Results 9,061-9,080 of 16,537 for speaker:Brian Lenihan Jnr

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Brian Lenihan Jnr: When the Credit Institutions (Financial Support) Bill was before the House, many Members expressed reservations about the levels of remuneration and bonus arrangements that were in operation for senior banking executives. That debate continued in the discussion on the scheme the Government drew up on foot of the Credit Institutions (Financial Support) Act in connection with the guarantee....

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Brian Lenihan Jnr: Of course I realise it.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Brian Lenihan Jnr: It has been submitted to Cabinet. That question is not in order.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Brian Lenihan Jnr: The report was received yesterday. There was a Private Members' motion and an amendment and an amount of legislation to bring through the House. It is open to a Minister to bring any matter of public importance to the Government for decision. This is a matter of sufficient public importance to require a Government decision. In answer to what Deputy Bruton indicated, I agree with him that...

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Brian Lenihan Jnr: Who suggested the Deputy was uneducated?

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Brian Lenihan Jnr: The report arrived yesterday.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Brian Lenihan Jnr: As I indicated, I intend to bring the report before the Government and that is the reason the report is being treated as confidential. This is the normal practice with reports which are brought before the Government. I do not know if there is very much I can add to this discussion because the core point is that this House agreed last October to a method of determination of senior executive...

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Brian Lenihan Jnr: I answered the question.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Brian Lenihan Jnr: I said the closed matters were brought to Government in the House——

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Brian Lenihan Jnr: The matter will be dealt with on that basis.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Brian Lenihan Jnr: Of course.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Brian Lenihan Jnr: I agree with Deputy O'Donnell. The most important matter is to ensure resumption in the flow of credit from the banks to the economy and those who wish to borrow money for consumer, commercial and business purposes. That is the core objective of all our work here. There has been a great deal of concern voiced by the Deputy, me and others to the banks about the flow of credit to viable...

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Brian Lenihan Jnr: I understand the concerns expressed by Members but we should focus on the realities rather than on abstractions. The reality is I fear the House would know all about it had I to invest or give a direction on a sum in excess of €7 billion. The Minister must be given freedom of manoeuvre regarding this legislation because it concerns investment in particular institutions. Currently, the...

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Brian Lenihan Jnr: That is correct.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Brian Lenihan Jnr: There is no direction yet. A signal was made.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Brian Lenihan Jnr: The Deputy referred to section 3(c). I do not know whether we are speaking to that section, but I will address it. I appreciate——

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Brian Lenihan Jnr: I will try to help the Deputy. The section allows the fund to accept funds or assets for its benefit from sources other than the Central Fund if so directed by the Minister. Currently, the commission can only accept contributions from the Central Fund, which previously included a surplus of tax receipts that could have been transferred on the 1% basis to the pension fund. The Central Fund...

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Brian Lenihan Jnr: ——this building could, in theory, be transferred into the pension fund under this section.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Brian Lenihan Jnr: The crucial point is that there are no current proposals to do so. However, Deputy Morgan is right in that we are taking power to do so. Regarding the core issue of the amendment, the Minister must form an opinion after consultation with the Central Bank and the Financial Regulator and only to deal with serious disturbances or potential serious damage to the financial system. Clearly, the...

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Brian Lenihan Jnr: We are discussing a power of direction.