Results 3,241-3,260 of 16,537 for speaker:Brian Lenihan Jnr

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: There were not approaches from anyone else about the guarantee. There was a funding crisis throughout the banking system and the experience of Northern Rock, which we could already learn from on the night of the guarantee, was that nationalisation on its own would not guarantee a flow of funds to an institution and that a guarantee was needed as well.

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: There are two distinct issues.

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: I do not accept the Deputy's suggestion that on the night of the guarantee it would have been possible to say that existing liabilities were guaranteed but if the banks sought fresh funds, they would be unguaranteed and that would have resolved the problems in the banking system.

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: I am trying to deal with Deputy Bruton's questions. There was never a question of guaranteeing preference shares.

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: I must begin with the suggestion of a secret agreement. There is no secret agreement.

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: I am sorry——

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: I merely grimaced Deputy Burton suggested I was not listening to her. I did not interrupt her. The most serious suggestion made in Deputy Burton's questions is that there is some secret agreement harboured by me or my Department which has come to light and which was not disclosed to Dáil Éireann. Let us be clear about this.

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: I am sorry. Will Deputy Burton allow me to conclude? To use the correct term, this consent, not agreement, was obtained from the European Commission on Tuesday on the eve of the statement.

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: That is when the Commission agreed that the promissory note could be executed. It was not executed until the Commission gave that agreement and until this House approved the banking statements on Tuesday evening.

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: Of course discussions take place with the Commission given the proximity——

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: There is no point——

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: The Deputy can give all the notices she wants.

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: The position is that the Commission sanctioned the promissory note last Tuesday. That sanction was for a capital injection of €8.3 billion. Earlier this year Ireland notified the possibility of such an event.

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: Notification is for a request for an approval. There is no agreement until there is consent. The Commission consented to those arrangements last Tuesday. The arrangements were not put in place——

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: ——until the House sanctioned the arrangements on Tuesday night. There is no secret agreement.

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: The burden of Deputy Burton's assertion today was that in breach of my duties as a Minister I am misleading this House and I concluded a secret agreement with the European Commission. There is no such secret agreement because an open agreement was arrived at with the European Commission on Tuesday morning. That is when agreement was finalised in this matter. It is important that is understood.

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: Deputy Burton's allegation is a very serious one. Were it correct it would reflect very seriously on the Government and me. I am entitled to reject it and point out——

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: ——its inaccuracy.

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: I am dealing with the charge that I concluded a secret agreement some time ago, which I concealed from the House.

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: I have dealt with that allegation which was made on the floor of the House. It is inaccurate and untrue.