Results 561-580 of 16,537 for speaker:Brian Lenihan Jnr

Seanad: Appropriation Bill 2010 (Certified Money Bill): Second Stage (16 Dec 2010)

Brian Lenihan Jnr: I am sorry, I meant to say Senator Burke.

Seanad: Appropriation Bill 2010 (Certified Money Bill): Second Stage (16 Dec 2010)

Brian Lenihan Jnr: I believe I have covered all the contributions. Senator Burke made a plea for co-operatives in the context of the Finance Bill. I am glad to see such a constructive atmosphere developing already in regard to that Bill. Perhaps the Senator might drop me a line and I shall try to address the issue about which he is concerned.

Seanad: Appropriation Bill 2010 (Certified Money Bill): Second Stage (16 Dec 2010)

Brian Lenihan Jnr: I am glad to avail of the opportunity to appear before the House to discuss public expenditure and, in particular, the background to the 2010 Appropriation Bill which gives to statutory effect to Voted expenditure for 2010. However, before discussing public expenditure, it would be useful to offer some context by reviewing briefly the performance of the economy and the public finances in...

Seanad: Appropriation Bill 2010 (Certified Money Bill): Second Stage (16 Dec 2010)

Brian Lenihan Jnr: The level of GNP is down.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Brian Lenihan Jnr: Which subsection?

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Brian Lenihan Jnr: Yes.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Brian Lenihan Jnr: It is important to remember the context in which this power is being sought. The power is being sought because there are circumstances in the Irish banking system which are threats to the stability of the system and one of the threats to the stability of the system is that a particular institution might not be able to access any risk capital on the markets. In such circumstances the...

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Brian Lenihan Jnr: Senator Coghlan has given a good example. Although I have a substantial shareholding, for example, in Bank of Ireland or AIB, the fact remains that there are questions about the exercise of those voting rights in a context where I am making a further investment in terms of the stock exchange procedures and rules that apply to takeovers etc. I say to Senator O'Toole, that is the purpose of...

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Brian Lenihan Jnr: There has been a substantial amount of change and scope for further change under this legislation when it is fully implemented in the next few weeks. A multilateral trading facility is a secondary market rather than an official market.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Brian Lenihan Jnr: Yes. Senator O'Toole also raised the question of de-listing. There comes a point under the terms of the rules themselves where the degree of State investment and participation would result in the entity being de-listed.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Brian Lenihan Jnr: It is in that context the institution would be required to de-list. The State has no ambition to have banks automatically de-listed from the Stock Exchange but if the terms of the exchange require it to be de-listed, it is necessary for the Minister to be able to require the bank to do it.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Brian Lenihan Jnr: Yes.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Brian Lenihan Jnr: Yes, and that is crucial. There was an entertaining exchange earlier about the relevant community legal provisions. That is why we have sought to mirror those provisions in so far as possible in this legislation. By mirroring the provisions in this legislation, we are ensuring a degree of international recognition for the High Court orders to be made under it.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Brian Lenihan Jnr: Yes.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Brian Lenihan Jnr: I welcome Senators' interventions on the Bill. I should not comment on the other House but there was no such similar debate there. On confidentiality, the Minister would not notify the institution but would go straight to court for confirmation of the order. The purpose of the confidentiality subsection comes from the possibility of the Minister making an assessment that confidentiality...

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Brian Lenihan Jnr: The provision relates to the variation of an initial or primary order. If there is a technical flaw in the order which requires urgent amendment, the Minister may apply to the court ex parte and without notice. The purpose of the section is to allow the Minister to apply to the court to alter a direction order if he or she is satisfied that the alteration is necessary to achieve the...

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Brian Lenihan Jnr: The circumstances defined for an ex parte application are "urgent circumstances". If one has to apply with notice, one must give notice of the proceedings. There may be urgent circumstances where a Minister may wish to apply on his or her own motion without notice to another party. The court will then have the Minister's application and determine whether it is of sufficient urgency to be...

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Brian Lenihan Jnr: It is not envisaged that there will be an immediate exercise of the powers conferred by this section.

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Brian Lenihan Jnr: The State has its own effective management teams in operation in Anglo Irish Bank and Irish Nationwide Building Society. This section was being prepared in any event for the resolution legislation. It is considered to be a power which is of considerable value. It can only be exercised in exceptional circumstances or with the consent of the relevant institution. Under section 20, the...

Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)

Brian Lenihan Jnr: I confirm that is the case. When I stated the special manager must act in the best interests of the bank, I meant he or she must act in the best interests of the bank in the context of the legislation rather than in the context of the traditional fiduciary arrangements or Stock Exchange character of the bank. This is made clear by section 20(1) which states: "The special manager of a...