Results 15,841-15,860 of 16,537 for speaker:Brian Lenihan Jnr
- EU-IMF Programme of Financial Support: Motion (15 Dec 2010)
Brian Lenihan Jnr: I recall the 2002 election when Deputy Noonan led a campaign for compensation of Eircom shareholders. That was utter madness. If the electorate had not scotched that particular promise, God knows where we might be today.
- EU-IMF Programme of Financial Support: Motion (15 Dec 2010)
Brian Lenihan Jnr: That would have been an interesting twist to our banking difficulties. Without the funds in the joint programme, the adjustment that Ireland would require would be much larger.
- EU-IMF Programme of Financial Support: Motion (15 Dec 2010)
Brian Lenihan Jnr: The joint programme will supply the necessary funds to assist in the restructuring and recapitalisation of our banking system. It will facilitate the implementation of the necessary budgetary and reform strategies set out in the national recovery plan.
- EU-IMF Programme of Financial Support: Motion (15 Dec 2010)
Brian Lenihan Jnr: The international team with whom we negotiated the joint programme agreed wholeheartedly with our national recovery plan, and the fiscal and banking measures that we have taken so far. The IMF described our measures as a clear and realistic package of policies to restore our banking system to health and put our public finances on a sound footing. The interest rate being paid on the loans is...
- EU-IMF Programme of Financial Support: Motion (15 Dec 2010)
Brian Lenihan Jnr: -----compared to the rate of 5.8% at which we will borrow under this facility. The agreement provides the terms of a facility under which Ireland can choose to draw down moneys. A future Government is not obliged to avail of any drawdown. Therefore, future executive action of Government is not fettered nor is the legislative freedom of the Oireachtas. Furthermore, a future Government is...
- EU-IMF Programme of Financial Support: Motion (15 Dec 2010)
Brian Lenihan Jnr: There is an obligation on the parties opposite to lay before the people a plan as credible and realistic as the four year plan for recovery the Government has already submitted. The Government's plan, which is extraordinarily detailed, has not been matched by any equivalent document from the Opposition parties. Instead, we hear vague talk from the Fine Gael Party about their extensive...
- EU-IMF Programme of Financial Support: Motion (15 Dec 2010)
Brian Lenihan Jnr: You are associated-----
- EU-IMF Programme of Financial Support: Motion (15 Dec 2010)
Brian Lenihan Jnr: Any putative Government opposing the joint programme has a duty to set out for the electorate its alternative source of funding for this country over the next few years. I have referred to various assertions about European contacts that the principal Opposition party has made in the course of this debate. I was about to make the point that the most influential and important contact of the...
- EU-IMF Programme of Financial Support: Motion (15 Dec 2010)
Brian Lenihan Jnr: I urge Fine Gael to use its influence in that regard. There has been much commentary about the need for senior bondholders to accept a share of the burden of this crisis. When those who deplore the gradual erosion of the deposit base of the Irish banking system reflect on it, they will see the substantial contribution that was made to that process by the unhelpful level of domestic noise...
- EU-IMF Programme of Financial Support: Motion (15 Dec 2010)
Brian Lenihan Jnr: There is simply no way this country, whose banks are so dependent on international investors, can unilaterally renege on senior bondholders-----
- EU-IMF Programme of Financial Support: Motion (15 Dec 2010)
Brian Lenihan Jnr: -----against the wishes of the European Central Bank. In any country in which such experiments have taken place, the central bank has stood behind the affected banks throughout the resolution of the resulting crisis. Those who think we could unilaterally renege on senior bondholders against the wishes of the ECB are living in fantasy land. The idea that somehow there are no costs associated...
- Credit Institutions (Stabilisation) Bill 2010: Order for Second Stage (15 Dec 2010)
Brian Lenihan Jnr: I move: "That Second Stage be taken now."
- Credit Institutions (Stabilisation) Bill 2010: Second Stage (15 Dec 2010)
Brian Lenihan Jnr: I move: "That the Bill be now read a Second Time." The Joint EU-IMF programme commits the Government to a comprehensive restructuring of our banking sector. The Credit Institutions (Stabilisation) Bill 2010 gives the Minister for Finance the necessary powers to effect that restructuring as quickly as possible. The fundamental rationale for this legislation is well expressed by the detailed...
- Credit Institutions (Stabilisation) Bill 2010: Second Stage (15 Dec 2010)
Brian Lenihan Jnr: We will not go there now as we will have plenty of time later to do so. As the House will be aware, the primary elements of the programme include a substantial and immediate recapitalisation of the banks, further recapitalisations, as necessary, based on the outcome of stringent stress testing and rigorous validation of asset valuations and a substantial downsizing of the banking system...
- Credit Institutions (Stabilisation) Bill 2010: Second Stage (15 Dec 2010)
Brian Lenihan Jnr: It is to ensure consistency with EU legislation. It does produce certain ironic consequences.
- Credit Institutions (Stabilisation) Bill 2010: Committee Stage (15 Dec 2010)
Brian Lenihan Jnr: On the narrow issue of the amendment, all legislation is subject to the Constitution. It is legislative surplusage to say that section 53 will be subject to the Constitution because it is subject to it. The primacy of the Constitution is fundamental in all the legislation we enact. I do not see the narrow text of the amendment advancing the argument in any way and I am not prepared to...
- Credit Institutions (Stabilisation) Bill 2010: Committee Stage (15 Dec 2010)
Brian Lenihan Jnr: I will deal with section 53 and try to persuade the Deputy why he should not oppose it by speaking to the general issues he raised. I have dealt with the narrow issue of the amendment but wider concerns were raised in the course of the debate. It is important to note that section 53 achieves two purposes rather than one, a point which was not noted in the discussion. First, it states: The...
- Credit Institutions (Stabilisation) Bill 2010: Committee Stage (15 Dec 2010)
Brian Lenihan Jnr: -----is look for an order in accordance with the statutory scope of the powers for which the Minister can apply. For example, the power to give a direction is the most topical because a direction order may be required in the case of AIB. Such an order would be applied for and confirmed by the High Court and would then take full force and effect, notwithstanding the provisions in the listed...
- Credit Institutions (Stabilisation) Bill 2010: Committee Stage (15 Dec 2010)
Brian Lenihan Jnr: The powers regarding capital are also required in a resolution regime. The powers on the appointment of a special manager are frequently found in resolution statutes. The essentials of a resolution regime are contained in this Bill. Deputy Noonan made the point that these powers would normally be vested in the Governor of the Central Bank and it is intended that the permanent resolution...
- Credit Institutions (Stabilisation) Bill 2010: Committee Stage (Resumed) and Remaining Stages (15 Dec 2010)
Brian Lenihan Jnr: I was in possession but had concluded.