Results 2,761-2,780 of 16,537 for speaker:Brian Lenihan Jnr

Euro Area Loan Facility Bill 2010: Committee and Remaining Stages (19 May 2010)

Brian Lenihan Jnr: -----is that what the Government did last year has stabilised the economy and put it back on the road to recovery, something the Deputy's policies would not have done.

Euro Area Loan Facility Bill 2010: Committee and Remaining Stages (19 May 2010)

Brian Lenihan Jnr: The policies advocated by the Deputy would have left us in the same position this spring in which Greece found itself. That is the reality.

Euro Area Loan Facility Bill 2010: Committee and Remaining Stages (19 May 2010)

Brian Lenihan Jnr: I have listened to a lot. The Deputy should at least have the patience to listen to a little bit of my contribution. I agree with her that there is a danger of erring too far on the side of excessive expenditure reductions. We did not so err last year and I do not accept that we erred in that direction. The vindication of our position internationally is very obvious to everyone at this...

Euro Area Loan Facility Bill 2010: Committee and Remaining Stages (19 May 2010)

Brian Lenihan Jnr: I gave Deputy Burton a separate reply and I was about to facilitate Deputy Morgan.

Euro Area Loan Facility Bill 2010: Committee and Remaining Stages (19 May 2010)

Brian Lenihan Jnr: The Deputy is good at answering questions.

Euro Area Loan Facility Bill 2010: Committee and Remaining Stages (19 May 2010)

Brian Lenihan Jnr: I thank the Acting Chairman. I understand the ceilings apply across the board for Greece and relate to military as well as civil expenditure. Many EU member states engage in extensive military expenditure. We are fortunate that we do not carry that burden because our military expenditure is very limited. I am not sure whether Deputy Morgan noted that the main parties in the recent...

Euro Area Loan Facility Bill 2010: Committee and Remaining Stages (19 May 2010)

Brian Lenihan Jnr: It is not but what are a few frigates compared to a Trident submarine?

Euro Area Loan Facility Bill 2010: Committee and Remaining Stages (19 May 2010)

Brian Lenihan Jnr: I am not in charge of Greek military expenditure-----

Euro Area Loan Facility Bill 2010: Committee and Remaining Stages (19 May 2010)

Brian Lenihan Jnr: -----but ceilings have to be imposed on military as well as civilian expenditure. Greece has a socialist Government.

Euro Area Loan Facility Bill 2010: Committee and Remaining Stages (19 May 2010)

Brian Lenihan Jnr: That is a matter for the Greek Government. Greece has a considerable number of islands but I will not comment on how it should deploy its military forces.

Euro Area Loan Facility Bill 2010: Committee and Remaining Stages (19 May 2010)

Brian Lenihan Jnr: It is required to reduce expenditure across the board. Perhaps it will have to purchase four rather than five frigates. I do not know the nature of Greece's military requirements.

Euro Area Loan Facility Bill 2010: Committee and Remaining Stages (19 May 2010)

Brian Lenihan Jnr: That is a legitimate concern but we have managed to keep our military expenditure low compared to other countries. I am simply pointing out that other EU member states have not been as successful as us, including ones which have a strong socialist presence in government.

Euro Area Loan Facility Bill 2010: Committee and Remaining Stages (19 May 2010)

Brian Lenihan Jnr: I will point out that just as Germans are concerned about the size and character of Greek pension arrangements, Irish people are concerned about excessive military expenditure. These are matters for the Greek Government, however. We cannot attend an international conference at which we propose to retain for our Parliament the primary role on budgetary matters if we also give lectures to...

Euro Area Loan Facility Bill 2010: Committee and Remaining Stages (19 May 2010)

Brian Lenihan Jnr: We do not know the preference of the Greek people in this matter. I am sure Greek naval personnel take a certain view of their requirements because they will crew these ships. Those who demonstrate in Athens may take a different view. I am not in a position to judge between the various opinions being expressed in Greece. In regard to the return on our loan, it is a commercial arrangement...

Euro Area Loan Facility Bill 2010: Committee and Remaining Stages (19 May 2010)

Brian Lenihan Jnr: No, they are not risk-free because the sum payable on the bond - or coupon, as the markets call it - is a fixed sum. It is not risk-free in the sense that inflation and monetary changes can devalue the instrument, as has happened throughout history since bonds were invented. There is a risk in the purchase of the item, but it is free of the risk of default if it is senior, as distinct from...

Euro Area Loan Facility Bill 2010: Committee and Remaining Stages (19 May 2010)

Brian Lenihan Jnr: The Freedom of Information Act with its tried and tested mechanisms applies here. There is no question of issues of commercial sensitivity having been invented by a predecessor of mine as Minister for Finance. The original legislation included that as something which has to be taken into account in examining the documentation which will be generated by this legislation. However, this...

Euro Area Loan Facility Bill 2010: Committee and Remaining Stages (19 May 2010)

Brian Lenihan Jnr: It does not affect this issue. The application of documentation under this legislation will be considered in the same way as it would have been in 1998. On the issue of the transactions, which were raised by Deputy O'Donnell, in effect what the Deputy is asking for in respect of each expenditure, annual and cumulative, is that additional information should be provided.

Euro Area Loan Facility Bill 2010: Committee and Remaining Stages (19 May 2010)

Brian Lenihan Jnr: Deputy Burton also tabled an amendment seeking quarterly information. Ireland's initial contribution will be made as part of the next loan disbursement during the third quarter of 2010. Deputies Burton and O'Donnell both propose that the annual reports be submitted quarterly. The granting of loan disbursements to Greece would at all stages be subject to its compliance with the...

Euro Area Loan Facility Bill 2010: Committee and Remaining Stages (19 May 2010)

Brian Lenihan Jnr: As two Deputies have raised the issue, I will examine the matter in the context of a possible Seanad amendment. I will have to consult other member states on the issue.

Euro Area Loan Facility Bill 2010: Committee and Remaining Stages (19 May 2010)

Brian Lenihan Jnr: I will consult other member states.