O'Toole, Joe

Wednesday, 1 October 2008

Seanad Éireann Debate
Vol. 191 Nbr. 2


Order of Business.

I wish to pick up on the same points touched on yesterday and to which we attempted to get answers yesterday afternoon from the Minister of State, Deputy Mansergh, who was extraordinarily coy and r...More Button

No more than any kind of insurance policy, a clear excess clause should apply to the banks. It was my understanding that it was the Government’s intention to apply one, but to date that has ...More Button

One issue not mentioned by the Government but raised by Fine Gael is the question of having a State representative on the banks’ risks or credit committees. I agree with that idea, but I als...More Button

——to deal with this and taxpayers should be represented. That seems an obvious requirement. I am pleased the legislation will give the State the authority to take equity in some of th...More Button

An issue raised here time and again and by those involved in the regulatory area — we have the Oireachtas Joint Committee on Economic Regulatory Affairs — is that the power of the Fina...More Button

Another suggestion rejected by this House was that each director of a significant company should be required, in end of year directors’ statements, to state that the company concerned has tra...More Button

I wish to raise another point which I ask Members to seriously consider. Some Members of this House are long serving and I have served here for 20 years. I was appalled at the salaries, terms and...More Button

In 1992 we made a comparison between Members and other workers. If other workers lose their jobs, there are provisions such as redundancy, notice and a fair movement into and out of employment. T...More Button

There is a responsibility on every Member of this and the other House to defend and explain that to ordinary people, even if it is irresponsibly dealt with in a populist media. We must remember, a...More Button

Human Body Organs and Human Tissue Bill 2008: Second Stage.

I congratulate Senator Quinn on the amount of work he invested in preparing this legislation, which is very important. It is my privilege to second the Bill.More Button

I should declare a related interest in that my sister has been the national kidney and transplant co-ordinator for many years. I am, therefore, quite familiar with many aspects of this matter and ...More Button

I completely support what is proposed in the Bill. For many years, people have ticked the box on the back of their driving licences to indicate their willingness to donate their organs. I have ar...More Button

I should have welcomed the Minister of State, Deputy Moloney, and wished him well with his portfolio. I am aware of his concerns regarding matters of this nature because we discussed them in the p...More Button

There are many levels between where we currently stand — with no legislation — to a position of presumed consent. If the Government is not prepared to go as far as Senator Quinn wants ...More Button

In certain countries, presumed consent of the type proposed by Senator Quinn obtains. Let us consider the reality of what happens there. Discussions regarding organ donation often take place in o...More Button

Senator Quinn and I are not proposing that someone’s next of kin should be pushed out of the way and that the relevant medical professionals should then harvest whatever viable organs remain....More Button

A very important part of drawing in the next-of-kin into these situations is the gift element. Although the next-of-kin are expressing their grief and shock about the death, it is helpful to allow...More Button

A very good friend of mine from the Minister of State’s constituency had kidney failure and was on kidney dialysis for many years. He finally got a kidney but it was a flawed and it had to b...More Button

It is important the Minister of State speaks in positive terms in his contribution. I would also like to hear him speak about the importance of a public awareness campaign. The Department is doin...More Button

There can be no argument against what Senator Quinn is trying to achieve. I understand people might want to amend the Bill or deal with it differently. There is never only one right way to find a...More Button

Let us not leave the vacuum which currently exists and which should not be there. We need to legislate for this issue. The legislation is important not only for the reasons outlined by Senator Qu...More Button

We are putting an issue of concern to many people on the agenda and are bringing it to the fore in our Legislature. It is an issue which in no way could be seen as party political or as divisive. ...More Button

Business of Seanad.

The Leader will confirm that this side of the House has offered co-operation throughout this debate. I asked last night, this morning and possibly again this afternoon why the legislation has to g...More Button

In terms of the Leader’s good offices, we have had our arguments in the past but if he stands up and hand on heart says he cannot tell us the reason but he has been assured there is an import...More Button

I understand the Leader has been in contact with Government and that the Government is irritated by what is going on in the other House. I have listened to the debate there all afternoon and under...More Button

The question for us, and this is a fair question for the Leader to ask the Government, is whether there is a reason in the national interest for this Bill to go through at 2 a.m. as opposed to 11 a...More Button

We must be logical in this regard. Let us assume we are offering co-operation, that we all want to get it right despite our difficulties with aspects of it, and that we are all prepared to sit for...More Button

There are many variables to the question. If there is a real reason the Bill must go through, let us do it. If there is not, it is just nonsense to be hanging about. That is what it all boils do...More Button

This is ridiculous and unnecessary at this point. We should adjourn until 7.30 a.m. and deal with it then. The Leader knows my views on this.More Button

I just do not think it is necessary.More Button

We are still not gaining anything at this point by putting it through.More Button

No IndicatorVoted No More Button

Credit Institutions (Financial Support) Bill 2008: Second Stage.

