Results 15,721-15,740 of 19,445 for speaker:Brian Cowen

Leaders' Questions (2 Mar 2010)

Brian Cowen: This has been in the public domain since well before Christmas. On the other matter, the issue then was that the bank would be nationalised, long before we nationalised it. That would have meant plugging a large hole in the bank's balance sheet at that time, but the funding position for the State and the banks was very challenging at the time. The State was paying an interest rate of more...

Leaders' Questions (2 Mar 2010)

Brian Cowen: Fine Gael claims the ECB will fund the national recovery bank idea, but there is no basis upon which a bank will be funded solely from ECB funds. Were one to seek to obtain funds and chase deposits from other banks in the system, that would clearly increase the demand on funding and increase interest rates. Therefore, the Fine Gael proposals would create an even more difficult situation. ...

Leaders' Questions (2 Mar 2010)

Brian Cowen: I do not agree with Deputy Gilmore. With regard to the job losses he mentioned, there were also 250 jobs lost in Athlone and 200 lost in Dundalk within the past week. That aside, the core of the Deputy's question relates to banking policy. The Labour Party idea was to proceed with nationalisation of the banks 12 months ago and order a huge write-down of the value of the banks' property...

Leaders' Questions (2 Mar 2010)

Brian Cowen: It is true. Throwing jibes is not a policy. The cost of plugging the hole that nationalisation policy would have made, would have been significant, far greater than the interest rates we are paying now. On the question of trying to provide credit into the economy, the issue is that the purchase price of the assets, through the loans under the NAMA process, will determine the level of losses...

Leaders' Questions (2 Mar 2010)

Brian Cowen: The policy of recapitalisation, which we are implementing as outlined, is the best way forward.

Leaders' Questions (2 Mar 2010)

Brian Cowen: I do not accept that the alternative policies on banking suggested by the Opposition are credible. The parties presented two very different policies, but each is entitled to its position. With regard to the policy of the Labour Party, I am simply making the point-----

Leaders' Questions (2 Mar 2010)

Brian Cowen: Deputy Gilmore indicated that we are entitled to our differences and that we should articulate them in the House so that people know what they are.

Leaders' Questions (2 Mar 2010)

Brian Cowen: Yes, Deputy Higgins. The difference between our policy and that of the Labour Party is that it would have nationalised the banks 12 months ago. The cost to the State and to banking at that time was greater than it is now and therefore the exposure to the taxpayer would have been greater.

Leaders' Questions (2 Mar 2010)

Brian Cowen: We said we would provide if necessary-----

Leaders' Questions (2 Mar 2010)

Brian Cowen: Those are the facts. Interest rates tell me that.

Leaders' Questions (2 Mar 2010)

Brian Cowen: The cost of funding tells me that.

Leaders' Questions (2 Mar 2010)

Brian Cowen: Four and a half percent is less than 6% even in the socialist nirvana in which the Deputy lives.

Leaders' Questions (2 Mar 2010)

Brian Cowen: We put forward a position - that is, the establishment of NAMA - that was not supported by the other parties. NAMA puts banks in a better position to access funds and provide credit to viable businesses and households because it will increase investor confidence in the banks through the removal of risky assets and improve liquidity through the exchange of illiquid assets - that is, the loans...

Leaders' Questions (2 Mar 2010)

Brian Cowen: It is not yet operational. We received approval from the European Commission last Friday. There is an idea that recapitalisation is somehow unique to this country. However, more than €300 billion-----

Leaders' Questions (2 Mar 2010)

Brian Cowen: We will come to that, if that is the point the Deputy wishes to make. More than €300 billion has been offered in recapitalisation schemes of different types by various EU countries. The means by which we obtain liquidity is to take the illiquid assets - that is, the billions of euro worth of property and development loans - off the balance sheets of the banks, put them into NAMA and trade...

Leaders' Questions (2 Mar 2010)

Brian Cowen: Without NAMA there will not be sufficient credit.

Leaders' Questions (2 Mar 2010)

Brian Cowen: Having set up NAMA to clean up the banks' balance sheets, the Government is determined to ensure that through the guidelines provided for in the NAMA legislation and the credit review system, the banks will begin to perform their proper role in the economy, which is to support viable and sustainable businesses and households. That is the Government's policy.

Leaders' Questions (2 Mar 2010)

Brian Cowen: I am not sure the Opposition parties have yet suggested a credible alternative, on any basis, that sufficiently meets these needs.

Death of a Former Member: Expressions of Sympathy (2 Mar 2010)

Brian Cowen: I was saddened to learn of the death of Mr. Justin Keating on New Year's Eve. I welcome his family to the Dáil and I am pleased to have this opportunity to say a few words about a person who made a strong and meaningful contribution to the development of our country in a variety of roles. Justin Keating passed away just a week short of his 80th birthday. His life was full of activity and...

Order of Business (2 Mar 2010)

Brian Cowen: It is proposed to take No. 21, Planning and Development (Amendment) Bill 2009 [Seanad] - Second Stage (resumed); and No. 22, Road Traffic Bill 2009 - Second Stage (resumed). It is proposed, notwithstanding anything in Standing Orders, that Private Members' business shall be No. 38, Civil Liability (Good Samaritans and Volunteers) Bill 2009 – Second Stage, and the proceedings thereon shall,...