Results 4,021-4,040 of 16,537 for speaker:Brian Lenihan Jnr

Departmental Staff. (3 Feb 2010)

Brian Lenihan Jnr: Nothing happened between Friday, 18 December and Wednesday, 23 December.

Departmental Staff. (3 Feb 2010)

Brian Lenihan Jnr: Nothing happened. A circular may have issued during that period but it was on foot of a Government decision already taken. The Government considered all these issues when settling the legislation. Deputy O'Donnell referred to my contribution in the Houses. I was present during the debate on Second Stage and he correctly quoted from my speech. I was not in the Chamber during Committee...

Departmental Staff. (3 Feb 2010)

Brian Lenihan Jnr: What I regard as fair and equitable is to examine the cumulative position since 2008 for various grades. I will repeat them for Deputy O'Donnell. The reduction for a Secretary General at level 1 is 33.9%, 27.3% for a deputy secretary general, 24.9% for an assistant secretary general, 19.3% for a higher grade principal officer, which is the position we have as Members of this House, 16.8%...

Financial Institutions Support Scheme. (3 Feb 2010)

Brian Lenihan Jnr: I accept that serious challenges remain for the banking sector. I have said that following the transfer of assets to NAMA it is likely some institutions will require additional capital to absorb the losses on these loans. To the extent that sufficient capital cannot be raised independently or generated internally, the Government remains committed to providing such banks and building...

Financial Institutions Support Scheme. (3 Feb 2010)

Brian Lenihan Jnr: The NAMA process of valuation and transfer of loans is well under way. Work in several major institutions will be finalised in respect of major lenders at the end of this month. Work is proceeding with considerable expedition. It is essential that the work continues with expedition. Professional fees are being set at the lowest possible level on foot of the tenders issued by NAMA. I am...

Financial Institutions Support Scheme. (3 Feb 2010)

Brian Lenihan Jnr: The Deputy has asked a very wide range of questions. I should make it clear that as Minister I will continue to be fully responsible and accountable to the Oireachtas and that these arrangements relating to the NTMA will not result in any change in that regard. As the banking crisis has evolved, officials of my Department and the NTMA have worked together very closely. The demands of the...

Financial Institutions Support Scheme. (3 Feb 2010)

Brian Lenihan Jnr: If I could have a question from the Deputy.

Financial Institutions Support Scheme. (3 Feb 2010)

Brian Lenihan Jnr: I am accountable to this House and I can give directions to the NTMA.

Financial Institutions Support Scheme. (3 Feb 2010)

Brian Lenihan Jnr: Secondary legislation will be required to implement the announcement I made yesterday.

Mortgage Debt. (3 Feb 2010)

Brian Lenihan Jnr: As I have said on many occasions in this House, the Government is conscious of the high value Irish people place on home ownership and the growing problem of indebtedness and mortgage arrears that home owners face in the current economic climate. The renewed programme for Government sets out the Government's commitments for addressing these issues under the headings, Protecting the Family...

Mortgage Debt. (3 Feb 2010)

Brian Lenihan Jnr: The Deputy asked three questions. First, with regard to the position of the Minister, Deputy Eamon Ryan, and his observations on this matter, clearly he was referring to the commitments in the programme for Government which are very explicit in regard to this matter and the various options set out there which can assist mortgage repayment. That is within the remit of the current review...

Mortgage Debt. (3 Feb 2010)

Brian Lenihan Jnr: That is an issue that obviously has to be examined by the committee and I am not in a position today to make an announcement in that regard. With regard to the question of write-downs, Deputy Bruton's question draws attention to the fact that were we to write down mortgage debt in the manner he suggests, then clearly that would accelerate further losses in the banks requiring further...

Mortgage Debt. (3 Feb 2010)

Brian Lenihan Jnr: The banks are well aware that this is a high priority for the Government. The one-year moratorium was introduced at the time of the recapitalisation of the two main institutions because of our concern about this issue. It is not correct to say the matter has been consigned to a think tank or that I do not accept personal responsibility as Minister for taking initiatives in this regard. Far...

European Central Bank Lending. (3 Feb 2010)

Brian Lenihan Jnr: The latest Central Bank statistics, released on 1 February, show that Eurosystem borrowing by credit institutions resident in Ireland has fallen significantly from its highs of last summer. Borrowings at end December 2009 stand at €91.9 billion, down from the high of €130 billion in June 2009. These numbers reflect not just Irish headquartered banking groups but include subsidiary...

European Central Bank Lending. (3 Feb 2010)

Brian Lenihan Jnr: In the course of the financial crisis, credit institutions have made active use of the Eurosystem's re-financing operations and have deposited as collateral some eligible assets for which market liquidity had basically dried up. The eligibility criteria and risk control measures of the Eurosystem's collateral framework are an important tool in the reactivation of the asset-backed securities...

European Central Bank Lending. (3 Feb 2010)

Brian Lenihan Jnr: Such a downgrading is highly unlikely given the general improvement of sentiment towards Ireland in the eurozone and on world markets. I draw the Deputy's attention to two articles in the Financial Times today which indicate that Ireland is seen as a very solid risk compared with several other eurozone countries.

European Central Bank Lending. (3 Feb 2010)

Brian Lenihan Jnr: I have not conceded that. I said that no difficulties have been drawn to my attention in regard to NAMA bonds. Deputy Bruton raised the question of sovereign risk and I responded to it.

European Central Bank Lending. (3 Feb 2010)

Brian Lenihan Jnr: There is nothing unusual about NAMA bonds. In the case of the phrase to which the Deputy referred, I am not sure whether Dr. Aherne borrowed language from me or vice versa. NAMA bonds can be presented like any other bonds at the ECB. No difficulty has ever presented in that regard. The broader question raised by Deputy Burton which needs to be addressed is the question of whether NAMA...

European Central Bank Lending. (3 Feb 2010)

Brian Lenihan Jnr: The markets have already discounted into their calculations substantial losses in the Irish banks. What we are required to do is to quantify precisely what that exposure is. In doing that, we will give further certainty to our fiscal position and reassure investors that Ireland is a good place to do business.

European Central Bank Lending. (3 Feb 2010)

Brian Lenihan Jnr: Yes, I do. I am confident as a result of good work done in this House on Committee Stage of the legislation that the Minister for Finance has ample powers to ensure credit can be secured as a result of the NAMA operation.