Results 6,241-6,260 of 19,445 for speaker:Brian Cowen

Order of Business (11 Jun 2009)

Brian Cowen: Legislation is currently before the Seanad for Committee Stage. I would point out that all sectors of the economy have had to make a contribution to assist those most in need in terms of funding in order to maintain public services. The Minister for Finance, being as fair as possible, looked at the areas for additional tax revenues in the context of the fiscal challenges the country faces....

Order of Business (11 Jun 2009)

Brian Cowen: I do not have the information before me and must ask the Minister for Justice, Equality and Law Reform to revert to the Deputy on those issues.

Order of Business (11 Jun 2009)

Brian Cowen: There is no plan for a supplementary health budget. The plan to contain costs within hospital's budget allocation, which focuses on savings in indirect costs and seeks to protect front line services, is currently being negotiated. That does not involve the curtailment of cancer services at the hospital.

Leaders' Questions (10 Jun 2009)

Brian Cowen: There is a purpose to the injection into Anglo Irish Bank of up to €4 billion and any alternative approach would be far more negative for the taxpayer. It is important that we ensure this bank, which is of systemic importance in financial terms to the financial system of the country, is allowed to restructure and to de-leverage. We must ensure we minimise the exposure to the taxpayer....

Leaders' Questions (10 Jun 2009)

Brian Cowen: I have explained what the story is. If Deputy Kenny does not know what the story is, then he should know.

Leaders' Questions (10 Jun 2009)

Brian Cowen: What is clear is that on 29 May the bank published its half-yearly accounts for the period to the end of March of this year. These showed a pre-tax loss of over €4 billion, mainly due to a write-off of some of the loan book. That represented a significant deterioration in the bank's position since it was nationalised in January and its assessment has been confirmed by...

Leaders' Questions (10 Jun 2009)

Brian Cowen: The decision to nationalise Anglo Irish Bank was a last resort for protecting both customers of Anglo Irish Bank, who were substantial employers in all sections of the economy, and also for ensuring that the remainder of the Irish financial system could access the funding that provides credit to all businesses, including our small and medium-sized enterprises. Anglo Irish Bank's business...

Leaders' Questions (10 Jun 2009)

Brian Cowen: The priority with regard to this bank is clearly that it recovers to the greatest extent possible the loans it has advanced. As a nationalised bank, the Government must ensure that it is supported in that effort.

Leaders' Questions (10 Jun 2009)

Brian Cowen: If Deputy Kenny has an alternative approach-----

Leaders' Questions (10 Jun 2009)

Brian Cowen: The alternative approach suggested by Deputy Kenny is to default all around, destroy the credibility of our banking system and-----

Leaders' Questions (10 Jun 2009)

Brian Cowen: No, it is not.

Leaders' Questions (10 Jun 2009)

Brian Cowen: The comments from Deputy Kenny, with respect, have been consistently irresponsible on this matter.

Leaders' Questions (10 Jun 2009)

Brian Cowen: We hold no brief for any bad governance in this bank and we have nationalised it as a matter of last resort. We will seek to ensure that it is restructured and will be leveraged over the coming period so that the exposure to the taxpayer is minimised and protected to the greatest extent possible.

Leaders' Questions (10 Jun 2009)

Brian Cowen: With regard to the capital injection of €4 billion by the Government, this was to help the bank's capital position to enable it to buy back certain debt instruments at less than their par value and which will help its capital position. This measure is similar to that announced by a number of banks. Details of the buy-back will be finalised in the coming weeks. The board is finalising a...

Leaders' Questions (10 Jun 2009)

Brian Cowen: I indicated to the Deputy it is important to point out that a capital injection of €4 billion into this bank was required in order to ensure that the capital position of the bank was such that it can continue until we can arrange for restructuring and can devise a new business plan for the bank. If the suggestion implied in-----

Leaders' Questions (10 Jun 2009)

Brian Cowen: I know that. I want to explain, as I am entitled to do. The Deputy suggested that we are simply-----

Leaders' Questions (10 Jun 2009)

Brian Cowen: I must be allowed answer the question.

Leaders' Questions (10 Jun 2009)

Brian Cowen: I wish to answer the question in the following way, if I may, because the suggestion was that there was €4 billion available to go into a bank which might have gone everywhere else. The suggestion was that we just decided to support a bank rather than supporting public services. The answer is that we have to support the financial system in this situation because the alternative of winding...

Leaders' Questions (10 Jun 2009)

Brian Cowen: It would be a far greater liability because the level of deposits in the bank are up to €64 billion. One must understand what the alternatives are in these situations. If the suggestion is, as some people have it, that we should let everyone swing and let the bank go that would leave the State open to a possible exposure of up to €60 billion. That is the situation and we could not...

Leaders' Questions (10 Jun 2009)

Brian Cowen: There is a great deal of irresponsible talk here, with respect, in order to make the populist contention that in respect of this bank we are trying to prefer powerful interests in banks rather than looking after the affairs of the country.