I wish to share time with Senator Bacik. More Button

I have no inhibitions in supporting this bold, courageous and necessary legislation. Senators should take care when commenting in the House and those who make statements should be prepared to back...More Button

Approximately five years ago — the Minister of State was a Senator at the time — when the Seanad debated the issue of directors’ compliance statements only a small number of Senat...More Button

While I hold no brief for the Irish Banking Federation — like Senator Twomey I consistently criticise the organisation — the harsh reality is that the points it made in its presentation...More Button

Congressmen emerged from the events on Capitol Hill in Washington last weekend looking like a bunch of amateurs with as much credibility as Ballymagash district council. They could not deal with t...More Button

I regret we have not heard how the proposals will work. The legislation before us will not bail out the banks. I will give an example because it is the only way the issue will be understood. If ...More Button

I would like to see how we will make the banks pay for the guarantee. I share Senator Twomey’s mistrust of the banks and I do not want the legislation to operate on the basis of trust in the...More Button

Credit Institutions (Financial Support) Bill 2008: Committee Stage.

It is very important we make it clear that this Bill is not to guarantee losses. It is only to guarantee those losses the banks cannot meet out of their other funds, etc. In an attempt to be help...More Button

The solution to this lies in the Minister’s Department. For my sins, I chair a remuneration committee and I am a member of two other such committees. I deal with the Minister’s Depart...More Button

No one can walk away from what the Labour Party is trying to do. There is an intent here to which no one can object and it is about scrutiny. If the Minister said it was his intention that the re...More Button

Is the Minister prepared to insist that the same level of scrutiny, assessment, monitoring and measurement of performance indicators is put in place for the chief executives of these institutions a...More Button

I accept the Minister’s reference to the need to avoid legislative clutter, but the Chair will note that my suggestion avoided legislative clutter. It would provide comfort for us that the M...More Button

On a point of order, RTE only reveals the salaries of its presenters. It does not reveal the salaries of its chief executives or assistant chief executives. We have been denied that information i...More Button

There is an important point here which may give the Minister the opportunity to enlarge upon the functions of the regulator. In these Houses we have consistently restricted the functions and power...More Button

It is crucial that all the authorities work together. My understanding is that the regulatory authorities have indicated they are quite willing to take on additional scrutiny on the Minister&rsquo...More Button

There are issues such as this and I want to add a question. The eighth or ninth directive from Europe on common audit standards in the European Community still has not been transposed by the Govern...More Button

I want to remonstrate gently with the Minister. It is very easy to agree in this House that we need to get a balance in terms of the stringency of the Financial Regulator. Senator Coghlan and I m...More Button

Senator Twomey referred to my previous comments. I have regularly discussed this matter with the regulators, who informed me several times that they are not worried about the banks collapsing on t...More Button

Traditionally, the loan to value ratio and its related liquidity were determined on the basis of a point in time. The regulators of the Central Bank would consider a bank’s experience and de...More Button

The current issue is that of the banks doing their ordinary day-to-day business. As the Minister stated, they must draw down short-term interbank lending, but they cannot do their business because...More Button

Issues have been raised by a number of people and I felt the Minister would deal with them. This regulation is the core of the Bill. The first amendment tonight was by the Labour Party suggesting...More Button

My apologies.More Button

The night was going very well but the Minister has scared the wits out of us with his “we are not there yet” phrase. I presume the Minister wants to strike that from the record immediately. He ne...More Button

Senator Twomey asked the Minister to explain the Swedish model. In fairness to the point raised in the amendment and the question asked earlier, what happened in the Swedish model was that in the ...More Button

This amendment contains very important material. If the Minister is not prepared to accept it as drafted, he should give an indication of how he would deal with it. That bank directors are indepe...More Button

It would be appropriate to record our thanks to the Minister and his officials.More Button

Hear, hear.More Button

Hear, hear.More Button

I wish to be associated with those remarks and, in particular, to thank our staff of the House who have done an extraordinary job in trying circumstances.More Button

On my behalf and, I am sure, on behalf of other Members and the Minister, I convey congratulations to Mr. David Doyle and the rest of the staff of the Department of Finance who went into the bearna...More Button

I will conclude with one negative comment. The Minister introduced e-Government to the Cabinet table and various attempts are being made in that respect in the Dáil. We had a fine debate h...More Button

It could be printed and we would have it here. It is a very easy thing to do and I ask that it be considered. I thank the Minister for his openness and discussion tonight and I hope the Bill is a...More Button

No IndicatorVoted No More Button

Yes IndicatorVoted Yes More Button

Yes IndicatorVoted Yes More Button