Details

Category: Finance

Created: 30 May 2011

Mick Wallace has called for the ending of political donations. In an ironic motion tabled by Fianna Fail, the party suggests that all political donations over €100 be declard to SIPO within 14 days and authorised by a general meeting of the party. You can watch the speech in full here. Deputy Martin stated in his speech last night that political donations had created a perception that big business can buy influence by financially supporting the election funds of parties or candidates and that it was having a damaging impression, which is putting it mildly. He might perhaps have said that private capital tends to be concentrated in few hands, the enormous power of which cannot be effectively checked even by a democratically organised political society. The members of the legislative bodies are selected by political parties, largely financed or otherwise influenced by private capitalists who for all practical purposes separate the electorate from the Legislature. It is probably a no-brainer that we should put an end to all political donations. The practise is certainly unlikely ever to serve the people well. If we allow big business to influence elections, thus deciding who gets into power the chances of those elected members acting in the best interests of ordinary people at all times is probably pretty slim. It is not unfair to say that for the past 20 years Government has ruled more in the interests of big business than in the interests of ordinary people. There is probably not much point in referring to the massive irony of Fianna Fáil proposing this legislation. Perhaps, however, we should give them the benefit of the doubt. Perhaps they are a little like Paul on the road to Damascus. Perhaps they will be different now. I am probably naive. Time will tell. There is no doubt but that something must change if the people are to garner a better opinion of what happens in this House. The legislation recommends that donations over €1,000 be declared. I believe that all donations over €100 should be declared. The public is entitled to know the identity of anyone who wishes to give €100 or more to a politician.

Good soundness is a result of proper supply and hygiene. How can medicaments hels up? Circumstances that can influence your choice when you are buying medications are varied. Below are basic reasons about cialis vs levitra vs viagra which one is better. Surely there are also other momentous questions. Choosing the unimprovable treatment variation for a racy disease can get really confusing considering the advantages and disadvantages of the existing treatment methodologies. When you buy remedies like Cialis you have to keep in mind about levitra vs cialis vs viagra. The most significant thing you must look for is which works better viagra or cialis or levitra. A long list of prescription drugs can lead to erectile malfunction, including many blood pressure medicines, pain remedies, and most of antidepressants. Sometimes the treatment options may turn on erectile dysfunction remedies or hormone treatments.

Details

Category: Finance

Created: 25 May 2011

The Government now owns a number of our banks. Mick asks the question; why don't we tell the banks to start lending rather than asking them to? Although Mick welcomes the VAT proposal in the bill, he is concerned about private pensions taking the hit. In his speech he discusses the issues surrounding the bill; you can watch the speech here. There are many elements I like in the Finance (No. 2) Bill, especially the VAT proposal which will be an enormous boost to the hotel and restaurant industry. I believe in the principle of investment. Investment stimulates an economy whereas austerity drains it. Unfortunately, we are probably not getting as much investment as we would like and are getting much more austerity than we would like. Unfortunately, too, austerity probably hits the less well off in our society more than anybody else. There is a big problem in regard to getting things moving in this country, namely, the lack of a banking system that functions. We were told about a strategic investment bank. Perhaps it is still on its way but it is really needed. Bank lending is a problem - banks are not lending. They do not see our businesses as safe to lend to and do not believe in them. I read an article in the Financial Times today about the HSBC in Britain which stated that in the first quarter of the year HSBC’s lending volumes rose by €28 billion. The writer asked where most of that money had gone. It went to the fast-growing markets in Asia: “in stark contrast to western markets like Britain and Ireland, where, more than two years after the peak of the financial crisis and despite repeated agreements with governments to boost the availability of finance banks are still reluctant to lend to businesses”. Believe it or not, the Irish Government is in a privileged position in that it owns a couple of banks. I might prefer if it did not but it does. We must stop asking the banks to lend money to us and must tell them to do so, given that the State owns them. It would be a great boost to our economy to have again a banking system that functions. The biggest problem with the Finance (No. 2) Bill is the pensions element. A great number of people have telephoned me to express serious disillusionment with what has happened. One might claim that 0.6% does not seem to be very much but that amount is calculated on the full value of a pension each year. What really worries people is that may only be the beginning; it may not be the end. It will be perceived as the thin end of the wedge. For the past number of years we have talked a great deal about the need to encourage people to begin a pension. It is difficult enough to do that because one is asking people to store away money for 30 or 40 years in the hope it will be there ultimately when it is really needed. When something like this happens it dents people’s confidence and there is no doubt that confidence has left many people. It was bad enough that many pensions suffered badly because of the recession but it was a new phenomenon to find that the Government would raid them. This will have a really negative impact on trying to persuade people to invest. We have an aging population and we need to work at persuading people to have pensions. Robbing them is not a good idea. If we are not going to rob the pensions where will we get this €1.9 billion? Deputy Peter Mathews spoke very well today. He suggested there must be a negotiated restructuring of €75 billion; €50 billion with the ECB and €25 billion with the bondholders. He suggested the money should be cascaded down and invested in the economy to deal with household debt. For this to happen, if there is to be a negotiated restructuring, Europe has to see sense. In my view, Europe does not believe how bad things are in this country. Unfortunately, because of our export figures a false picture is created. Things are not as good as people abroad seem to think. We must reinforce to Europeans that the figures do not add up and we will not be able to meet all the repayments. Therefore they must treat us more fairly. In the short term, while we wait for the Europeans to see some sense, salaries over €100,000 must be dealt with. A wealth tax of 1% would bring in €1.2 billion in this country. There is a wealth tax in countries such as France, Switzerland and Norway which seems to work well enough. Surely the wages that Deputies and Ministers get and the pensions and lump sums they get when they leave here amount to outrageous money. People cannot believe that we can still get this money in the present climate. There are people with State jobs getting more than €500,000 per year but we are cutting resource teachers for Travellers in schools.

