Results 17,101-17,120 of 19,445 for speaker:Brian Cowen

Leaders' Questions. (22 Jun 2010)

Brian Cowen: The chief executive of Anglo Irish Bank has indicated to the Oireachtas committee what the situation is, namely, that were one to go for immediate liquidation of the bank, it would involve a cost to the taxpayer of over €42 billion, which has been the policy put forward by Fine Gael on a number of occasions. This would be in addition to an immediate funding requirement of up to €70...

Leaders' Questions. (22 Jun 2010)

Brian Cowen: In respect of subordinated debt, there have been buy-back arrangements that have seen losses for those who held dated subordinated debt in this bank and in other banks. The Deputy appears to be suggesting that senior bondholders, that is, pension funds, credit unions and people like that, also should take some part of the hit. The Deputy's policy at present is to default on senior...

Leaders' Questions. (22 Jun 2010)

Brian Cowen: I have been trying to decipher the Deputy's policy for the last five minutes while listening to him and it appears to be as follows-----

Leaders' Questions. (22 Jun 2010)

Brian Cowen: Sorry, but the Deputy has had four chances to talk about this. His policy appears to be that rather than the scenario in which the Government must provide this funding to Anglo Irish Bank - I note an immediate liquidation would cost twice the amount and would entail funding requirements of a further €70 billion - the Deputy suggests that more of that money should be put into...

Leaders' Questions. (22 Jun 2010)

Brian Cowen: As for that matter, Deputy Kenny then intends to go elsewhere in the international markets and claims he will be able to raise this money from the same people he does not intend to pay.

Leaders' Questions. (22 Jun 2010)

Brian Cowen: The Deputy must figure this out for himself. If one does not get paid for the first debt, one will not sell the second one. This is the facility of the Deputy's policy.

Leaders' Questions. (22 Jun 2010)

Brian Cowen: As recently as last week, in a stout defence of Deputy Kenny, the man now sitting beside him suggested that Anglo Irish Bank needed to be wound down immediately.

Leaders' Questions. (22 Jun 2010)

Brian Cowen: I can supply Deputy Kenny with the quotation from RTE news. The policy last week was to wind it down while the policy this week, according to Deputy Kenny, is not to pay the credit unions and the pension funds-----

Leaders' Questions. (22 Jun 2010)

Brian Cowen: ----- in order to get money from the pension funds and the credit unions to perform the proposed infrastructural work.

Leaders' Questions. (22 Jun 2010)

Brian Cowen: At present, that is where the Deputy is at. The sooner he selects a finance spokesperson, the better it will be for his own outfit.

Leaders' Questions. (22 Jun 2010)

Brian Cowen: As for the situation here, the Government is committed to an infrastructural investment programme.

Leaders' Questions. (22 Jun 2010)

Brian Cowen: It has set it out and has stated that €40 billion over the next six years should be provided for infrastructure.

Leaders' Questions. (22 Jun 2010)

Brian Cowen: Indeed, much the infrastructural investment that has been seen in recent years continues to be of benefit to the economy, despite the serious downturn in the public finances as well.

Leaders' Questions. (22 Jun 2010)

Brian Cowen: I will mention two facts. In response to the Deputy's question, the first relates to the fact that of course recapitalisation of banks, including the provision of moneys to that bank, has arisen because there were inadequate shareholders' funds to take the losses in those banks. Second, the banking inquiry review confirms that the aforementioned bank unfortunately was of systemic importance...

Leaders' Questions. (22 Jun 2010)

Brian Cowen: I have given the Deputy the answer to the question.

Leaders' Questions. (22 Jun 2010)

Brian Cowen: If I may be allowed, it is clear that when shareholders' funds are not sufficient to meet the losses of a bank and when taxpayers are obliged to intervene to fill those losses, that loss is being taken on by the taxpayer.

Leaders' Questions. (22 Jun 2010)

Brian Cowen: It is clear, in respect of that bank, that this is the situation. It also is clear that the choice was not €22 billion or zero, as the Deputy would have people believe. It was a choice between €22 billion or €42 million or €70 billion.

Leaders' Questions. (22 Jun 2010)

Brian Cowen: No, Deputy. It is not being as smart-alecky as that, because this is too serious an issue.

Leaders' Questions. (22 Jun 2010)

Brian Cowen: What it is about is making sure that one reduces the exposure of the taxpayer to the greatest extent possible. I also make the point that in respect of the investments we have made in Bank of Ireland and Anglo Irish Bank, the Government expects to make money from those investments. Money will be made from those investments.

Leaders' Questions. (22 Jun 2010)

Brian Cowen: In respect of the 1.8 million preference shares-----