Results 2,161-2,180 of 19,445 for speaker:Brian Cowen

Leaders' Questions. (6 Jul 2010)

Brian Cowen: Here we go again. The scenario outlined in the draft plan for the National Asset Management Agency of a profit of €4.8 billion was based, as stated in the first sentence of that report, on the information being provided by the banks at the time. The agency has now produced its quarterly report, as required under the Act, and is setting out its central projection based on current asset...

Leaders' Questions. (6 Jul 2010)

Brian Cowen: There has been some misunderstanding of the plan in advance of its publication. It is not true to say that NAMA now expects to make a loss. There are three scenarios set out in the plan. Under the central scenario, based on current expected asset recovery values NAMA is projected to make a profit. There are two other scenarios which are variations on the central projection, one in which...

Leaders' Questions. (6 Jul 2010)

Brian Cowen: The whole purpose of a business plan is to estimate the outcome under different assumptions. We have had an argument in the past regarding whether risk assessments were put in place.

Leaders' Questions. (6 Jul 2010)

Brian Cowen: At issue is the draft plan brought forward in October, the first line of which states it is based on information provided by the banks. As the House is aware, there was much surprise in the banking system as to the aggressive nature of the writedowns with which NAMA came up. NAMA has decided, based on the data it has, what the value of those loans is and has paid accordingly. That is the...

Leaders' Questions. (6 Jul 2010)

Brian Cowen: Everything set out by NAMA confirms the aggressive nature of what it was doing to ensure we got a proper read on where we are at. This was done by NAMA and it has brought forward its central projection today which suggests that it still believes, based on the present asset values at the present time, that it will make a profit. With regard to whether it ends up with a loss, that would be...

Leaders' Questions. (6 Jul 2010)

Brian Cowen: There are three scenarios.

Leaders' Questions. (6 Jul 2010)

Brian Cowen: It is not my estimate. NAMA is making these reports as required under the Acts. Some of the amendments discussed and accepted by the Minister at the time enable NAMA to bring forward in a transparent way on a quarterly basis what the arrangements are. Deputy Burton seems to know. Perhaps she could brief her leader.

Leaders' Questions. (6 Jul 2010)

Brian Cowen: I made that point exactly. I am simply helping out the Deputy. I might get some kudos.

Leaders' Questions. (6 Jul 2010)

Brian Cowen: That is not the case at all. The Minister has been committed to dealing with the matter in an up-front way at all times. The central projection that NAMA has set out based on the up-to-date situation is that it will make a profit of something of the order of €1 billion. That is the central projection. It is set out over a ten year projection period based on current expected asset...

Leaders' Questions. (6 Jul 2010)

Brian Cowen: I hold no brief for that. The point I am making relates to the policy response to the banking crisis. The asset management agency set up will enable us to obtain a viable banking system. The proposal at the time from the Labour Party was to temporarily nationalise all the banks. If one nationalised all the banks one would be allowing the taxpayers to fund arrangements of all those banks...

Leaders' Questions. (6 Jul 2010)

Brian Cowen: No, we have not actually. The Labour Party's proposal was to nationalise all the banks.

Leaders' Questions. (6 Jul 2010)

Brian Cowen: The Labour Party's proposal was to nationalise all the banks, including the commercial banks.

Leaders' Questions. (6 Jul 2010)

Brian Cowen: That was the position. The fact of the matter is, thankfully, Bank of Ireland has raised capital on private markets which has saved the taxpayer that consideration. This report will be published. It will set out the situation and the central projection. I am outlining the factual position and the other scenarios. The report is simply making those scenarios available to the public so that...

Order of Business (6 Jul 2010)

Brian Cowen: It is proposed to take No. 16, Criminal Justice (Psychoactive Substances) Bill 2010 [Seanad] - Committee and Remaining Stages and No. 1, Údarás na Gaeltachta (Amendment) Bill 2010 [Seanad] - Second and Remaining Stages. It is proposed, notwithstanding anything in Standing Orders, that (1) the Dáil shall sit later than 8.30 p.m. tonight and business shall be interrupted not later than 10...

Order of Business (6 Jul 2010)

Brian Cowen: These matters are being worked on by the Minister of State, Deputy Moloney, over the course of this week anyway.

Regulatory Reform (6 Jul 2010)

Brian Cowen: As I said in my reply, detailed questions in respect of specific departmental work need to be put to the Department concerned. Total savings of €20 million have been identified in a number of individual administrative burdens which were measured. The high level group is chaired by the Secretary General of the Department and business and trade union representatives are members of the...

Regulatory Reform (6 Jul 2010)

Brian Cowen: As a result of a meeting with the regulators and the Competition Authority, a liaison group is in place to examine all these aspects. Arrangements exist under the regulations to review individual regulatory procedures in the various sectors once every five years. In the meantime, the liaison group is looking at that issue as well. The better regulation unit in the Department of the...

Regulatory Reform (6 Jul 2010)

Brian Cowen: I contend that is being done. Some €20 million worth of measures have been identified and are in place. This initiative began as a result of the Spring Council meeting at EU level a few years ago. The EU 15 are being monitored in that respect and have those arrangements in place. We are proceeding along the lines and doing the work as envisaged. Individual issues will be raised and...

Regulatory Reform (6 Jul 2010)

Brian Cowen: I do not have that information but I will check the points raised by Deputy Ó Caoláin regarding the extent of improvement made in this area and to what the recommendations refer. I revert to the Deputy.

Regulatory Reform (6 Jul 2010)

Brian Cowen: As I stated, I will revert to the Deputy as to what is the position in respect of the recommendations to which he refers. I do not have the information to hand. The purpose of Question Time is to give the Deputy such information and I undertake to get it to ascertain where we stand on it. As the Deputy is aware, there are occasions on which legislation is brought forward quickly. Some of...