Results 8,681-8,700 of 16,537 for speaker:Brian Lenihan Jnr
- Fiscal Policy. (18 Feb 2009)
Brian Lenihan Jnr: The National Treasury Management Agency has advised that Ireland has a net financing need of â¬24.5 billion in 2009. This is based on the forecast Exchequer borrowing requirement of â¬18 billion set out in the addendum to the stability programme update, the refinancing of a â¬5 billion bond that matures in April and a sum of â¬1.4 billion in respect of the frontloading of the Exchequer...
- Fiscal Policy. (18 Feb 2009)
Brian Lenihan Jnr: There was no preponderance of Irish institutions in the bond issue in January. There was considerable international interest in it. One of the unfortunate features of the bond issue while it was being completed was the appearance of an entirely inaccurate story by the national broadcaster about the IMF. Happily, the story did not affect its completion. The yield on Ireland's ten-year...
- Fiscal Policy. (18 Feb 2009)
Brian Lenihan Jnr: First, substantial sums have been already received by the State on foot of the guarantee. Second, the best market advice I can obtain is that the major difficulty with increasing the spreads lies with apprehensions about Ireland's economic position and our anticipated economic performance given the substantial declines in growth rates that are anticipated and the fear in markets that the...
- Fiscal Policy. (18 Feb 2009)
Brian Lenihan Jnr: The Government is attempting to manage the economy in a way that ensures any burdens that need to be borne are done so equally, fairly and equitably throughout the community.
- Financial Institutions Support Scheme. (18 Feb 2009)
Brian Lenihan Jnr: Seven institutions are covered by the Government guarantee. I referred to six in an earlier reply. I should have said that Postbank is also a guaranteed institution. The covered institutions are AIB, Bank of Ireland, EBS, Irish Life & Permanent, Irish Nationwide Building Society, Anglo Irish Bank and Postbank, their branches and certain named subsidiaries. Under the terms of the guarantee...
- Financial Institutions Support Scheme. (18 Feb 2009)
Brian Lenihan Jnr: The purpose of the charge is to cover the long-term cost of borrowing to the Exchequer that arises out of the provision of the guarantee. These additional costs were initially reckoned to be approximately â¬1 billion. The charging model was based on covered liabilities of approximately â¬450 billion. As I have pointed out previously, approximately â¬90 billion of this is covered by the...
- Financial Institutions Support Scheme. (18 Feb 2009)
Brian Lenihan Jnr: I will examine any constructive suggestion made by Deputies. I can assure Deputy Burton that it is not my intention to transform it into a pre-election slush fund.
- Financial Institutions Support Scheme. (18 Feb 2009)
Brian Lenihan Jnr: All the covered institutions have paid the charge in a prompt and timely manner and are up to date. In response to Deputy Creighton, of course the difficulty for small and medium-sized enterprises in obtaining credit is a very serious matter and is taken into the Government's consideration. We are at an advanced stage in drawing down the European investment bank facility for a number of our...
- Banking Sector Regulation. (18 Feb 2009)
Brian Lenihan Jnr: The importance of having a regulatory system that provides financial stability and fosters probity has become all the more clear to us in these times of financial turmoil. I have already indicated that it is my view that the current approach to financial regulation needs to be reformed. The Central Bank Board and the Financial Regulatory Authority have examined the approach to financial...
- Banking Sector Regulation. (18 Feb 2009)
Brian Lenihan Jnr: Clearly the regulator is completing the investigation into the two transactions referred to by Deputy Bruton. Some of the leaks of material about this matter may come from parties who have an interest in the outcome of the investigations being carried out by the regulator. With regard to the Irish Life & Permanent transaction, I asked to meet the chairman and the chief executive last...
- Banking Sector Regulation. (18 Feb 2009)
Brian Lenihan Jnr: With regard to the Quinn transaction, Deputy Bruton suggested that the regulator relied on legal advice on the transaction furnished by the bank itself. The regulator has to be afforded an opportunity of putting the full facts on the record as to whether it obtained independent legal advice of its own. I remind Deputies that many of these reports are necessarily selective with regard to the...
- Banking Sector Regulation. (18 Feb 2009)
Brian Lenihan Jnr: On my appointment as Minister for Finance last May, my Department advised me of the existence of the contract for difference regarding the Quinn position in Anglo Irish Bank. I was advised that the existence of this contract for difference, which Mr. Quinn had not committed himself at that stage to purchasing, was a serious threat to the stability of the bank and that the Department had been...
- Banking Sector Regulation. (18 Feb 2009)
Brian Lenihan Jnr: Yes.
- Banking Sector Regulation. (18 Feb 2009)
Brian Lenihan Jnr: No. The source of my information about this matter is my Department. In view of the concerns raised with me by Deputy Burton and because of concerns which I developed myself from media coverage, when the decision was made to capitalise Anglo Irish Bank for â¬1.5 billion, I specifically asked my Department, in the course of the due diligence, to examine the nature and character of the Quinn...
- Banking Sector Regulation. (18 Feb 2009)
Brian Lenihan Jnr: I can arrange for that information to be given to the Deputy.
- Banking Sector Regulation. (18 Feb 2009)
Brian Lenihan Jnr: There is no evidence regarding the Quinn transactions in the report.
- Banking Sector Regulation. (18 Feb 2009)
Brian Lenihan Jnr: Regarding other matters that may have been referred to the regulator, I will get the information required by the Deputy.
- Banking Sector Regulation. (18 Feb 2009)
Brian Lenihan Jnr: As I have often pointed out, the PricewaterhouseCoopers report was an exercise in which a large number of officials worked through the different exposures of six institutions with an accountant from that firm.
- Banking Sector Regulation. (18 Feb 2009)
Brian Lenihan Jnr: May I finish my reply?
- Banking Sector Regulation. (18 Feb 2009)
Brian Lenihan Jnr: The work was work in progress and, in respect of Anglo Irish Bank, as with other banks, went through successive drafts. At the end of October, a draft report received by the Department referred to the existence of a loan by Anglo Irish Bank to Irish Life & Permanent on a back-to-back date basis without any dates annexed. The Department referred the matter to the Financial Regulator, who...