Results 61-80 of 90 for ibrc speaker:Micheál Martin

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Order of Business (23 Apr 2015)

Micheál Martin: ...to be well informed, although I might be wrong. It is important that we get clarity here about whether the Comptroller and Auditor General legislation allows for an investigation into the issue of how IBRC conducted transactions. The Chairman of the Committee of Public Accounts is very doubtful about it, as are other Deputies who have checked the legislation. This morning, Government...

Leaders' Questions (23 Apr 2015)

Micheál Martin: As the Tánaiste knows, over the past number of days the sale of Siteserv by IBRC to Millington, an Isle of Man company owned by Denis O'Brien, has been the subject of much controversy. At the time of the sale, it was in debt of up to €150 million. It installed Sky boxes, fixed traffic lights and had contracts with the ESB and Bord Gáis Energy. After the sale, it went on to...

Order of Business (22 Apr 2015)

Micheál Martin: ...the material from the Department of Finance cries out for far more transparency regarding how this was conducted. There was concern at the large number of transactions that have been poorly executed by IBRC. I did not say this; the civil servants at the Department of Finance said it. It is a very grave and serious issue and, with the greatest respect, the Taoiseach has been trying to...

Leaders' Questions (22 Apr 2015)

Micheál Martin: ...were in place. DG Competition and the troika had asked for a new framework and there is no issue with that. There were 30 drafts and it was going on and on. In fact, officials were very afraid that IBRC was delaying signing off and all of the documents show this. This is well understood. It is not politics but stuff going on between the officials and IBRC. The essential point is an...

Leaders' Questions (22 Apr 2015)

Micheál Martin: This was all prepared for the Minister to say to them. The documents also state: "Events over the past number of months have led me to question the effectiveness of the management team in IBRC." They further state: "I expect the Board to ensure that the bank in its approach and operations is operating to the exemplary standards and in the public interest. I am concerned that the reputation...

Leaders' Questions (22 Apr 2015)

Micheál Martin: Yesterday I raised with the Taoiseach concerns over the sale of Siteserv by IBRC to Millington following very serious revelations in Department of Finance memos released under freedom of information provisions to Deputy Catherine Murphy and The Sunday Times. The concerns revealed are very grave indeed. I refer to the speaking notes for the Minister's meeting with IBRC on 25 July 2012. In...

Leaders' Questions (21 Apr 2015)

Micheál Martin: The Taoiseach read out the existing mandatory framework. It is a very important point. The officials from the Department of Finance told the management of IBRC that it was to act as if the framework relationship that came into place two weeks later was already in place, which meant that it should have been notified because it considered a loss of over €100 million. The Taoiseach...

Leaders' Questions (21 Apr 2015)

Micheál Martin: ...it could to protect the taxpayer, given all of these questions? A separate memo also states, rather alarmingly, that officials had concerns about other large transactions under the aegis of IBRC. These were taxpayers' assets that were being disposed of. Will the Taoiseach initiate an inquiry into this - a proper inquiry to get to the bottom of it? It is important because it goes to the...

Leaders' Questions (21 Apr 2015)

Micheál Martin: It goes very much to the heart of how IBRC was doing its work on behalf of the taxpayer. Did anybody at all alert the Taoiseach to this over the last number of days? Did any of his officials contact him to say there was a very serious article on the front page of The Sunday Times? I know Deputy Catherine Murphy asked about this on Leaders' Questions, so the Taoiseach would have been aware...

Leaders' Questions (21 Apr 2015)

Micheál Martin: ...questions and so on. In the beginning she was told by the Minister, Deputy Noonan, that he was satisfied that the best interests of the taxpayer were met in the sale of this company. We know that IBRC sold Siteserv at a loss of €105 million. We know that the legal advisers acted for both the purchaser and the seller. We now know that the financial adviser Davy, which was...

Leaders' Questions (17 Feb 2015)

Micheál Martin: ...with the banks but the banks have worn them down and have not engaged in many cases. That is the point I am making. When I talk about selling people down the river, I am talking about the IBRC liquidation in those cases. When the mortgage books were sold - we raised this in the House - absolutely no protection was provided, in any shape or form, for the borrowers and families in...

Leaders' Questions (17 Feb 2015)

Micheál Martin: ...in employment - that is a very striking figure. I had a case during the week of a young couple with young children, both in State employment with reasonable incomes. They had formerly been with IBRC. The Taoiseach sold all those people down the river when he sold those loan books to vulture funds. The result is there is absolutely no protection for them and no proper engagement,...

Ceisteanna - Questions (Resumed): World Economic Forum (6 May 2014)

Micheál Martin: ...view out there. People see large companies getting significant write-downs on debt but for those in mortgage arrears, there is very little comfort in many cases. In the most recent case of the IBRC sell-off, mortgages have been sold to an entity that does not have to adhere to the code of practice. The Governor of the Central Bank told the Taoiseach that he did not want to go ahead....

Seanad Reform Bill 2014: Second Stage [Private Members] (28 Mar 2014)

Micheál Martin: ...Government. When we come here on days like today, we are allowed to propose Bills, but they are not allowed to become law. As we saw with my party’s recent legislation to protect Irish Bank Resolution Corporation, IBRC, mortgage holders, the Government sometimes pretends to support the legislation, but then lets it die quietly on the Order Paper. Nobody believes Government...

Ceisteanna - Questions (Resumed): Political Reform (11 Mar 2014)

Micheál Martin: I was coming to that. The Government accepted our Bill on the IBRC mortgage book being sold on because it felt it would be too unpopular to oppose it, but it will not do anything about it, particularly in advance of the sale of the mortgage book. We will not see the Committee Stage of that Bill for some time. That is the strategy. Friday sittings should be full-day sittings, involving...

Government's Priorities for the Year Ahead: Statements (4 Mar 2014)

Micheál Martin: There is a March deadline because of the sale of the IBRC loan book.

Government's Priorities for the Year Ahead: Statements (4 Mar 2014)

Micheál Martin: It is flawed? Will it be in place before the IBRC sell-off of the mortgage book?

Government's Priorities for the Year Ahead: Statements (4 Mar 2014)

Micheál Martin: The key point of the Bill is to put protections in place for those who hold mortgages that are being sold off by the IBRC.

Order of Business (26 Feb 2014)

Micheál Martin: The protection for the 13,000 IBRC mortgage holders is a key issue. I listened with interest this morning to the chairman of the Oireachtas Committee on Finance, Public Expenditure and Reform, Deputy Ciarán Lynch, raise the possibility of the Government bringing forward legislation to deal with this issue in terms of creating a statutory framework whereby the purchasers of the loan book...

Other Questions: Cabinet Committee Meetings (18 Feb 2014)

Micheál Martin: I will not have such a discussion. When will the committee meet again to specifically discuss those 13,000 mortgage holders affected by the IBRC liquidation, as the Taoiseach has mentioned March? The vast majority of these are rank and file people and they are being thrown to the wolves. They are very insecure and anxious about this issue. It is remiss of the Government not to have thought...