Results 14,621-14,640 of 16,537 for speaker:Brian Lenihan Jnr

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (30 Sep 2010)

Brian Lenihan Jnr: Shocking.

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (30 Sep 2010)

Brian Lenihan Jnr: It is a shocking slur on the public service.

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (30 Sep 2010)

Brian Lenihan Jnr: That is what we have used.

Fiscal Policy (30 Sep 2010)

Brian Lenihan Jnr: I am aware of the suggestion made by the Governor of the Central Bank, Professor Patrick Honohan, both in an address on 20 September last and in his comments earlier today, that reprogramming of the budgetary profile over the coming years will be necessary. To ensure that sustainability is restored to the public finances, the Government set out in budget 2010 a multi-annual fiscal...

Fiscal Policy (30 Sep 2010)

Brian Lenihan Jnr: As I stated, work is under way on the four-year budgetary plan which will set out the annual measures required to restore order to the public finances and ensure we meet the commitment we have given to reduce the general Government deficit to below 3% of GDP by the end of 2014. My Department will continue to assess the most up-to-date economic and fiscal data and their implications for the...

Fiscal Policy (30 Sep 2010)

Brian Lenihan Jnr: I am glad the Deputy asked that question. Brussels has not required anything in terms of this process. It is a decision of the Government to introduce a four-year plan. I certainly discussed the matter with the Commissioner for Economic and Monetary Affairs, Mr. Rehn, in general terms, but no specific requirements were imposed on Ireland by Brussels and there is no suggestion of that. It...

Fiscal Policy (30 Sep 2010)

Brian Lenihan Jnr: First, I assure the Deputy that my attention is, of course, drawn to all of the important economic and fiscal data as they become available. The quarterly national accounts figures published by the Central Statistics Office last week show that GDP declined by 1.2% between the first and second quarters of this year. This figure must be seen in context, however, as it follows an increase of...

Fiscal Policy (30 Sep 2010)

Brian Lenihan Jnr: On turning the corner, any country with a GNP decline in its economy of the scale of 10% which then stabilised it at approximately 0% in the ensuing year would certainly be judged by any fair economic commentator as having turned a corner. That is a substantial amelioration in our position. In 2009 and the latter stages of 2008, we had a serious contraction in GNP. This year, we have seen...

Fiscal Policy (30 Sep 2010)

Brian Lenihan Jnr: ----- to ensure that the banking system recovers and, above all, that the real economy recovers and the public finances are corrected. A growth strategy is essential and must form part of the multi-annual plan, which is now being formulated.

Fiscal Policy (30 Sep 2010)

Brian Lenihan Jnr: The Deputy has asked a number of questions. My Department did not err on the side of optimism in its growth forecast for this year. In fact, the first quarter GDP out performed the departmental forecast. On the question of who decided there should be a four-year plan, the Government, on my recommendation as Minister for Finance, decided we should have a four-year plan. There is no...

Fiscal Policy (30 Sep 2010)

Brian Lenihan Jnr: There are at all stages ongoing discussions with the Commission. Naturally, there were intensive discussions between the Commission and myself prior to this morning's important announcement. I made clear at that stage that we are embarked on such a course, following Government decision. There was no request from Europe for such a plan although Europe is happy to endorse it, as has been...

Fiscal Policy (30 Sep 2010)

Brian Lenihan Jnr: I would like to respond to one other question. The credibility of that trackway requires a detailed programme of decisions over a number of years. On the request made by Deputy Burton, on her own behalf and that of the Fine Gael party, for information in the period approaching a general election, I will consider that but I am not aware there is a general election pending. I appreciate the...

State Banking Sector (30 Sep 2010)

Brian Lenihan Jnr: On 8 September last, I announced the Government's decision on the restructuring and resolution of Anglo Irish Bank, which remains subject to European Commission approval. This envisages the splitting of the bank into two licensed and regulated credit institutions: an asset recovery bank focussed on recovering maximum value for the State from the loan assets and business of Anglo not being...

State Banking Sector (30 Sep 2010)

Brian Lenihan Jnr: I do not agree it is superfluous. The Deputy's question is why the National Asset Management Agency loans are not simply left in the recovery bank. The whole purpose of NAMA is to deal on a systematic, national, cross-bank basis with all of the toxic loans and all the loans in the land and development sector. This was essential because of the cross-collateralisation of exposures throughout...

State Banking Sector (30 Sep 2010)

Brian Lenihan Jnr: The premise of the question, which permeates the Deputy's contribution, is erroneous. That premise was that the purpose of the National Asset Management Agency was to rescue Anglo Irish Bank to enable it to be a functioning or good bank, if one likes.

State Banking Sector (30 Sep 2010)

Brian Lenihan Jnr: Let us be clear about this. When Anglo Irish Bank was nationalised early in 2009, it did not thereafter substantially expand its existing loan book. The question of whether the bank was being downsized did not arise. From the moment of nationalisation, the policy in relation to Anglo Irish Bank has been to downsize it. The idea that somehow I entertained the notion that it could be...

Public Service Pay (30 Sep 2010)

Brian Lenihan Jnr: As the Deputy will be aware, over the past two years, the Government has taken a series of difficult but critical steps which have generated significant reductions in the potential public service pay bill. As a consequence, the public service pay roll will be more than 8% less in 2010 compared to 2009 and nearly 12% less than in 2008. These measures include the non-payment of proposed...

Public Service Pay (30 Sep 2010)

Brian Lenihan Jnr: The reduction of 11,000 has been achieved since March 2009. I will undertake to provide the Deputy with the information he seeks as I do not have information on projected reductions in numbers to hand. Clearly, that projection could be influenced by budgetary decisions taken by the Government.

Public Service Pay (30 Sep 2010)

Brian Lenihan Jnr: The agreement includes a clause that in extraordinary circumstances the Government has certain options. There are no proposals before my Department at present to activate it.

State Banking Sector (30 Sep 2010)

Brian Lenihan Jnr: I have said previously that Ireland as a country has been let down badly by certain individuals who held senior appointments – both at executive and director level – at some of our covered institutions. Their actions and inaction have and will continue to have severe ramifications for the citizens of this country. Deputy Noonan will appreciate that it would be wrong of me to comment on...