Good soundness is a result of proper nutrition and hygiene. How can medicaments hels up? Circumstances that can influence your choice when you are buying medications are different. Below are basic reasons about cialis vs levitra vs viagra which one is better. Surely there are also other momentous questions. Choosing the unimprovable treatment version for a racy disease can get really confusing considering the advantages and disadvantages of the existing treatment methodologies. When you buy remedies like Cialis you have to remember about levitra vs cialis vs viagra. The most significant thing you must look for is which works better viagra or cialis or levitra. A long list of prescription drugs can lead to erectile dysfunction, including many blood stress medicines, pain remedies, and most of antidepressants. Sometimes the treatment options may include erectile dysfunction remedies or hormone treatments.

Details

Category: Finance

Created: 19 May 2011

On Wednesday May 4th, the Dail debated the revised Memorandum of Understanding on the EU-IMF Programme of Financial Support. Deputy Joe O’Reilly made a few points that were very fair. He spoke about the lack of credit and stated the Government would ensure credit would be available soon. From my experience in business, I note it is now nearly three years since credit was freely available. I have been listening for a long time to Governments stating credit will become available every time the banks are given money, but, unfortunately, credit is not yet available and I am not sure when it will be. It was good to hear Deputy Joe O’Reilly refer to mortgage restructuring. When we debated the notion last night, some Members on the other side of the House were throwing seriously cold water on it. The taxpayer and the bank is now one and the same person. If somebody bought a house for €400,000 which is now worth €200,000, does it make more sense for the taxpayer or bank to repossess it, put it on the market and sell it for €150,000 or to give the person some help, even in terms of €50,000? There would still be €350,000 for the State, rather than getting €140,000 from an initial investment of €400,000. We must seriously fight repossessions. They just do not make sense, financially or socially. The Minister also mentioned the importance of equity and fairness. We agree on that. In the period before the publication of the revised terms of the EU-IMF programme, the Minister, Deputy Noonan, stated that all changes must be fiscally neutral and that in terms of total cuts and taxes the revised memorandum of understanding remains unchanged. Does this mean we will still achieve the target deficit of 3% of GDP by 2015? In the past couple of weeks the forecast for our growth rate has been revised down from the 1.8% forecast last December to an optimistic estimate of 0.8%. Can we still achieve the target of 3% in 2015 with the same figures? I understand that cuts amounting to €3.6 billion are planned for the December budget. Will that figure be larger to compensate for the fact that GDP growth will not be as good as we thought? We are probably being very optimistic in anticipating that the levels we are calculating for 2013 and 2014 will be reached, given the serious effect of the austerity measures. If the budget is to be even more severe, do Members agree that the people who will probably suffer most are the most vulnerable? It is generally accepted that those who are most hurt by budget cuts are, as a rule, the most vulnerable. Fairness is disappearing at this stage. There is reference to property tax and water charges in the document. I find it hard to believe that even the current Government could have the neck to impose water charges and property tax on people who are already suffering as a result of the universal social charge, rising interest rates - we have not seen the last of them - and mortgage problems. God knows, the figure of 44,000 households being 90 days behind with their mortgage repayments will certainly increase dramatically in the next year. All this adds up and makes one wonder about the role of the State. Is it to protect big business, look after the financial institutions and play ball with the boys in the ECB? I understood that the role of the State was to work towards protecting the most vulnerable in our society. Undoubtedly, history will be hard on the last Government, but I believe it will be hard on this one as well.

