Results 16,021-16,040 of 16,537 for speaker:Brian Lenihan Jnr
- Bank Guarantee Scheme (12 Jan 2011)
Brian Lenihan Jnr: No; I am referring to the information at my disposal about the derivatives of Anglo Irish Bank which required the posting of collateral in the event that the derivative was out of money, which is what Deputy Burton is talking about. In that case, the derivative becomes a liability. That collateral is netted against the State's exposure in the event that the guarantee is called in. Let us...
- Bank Guarantee Scheme (12 Jan 2011)
Brian Lenihan Jnr: I do not have a list of those instruments before me this afternoon, and I would be surprised to be furnished with one.
- Bank Guarantee Scheme (12 Jan 2011)
Brian Lenihan Jnr: The Deputy is very good at identifying various risks, but this is not the biggest risk the State has ever run.
- Bank Guarantee Scheme (12 Jan 2011)
Brian Lenihan Jnr: It is essential simply to stabilise this-----
- Bank Guarantee Scheme (12 Jan 2011)
Brian Lenihan Jnr: I take it the Deputy was referring to the particular issue of derivatives, not Anglo Irish Bank in general, which is a different situation. I accept that. With regard to the particular issue that is the focus of the Deputy's question, I am satisfied that my officials have checked the matter with the bank and ensured there is no undue exposure for the State.
- Flood Relief (12 Jan 2011)
Brian Lenihan Jnr: It might be a bit longer than that.
- Credit Institutions Legislation (12 Jan 2011)
Brian Lenihan Jnr: The legal drafting of the Credit Institutions (Stabilisation) Bill by the Office of the Chief Parliamentary Counsel could not begin until the conclusion of the negotiations with the IMF, the European Central Bank or ECB, and the European Commission which resulted in the programme agreement. Once a near final draft of the Bill was available, this was shared with the European Central Bank...
- Credit Institutions Legislation (12 Jan 2011)
Brian Lenihan Jnr: There is nothing unusual in this. The ECB expresses an opinion on every item of legislation relevant to banking.
- Credit Institutions Legislation (12 Jan 2011)
Brian Lenihan Jnr: The member state concerned then comments on the opinion. We are a sovereign State and this is a sovereign Legislature, which acts in the best interests of the Irish people.
- Credit Institutions Legislation (12 Jan 2011)
Brian Lenihan Jnr: I have already indicated in my reply, which was not a sweet comment, that the European Central Bank has no competence in judging the constitutionality of measures in this State. The opinion was out of order in that respect, although the proper constitutional procedures were followed. As the Deputy knows, the President, rightly within her functions, convened a meeting of the Council of State...
- Credit Institutions Legislation (12 Jan 2011)
Brian Lenihan Jnr: No. What I made clear was that certain valid concerns were raised by the European Central Bank in the opinion, and those concerns are already addressed or can be addressed in the correspondence with the president. I indicated to the House, as I hope any Irish Minister would, that the ECB does not have a function in the constitutional validity of legislation enacted in this House. That is...
- Leaders' Questions (12 Jan 2011)
Brian Lenihan Jnr: It was shared.
- Written Answers — Banks Recapitalisation: Banks Recapitalisation (12 Jan 2011)
Brian Lenihan Jnr: It has been clear for some time that the banks were facing serious challenges in terms of their liquidity position. Lingering concerns in the market regarding their capital position has led to negative market sentiment. The Deputy may be aware from Central Bank statistics that deposits by Irish residents in December 2009 fell from â¬310,657 billion to â¬297, 035 billion in November 2010...
- Written Answers — Official Engagements: Official Engagements (12 Jan 2011)
Brian Lenihan Jnr: I propose to take Questions Nos. 74 and 290 together. It is now over two months since the meeting to which the Deputies refer took place and there have been very substantial developments during that period. However, the purpose of Commissioner Rehn's visit at the start of November was to gather information and exchange views. To that end, the Commissioner not only met with myself, but also...
- Written Answers — Price Inflation: Price Inflation (12 Jan 2011)
Brian Lenihan Jnr: My Department regularly updates its estimates for inflation as price developments occur and will next publish a revised estimate in the context of the Stability Programme Update which will be submitted to the European Commission in April of 2011. I would like to point out that Ireland is in a unique position in the European Union in that prices are continuing to fall - down 0.8% on a...
- Written Answers — National Asset Management Agency: National Asset Management Agency (12 Jan 2011)
Brian Lenihan Jnr: NAMA has its own Board and has a commercial remit to manage its portfolio of acquired loans and property. To date NAMA, has only acquired loans not properties. It is a matter for the Board of NAMA to manage and deal with acquired properties in a commercial fashion and on a case by case basis with the intention of generating the best achievable financial return for the State. I am informed...
- Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (12 Jan 2011)
Brian Lenihan Jnr: I propose to take Questions Nos. 77 and 84 together. As Minister for Finance, it would not be appropriate for me to speculate on future capital injections for 2011, as such my reply is based on those institutions covered by the Eligible Liabilities Guarantee (ELG) Scheme. The Central Bank has advised me that as at the end of November 2010, the total debt guaranteed under the ELG is â¬124...
- Written Answers — Banks Recapitalisation: Banks Recapitalisation (12 Jan 2011)
Brian Lenihan Jnr: Capitalisation of Credit Institutions Credit Institution Cost of Share Acquisition Cost of Preference Shares Value of Promissory Notes Issued Capital Provided to 31 December 2010 Additional CT1 required by Central Bank Return on Investment to date* Projected Total Assistance â¬bn â¬bn â¬bn â¬bn â¬bn â¬bn Anglo Irish Bank 4 - 25.28 29.280 - - 29.28 Allied Irish Banks 3.7...
- Written Answers — Banking Charges: Banking Charges (12 Jan 2011)
Brian Lenihan Jnr: I am disappointed that the bank is increasing charges for its current account customers but can understand why they are doing so. The Government operates an arm's length relationship with the banks in which the State has a shareholding and the commercial decisions on how best to operate the bank remain a matter for management and the board. I have no role in approving or setting bank...
- Written Answers — Public Sector Remuneration: Public Sector Remuneration (12 Jan 2011)
Brian Lenihan Jnr: My position on higher pay in the public sector was set out in the Budget speech on 7 December last in which I indicated that the Government believes there should be a maximum salary rate of â¬250,000 in the public sector. Only a few office holder posts have salaries above this level at present with further posts in the State Agencies. While there are issues about the contractual position...