Results 5,141-5,160 of 16,537 for speaker:Brian Lenihan Jnr
- Mortgage Arrears: Motion (Resumed) (4 Nov 2009)
Brian Lenihan Jnr: What the Labour Party is engaging in here is highly irresponsible. In the past ten days I have met several constituents whose feelings on this subject have been inflamed by scaremongering from this particular political quarter.
- Mortgage Arrears: Motion (Resumed) (4 Nov 2009)
Brian Lenihan Jnr: The Government is fully committed to protecting home security. Those commitments were written into the programme for Government. We will do everything in our power to keep the roof over everybody's head. What we cannot do is simply give a blanket two-year exemption for everybody and bring into question the entire financial system.
- Mortgage Arrears: Motion (Resumed) (4 Nov 2009)
Brian Lenihan Jnr: The Labour Party is well aware of that.
- Mortgage Arrears: Motion (Resumed) (4 Nov 2009)
Brian Lenihan Jnr: I did not say it is not a problem.
- National Management Agency Bill 2009: Report Stage (Resumed) (4 Nov 2009)
Brian Lenihan Jnr: Deputy Lee, in a very interesting contribution, referred to the business plan. The latter is a draft interim plan and it was not concocted for a political purpose. On Second Stage, Deputy Burton inquired as to the whereabouts of the business plan and other Opposition Deputies were complaining that enough information was not being provided. In such circumstances, I asked the interim chief...
- National Management Agency Bill 2009: Report Stage (Resumed) (4 Nov 2009)
Brian Lenihan Jnr: To turn to the merits of amendment No. 3-----
- National Management Agency Bill 2009: Report Stage (Resumed) (4 Nov 2009)
Brian Lenihan Jnr: Some of Deputy Gogarty's suggestions will be accepted.
- National Management Agency Bill 2009: Report Stage (Resumed) (4 Nov 2009)
Brian Lenihan Jnr: The EUROSTAT position on the balance sheet treatment of NAMA and the SPV took account of the balance between State and private engagement in the proposed organisational structure. I have a great deal of sympathy with the points put forward by Deputy Burton. In general, when there is an asset purchase arrangement in place when one is engaging in a commercial operation through borrowing - for...
- National Management Agency Bill 2009: Report Stage (Resumed) (4 Nov 2009)
Brian Lenihan Jnr: I will not be drawn on this subject. Apart from maintaining a particular commercial entity, it is essential for the stability of our financial system. The position in respect of bank rescue operations is that there is a specific prohibition, under EUROSTAT, on treating such a vehicle as other than borrowing for Stability and Growth Pact purposes. Rather than repeal this provision in light...
- National Management Agency Bill 2009: Report Stage (Resumed) (4 Nov 2009)
Brian Lenihan Jnr: One has to view the vehicle in the context in which it is established, namely, it creates an investment opportunity for a person who believes that NAMA will make a profit and to make a return on their investment. It must be remembered it is a risk investment in that the capital applied, leaving aside any question of dividend, is at hazard by virtue of the investment.
- National Management Agency Bill 2009: Report Stage (Resumed) (4 Nov 2009)
Brian Lenihan Jnr: No. As I understand it, the subsidiaries referred to can deal only with management functions. Financial functions can only take place within the SPV, the master vehicle. The subordinates, if established, are purely for management and not financial purposes. The quantum of the investment is so low it would become pointless at that level to delegate the investment into parcels or particular...
- National Management Agency Bill 2009: Report Stage (Resumed) (4 Nov 2009)
Brian Lenihan Jnr: We do not have it yet.
- National Management Agency Bill 2009: Report Stage (Resumed) (4 Nov 2009)
Brian Lenihan Jnr: To the private equity.
- National Management Agency Bill 2009: Report Stage (Resumed) (4 Nov 2009)
Brian Lenihan Jnr: Yes, the same dividend rule would apply.
- National Management Agency Bill 2009: Report Stage (Resumed) (4 Nov 2009)
Brian Lenihan Jnr: It is being set up in order to differentiate the two liabilities.
- National Management Agency Bill 2009: Report Stage (Resumed) (4 Nov 2009)
Brian Lenihan Jnr: That would be Exchequer debt as distinct from -----
- National Management Agency Bill 2009: Report Stage (Resumed) (4 Nov 2009)
Brian Lenihan Jnr: Deputy Kennedy asked if there would be a separate SPV for each financial institution. There will not be. Also, the â¬100 million is the total consideration of the entire special purpose vehicle. Deputy Bruton asked why have â¬100 million, why not establish a â¬1 company. In Deputy Rabbitte's constituency many years ago there were developers and builders who incorporated companies for...
- National Management Agency Bill 2009: Report Stage (Resumed) (4 Nov 2009)
Brian Lenihan Jnr: We provided for it in the legislation through the creation of the group entity.
- National Management Agency Bill 2009: Report Stage (Resumed) (4 Nov 2009)
Brian Lenihan Jnr: That is a matter for the company but it will be a parallel audit if it opts for that.
- National Management Agency Bill 2009: Report Stage (Resumed) (4 Nov 2009)
Brian Lenihan Jnr: Someone must make that decision within the company.