Joan Burton
Ceist:226 Deputy Joan Burton asked the Minister for Finance the progress with the recapitalisation or other action with a building society (details supplied); and if he will make a statement on the matter. [15910/09]
Amharc ar fhreagraWednesday, 22 April 2009
Ceisteanna (174, 175, 176, 177)
Freagraí scríofa
The building society to which the Deputy refers is covered under the Government's guarantee scheme. This has led to increased scrutiny and oversight of the operations of the building society and to increased engagement with its management including with regard to the institution's capital position.
As the Deputy will be aware, the Government announced on 7 April 2009 its intention to establish a National Asset Management Agency (NAMA). Assets will be transferred from participating institutions to NAMA with the purpose of ensuring that relevant institutions have a clean bill of health, their balance sheets are strengthened and uncertainty over bad debts is reduced.
The Government will consider the position of relevant institutions on an individual basis in the light of the proposed establishment of NAMA, the capital requirements of the institutions concerned and the requirement to protect the position of the taxpayer. In bringing forward the necessary legislation to establish NAMA and the details that will govern its operation, further discussions will be undertaken with the relevant institutions including the institution referred to by the Deputy where its participation in NAMA and its future capital position will be discussed.
Joan Burton
Ceist:227 Deputy Joan Burton asked the Minister for Finance the progress made with the recapitalisation or other action with a building society (details supplied); and if he will make a statement on the matter. [15911/09]
Amharc ar fhreagraThe building society to which the Deputy refers is covered under the Government's guarantee Scheme. This has led to increased scrutiny and oversight of the operations of the building society and to increased engagement with its management including with regard to the institution's capital position.
As the Deputy will be aware, the Government announced on 7 April 2009 its intention to establish a National Asset Management Agency (NAMA). Assets will be transferred from participating institutions to NAMA with the purpose of ensuring that relevant institutions have a clean bill of health, their balance sheets are strengthened and uncertainty over bad debts is reduced.
The Government will consider the position of relevant institutions on an individual basis in the light of the proposed establishment of NAMA, the capital requirements of the institutions concerned and the requirement to protect the position of the taxpayer. In bringing forward the necessary legislation to establish NAMA and the details that will govern its operation, further discussions will be undertaken with the relevant institutions including the institution referred to by the Deputy where its participation in NAMA and its future capital position will be discussed.
Joan Burton
Ceist:228 Deputy Joan Burton asked the Minister for Finance the progress made with the recapitalisation or other action with a bank (details supplied); and if he will make a statement on the matter. [15912/09]
Amharc ar fhreagraThe bank to which the Deputy refers is covered under the Government's guarantee Scheme. This has led to increased scrutiny and oversight of the operations of the institution and to increased engagement with its management including with regard to the institution's capital position.
As the Deputy will be aware, the Government announced on 7 April 2009 its intention to establish a National Asset Management Agency (NAMA). Assets will be transferred from participating institutions to NAMA with the purpose of ensuring that relevant institutions have a clean bill of health, their balance sheets are strengthened and uncertainty over bad debts is reduced. The Deputy will be aware that the institution in question is in a strong capital position and is not subject to the same level of concern in relation to asset quality as other institutions.
However, the Government will consider the position of relevant institutions on an individual basis in the light of the proposed establishment of NAMA, the capital requirements of the institutions concerned and the requirement to protect the position of the taxpayer. In bringing forward the necessary legislation to establish NAMA and the details that will govern its operation, further discussions will be undertaken with the relevant institutions including the institution referred to by the Deputy where its participation in NAMA and its future capital position will be discussed.
Joan Burton
Ceist:229 Deputy Joan Burton asked the Minister for Finance his views on suggestions from the credit union sector that credit unions contribute to Exchequer funding needs through the placement of surplus funds through the National Treasury Management Agency as investments; and if he will make a statement on the matter. [15913/09]
Amharc ar fhreagraI would like to draw to the Deputy's attention that it is open to credit unions to invest in government bonds, which are issued by the National Treasury Management Agency. Government bonds are fixed-term, fixed-rate investment instruments which are part of the National Debt.