Statements on Renewable Energy - 25th November 2010

Statements on Renewable Energy - 25th November 2010
Senator David Norris: Senator Quinn has given me my lead in with his reference to the four year plan. I propose to speak about a particular form of energy about which I have spoken in this House previously. Members may recall that I defined “money” as “the symbolic representation of energy”. This may or may not be a renewable source in this country but it certainly will not be unless we take a very specific form of action. I am speaking about bondholders. This is renewable energy; this is money, and this is where it is at. I have managed to get a list of the bondholders and propose to place it on the record of the House. It is perfectly in order for me to do so. I have so defined it and will not be stopped.

An Cathaoirleach: We are dealing with renewable energy.

Senator David Norris: I know exactly what we are dealing with and I am speaking to it.

An Cathaoirleach: We are not getting involved in name——

Senator David Norris: I am talking about renewable energy and have made it perfectly clear, logically and intellectually, how I am doing it.

An Cathaoirleach: I want no names of people the Senator says are bondholders——

Senator David Norris: I am giving the institutions. I am perfectly entitled to name them. We have mentioned repeatedly Bank of Ireland and so on. It is frustrating the democratic wish of this House if the people concerned are not named.

An Cathaoirleach: We are not dealing with banking; we are dealing with renewable energy.

Senator David Norris: I am dealing with it because I have given a definition of “money” as including renewable energy.

An Cathaoirleach: The business ordered is renewable energy.

Senator David Norris: The business was ordered and I am speaking to it. The names are Aberdeen Asset Management (London) Ltd, AGICAM, Aktia Asset Management, Aletti Gestielle SGR, AllianceBernstein (UK) Limited, Allianz Global Investors France, AmpegaGerling Investment, Anima SGR——

An Cathaoirleach: The Senator is totally out of order. I ask him not to get involved in that aspect. We are taking statements on renewable energy potential.

Senator David Norris: I am speaking very directly and clearly about renewable energy.

An Cathaoirleach: No——

Senator David Norris: I most certainly am.

An Cathaoirleach: That is not relevant.

Senator David Norris: It is very relevant.

An Cathaoirleach: No, it is not.

Senator David Norris: It is the most relevant issue in this country.

An Cathaoirleach: It may be to a different debate.

Senator David Norris: I will outline how relevant it is. Mr. Mohammed El-Erian, director of Pimco, which has $1.35 trillion in assets on its books and advises bondholders, said if——

An Cathaoirleach: We are sticking to the debate. There may be another forum to discuss that matter.

Senator David Norris: I do not accept the Chair’s ruling because I have indicated that I am talking about renewable energy. I have given a definition of “money” as including renewable energy. I have defined my terms clearly. The Chair is trying to frustrate me. He is trying to protect the Government and I think that is wrong.

An Cathaoirleach: I am not trying to frustrate the Senator and will not allow him to continue in this vein.

Senator David Norris: For what reason?

An Cathaoirleach: It is not relevant to the debate. The business was ordered.

Senator David Norris: It is completely relevant. We are talking about energy. I am talking about the most vital form of energy for this country and calling on the Minister to ensure the Government makes it very clear that the bondholders will be included and that they will be forced to accept their share in terms of assets. It is perfectly legitimate for me to do this.

An Cathaoirleach: We are not going down that road. I expect the Senator to respect the Chair. As a long-standing Member of the House——

Senator David Norris: One Swiss bondholder owns 40% of the bonds and will get millions of euro from us.

An Cathaoirleach: I am suspending the sitting for five minutes.

Sitting suspended at 1.40 p.m. and resumed at 1.45 p.m.

An Cathaoirleach: Senator Norris has five minutes left.

Senator David Norris: I thank the Cathaoirleach. I would like to make it clear that I did not mean any disrespect to this House, the Cathaoirleach or the Minister. I believed I was pursuing a perfectly logical course of action. The Chair has restricted me on this and, therefore, I will not pursue the matter at this stage. I was at that stage the last speaker and was not keeping anyone else out. I will continue my research in this area and will seek another opportunity when I will ventilate this matter fully because it is in the interests of the people, but I am happy now to yield to my colleague who I now understand wishes to speak.