Menu
17/10/2008
Dáil Debate Bank Guarantee Scheme
The Dáil will debate the recently revealed details of the bank-deposit guarantee scheme today.
On Wednesday, Brian Cowen revealed details of the proposal, which will mean banks have to pay the Government €1bn over the next two years in return for the Government using taxpayers money to guarantee their accounts.
The Minister for the Finance Brian Lenihan said the new regulations would take the Government deep into the banking system.
The document also contains provisions to prevent abuse of the measure, including the appointment of two directors to represent taxpayer's interests to the board of each bank. A new committee will also be created to oversee bonuses, which will now be linked to risk reduction and long term sustainability, and pay of bank directors and executives.
Fine Gael Finance Spokesman, Richard Bruton, welcomed the scheme and the proposals to appoint State observers to the Risk Assessment Committee of the banks, but said he has concerns about some aspects of the plan.
"It is crucial that this scheme protects the taxpayer effectively. Fine Gael has remaining concerns that need to be thrashed out."
Mr Bruton said that the €1 billion charges being levied on the banks are surprisingly low, being based on an estimate of the higher cost of borrowing for the State rather than the reduced cost to the banks.
The Fine Gael TD also suggested there should be explicit provision for ensuring that credit is extended to enterprises and families in Ireland so that the wheels of the economy can keep turning on the back of this guarantee.
These points and others are expected to be on the agenda at the Daíl debate today.
(DW)
On Wednesday, Brian Cowen revealed details of the proposal, which will mean banks have to pay the Government €1bn over the next two years in return for the Government using taxpayers money to guarantee their accounts.
The Minister for the Finance Brian Lenihan said the new regulations would take the Government deep into the banking system.
The document also contains provisions to prevent abuse of the measure, including the appointment of two directors to represent taxpayer's interests to the board of each bank. A new committee will also be created to oversee bonuses, which will now be linked to risk reduction and long term sustainability, and pay of bank directors and executives.
Fine Gael Finance Spokesman, Richard Bruton, welcomed the scheme and the proposals to appoint State observers to the Risk Assessment Committee of the banks, but said he has concerns about some aspects of the plan.
"It is crucial that this scheme protects the taxpayer effectively. Fine Gael has remaining concerns that need to be thrashed out."
Mr Bruton said that the €1 billion charges being levied on the banks are surprisingly low, being based on an estimate of the higher cost of borrowing for the State rather than the reduced cost to the banks.
The Fine Gael TD also suggested there should be explicit provision for ensuring that credit is extended to enterprises and families in Ireland so that the wheels of the economy can keep turning on the back of this guarantee.
These points and others are expected to be on the agenda at the Daíl debate today.
(DW)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
21 October 2011
Ulster Banks On Belfast Spar Success
Despite austere times, 10 jobs have been created following the opening of a retail outlet on the site of a formerly vacant property in the heart of Belfast city centre. The Spar store on Royal Avenue, has been refurbished with a substantial investment by owner and manager Declan McGonigle with the support of the Ulster Bank.
Ulster Banks On Belfast Spar Success
Despite austere times, 10 jobs have been created following the opening of a retail outlet on the site of a formerly vacant property in the heart of Belfast city centre. The Spar store on Royal Avenue, has been refurbished with a substantial investment by owner and manager Declan McGonigle with the support of the Ulster Bank.
02 September 2009
Fingleton 'Fails To Repay Loan', Claim Labour
The Labour Party has 'blown the whistle' on the former boss of an Irish bank who has allegedly failed to pay back a €1 million bonus, months after promising to do so.
Fingleton 'Fails To Repay Loan', Claim Labour
The Labour Party has 'blown the whistle' on the former boss of an Irish bank who has allegedly failed to pay back a €1 million bonus, months after promising to do so.
19 October 2012
Credit Guarantee Scheme Will Help Struggling Businesses
Speaking following the launch of the Credit Guarantee Scheme by the Minister for Jobs, Enterprise and Innovation, Richard Bruton TD, Fine Gael Cork North West Deputy, Áine Collins said the scheme will act as a lifeline to many businesses who cannot access credit.
Credit Guarantee Scheme Will Help Struggling Businesses
Speaking following the launch of the Credit Guarantee Scheme by the Minister for Jobs, Enterprise and Innovation, Richard Bruton TD, Fine Gael Cork North West Deputy, Áine Collins said the scheme will act as a lifeline to many businesses who cannot access credit.
17 October 2012
Union Welcomes Credit Guarantee Scheme
SIPTU has welcomed the Government's decision to commence with a credit guarantee scheme for businesses but with over 435,000 on the Live Register believes much more must be done to get people back to work.
Union Welcomes Credit Guarantee Scheme
SIPTU has welcomed the Government's decision to commence with a credit guarantee scheme for businesses but with over 435,000 on the Live Register believes much more must be done to get people back to work.
20 August 2010
Recall Dáil For Bank Debate, Says FG
Fine Gael have urged the Government to recall the Dáil from its break to allow an emergency debate on the bank guarantee. The party's Finance Spokesman Kieran O’Donnell has this morning called for the Oireachtas to cut short its break in order to discuss the banking guarantee, which is set to expire on the same day that the Dáil resumes.
Recall Dáil For Bank Debate, Says FG
Fine Gael have urged the Government to recall the Dáil from its break to allow an emergency debate on the bank guarantee. The party's Finance Spokesman Kieran O’Donnell has this morning called for the Oireachtas to cut short its break in order to discuss the banking guarantee, which is set to expire on the same day that the Dáil resumes.
-
Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
