Results 15,481-15,500 of 16,537 for speaker:Brian Lenihan Jnr
- Irish Banking: Statements (18 Nov 2010)
Brian Lenihan Jnr: I would need to sign off on any conclusion that might be reached and bring an appropriate proposal before the Government. It is important that Professor Honohan's role be understood. The Governor is independent in the performance of his functions, but he associates himself with the discussions or negotiations - I prefer the word "talks" - given his and his organisation's knowledge of the...
- Irish Banking: Statements (18 Nov 2010)
Brian Lenihan Jnr: No. I will say it again. Professor Honohan was very careful this morning to make clear that the decision in these matters rested with the Government, not himself. He said this during the course of his interview this morning. He was adamant on the point. Of course he is of great assistance in these discussions and I am in constant contact with him because of his organisation's deep...
- Irish Banking: Statements (18 Nov 2010)
Brian Lenihan Jnr: Regarding the question on contingencies, Professor Honohan clearly pointed out this morning that what he envisaged was the assembling of a large fund that would demonstrate that adequate firepower is behind the banking system. Naturally and correctly, there have been many political charges today, but there have also been many constructive contributions by Members from all sides of the House...
- Irish Banking: Statements (18 Nov 2010)
Brian Lenihan Jnr: These talks started this morning. It is important that this be understood. ECOFIN made a statement on Tuesday. On the Order of Business, I pointed out that some of the people in question arrived yesterday although there seems to have been a great deal of reporting to the effect they all arrived today. They are now engaging with my office in respect of these matters.
- Irish Banking: Statements (18 Nov 2010)
Brian Lenihan Jnr: These are urgent discussions. I have made that clear. If a quick resolution can be brought to these matters, I will welcome it. These urgent discussions will take place quickly. At that stage, the Government will be in a position to make a definitive decision on the matter. The negotiations will not be dragged out.
- Irish Banking: Statements (18 Nov 2010)
Brian Lenihan Jnr: I will not put a limit in terms of a number of days on it. The technical issues are important and must be addressed. The Government must be in a position to make the correct decision. Regarding the question on the amounts involved, as Professor Honohan pointed out this morning, it is a technical matter that must be evaluated on that basis. No precise figure can be given at this stage...
- Irish Banking: Statements (18 Nov 2010)
Brian Lenihan Jnr: No, although it is a pertinent question in these discussions. The ECB is the lender of last resort. As such, it has advanced substantial sums into the Irish banking system to ensure the system's stability. I do not want to anticipate the technical discussions, but the State is not being put in a position in these discussions of becoming a lender of last resort, since it is not a central...
- Irish Banking: Statements (18 Nov 2010)
Brian Lenihan Jnr: I was answering Deputy Rabbitte's question. What aspect of it did Deputy Sherlock not understand? I will explain myself.
- Irish Banking: Statements (18 Nov 2010)
Brian Lenihan Jnr: The current ECB interest rates on liquidity funding are 1.5%, as Deputy Rabbitte indicated. As I indicated, it will not be a focus in these discussions to somehow turn the State into a central bank lending at 4% or 5% at its own cost. These matters can be explored in the discussions. I understand that one of the issues in focus in the discussions was identified by Professor Honohan this...
- Irish Banking: Statements (18 Nov 2010)
Brian Lenihan Jnr: That is correct. It is an important issue in these discussions. Incidentally, another concern was raised.
- Irish Banking: Statements (18 Nov 2010)
Brian Lenihan Jnr: The NTMA is taking part in the discussions and clearly it is subject to my direction as Minister. With regard to the exposure of the taxpayer, the situation was made clear by the Governor of the Central Bank this morning and he was very anxious to reassure the public in that regard. The question of additional capital would not necessarily involve additional exposure for the taxpayer, other...
- Irish Banking: Statements (18 Nov 2010)
Brian Lenihan Jnr: As the Deputy acknowledged, I indicated that a special resolution regime was part of my 30 September announcement on banking. Work continues and is ongoing regarding the regime. In regard to the query as to whether it is part of the discussions, every aspect of the banking sector is, of course, under discussion. Clearly, the focus will be on that question of capital adequacy and liquidity...
- Irish Banking: Statements (18 Nov 2010)
Brian Lenihan Jnr: The Deputy insists on using the word "bailout", despite the views of the Governor of the Central Bank but-----
- Irish Banking: Statements (18 Nov 2010)
Brian Lenihan Jnr: He refers to it as loans but in any event, of course the Secretary General of the Department is involved in some of the meetings and is fully aware of the meetings that are taking place.
- Irish Banking: Statements (18 Nov 2010)
Brian Lenihan Jnr: I am not entering into a debate about discussions and negotiations. The Secretary General is involved in these talks but no decision has been taken by the Government at this stage. He is involved in the talks and in the elucidation of the proposals that can be formulated for the Government. He is also involved in direct bilateral discussions with the IMF and the European authorities but of...
- Irish Banking: Statements (18 Nov 2010)
Brian Lenihan Jnr: Yes, but it is a multilateral arrangement by the member states of the eurozone.
- Irish Banking: Statements (18 Nov 2010)
Brian Lenihan Jnr: Yes, Mr. Regling is now the manager of that fund, and we have passed the necessary legislation here in this House. That is the facility, but there is also a separate fund at the disposal of the Commission, which again would be subject to a majority vote of the ECOFIN. Then, of course, the IMF has its own funds. The IMF-----
- Irish Banking: Statements (18 Nov 2010)
Brian Lenihan Jnr: I am identifying the different funds that are available. In addition, the United Kingdom authorities have made clear that they would provide direct bilateral assistance to Ireland through the facility, or otherwise.
- Irish Banking: Statements (18 Nov 2010)
Brian Lenihan Jnr: That is a fourth possible fund, subject to the approval of the UK Parliament. The Chancellor has indicated-----
- Irish Banking: Statements (18 Nov 2010)
Brian Lenihan Jnr: They are not looking for any conditions.