Results 14,661-14,680 of 16,537 for speaker:Brian Lenihan Jnr

Bank Guarantee Scheme (30 Sep 2010)

Brian Lenihan Jnr: Two distinct issues arise. First, in the context of the current guarantee scheme, which, as a result of the House's decision last evening, provides for a comprehensive guarantee for all deposits, I accept that the end date of 31 December is awkward. That view is shared by the Commission. However, we must monitor market developments. It is clearly important for the State that we establish...

Bank Guarantee Scheme (30 Sep 2010)

Brian Lenihan Jnr: It is not a change in policy.

Bank Guarantee Scheme (30 Sep 2010)

Brian Lenihan Jnr: In respect of the charge of there being a change of policy, which the Deputy has repeated and which Deputy Burton made earlier-----

Bank Guarantee Scheme (30 Sep 2010)

Brian Lenihan Jnr: I can deal with it now.

Bank Guarantee Scheme (30 Sep 2010)

Brian Lenihan Jnr: It is a very big number of questions. On the suggestion that there is a change of policy, there is no change of policy. It is always open to senior bondholders and bank management to discuss arrangements of mutual advantage.

Bank Guarantee Scheme (30 Sep 2010)

Brian Lenihan Jnr: A suggestion of an invitation to negotiation under a threat is not in the same equation.

Bank Guarantee Scheme (30 Sep 2010)

Brian Lenihan Jnr: Deputy English asked about the cost of the guarantee. Taking the guarantee in isolation, clearly the State earned €1.025 billion in total fees under the two guarantee schemes to date.

Bank Guarantee Scheme (30 Sep 2010)

Brian Lenihan Jnr: It is pure profit because there was not cost for the guarantee.

Bank Guarantee Scheme (30 Sep 2010)

Brian Lenihan Jnr: I am. On the night the legislation was introduced in the House Deputy Burton asked about the question of capital. I replied to her by saying that it was in the first instance a matter for the institutions themselves to capitalise them and that we would go in deep to ascertain what the problems were. We have seen what the problems were. I will not have a chance to answer Deputy English's...

Bank Guarantee Scheme (30 Sep 2010)

Brian Lenihan Jnr: The core central case scenario identified by the regulator is the figure in respect of which the Government is capitalising the bank. On a cash basis, a return of capital to the Exchequer at the conclusion of the period of the existence of the institution and the heavy discounting of the subordinated debt should, if anything, reduce that figure further. It is difficult to put a figure on that.

Bank Guarantee Scheme (30 Sep 2010)

Brian Lenihan Jnr: The figure for the Irish Nationwide Building Society was put this morning. I appeal to Deputies to be careful on this subject for the following reason. I say this in an entirely non-partisan way. One of the defects in the Standard & Poor's evaluation was a complete refusal to acknowledge the existence of a national reserve in the form of the National Pensions Reserve Fund. Given that such...

Bank Guarantee Scheme (30 Sep 2010)

Brian Lenihan Jnr: NAMA will wash its face.

Banking Sector Regulation (30 Sep 2010)

Brian Lenihan Jnr: I propose to take Questions Nos. 7 and 23 together. The Department of Enterprise, Trade and Innovation and Forfás have carried out a detailed examination of loan guarantee schemes and my Department has engaged with them. There are a number of difficulties with the design of a loan guarantee scheme including, how it fits in with the other Government initiatives to support small and...

Banking Sector Regulation (30 Sep 2010)

Brian Lenihan Jnr: I will certainly give it consideration and draw it to the attention of the Credit Reviewer, who is engaged in discussions with the Department of Enterprise, Trade and Innovation on this matter. Both AIB and Bank of Ireland submitted lending plans, outlining how they would lend not less than €3 billion per year in new or increased credit facilities both this year and next year. These plans...

Banking Sector Regulation (30 Sep 2010)

Brian Lenihan Jnr: I have heard anecdotally that there is some evidence of a difference between AIB and Bank of Ireland in their treatment of business customers. This morning's announcement will help enormously in that regard because it will bring capital certainty to AIB's position. The Government decided the investment in Allied Irish Banks would take the form of cash rather than relying on the accounting...

Banking Sector Regulation (30 Sep 2010)

Brian Lenihan Jnr: It was to put the bank back into funds. This comes back to Deputy O'Donnell's point about a national recovery bank. Cash is king and generates the capacity for a bank to lend. Setting up a new bank would mean it would take an extended period to create a realistic presence in the Irish market. That is why the policy of turning around Bank of Ireland, which successfully raised funds on the...

Banking Sector Regulation (30 Sep 2010)

Brian Lenihan Jnr: That has been the experience of the Credit Review Office. In some of its appeal cases, it had to assist in the preparation of such documentation.

Banking Sector Regulation (30 Sep 2010)

Brian Lenihan Jnr: I am well aware the pattern of repayment and credit has extended during this recession. I would not say it has frozen in the payment of debtor-creditor balances in the general economy.

Banking Sector Regulation (30 Sep 2010)

Brian Lenihan Jnr: I accept there has been a big extension in the times of payment. There are different approaches to this problem, such as the loan guarantee schemes as proposed by Deputy Burton. Another approach is factoring guarantees. I will draw all these proposals to the Government's attention.

Banking Sector Regulation (30 Sep 2010)

Brian Lenihan Jnr: I have been rather busy recently but I will be in contact with the Credit Review Office about this matter.