Results 381-400 of 16,537 for speaker:Brian Lenihan Jnr

Fiscal Policy (12 Jan 2011)

Brian Lenihan Jnr: I will reflect in a constructive way on the two requests made by Deputy Burton. While I am not in a position to confirm this afternoon that I will comply with her request that certain information which is being transmitted should also be transmitted to the Opposition, I will consider it in a constructive way. The Deputy's second request related to contingency arrangements. It is not clear...

Fiscal Policy (12 Jan 2011)

Brian Lenihan Jnr: I can confirm, however, that there will have to be contingency arrangements in place immediately at the conclusion of the poll. That is of vital importance.

Fiscal Policy (12 Jan 2011)

Brian Lenihan Jnr: It will be held in the spring.

Fiscal Policy (12 Jan 2011)

Brian Lenihan Jnr: We are now back to the realm of political charge and counter-charge.

Fiscal Policy (12 Jan 2011)

Brian Lenihan Jnr: The negotiations resulted in a good arrangement for this country, which confirmed the national recovery plan the Government had already adopted. The Government had already embarked on contingency planning for the difficulties we face in respect of funding the State. Those contingency plans were finally formulated in a national recovery plan, which is the sovereign decision of the Irish...

Fiscal Policy (12 Jan 2011)

Brian Lenihan Jnr: In response to Deputy Noonan, the interest rate charged to Ireland was raised with the EU authorities at a press conference earlier this afternoon on the new growth survey. Commissioner Olli Rehn pointed out that the interest rates charged to Ireland are in line with Council decisions last year on the euro area loan facility to Greece following intensive discussions with member states. That...

Fiscal Policy (12 Jan 2011)

Brian Lenihan Jnr: I take it Deputy Noonan is not questioning the IMF interest rates, which are locked in, nor is he questioning the stability mechanism, which is also locked in. He is envisaging renegotiating with 27 member states. That is theoretically possible but to suggest there were bad negotiations because we have a better arrangement than Greece, which Greece subsequently sought, is inaccurate and...

Fiscal Policy (12 Jan 2011)

Brian Lenihan Jnr: A preliminary estimate of receipts for 2011 from the pension-related deduction or pension levy introduced under the Financial Emergency Measures in the Public Interest Act is €1 billion. The estimated receipts from the pension reduction for 2011, which was introduced under the Financial Emergency Measures in the Public Interest Act 2010, is €100 million. As regards pension contributions...

Fiscal Policy (12 Jan 2011)

Brian Lenihan Jnr: I am delighted to set out this information in the public domain after the publication of the Revised Estimates volume. Revised legislation for public service pensions is among the items of legislation of essential budgetary importance that require enactment before the dissolution of the House. We will have a considerable opportunity in that context to discuss public service pensions. I...

Bank Guarantee Scheme (12 Jan 2011)

Brian Lenihan Jnr: All banks publish their gross and net derivative trading and hedging positions in their audited financial statements. The NAMA derivative position is included in NAMA quarterly reports that are laid before the Houses of the Oireachtas. Banks utilise derivatives as part of their normal risk management hedging operations, primarily to control their exposure to interest rate and foreign...

Bank Guarantee Scheme (12 Jan 2011)

Brian Lenihan Jnr: Taking the week ending 31 December last year-----

Bank Guarantee Scheme (12 Jan 2011)

Brian Lenihan Jnr: No; I am referring to the information at my disposal about the derivatives of Anglo Irish Bank which required the posting of collateral in the event that the derivative was out of money, which is what Deputy Burton is talking about. In that case, the derivative becomes a liability. That collateral is netted against the State's exposure in the event that the guarantee is called in. Let us...

Bank Guarantee Scheme (12 Jan 2011)

Brian Lenihan Jnr: I do not have a list of those instruments before me this afternoon, and I would be surprised to be furnished with one.

Bank Guarantee Scheme (12 Jan 2011)

Brian Lenihan Jnr: The Deputy is very good at identifying various risks, but this is not the biggest risk the State has ever run.

Bank Guarantee Scheme (12 Jan 2011)

Brian Lenihan Jnr: It is essential simply to stabilise this-----

Bank Guarantee Scheme (12 Jan 2011)

Brian Lenihan Jnr: I take it the Deputy was referring to the particular issue of derivatives, not Anglo Irish Bank in general, which is a different situation. I accept that. With regard to the particular issue that is the focus of the Deputy's question, I am satisfied that my officials have checked the matter with the bank and ensured there is no undue exposure for the State.

Flood Relief (12 Jan 2011)

Brian Lenihan Jnr: It might be a bit longer than that.

Credit Institutions Legislation (12 Jan 2011)

Brian Lenihan Jnr: The legal drafting of the Credit Institutions (Stabilisation) Bill by the Office of the Chief Parliamentary Counsel could not begin until the conclusion of the negotiations with the IMF, the European Central Bank or ECB, and the European Commission which resulted in the programme agreement. Once a near final draft of the Bill was available, this was shared with the European Central Bank...

Credit Institutions Legislation (12 Jan 2011)

Brian Lenihan Jnr: There is nothing unusual in this. The ECB expresses an opinion on every item of legislation relevant to banking.

Credit Institutions Legislation (12 Jan 2011)

Brian Lenihan Jnr: The member state concerned then comments on the opinion. We are a sovereign State and this is a sovereign Legislature, which acts in the best interests of the Irish people.