Results 3,261-3,280 of 16,537 for speaker:Brian Lenihan Jnr

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: The questions raised by Deputy Ó Caoláin are legitimate. I will ask NAMA, which is an independent body, to examine what he said about the professional advice. In addition, the banking inquiry should provide a context within which the general matters to which the Deputy referred can be dealt with. It is the case, for example, that Anglo Irish Bank no longer retains the original auditors...

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: I entirely agree that these matters require full scrutiny because of the dramatic character of the change that took place when the public interest of the taxpayer was secured in Anglo Irish Bank and in any other institution where it comes to light.

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: There are a few matters to address. With regard to the audit and risk-management committees, I am not certain which institutions Deputy Rabbitte was referring to but I will endeavour to obtain the information and have it conveyed to him clearly. It is an important issue.

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: Yes. With regard to Anglo Irish Bank, the fundamental question the Deputy is asking is whether the alternatives to providing capital to the bank have been explored. They have, including the alternatives of immediate liquidation, long-term wind-down and splitting the banking into a new banking entity and an asset management and recovery company. All these options have been examined. The...

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: I am making that clear today.

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: I did not refuse the Deputy a meeting with NAMA. NAMA is an independent statutory body.

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: That is between the Deputy and NAMA.

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: Short of exercising my power to give a statutory direction to NAMA to tell it to meet the Deputy, I do not instruct NAMA in what it does. That is not my function as Minister.

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: Having sat through the debates on the legislation, the Deputy should be well aware of that.

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: Of course. We are having a highly democratic information flow here this afternoon.

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: I am sure NAMA has been extraordinarily busy in recent weeks. I assume that is why it was not able to find time to meet Deputy Burton whenever she made here request.

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: I assumed that to be the case. I am not saying I have any functions in regard to NAMA.

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: With regard to Deputy Rabbitte's question on how information can be conveyed to the Labour Party, Fine Gael and Sinn Féin on the options, the outgoing chairman made himself available to the Oireachtas Committee on Finance and the Public Service last year.

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: I am sure the bank is willing to make itself available to the committee or a sub-committee thereof to explore the options and discuss them in a rational, structured way. It is important that we minimise the cost of this operation to the taxpayer, and we all agree on that. It is subject to commercial considerations of great importance that the maximum amount of information is put in the...

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: Does the Deputy mean Anglo?

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: It is on a statutory footing.

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: There is a very large number of questions and I shall try to deal with them as they were posed. Deputy Barrett raised the whole issue of moral hazard, which is a serious question, I accept. However, to take the example of Anglo, as I have already outlined, the €70 billion relates to liabilities to the European Central Bank, to our own Central Bank, to depositors and to those who have...

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: There are a number of tranches, but the intention is to complete all tranches by the end of this year. That is what I am advised by NAMA.

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: That is a matter for the finance committee. There seems to an assumption here that I will direct NAMA to do certain things. I presume NAMA will arrange to give a comprehensive briefing to the finance committee.

Banking System: Statements (1 Apr 2010)

Brian Lenihan Jnr: There are powers in the legislation for the Oireachtas to summon NAMA before it, as the Deputy knows, but it should not come to that.