Results 10,121-10,140 of 16,537 for speaker:Brian Lenihan Jnr

Confidence in Government: Motion (resumed) (10 Jun 2009)

Brian Lenihan Jnr: We are borrowing for welfare payments and to meet day-to-day expenditure.

Confidence in Government: Motion (resumed) (10 Jun 2009)

Brian Lenihan Jnr: This situation cannot continue. It is an unsustainable trajectory for the country.

Confidence in Government: Motion (resumed) (10 Jun 2009)

Brian Lenihan Jnr: That is why the Government is taking the necessary actions.

Confidence in Government: Motion (resumed) (10 Jun 2009)

Brian Lenihan Jnr: I began by pointing out that the IMF had advised all European governments that economic recovery would not occur unless decisive action was taken to stabilise and revitalise the banking system.

Confidence in Government: Motion (resumed) (10 Jun 2009)

Brian Lenihan Jnr: We have taken such steps and continue to take action to repair the financial system. We introduced the guarantee for deposits and other covered liabilities of the banking system to stabilise the banks' funding position. We have recapitalised Bank of Ireland and Allied Irish Banks which have seen considerable recovery of their shareholdings, in respect of which we have taken a warrant for...

Confidence in Government: Motion (resumed) (10 Jun 2009)

Brian Lenihan Jnr: We needed to nationalise Anglo Irish Bank, as banks cannot lend to sound businesses and personal customers-----

Confidence in Government: Motion (resumed) (10 Jun 2009)

Brian Lenihan Jnr: -----unless they themselves attract funds.

Confidence in Government: Motion (resumed) (10 Jun 2009)

Brian Lenihan Jnr: The National Asset Management Agency will clean up balance sheets-----

Confidence in Government: Motion (resumed) (10 Jun 2009)

Brian Lenihan Jnr: -----by purchasing the riskiest loan categories from the banks at an appropriate price, thereby boosting international confidence in our banks and restoring their ability to lend.

Confidence in Government: Motion (resumed) (10 Jun 2009)

Brian Lenihan Jnr: I will mention something about the Government's approach to Anglo Irish Bank. What occurred in terms of its lending practices and corporate governance was a disgrace. Nobody in the House is more angry than I am about the events that took place at the bank. Let me reassure the House that every step the Government has taken regarding Anglo Irish Bank and the rest of the banking system has...

Confidence in Government: Motion (resumed) (10 Jun 2009)

Brian Lenihan Jnr: The substantial support provided for the bank by the European Central Bank would immediately be withdrawn since the ECB does not lend to non-banks. Perhaps the Opposition could suggest where the State could find a quick €50 billion to cover the lost deposits and interbank funding.

Confidence in Government: Motion (resumed) (10 Jun 2009)

Brian Lenihan Jnr: As a former distinguished Member of the House-----

Confidence in Government: Motion (resumed) (10 Jun 2009)

Brian Lenihan Jnr: May I conclude?

Confidence in Government: Motion (resumed) (10 Jun 2009)

Brian Lenihan Jnr: I showed the Deputy the courtesy of listening to him.

Confidence in Government: Motion (resumed) (10 Jun 2009)

Brian Lenihan Jnr: A former distinguished Member of the House, Alan Dukes, told the Joint Committee on Finance and the Public Service yesterday that a winding down, whether orderly, would expose the State to far more expense than the approach the board is adopting.

Confidence in Government: Motion (resumed) (10 Jun 2009)

Brian Lenihan Jnr: Deputy Lee, whom I welcome to the House, has argued that Anglo Irish Bank is not important to the banking system because it has only one branch in Dublin.

Confidence in Government: Motion (resumed) (10 Jun 2009)

Brian Lenihan Jnr: Lehman Brothers did not have even one retail branch outlet, yet we saw the consequences of its collapse on the entire global financial system.

Confidence in Government: Motion (resumed) (10 Jun 2009)

Brian Lenihan Jnr: Its demise almost brought the entire global financial system to a halt.

Confidence in Government: Motion (resumed) (10 Jun 2009)

Brian Lenihan Jnr: I will not be deterred-----

Confidence in Government: Motion (resumed) (10 Jun 2009)

Brian Lenihan Jnr: We have a mandate from the House to carry on the business of government. That is our duty. Much has been said about the rise and demise of political parties. I can say we led this country out of profound economic difficulties in the 1930s, 1950s and 1980s.