Results 12,901-12,920 of 19,445 for speaker:Brian Cowen

Leaders' Questions (19 May 2009)

Brian Cowen: The director of the National Pensions Reserve Fund stated that, in fact, the idea Fine Gael is putting forward, which is effectively to default on some bond holders, would have the effect of hugely increasing-----

Leaders' Questions (19 May 2009)

Brian Cowen: -----the cost of borrowing to the State.

Leaders' Questions (19 May 2009)

Brian Cowen: Considering the implications of such a default would like be severe given that we are seeking to raise €25 billion this year,-----

Leaders' Questions (19 May 2009)

Brian Cowen: -----most of which will be used to deliver key public services such as education and the health service. In view of this I would be slow to take up the Deputy's offer. The Fine Gael plan does not clearly address the central problem in our financial system of impaired assets in the land and development books of the banks.

Leaders' Questions (19 May 2009)

Brian Cowen: If these difficulties are not addressed, neither the existing financial institutions nor Fine Gael's so-called national recovery bank would be able to access the credit that all parties agree is required for the economy. The NAMA proposal sets out what the Government will do with the impaired assets and without this problem being resolved there will be no resolution of our economic...

Leaders' Questions (19 May 2009)

Brian Cowen: -----but to access this funding Fine Gael's national recovery bank would have to give the ECB assets of equivalent value. That is the reality of the situation.

Leaders' Questions (19 May 2009)

Brian Cowen: It is clearly the case that the proposal from the Fine Gael Party to default on bonds as part of its issue of dealing with the problem in the banks will, in fact, increase borrowing.

Leaders' Questions (19 May 2009)

Brian Cowen: It has been stated by Fine Gael's recent guru, Mr. George Lee, in an interview.

Leaders' Questions (19 May 2009)

Brian Cowen: Mr. Lee stated it on a number of occasions in radio interviews. He stated that one should let them go swing for it. It has also been the case made by Deputy Bruton in my presence at a meeting that I attended with Deputy Kenny. Those are the facts of the situation.

Leaders' Questions (19 May 2009)

Brian Cowen: Deputy Kenny must go back to the drawing board if he thinks he will provide leadership in this situation.

Leaders' Questions (19 May 2009)

Brian Cowen: What we are proposing has been tested and tried elsewhere.

Leaders' Questions (19 May 2009)

Brian Cowen: We are stating clearly-----

Leaders' Questions (19 May 2009)

Brian Cowen: -----that we intend to get it right. We will get it right and that is what we will do.

Leaders' Questions (19 May 2009)

Brian Cowen: No, it is not, which is the answer to that question obviously. It is obvious that, as has been said by Dr. Somers, we are in uncharted territory. It is necessary for us to bring forward what is a very important and complex piece of legislation. It is necessary in the interests of trying to restore the sort of credit in the system that we need to see and to get businesses back up and...

Leaders' Questions (19 May 2009)

Brian Cowen: I think that what Dr. Somers was pointing out was the importance of getting this right. That is precisely-----

Leaders' Questions (19 May 2009)

Brian Cowen: He is talking about the importance of getting it right and he highlighted the issues that have to be addressed. We intend to address all of those issues. Obviously, we have a steering group in place. It includes the representatives of the Department of Finance, the Office of the Attorney General and the NTMA, including Brendan McDonagh, who unfortunately was unable to attend the committee...

Leaders' Questions (19 May 2009)

Brian Cowen: No. Action.

Leaders' Questions (19 May 2009)

Brian Cowen: The problem is that Deputy Gilmore does not have a clue, because it is very simple. At the very first meeting which was held-----

Leaders' Questions (19 May 2009)

Brian Cowen: They do not want me to answer the question. That is the point.

Leaders' Questions (19 May 2009)

Brian Cowen: They do not want an answer to the question. The issue, very simply, is this. I have been asked when the legislation will be published. I told the House the heads of the Bill will be with the Government in June. We will then proceed-----