Results 581-600 of 16,537 for speaker:Brian Lenihan Jnr
- Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)
Brian Lenihan Jnr: As far as I am aware, a special manager cannot be compelled to attend before an Oireachtas committee. Perhaps Senator Donohoe will refresh my mind on the section in question.
- Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)
Brian Lenihan Jnr: My understanding is that, in order to comply with the requirements of natural justice, a reasonable period of time must be given to a person who wishes to raise an objection to the course of action to be followed. There is a balance to be struck in terms of the time allowed. Ideally, the time allowed would be 24 hours, but, in order to afford an opportunity to a person affected by the...
- Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)
Brian Lenihan Jnr: As I understand the position, the initial period is six months, but it can be extended under the section.
- Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)
Brian Lenihan Jnr: Adam and Eve received a hearing from the Almighty before they were expelled from the Garden of Eden. It is very difficult, therefore, to eliminate the concept of natural justice.
- Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)
Brian Lenihan Jnr: A supervening event.
- Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)
Brian Lenihan Jnr: A number of points were raised. Senators O'Toole and Donohoe referred to shareholders. Decisions on the shareholders can be taken by the manager. That is part of the European framework that is being developed in this area. With regard to confidentiality, one must consider the relevant section in conjunction with section 72 which, in turn, refers to the Schedule. In this regard, the...
- Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)
Brian Lenihan Jnr: This is a specific information gateway for financial stability purposes.
- Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)
Brian Lenihan Jnr: Of course, it does. The special manager is in the same position as the employer in the institution concerned and can issue whatever direction is required.
- Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)
Brian Lenihan Jnr: The special manager takes the place of the board. Section 48 is related to the section in question and deals with the issue of public interest directors, on which Senators have had a recent discussion. Section 48 provides that "the directors of a relevant institution shall have a duty to have regard to the matters mentioned in section 4(f)", namely, to facilitate the availability of credit...
- Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)
Brian Lenihan Jnr: Section 4 was questioned by Senator Donohoe in respect of the powers necessary for or incidental to the special manager's function. That is a normal power and a normal statutory provision. There is nothing unusual in it. Section 24(3) states: "A director or other officer of a relevant institution or a subsidiary of a relevant institution that is under special management remains bound to...
- Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)
Brian Lenihan Jnr: Yes, to the extent that they are relieved of their obligations by the operation of the special manager. The special manager could opt to leave the board in place to perform certain functions. There is nothing to stop the special manager doing so.
- 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: Section 24 permits the special manager to determine the role, if any, of the directors and officers in the relevant institution and its subsidiaries during the special management. He might decide that there is a very good audit committee but a very poor risk committee-----
- Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)
Brian Lenihan Jnr: -----and he might decide to leave the audit committee in place.
- Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)
Brian Lenihan Jnr: No.
- 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: That is in respect of the removal of a director, secretary or another officer. It does not concern the relationship between the special manager and the directors. This is in a separate section, section 24. Section 23 is contingent on ministerial consent; section 24 is not.
- Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)
Brian Lenihan Jnr: The relevant paragraphs, 22(1)(f), (g) and (h) deal with ministerial consent to enforcement procedures against credit institutions in the context of special management. It is not possible to give the Minister such veto powers in regard to the Central Bank, the European Central Bank or any other national central bank in the euro system. This section protects what Senator O'Toole described at...
- Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)
Brian Lenihan Jnr: -----the integrity, autonomy and independence of the European Central Bank system and its associated national banks.
- Seanad: Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages (16 Dec 2010)
Brian Lenihan Jnr: Yes, he can certainly sell the assets. I must consider whether he can sell the institution as a whole. He can certainly divest it of assets.