Results 16,201-16,220 of 19,445 for speaker:Brian Cowen

Departmental Committees. (30 Mar 2010)

Brian Cowen: On foot of many comments from Deputies on all sides, the Minister, Deputy Dempsey is examining whether there is any way in which he can examine the matter constructively in order to see if there is a way forward. There were questions on transport last week, during which this matter was dealt with in detail. The Minister indicated he is examining whether anything can be done. I do not want...

Leaders' Questions (30 Mar 2010)

Brian Cowen: First, the Deputy is incorrect in what he says in regard to the main banks. I understand a briefing has been provided to the parties and I would be surprised if that is his understanding of what is about to take place. Obviously, I do not wish to anticipate the statement that will be made. The markets do not close until 4.30 p.m. and I would have thought the importance of respecting that...

Leaders' Questions (30 Mar 2010)

Brian Cowen: Second, what we are doing today is to provide, as a result of the independent Financial Regulator's requirement to have best practice in terms of the emerging capital ratios required for investor confidence in our banks, that they would be fit for purpose and that the capitalisation that is required arising from that will in fact reflect the maintenance of capital ratios which will enable us...

Leaders' Questions (30 Mar 2010)

Brian Cowen: The Deputy is well aware that the Minister for Finance will come to the House at 5 p.m. to divulge those details to the House. The Deputy obtained a briefing for that purpose. The Deputy refuses to say that the Fine Gael policy on Anglo Irish Bank would cost-----

Leaders' Questions (30 Mar 2010)

Brian Cowen: -----more than €65 billion in funding which will have to be repaid immediately to depositors and other providers of funding at the ECB. The policies we are proceeding with are the policies necessary to make the banking system fit for purpose. That is what we have set out to do and that is what we will do.

Leaders' Questions (30 Mar 2010)

Brian Cowen: What Deputy Kenny seeks to put forward would greatly expose the taxpayer to a far greater degree of indebtedness than what he suggests.

Leaders' Questions (30 Mar 2010)

Brian Cowen: The Deputy will be aware that we have had a global banking crisis for the past two years. He will be aware there are 18 EU states who have recapitalised their banks to the tune of €300 billion. He will be aware there are bank guarantees to the tune of trillions of euro in European banking. It is time we recognised that Ireland could not be immune from what happened such as the fall of...

Leaders' Questions (30 Mar 2010)

Brian Cowen: The country will be not be immune from the €300 million in recapitalisations in other European Union countries. Trillions of euros are being placed under guarantee simply because the international financial system practically collapsed. Capital had been wiped out and we need to put the banking system back into place. At 5 p.m., the Minister for Finance will come into the House to outline...

Leaders' Questions (30 Mar 2010)

Brian Cowen: I have outlined the facts of the matter to Deputy Gilmore on a number of occasions even as he continued to put forward his view of the world. I have no intention today of looking back because I dealt with the issue many times in response to his repeated mantra. Had we pursued policies other than the ones we introduced when the crisis started in August 2008, when we had a total-----

Leaders' Questions (30 Mar 2010)

Brian Cowen: When Lehman Brothers collapsed-----

Leaders' Questions (30 Mar 2010)

Brian Cowen: I will try one more time. When the situation arose in 2008, this Government took the decisions that were necessary to deal with it. Had we pursued the policies proposed by the Labour Party, we would have seen the collapse of the Irish economy. That is a fact because Labour Party Deputies did not support the State guarantee which was necessary to avoid such an implosion of the financial system.

Leaders' Questions (30 Mar 2010)

Brian Cowen: It is a bit rich to hear a lecture from Deputy Gilmore on the matter. We put forward an estimate at that time because, as we pointed out-----

Leaders' Questions (30 Mar 2010)

Brian Cowen: I ask Deputy Higgins to let me answer the question. We made the point that every loan would be examined on a case-by-case basis. The contention from the opposite side of the House was that it would be a sweetheart deal and the NAMA operation would not have rigour or due diligence. According to Labour Party Deputies, it was all part of a scam. We ensured that NAMA's valuations took account...

Leaders' Questions (30 Mar 2010)

Brian Cowen: This has also ensured that the quality of security will be reflected in any valuation undertaken. We made clear at the time that it could only be done on the basis of a loan-by-loan valuation process, which differentiated between the various institutions and the loans they held. This is very different from the Labour Party's proposal for peremptory nationalisation without State guarantee,...

Leaders' Questions (30 Mar 2010)

Brian Cowen: -----without a State guarantee, we would have been unable to offer confidence that the Government was standing behind the system when it was in imminent peril. That was the situation then but, as the Minister will make clear at 5 p.m., we have made the response that is now necessary to ensure we have a banking system that provides the prospect of economic recovery and serves the economy....

Order of Business (30 Mar 2010)

Brian Cowen: It is proposed to take No. 1, Finance Bill 2010 - Recommendation from the Seanad and No. a8, motion re Stability of Banking System. It is proposed, notwithstanding anything in Standing Orders, that the Dáil shall sit later than 8.30 p.m. tonight and business shall be interrupted not later than 10 p.m. The proceedings in respect of No. a8 shall, if not previously concluded, be brought to a...

Order of Business (30 Mar 2010)

Brian Cowen: I refer to the issue about to be taken now. It was suggested that some Members might prefer a substantive motion rather than statements and we are accommodating this. If Members wish to have some part of Thursday devoted to further statements on the matter I would be glad to try to arrange it through the Whips. The possibility of a question and answer session at the end of the statements...

Order of Business (30 Mar 2010)

Brian Cowen: I am not going to anticipate the terms and content of the debate. From the Government's point of view, the debate is about setting out a banking policy that is credible, that provides the prospect of confidence in our economy domestically and internationally and that enables the banking system and financial institutions to serve our economy's needs at this critical time. This is the basis...

Order of Business (30 Mar 2010)

Brian Cowen: I do not know how to respond to some of what the Deputies had to say. This Parliament has a duty to discharge, this Government has a duty to discharge and we will have a democratic debate on an important issue for the economic future of the country. This Government has the same and due authority as any other Government that has had the privilege to serve in this Parliament and it derives...

Order of Business (30 Mar 2010)

Brian Cowen: With respect, I will not take a lecture on parliamentary democracy. I am simply making the point that we have to come forward here to deal with a real situation that must be dealt with. This country, no more than any other, must deal with it a situation which was global in nature. We must make our financial institutions fit for purpose and we must recapitalise. There is a statement to be...