Results 5,821-5,840 of 16,537 for speaker:Brian Lenihan Jnr

National Asset Management Agency Bill 2009: Second Stage (16 Sep 2009)

Brian Lenihan Jnr: This would immediately require the State to borrow an additional €10 billion to €14 billion to recapitalise the banks.

National Asset Management Agency Bill 2009: Second Stage (16 Sep 2009)

Brian Lenihan Jnr: Deputy Burton submitted a proposal on this matter to my Department.

National Asset Management Agency Bill 2009: Second Stage (16 Sep 2009)

Brian Lenihan Jnr: A lie is an intentional untruth, and I assume that Deputy Burton did not impute an intentional untruth. (Interruptions.)

National Asset Management Agency Bill 2009: Second Stage (16 Sep 2009)

Brian Lenihan Jnr: The Labour Party Members do not appear very anxious to hear the assessment of their proposal.

National Asset Management Agency Bill 2009: Second Stage (16 Sep 2009)

Brian Lenihan Jnr: On the assumption, as Deputy Burton indicated in public interviews, that there should be a 50% discount on the loan book, it would require the State to borrow an additional €10 billion to €14 billion to recapitalise the banks. Even under the benign assumption that additional borrowings of this scale would not affect the interest rates on Government bonds, the interest costs of this...

National Asset Management Agency Bill 2009: Second Stage (16 Sep 2009)

Brian Lenihan Jnr: -----and that mortgage could be put around the Irish people's necks here and now, not in ten years time. Of equal concern is the damage that would be done to any possibility of recovery in the financial system. The new capital injections would lead to effectively full nationalisation of the banking system. Full nationalisation is Labour Party policy, but it carries with it a very real...

National Asset Management Agency Bill 2009: Second Stage (16 Sep 2009)

Brian Lenihan Jnr: I would draw the attention of the House to the words of President Obama last April on the same subject.

National Asset Management Agency Bill 2009: Second Stage (16 Sep 2009)

Brian Lenihan Jnr: He said, and I quote: "Pre-emptive government takeovers are likely to end up costing taxpayers even more in the end and are more likely to undermine than create confidence."

National Asset Management Agency Bill 2009: Second Stage (16 Sep 2009)

Brian Lenihan Jnr: That is what President Obama thinks of the policy of preventive nationalisation.

National Asset Management Agency Bill 2009: Second Stage (16 Sep 2009)

Brian Lenihan Jnr: That is the view shared by many countries around the wold. It is strongly the view of this Government. NAMA will ensure that credit flows again to viable businesses and households by cleansing the balance sheets of Irish banks. This is essential for economic recovery and the generation of employment. It will ensure that we avoid the Japanese outcome of zombie banks that are just ticking...

National Asset Management Agency Bill 2009: Second Stage (16 Sep 2009)

Brian Lenihan Jnr: It will force the banks to take the losses on their riskiest loans earlier than may otherwise be the case and leave them cleansed and better able to get on with their business. This asset management approach protects taxpayers. The evidence from property busts in other countries shows that the longer bankers and borrowers are allowed to deny the reality of the losses they face, the greater...

National Asset Management Agency Bill 2009: Second Stage (16 Sep 2009)

Brian Lenihan Jnr: The announcement of the decision to set up NAMA has already triggered some improvement in confidence in the economy which has led to a reduction in the cost of borrowing for the State. Within the legal boundaries that NAMA must operate, and notwithstanding its commercial remit, it could have a role in creating balanced and desirable places to live with obvious benefits-----

National Asset Management Agency Bill 2009: Second Stage (16 Sep 2009)

Brian Lenihan Jnr: -----for sustainable social values. NAMA could facilitate the Department of Education and Science and the Department of the Environment, Heritage and Local Government where these bodies have requirements, in areas such as parks, for example and so on----- (Interruptions.)

National Asset Management Agency Bill 2009: Second Stage (16 Sep 2009)

Brian Lenihan Jnr: -----which facilitate the creation of desirable developments that encourage vibrant sustainable communities. (Interruptions.)

National Asset Management Agency Bill 2009: Second Stage (16 Sep 2009)

Brian Lenihan Jnr: Public bodies should be given first options on disposals for a limited period and though they would have to pay the reasonable market price required, they would at least be given the first mover advantage. These bodies have sometimes been held to ransom and have had to pay inflated prices for projects such as school extensions and playgrounds. In disposing of properties NAMA could play a...

National Asset Management Agency Bill 2009: Second Stage (16 Sep 2009)

Brian Lenihan Jnr: For example, proposals to purchase or take long leases of suitable blocks of unsold apartments or units for social or affordable housing needs can be implemented, where this can be shown to create a commercial proposition for NAMA. I should now like to deal with the main provisions of the Bill. It comprises more than 200 sections and I propose to outline the principal aspects of each part....

National Asset Management Agency Bill 2009: Second Stage (16 Sep 2009)

Brian Lenihan Jnr: Part 3 sets out how NAMA will be financed, provides for the issuance of securities, including subordinated securities for the purchase of bank assets. It also sets limits on NAMA's borrowing powers and includes detailed measures in relation to their accountability. Part 4 deals with the designation of the institutions eligible to participate. Part 5 sets out the methodology for the...

National Asset Management Agency Bill 2009: Second Stage (16 Sep 2009)

Brian Lenihan Jnr: As long as it establishes and protects the position of the taxpayer-----

National Asset Management Agency Bill 2009: Second Stage (16 Sep 2009)

Brian Lenihan Jnr: -----I am not prepared to contemplate the establishment of an entity that has no responsibility or accountability to this House. Part 8 governs the relationship between NAMA and participating institutions. Part 9 gives certain powers to NAMA to allow it to deal with bank assets transferred to it. Part 10 deals with legal proceedings. Part 11 governs the disclosure of confidential...

National Asset Management Agency Bill 2009: Second Stage (16 Sep 2009)

Brian Lenihan Jnr: Since this crisis began a year ago, our sole objective has been the common good.