein...More Button

We are told that there will be no need to purchase foreign exchange from countries within EMU and that the banks will lose up to £100 million. Will they carry this cost or will they recoup it...More Button

I have seen charges levied, perhaps of only £2.21 per annum, on dormant bank accounts. The way in which banks charge their customers irritates me, especially when they have customer services...More Button

Senator Ross has raised many doubts regarding entry into EMU. I thought the Senator as a former stockbroker who dealt with speculation would be in favour of EMU. Having listened to him I have gra...More Button

However, Ireland cannot stand in the wind as an individual and call a halt. Economists vary and as another speaker stated, “doctors differ and patients die”. It will not be too bad if only financ...More Button