Results 11,481-11,500 of 16,537 for speaker:Brian Lenihan Jnr

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Brian Lenihan Jnr: Yes. In other words, bank customers can smell the breeze as well. Indeed, several weeks before the guarantee was agreed upon by the Government, the chief executives of the two main banks advised me that there was clear evidence of a decline in consumer spending and of excess saving by customers. That pattern had emerged that summer and we saw it in our indirect tax receipts. Deputy Burton...

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Brian Lenihan Jnr: Not to mention which?

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Brian Lenihan Jnr: Deputy Burton did not hear me earlier. I made the point it was the Marist Brothers who taught me to add well. I had a good master in arithmetic at primary school.

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Brian Lenihan Jnr: Correct. There was a considerable native household dimension in that as well, as I am sure Deputy Higgins would agree. In general, Deputy Burton then turned to the question of household security and home security. She has tabled an amendment on lending to small business. Much of what is provided here, the obligation to increase lending, can be secured through the type of mechanism I...

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Brian Lenihan Jnr: I do not accept that.

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Brian Lenihan Jnr: They agreed the condition and signed up for it. It was in the capitalisation agreement and, therefore, it was put into the public domain before any rating agency saw it. The reality of it is that given the range of default in the United Kingdom and the United States where many of these rating agencies originate, and given that the traditional borrower in these countries has been far less...

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Brian Lenihan Jnr: It is an unaccountable power, and a serious power in the condign way in which it can be exercised to affect the choices of sovereign governments who are democratically accountable.

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Brian Lenihan Jnr: I can introduce Deputy Rabbitte to officials from rating agencies and he can be blue in the face explaining this. It has been explained by my officials, I can assure him.

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Brian Lenihan Jnr: Yes.

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Brian Lenihan Jnr: I am not in disagreement on that. We are now on AA-minus - on stable, mind you. The patient has finally stabilised in intensive care, but that is where we are in terms of the rating agencies. I want to return to the topic because it is an important one. The programme for Government contains clear commitments on it. The Labour Party had a motion yesterday evening debated and decided on in...

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Brian Lenihan Jnr: It could be done. That is correct.

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Brian Lenihan Jnr: I fear that we have returned to Second Stage. I have examined Deputy Morgan's proposal. I do not mean to be critical when I say that the other amendments do not provide for an appeals mechanism. I know the amendments are motivated by the best reasons. The Labour Party amendment is restricted to small and medium sized enterprises and small businesses. There is quite a problem in providing...

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Brian Lenihan Jnr: I will deal with the Deputy's questions. Deputy Bruton was concerned to know when we will see the codes of practice and the appeals mechanisms. The codes of practice will be binding on the participating institutions. We will not have participating institutions until this legislation has been adopted and the various institutions have complied with their internal formalities with regard to...

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Brian Lenihan Jnr: We know the banks can be very tough with debtors. I assure the Deputy that Ministers can be tough with banks as well. However, we cannot engage in pointless rhetoric in the House. That is not a substitute for policy. Policy requires decisions. Decisions have been taken on this country's banking sector and will continue to be taken. The question of support for the economy is crucial....

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Brian Lenihan Jnr: No, I am not. There will also be codes of practice.

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Brian Lenihan Jnr: It is fundamental to recognise that the credit problem we see today might not be the credit problem we will see early next year. It is important that all of the different credit problems are addressed.

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Brian Lenihan Jnr: In so far as the credit problems that exist here and now are concerned, my intention is to make an initial informal announcement, in advance of the codes, in approximately six weeks time. However, I do not want to be tied down on the code before we have participation by the institutions.

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Brian Lenihan Jnr: I expect to make an informal announcement about what is envisaged within six weeks. The actual code will have to await the decision of the institutions to participate in the scheme. The imposition of the code is linked to the participation of the institutions. There is a timescale for the implementation of the legislation.

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Brian Lenihan Jnr: I am sorry. I am not a witness under cross-examination. I am in Parliament and I am entitled to speak at this stage.

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Brian Lenihan Jnr: I answered the Deputy's questions.