Results 7,001-7,020 of 16,537 for speaker:Brian Lenihan Jnr

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Brian Lenihan Jnr: The reality is that, heretofore, finance and banking professionals have been highly valued and remunerated by the market. Financial institutions as a whole in Ireland, both domestic——

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Brian Lenihan Jnr: May I——

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Brian Lenihan Jnr: Financial institutions as a whole in Ireland, both domestic and those in the Irish Financial Services Centre, need highly experienced, skilled and expert people to succeed. Success must be built on a sustainable basis. Rewarding excessive and imprudent risk-taking by executives is at the heart of the serious problems that have emerged in the international financial system. For the future,...

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Brian Lenihan Jnr: What section are we on?

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Brian Lenihan Jnr: Is the Deputy referring to section 5?

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Brian Lenihan Jnr: The reason we are doing it this way is that the Seanad is sitting later this morning and the Bill could not be dealt with by the Bills Office in time for the Seanad if we were to amend it here. We will be back at 10.30 a.m. to deal with the Bill if the Seanad chooses to amend it. On Deputy Shatter's point in regard to section 5, Deputy Bruton should note also that the regulations under...

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Brian Lenihan Jnr: Deputy Bruton and Deputy Rabbitte asked about the definition of financial support, which is very widely drawn in the definition clause in the Bill. Financial support includes a loan, a guarantee, an exchange of assets and any other kind of financial accommodation or support. The purpose of the legislation is to give, in the public interest, powers to the Minister to maintain the stability...

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Brian Lenihan Jnr: Because the legislation provides such a broad power and scope that it allows the Minister to take whatever steps are necessary to address that.

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Brian Lenihan Jnr: The legislation is not formulated that way. It allows any terms or conditions to be imposed on foot of the schemes in the contracts. We need as much as we can in regard to these entities.

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Brian Lenihan Jnr: The amendment provides that a person "shall" be appointed to the risk assessment committee and a person "shall" be appointed to the board. I have outlined my view on this. With regard to the risk assessment committee, an observer can be required to attend. I want to take a wide variety of measures to ensure no risk attaches to lending practices.

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Brian Lenihan Jnr: The mandatory character of the amendment limits the position rather than helps it. With regard to the boards, I have made it clear somebody should be on the board in the public interest. The details of that must be worked out with the relevant institutions. They have either charters, constitutions, founding documents or articles of incorporation. Clearly, that cannot be imposed on a...

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Brian Lenihan Jnr: I have not proposed the establishment of such a committee. A member of the Deputy's party put forward the idea and I indicated that I would be receptive to it. When we discuss banking matters, it is important that we have some forum in which to do so with candour in the House.

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Brian Lenihan Jnr: It is difficult for the Central Bank to put matters on the record constantly, which would be reported on and observed in the financial press worldwide.

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Brian Lenihan Jnr: In the term "commercial or other terms", the deletion of the words "or other" in section 6(4) would mean that the Minister was precluded from providing financial support on other than commercial terms in circumstances of grave financial instability. This could impact on the Minister's role in maintaining financial stability and, therefore, I cannot accept the amendment.

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Brian Lenihan Jnr: On amendment No. 19a the issue raised by the Deputy is important. It must be a priority for public policy to ensure that all have access to credit. This ensures that people do not find themselves needing to resort to the services provided by licensed moneylenders. Having said this, section 5 provides for the preparation of a scheme relating to the issues encompassed by subsection 4 on the...

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Brian Lenihan Jnr: It does not apply.

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Brian Lenihan Jnr: I want to put some matters on the record, and there may be some time left after I have spoken. Deputy Bruton——

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Brian Lenihan Jnr: Under Standing Orders I am allowed to intervene on Committee Stage.

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Brian Lenihan Jnr: I will try to leave some time but I want to put certain matters on the record of the House arising from queries that have arisen. It is in the public interest.

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Brian Lenihan Jnr: That is the first point.