Results 9,081-9,100 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: The Eircom proceeds were put into the pension fund.
- Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)
Brian Lenihan Jnr: Yes, this is the reason for this legislation.
- Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)
Brian Lenihan Jnr: First of all, this is not a normal position. Deputy O'Donnell refers to billions of euro of investments. The NTMA issues bonds worth billions without reference either to me or the House. The State must engage in commercially sensitive operations. The lending of money by or borrowing for the State is a commercially sensitive operation. I do not arrive in this House and ask for prior...
- Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)
Brian Lenihan Jnr: Likewise, this section is to deal with a commercially sensitive context. As Deputy Bruton may not have heard my previous explanation, I will repeat it. When the investment is made in the recapitalised institutions, the sole assets remaining in the pension fund will be equities or ordinary shares. Surely the State cannot advertise in advance its intentions to dispose of them? Any disposal...
- Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)
Brian Lenihan Jnr: While I do not state I am minded to do this, were I to give a public direction to the pension fund to invest further in the three credit institutions, of necessity, the market then would infer that the pension fund would immediately need to dispose of an amount of its shareholding. That is a commercially sensitive operation and that constitutes market sensitive information. The Deputy is...
- Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)
Brian Lenihan Jnr: If the Deputy bears with me for a moment, there is no market sensitivity attached to that operation because it would be done exclusively with State moneys. It would necessarily have to be disclosed by me because it would emerge immediately and in any event, in the Exchequer accounts in a matter of days. I wish to make one further point in reply to Deputy O'Shea, who grasped my point. I...
- Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)
Brian Lenihan Jnr: All my public comments made clear that such recapitalisation would be funded from realisable assets within the fund.
- Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)
Brian Lenihan Jnr: Any such investment by the Minister or the National Pensions Reserve Fund would come to light in a matter of days. As a matter of practical commercial reality, the Minister cannot conceal such an operation.
- Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)
Brian Lenihan Jnr: These matters are not generally accepted. The Deputy has referred to the views of Citigroup which has itself gone through three capitalisations. It is hardly an authority on the subject.
- Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)
Brian Lenihan Jnr: It is not. I have not said that. The Government has not committed itself to that.
- Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)
Brian Lenihan Jnr: I have no plans to put further taxpayers' money into the banks. I made it clear at the time of the recapitalisation statement that this was our strategy in regard to recapitalisation and that the next matter we have to examine is the control and elimination of the risks associated with certain assets in the banking system. I made that clear at the time of the recapitalisation announcement.
- Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)
Brian Lenihan Jnr: We are now a Fianna Fáil-Green Party Government.
- Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)
Brian Lenihan Jnr: If they could get out.
- Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)
Brian Lenihan Jnr: This is a reasonable amendment although I will not accept it. The National Pensions Reserve Fund Commission is required to submit an annual report to the Minister of Finance under section 27 of the existing Act, as soon as may be but not later than six months after the end of each financial year. Copies of the report must be laid before each House of the Oireachtas. Section 27(2) sets out...
- Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)
Brian Lenihan Jnr: The information must be provided and laid before the Houses of the Oireachtas already under the NTMA legislation. That was the substance of my reply. However, with regard to the credit institutions and the powers under this legislation, I will undertake to the House to give a direction to the NTMA to provide the maximum possible information with regard to investment in the credit...
- Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)
Brian Lenihan Jnr: What amendment is it?
- Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)
Brian Lenihan Jnr: I move amendment No. 3: In page 10, between lines 24 and 25, to insert the following: "(2) A designated body may from time to time transfer, to the Minister or such other person or body as the Minister may direct, outstanding mortgage loan payments representing the principal and interest amounts of securitised local authority mortgage payments due to the designated body.". It is Ulysses,...
- Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)
Brian Lenihan Jnr: I move amendment No. 4: In page 10, line 25, to delete "(2)" and substitute "(3)".
- Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)
Brian Lenihan Jnr: I move amendment No. 5: In page 10, line 29, to delete "(3)" and substitute "(4)".
- Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)
Brian Lenihan Jnr: I move amendment No. 6: In page 10, line 29, to delete "(2)" and substitute "(3)".