Results 15,961-15,980 of 16,537 for speaker:Brian Lenihan Jnr

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Brian Lenihan Jnr: Section 4 was questioned by Senator Donohoe in respect of the powers necessary for or incidental to the special manager's function. That is a normal power and a normal statutory provision. There is nothing unusual in it. Section 24(3) states: "A director or other officer of a relevant institution or a subsidiary of a relevant institution that is under special management remains bound to...

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Brian Lenihan Jnr: Yes, to the extent that they are relieved of their obligations by the operation of the special manager. The special manager could opt to leave the board in place to perform certain functions. There is nothing to stop the special manager doing so.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Brian Lenihan Jnr: Yes.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Brian Lenihan Jnr: Section 24 permits the special manager to determine the role, if any, of the directors and officers in the relevant institution and its subsidiaries during the special management. He might decide that there is a very good audit committee but a very poor risk committee-----

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Brian Lenihan Jnr: -----and he might decide to leave the audit committee in place.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Brian Lenihan Jnr: No.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Brian Lenihan Jnr: Yes.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Brian Lenihan Jnr: That is in respect of the removal of a director, secretary or another officer. It does not concern the relationship between the special manager and the directors. This is in a separate section, section 24. Section 23 is contingent on ministerial consent; section 24 is not.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Brian Lenihan Jnr: The relevant paragraphs, 22(1)(f), (g) and (h) deal with ministerial consent to enforcement procedures against credit institutions in the context of special management. It is not possible to give the Minister such veto powers in regard to the Central Bank, the European Central Bank or any other national central bank in the euro system. This section protects what Senator O'Toole described at...

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Brian Lenihan Jnr: -----the integrity, autonomy and independence of the European Central Bank system and its associated national banks.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Brian Lenihan Jnr: Yes, he can certainly sell the assets. I must consider whether he can sell the institution as a whole. He can certainly divest it of assets.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Brian Lenihan Jnr: Yes. I am not sure whether the corporate shell can be sold.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Brian Lenihan Jnr: Section 22(3) is in place to ensure there is no interruption in the business of the bank as a going concern. This is a precautionary section that makes clear that none of the transactions referred to under section 22(3) is voided, cancelled, stayed or otherwise affected by reason only of the appointment of the special manager. When the special manager is appointed, it does not terminate...

Seanad: Appropriation Bill 2010 (Certified Money Bill): Second Stage (16 Dec 2010)

Brian Lenihan Jnr: I am glad to avail of the opportunity to appear before the House to discuss public expenditure and, in particular, the background to the 2010 Appropriation Bill which gives to statutory effect to Voted expenditure for 2010. However, before discussing public expenditure, it would be useful to offer some context by reviewing briefly the performance of the economy and the public finances in...

Seanad: Appropriation Bill 2010 (Certified Money Bill): Second Stage (16 Dec 2010)

Brian Lenihan Jnr: The level of GNP is down.

Seanad: Appropriation Bill 2010 (Certified Money Bill): Second Stage (16 Dec 2010)

Brian Lenihan Jnr: I thank Senators for their contributions. It has always been a custom of the Seanad to have a debate on the Appropriation Bill but there is not always a debate in the other House. It gives an opportunity to discuss general economic questions relating to this country so it is a very valuable opportunity. Senator Phelan was concerned about the forecast made by the Department relating to GDP...

Seanad: Appropriation Bill 2010 (Certified Money Bill): Second Stage (16 Dec 2010)

Brian Lenihan Jnr: One of the most interesting ways of discussing Ireland abroad and explaining our position is to point out the proportion of our workforce with third level qualifications, which is the second highest in the European Union after Sweden. Such qualifications only have value if the standard of the qualification is up to the mark. That is a fundamental issue that will be very important for this...

Seanad: Appropriation Bill 2010 (Certified Money Bill): Second Stage (16 Dec 2010)

Brian Lenihan Jnr: That is fundamental to public sector reform. I love to spell out what public sector reform means because it seems to me to have a somewhat fluffy meaning for some sectors of the electorate. Senator Hogan made a plea in regard to co-operatives. I would appreciate if Senator Hogan-----

Seanad: Appropriation Bill 2010 (Certified Money Bill): Second Stage (16 Dec 2010)

Brian Lenihan Jnr: I am sorry, I meant to say Senator Burke.

Seanad: Appropriation Bill 2010 (Certified Money Bill): Second Stage (16 Dec 2010)

Brian Lenihan Jnr: I believe I have covered all the contributions. Senator Burke made a plea for co-operatives in the context of the Finance Bill. I am glad to see such a constructive atmosphere developing already in regard to that Bill. Perhaps the Senator might drop me a line and I shall try to address the issue about which he is concerned.