Results 15,261-15,280 of 16,537 for speaker:Brian Lenihan Jnr

Budgetary Outlook (10 Nov 2010)

Brian Lenihan Jnr: The Deputy has moved his ground to a core allegation that I interfered with my officials and gave them a direction.

Budgetary Outlook (10 Nov 2010)

Brian Lenihan Jnr: I did not give them a direction.

Budgetary Outlook (10 Nov 2010)

Brian Lenihan Jnr: We can return to the press statement at a later stage by way of supplementary questions if the Deputy wishes

Banks Recapitalisation (10 Nov 2010)

Brian Lenihan Jnr: The purpose of the promissory notes issued to the institutions referred to in the Deputy's question is to enable the State to provide them with the necessary capital to meet regulatory capital requirements in a way that ensures the cash burden on the Exchequer over a period of years is manageable. The promissory note structure was designed to achieve the most efficient financing outcome for...

Banks Recapitalisation (10 Nov 2010)

Brian Lenihan Jnr: The Deputy asked a number of questions. In respect of my level of awareness, at all stages prior to the execution of the promissory notes this year, my Department advised me that there were difficulties in the context of EUROSTAT's treatment of this matter with regard to the capital sums that we would be obliged to pay on foot of those notes. My officials also advised me at all stages on...

Banks Recapitalisation (10 Nov 2010)

Brian Lenihan Jnr: With regard to the interest, they were not in a position to advise me.

Banks Recapitalisation (10 Nov 2010)

Brian Lenihan Jnr: If I might conclude without interruption, the position in this regard turns on the treatment which EUROSTAT adopts in respect of interest payments. My officials were not in a position to immediately ascertain the relevant information because EUROSTAT's precise treatment of all these matters varies and is subject to revision and final judgment by that organisation. The Deputy's principal...

Banks Recapitalisation (10 Nov 2010)

Brian Lenihan Jnr: May I please conclude?

Banks Recapitalisation (10 Nov 2010)

Brian Lenihan Jnr: The gap between Exchequer expenses and receipts for this year is €19 billion. The €1.5 billion to which the Deputy refers is not even included in that figure. Let us place this matter in perspective. The State has been spending far more than it has been taking in.

Banks Recapitalisation (10 Nov 2010)

Brian Lenihan Jnr: No, I am answering the Deputy's question. This is the one item of information she never wishes to hear. The gap to which I refer is real and the Deputy is of the view that we should try to reduce it by only €4.5 billion next year. Leaving aside any interest payments which must be made on moneys borrowed in connection with banking, it is that gap which lies at the heart of our fiscal and...

Fiscal Policy (10 Nov 2010)

Brian Lenihan Jnr: In order to give the markets time to digest the end of September statement on banking and the four year budgetary plan, the National Treasury Management Agency decided not to proceed with the planned bond auctions for October and November and has stated it will return to the bond markets in early 2011. The NTMA has achieved the target of raising €20 billion from the bond markets in 2010...

Fiscal Policy (10 Nov 2010)

Brian Lenihan Jnr: That has been a matter of public record since September. The strategy is two-pronged. The first element of it was contained in the September announcement to bring finality and clarity to the exposure of the Irish banking sector and gave the market ample time to digest that information. The second element of the strategy is to publish the four-year fiscal plan which will contain a credible...

Fiscal Policy (10 Nov 2010)

Brian Lenihan Jnr: It is important to bear in mind that the NTMA advised me we should not hold auctions in October and November, and I agreed with that advice. It was open to us to hold these auctions. We were not shut out of the market; we decided not to make an offer to the market. Clearly, as my reply pointed out, we intend to return to the market early next year and the NTMA will of course advise me...

Fiscal Policy (10 Nov 2010)

Brian Lenihan Jnr: Ireland has not sought assistance from the European Financial Stability Facility, EFSF, and as the NTMA has repeatedly stated, Ireland is fully funded well into next year. In terms of contacts between my officials and executives or representatives of the EFSF, there have been no contacts other than those made in the context of normal EU business. The EFSF is established as a limited...

Fiscal Policy (10 Nov 2010)

Brian Lenihan Jnr: First, I have had no contact whatsoever with Mr. Klaus Regling since he was appointed to head up the facility. I of course met him when he visited Dublin earlier in the year-----

Fiscal Policy (10 Nov 2010)

Brian Lenihan Jnr: Can I deal with that? Can I answer the questions? I of course met Mr. Regling when he wrote with Mr. Max Watson a report on the history and causation of the current economic difficulties in Ireland last summer. I supported his appointment as a member of the financial council and we are fortunate that someone who has considerable familiarity with this country is in that position. I have...

Fiscal Policy (10 Nov 2010)

Brian Lenihan Jnr: The old land bond lottery machine might still be in the basement but I am not aware of the presence of any European officials there.

Fiscal Policy (10 Nov 2010)

Brian Lenihan Jnr: Of course,-----

Fiscal Policy (10 Nov 2010)

Brian Lenihan Jnr: -----just to finalise my answer and to assist the Deputy, officials from-----

Fiscal Policy (10 Nov 2010)

Brian Lenihan Jnr: All right, I will not try to assist further.