Results 11,361-11,380 of 16,537 for speaker:Brian Lenihan Jnr
- National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)
Brian Lenihan Jnr: The Governor of the Central Bank is not responsible to the Minister.
- National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)
Brian Lenihan Jnr: The Financial Regulator is not accountable to the Minister.
- National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)
Brian Lenihan Jnr: I will explain in a moment.
- National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)
Brian Lenihan Jnr: An important one, Deputy.
- National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)
Brian Lenihan Jnr: My time has come to speak. There has been an extensive argument about the systemic character of Anglo Irish Bank. While I am not certain that arises in the context of this amendment the debate has partaken of a Second Stage debate. I want to reiterate yet again that Anglo Irish Bank was a systemic bank at the time of the bank guarantee scheme and its nationalisation because it was a bank...
- National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)
Brian Lenihan Jnr: The reputational damage to Ireland was done long before the night of the guarantee.
- National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)
Brian Lenihan Jnr: The big risk the night of the guarantee was that if we did not guarantee this with the other institutions, we might well have set in train a systemic collapse of all of the institutions. That was something we had to take into account also. I am only dealing with that issue as an aside. The core issue this afternoon is the question of the committee and what powers it should have.
- National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)
Brian Lenihan Jnr: I will examine that document and comment on it on another occasion.
- National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)
Brian Lenihan Jnr: My answer would be that documents must be considered in their context.
- National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)
Brian Lenihan Jnr: The Government is there to make decisions. Deputies Flanagan and Higgins asked why the committee was not part of the legislation. We dealt with this issue at length on Committee Stage. Most sides of the House would accept that there is an excessive number of committees. Entrenching the existence of a committee in legislation is not a desirable way to go at a time when we are talking...
- National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)
Brian Lenihan Jnr: What I am prepared to say is that in the normal practice the Minister must oversee the activities of the agency and report to the Oireachtas on these activities. I do not accept there is any reason to depart from this practice in this case. I agree with Deputy Mulcahy that Oireachtas scrutiny is desirable. However, Oireachtas oversight would interfere not so much with the Minister, but...
- National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)
Brian Lenihan Jnr: Apply to me. I will consult with the Opposition leaders-----
- National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)
Brian Lenihan Jnr: The Department of Finance works with me and helps me in my work. It is essential that it does that, because I would not be able to do all the work on this matter alone. I am inviting expressions of interest from suitably qualified persons for appointment to the board of NAMA. I hope it is not suggested the Department will conceal some of these individuals from me. I believe this is the...
- National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)
Brian Lenihan Jnr: However, I accept that an Oireachtas committee would be of considerable assistance in scrutinising the operations of NAMA, within existing parliamentary rules and procedures.
- National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)
Brian Lenihan Jnr: It is a matter for all of us to agree as to whether it should be a sub-committee of the Oireachtas Committee on Finance and the Public Service or a full committee of the House. I have an open mind on that and I am open to persuasion. What I agree to in principle is that a committee or a sub-committee should be established to scrutinise NAMA. I propose to contact the Chief Whip in the...
- National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)
Brian Lenihan Jnr: I confirm to the House that the regulator has been contacted and has confirmed that a person will be designated within the regulatory structure who will be willing to provide the information on an ongoing basis. Most international observers have welcomed the appointment of the new regulator and have made the point that it is a very fine appointment. It is an external appointment and will...
- National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)
Brian Lenihan Jnr: The Deputy implied it. I am giving an undertaking to the House which has been conveyed to me by the regulator.
- National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)
Brian Lenihan Jnr: We have not examined that question. I do not understand why it would be necessary to be in private.
- National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)
Brian Lenihan Jnr: The Deputy is not listening. I said I do not see how it would be necessary for it to be in private. I am open and will ask the Chief Whip to prepare the necessary resolution. The terms of reference can be discussed between the Whips. I have also included a provision at a later stage for appointment to the audit committee of a Member of the Oireachtas, if the Opposition parties are so...
- National Asset Management Agency Bill 2009: Report Stage (Resumed). (4 Nov 2009)
Brian Lenihan Jnr: There was no crash, not in Irish Nationwide.