Results 4,821-4,840 of 16,537 for speaker:Brian Lenihan Jnr

National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)

Brian Lenihan Jnr: Yes.

National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)

Brian Lenihan Jnr: It is provided for in the legislation.

National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)

Brian Lenihan Jnr: The figure is €28 billion.

National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)

Brian Lenihan Jnr: They are not being done first.

National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)

Brian Lenihan Jnr: These sections deal with applications for designation as an institution and with the designation of assets. A legal definition of an asset is provided in the Bill. The purpose of that definition is to ensure there is a uniform categorisation of the assets which are transferred to NAMA. The reference to local law must be read in that context. Deputy Burton raised the question of the Isle...

National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)

Brian Lenihan Jnr: The amendments are very clear. They are technical.

National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)

Brian Lenihan Jnr: There is no conspiracy in my Department. These amendments have been checked by the Attorney General and are viewed as drafting amendments. I said that in good faith in the House. I will go through the points raised by Deputy Burton, amendment by amendment. First, amendment No. 2 would insert the words "or applicable law" after the word "enactment" in section 4. That simply clarifies that...

National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)

Brian Lenihan Jnr: Gordon Brown was the only one talking about it.

National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)

Brian Lenihan Jnr: Deputy O'Donnell asked what due diligence we have done. We have done substantial due diligence on the loan book. At the beginning of Second Stage, a document was circulated which outlined the location of the loans which were overseas. The vast bulk of them were in the United States and the United Kingdom and not in offshore island jurisdictions.

National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)

Brian Lenihan Jnr: No. I refer to the document that was circulated on Second Stage designating where the assets were. That made it very clear where the assets were located. Let us be clear about this. I thank Deputy O'Donnell for his initial question because it gives me the opportunity to say that we have been going through these loans, examining where they are and ensuring they are regular and proper in...

National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)

Brian Lenihan Jnr: I am entitled to reply.

National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)

Brian Lenihan Jnr: That phantom loan book does not exist. The figures that exist were circulated to the House when the Bill was introduced on Second Stage.

National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)

Brian Lenihan Jnr: That was an indicative figure used for debating purposes over the summer. Obviously, my officials continued to work on the figures and the figures in the document circulated on Second Stage are those which reflect our assessment of the loans involved and which will be transferred to NAMA. Deputy Burton raised the Tobin tax and the tax liabilities of the banking system. With respect, and...

National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)

Brian Lenihan Jnr: Deputy Gogarty will be glad to hear that the Labour Party amendment required extensive re-fashioning by Government to make it a workable amendment and a full Government discussion——

National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)

Brian Lenihan Jnr: There was also a major input from all of the Ministers of all parties in Government. In reply to Deputy Terence Flanagan, a participating institution may request that a subsidiary be not included but the Minister does not have to comply with that request. The institution is simply enabled to make an application in that regard. Were that section not in the Bill then automatically, every...

National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)

Brian Lenihan Jnr: The €120 billion included was a notional figure, based on the value of the collateral at peak; it was not a book value. It added to the book value the actual peak value of the property in measuring the decline since. This is important. This was part of the debate before NAMA but it was never suggested that this figure was the actual book value. Deputy Gogarty expressed it well. It is...

National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)

Brian Lenihan Jnr: As I made clear several times, the only purpose of this minor technical amendment is to clarify what is already the law. In other words a subsidiary operating in a foreign jurisdiction must comply with the local law. That is the only purpose of this amendment and it has no other purpose whatsoever. It simply makes explicit what is already implicit. Deputy Burton intervened in respect of...

National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)

Brian Lenihan Jnr: The assets can be transferred by the participating institution. There is no difficulty in that respect.

National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)

Brian Lenihan Jnr: The assets are transferred by the bank. The bank can procure the subsidiary to do whatever is required.

National Asset Management Agency Bill 2009: From the Seanad (12 Nov 2009)

Brian Lenihan Jnr: Yes. That can be taken into account in the valuation of the loans.