Good health is a result of proper nutrition and hygiene. How can medicaments hels up? Circumstances that can influence your choice when you are buying medications are different. Below are basic reasons about cialis vs levitra vs viagra which one is better. Surely there are also other momentous questions. Choosing the perfect treatment option for a racy disease can get really confusing considering the advantages and disadvantages of the existing treatment methodologies. When you buy remedies like Cialis you have to think about levitra vs cialis vs viagra. The most significant thing you must look for is which works better viagra or cialis or levitra. A long list of prescription drugs can lead to erectile dysfunction, including many blood stress medicines, pain remedies, and most of antidepressants. Sometimes the treatment options may include erectile dysfunction remedies or hormone treatments.

Details

Category: Finance

Created: 12 May 2011

Speaking following Minister for Finance Michael Noonan's jobs initiative, Mick outlines the need for banks to start lending again. Mick gives his views on the initiative in the chamber and while he supports some aspects, he criticises funding the initiative from private pensions. Mick suggests that foreign companies operating in Ireland could contribute more to financing such initiatives. You can watch his speech live here. I welcome Deputy Peter Mathews’ sentiments on the European Union. I hope matters turn out as he described, as it would be wonderful if the European Union saw sense and started to treat us fairly. Too often Members on this side of the House are accused of being negative about everything. I like to believe we honestly say what we feel. If what we tell the coalition is sometimes negative, that is unfortunate. I agree that the jobs initiative contains some good provisions. The Minister for Finance, Deputy Michael Noonan, was honest when he stated it was a modest measure and a start. It is a small monetary investment in the economy, a principle in which I believe. The philosophy of John Maynard Keynes took the world out of recession in the 1930s and is preferable to Milton Friedman’s, of which we have seen too much in the past 30 years. It would be great if we had more money to invest in this fashion. For example, we are to repair 800 km of roadway. The Minister without Portfolio, Deputy Brendan Howlin, mentioned how bad the roads seemed to be during the election campaign in County Wexford, an issue about which I also know. The roads are atrocious, but I did not promise anyone that I would fix them. As Deputies can imagine, 800 km is not much. In County Wexford alone there are 3,200 km of non-national roads. While fixing 800 km nationwide is a start, I hope there will be more of this work. Likewise, the money to be spent on school infrastructure is welcome, not only for the kids in leaky prefabs but also for a small section of the construction industry which is labour intensive. I know from experience that construction workers are inclined to spend money. They will stimulate the economy if we can find them enough work. The VAT and PRSI measures will be welcomed by the hotel and restaurant industries, in particular. I have the good fortune to run five wine bars-restaurants and these measures will make a sizable difference to us in managing our businesses. Our industry has been struggling with difficulties. I employ more than 50 people and these measures will help me to stop shedding jobs. Whether they will create more is difficult to say. More people must spend money in our restaurants, but they cannot do so because they have none. If the banks start lending again, it will be a significant step in the right direction. Since September 2008 we have believed we can throw money at the banks and that they will eventually start lending with it, but the Government must play an active role in ensuring they are open for business. This would make a significant difference. I am surprised and disappointed, therefore, that the strategic investment bank has not been mentioned in the jobs initiative. Perhaps the Government is bringing it on stream, as something of that nature would be of considerable help. The most disappointing element of the programme is the picking on pension schemes to come up with money. It does not grow on trees and must come from somewhere, but it is unfortunate that many of the people who made sacrifices during the years to save for pensions are to be treated unfairly. As Deputy Shane Ross stated yesterday, it is as if we are robbing them for their savings. It is not right. The Government might ask where we would get the money from if we did not take it from such schemes. As Deputy John Halligan pointed out yesterday, foreign companies operating in Ireland are making annual profits of €32 billion. While we do not want to frighten them away, since we appreciate how much work they provide and how important they are to the country, large global companies must make a fair contribution to our society, given how well they are doing out of it. It would be terrible to see Ireland go to the wall in order that these companies could keep their large profits. It would be great if the Government sought money from that source.

Good soundness is a result of proper food and hygiene. How can medicaments hels up? Circumstances that can influence your choice when you are buying medications are varied. Below are basic reasons about cialis vs levitra vs viagra which one is better. Surely there are also other momentous questions. Choosing the perfect treatment edition for a racy disease can get really confusing considering the advantages and disadvantages of the existing treatment methodologies. When you buy remedies like Cialis you have to keep in mind about levitra vs cialis vs viagra. The most significant thing you must look for is which works better viagra or cialis or levitra. A long list of prescription drugs can lead to erectile malfunction, including many blood stress medicines, pain remedies, and most of antidepressants. Sometimes the treatment options may turn on erectile dysfunction remedies or hormone treatments.