Results 13,261-13,280 of 16,537 for speaker:Brian Lenihan Jnr

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: Nothing——

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: I am sorry. Your party——

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: Deputy Kenny announced he could get out of Anglo Irish Bank for €4 billion a few months ago. Give us the plan in writing. I would be delighted to make all my professional advisors available to the Deputy and have the NTMA discuss the implications involved.

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: We are not pouring scorn, but let us pour scorn on one option.

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: I am trying to answer the questions.

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: It is very difficult to conduct a debate on this subject——

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: If inaccuracies become part of the debate. We have to stick to the facts

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: The facts are very serious regarding Anglo Irish Bank. On Anglo Irish Bank, we have new management and a designated chairman to take over as chairman from the current chairman. It will bring forward plans which we will discuss with the European Commission and come to a final view on the structural plan within a short timeframe. We have to do that. We are more than available to answer...

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: I am not prepared to countenance default on senior debt for several reasons. First, half of the funding costs in Ireland for enterprise is funded from within Ireland. It is very important that Deputies acknowledge that. Ireland is not an Iceland which has somehow acquired a series of foreign obligations and saddled them on its taxpayers. Half of the funding requirement in our banking...

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: That is not a policy and Deputy Bruton will have to face that. Where I believe there may be room for constructive discussion between us is on minimising the cost of Anglo Irish Bank because Fine Gael has always accepted and always maintained that the bank should be worked out over time. The question arises, and the chairman-designate has raised the issue, as to whether a good book can be...

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: There were no such approaches. It was asserted as a fact in this House that there were approaches from certain other bankers in regard to this guarantee.

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: There were not approaches from anyone else about the guarantee. There was a funding crisis throughout the banking system and the experience of Northern Rock, which we could already learn from on the night of the guarantee, was that nationalisation on its own would not guarantee a flow of funds to an institution and that a guarantee was needed as well.

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: There are two distinct issues.

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: I do not accept the Deputy's suggestion that on the night of the guarantee it would have been possible to say that existing liabilities were guaranteed but if the banks sought fresh funds, they would be unguaranteed and that would have resolved the problems in the banking system.

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: I am trying to deal with Deputy Bruton's questions. There was never a question of guaranteeing preference shares.

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: I must begin with the suggestion of a secret agreement. There is no secret agreement.

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: I am sorry——

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: I merely grimaced Deputy Burton suggested I was not listening to her. I did not interrupt her. The most serious suggestion made in Deputy Burton's questions is that there is some secret agreement harboured by me or my Department which has come to light and which was not disclosed to Dáil Éireann. Let us be clear about this.

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: I am sorry. Will Deputy Burton allow me to conclude? To use the correct term, this consent, not agreement, was obtained from the European Commission on Tuesday on the eve of the statement.

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: That is when the Commission agreed that the promissory note could be executed. It was not executed until the Commission gave that agreement and until this House approved the banking statements on Tuesday evening.