Results 15,981-16,000 of 16,537 for speaker:Brian Lenihan Jnr

Priority Questions (12 Jan 2011)

Brian Lenihan Jnr: That is a matter for the Chair.

Priority Questions (12 Jan 2011)

Brian Lenihan Jnr: The spokesperson is not present so we are on the second question.

Priority Questions (12 Jan 2011)

Brian Lenihan Jnr: Yes. Very good.

Banking Sector (12 Jan 2011)

Brian Lenihan Jnr: The board strength of AIB prior to the introduction of the Government guarantee in September 2008 was 15. Only three of those who were in place at that time still remain, all three having joined the board in 2007. Prior to the recent State investment in the bank, the then managing director and executive chairman stepped down from their positions on the board in October and November 2010,...

Banking Sector (12 Jan 2011)

Brian Lenihan Jnr: As the answer makes clear, in December AIB received a net capital injection of €3.7 billion from the National Pensions Reserve Fund as part of its revised capital requirement of €9.8 billion, which must be raised by the end of February 2011. That is part of the revised capital requirement. The €3.7 billion was in any event a requirement since last March under the original requirement...

Banking Sector (12 Jan 2011)

Brian Lenihan Jnr: Credit enhancement measures are separate from meeting the capital requirement; they do not arise as part of the answer to the Deputy's question. They are separate initiatives.

Banking Sector (12 Jan 2011)

Brian Lenihan Jnr: I am trying to answer the question.

Banking Sector (12 Jan 2011)

Brian Lenihan Jnr: I will endeavour to answer the Deputy's question and she can issue any statement she likes afterwards but I am entitled to answer the questions she asked. To date I have only been able to give partially complete answers because of a lack of time. The Deputy pertinently asked how much actual cash will be required for the proportion of the total capitalisation. It is not possible to fix a...

Banking Sector (12 Jan 2011)

Brian Lenihan Jnr: I will give Deputy Burton as many figures as possible at this stage.

Banking Sector (12 Jan 2011)

Brian Lenihan Jnr: Question No. 67 can be grouped with the initial question tabled by Deputy Noonan, I think.

Banking Sector (12 Jan 2011)

Brian Lenihan Jnr: It deals with Commissioner Barnier's views.

Banking Sector (12 Jan 2011)

Brian Lenihan Jnr: As the Deputy is aware, the European Commission has the right of initiation for legislative proposals within the European Union legal framework. In that context, I welcome the Commission's consultation document, Technical Details of a Possible EU Framework for Bank Recovery and Resolution, published 6 January 2011, which includes an annex examining the issue of debt write-down as an...

Banking Sector (12 Jan 2011)

Brian Lenihan Jnr: Any statements I have made to date on this subject have been in the context of the-----

Banking Sector (12 Jan 2011)

Brian Lenihan Jnr: Sorry, policies, actions, statements, whatever phrase the Deputy prefers-----

Banking Sector (12 Jan 2011)

Brian Lenihan Jnr: -----have been made in a context in which we have had to deal with actual distressed institutions. I have in no way prejudged in any statement what future policy should be in this matter. As I indicated in my reply, I am supportive of the Commission's approach. I would welcome a discussion by the Joint Committee on Finance and the Public Service and would be pleased to take its views into...

Banking Sector (12 Jan 2011)

Brian Lenihan Jnr: Yes, and in enunciating policy in recent years I have made it clear that Europe does not have legislation equivalent to that introduced in the United States in response to the savings and loans crisis. That has created a very different context for the domestic debate on bondholders and the degree to which they should contribute to the resolution of difficulties in institutions which are...

Banking Sector (12 Jan 2011)

Brian Lenihan Jnr: Many of the arguments used in this jurisdiction were derived from sources in the United States, where an entirely different legal context applies. If the Deputy is asking me whether we should move towards the legal context of the United States, I think we should be open and positive about doing so but I would express the reservation that any proposals have to be judged in terms of the impact...

EU-IMF Programme of Financial Support (12 Jan 2011)

Brian Lenihan Jnr: As I stated in the Budget Statement, the policies set out in the joint programme of assistance closely reflect our national recovery plan. The programme sets out key points where the Government will assess the delivery of its current policies as set out in the plan to ensure they are achieving the savings and adjustments necessary to help restore the country's budgetary position, building on...

EU-IMF Programme of Financial Support (12 Jan 2011)

Brian Lenihan Jnr: I do not accept what Deputy Noonan indicated or inferred because this particular procedure was inserted in the national recovery plan prior to any agreement with the EU and the IMF. The position under the national recovery plan is that we will seek to reduce the cost of the public service payroll through reductions in the numbers and a very clear schedule of numbers is outlined there. Were...

EU-IMF Programme of Financial Support (12 Jan 2011)

Brian Lenihan Jnr: As Deputy Noonan is aware, the officials from the IMF, EU and ECB were very impressed with the national recovery plan. They viewed it as a very impressive document, unlike the Deputy-----