Results 6,721-6,740 of 16,537 for speaker:Brian Lenihan Jnr
- Mortgage Redemption Fees. (13 May 2009)
Brian Lenihan Jnr: As part of the recapitalisation, a number of initiatives were taken in regard to the protection of those with distressed loans in the recapitalised institutions. The Financial Regulator has drawn up a code of practice which applies to all institutions.
- Banks Recapitalisation. (13 May 2009)
Brian Lenihan Jnr: My Department is in ongoing discussions with Anglo Irish Bank on a range of matters, including the bank's capital position. The Government has stated that support will be provided as necessary to Anglo Irish Bank, consistent with EU state aid requirements. As the Deputy will be aware, Anglo Irish Bank was taken into public ownership to ensure the stability of the bank and the financial...
- Banks Recapitalisation. (13 May 2009)
Brian Lenihan Jnr: An exact figure has not been reported to my Department. The matter is still under examination at my Department and the relevant information will be provided as it emerges. In regard to the review of the loan books, Anglo Irish Bank is currently finalising its half-year accounts to be published at the end of May. As part of the preparation for the publication of these accounts, I understand...
- Banks Recapitalisation. (13 May 2009)
Brian Lenihan Jnr: The report has been received.
- Banks Recapitalisation. (13 May 2009)
Brian Lenihan Jnr: I do not have further details of that report to hand but it has been received and we are in discussion with the board of Anglo Irish Bank about it.
- Banks Recapitalisation. (13 May 2009)
Brian Lenihan Jnr: There are so many assumptions in the Deputy's questions that I wonder where to begin. NAMA is being established under the aegis of the National Treasury Management Agency. In bailing out Anglo Irish Bank it is bailing out the taxpayer, because the taxpayer now owns Anglo Irish Bank. Therefore, I do not see the relevance of the use of the word "bailout". The transactions that will take...
- Banks Recapitalisation. (13 May 2009)
Brian Lenihan Jnr: My reply was not vague. Of course Anglo Irish Bank will be covered by NAMA, because it is owned by the taxpayer. What I was pointing out clearly, when Deputy Burton used the word "bailout", was that Anglo Irish Bank is now owned by the State - the taxpayers. The valuation procedure as between NAMA and Anglo Irish Bank carries no risk for the taxpayer whatsoever.
- Banks Recapitalisation. (13 May 2009)
Brian Lenihan Jnr: To answer the question, I do not have that information to hand. I accept new business has been limited in extent.
- Banks Recapitalisation. (13 May 2009)
Brian Lenihan Jnr: We can contact the board.
- Banks Recapitalisation. (13 May 2009)
Brian Lenihan Jnr: I am not elaborating beyond what I said in the Budget Statement, because we are in discussions with the European Commission. Anything we do will be in line with practice that has taken place already in the United Kingdom, France and in many other European countries.
- National Assets Management Agency. (13 May 2009)
Brian Lenihan Jnr: It is my stated intention that enabling legislation for the establishment of NAMA will be introduced during the summer Dáil session. As is the case with all legislation, the Dáil will have the opportunity to debate the Bill when it is brought before the House. I have established a steering group comprising representatives of my Department, the Office of the Attorney General and the NTMA...
- National Assets Management Agency. (13 May 2009)
Brian Lenihan Jnr: This is not a matter of one approach pioneered by one group. This was a very detailed exercise carried out within the NTMA, which advises the State on financial matters, building on its expertise and the analysis of the banks' loan books, which has been demonstrated since last September. The Government examined matters carefully. The Government and I agree with Deputy Bruton to the extent...
- National Assets Management Agency. (13 May 2009)
Brian Lenihan Jnr: I have discussed approaches taken in the French Republic with individuals who administered them, and what we propose is in line with what was proposed there.
- National Assets Management Agency. (13 May 2009)
Brian Lenihan Jnr: The Government will act on legal challenges on sound legal advice provided by the Attorney General and will ensure anything proposed is in accordance with the Constitution and law. It is incorrect to suggest that non-performing loans outside the land and development books will be taken over, other than non-performing loans associated with persons who are non-performing in the land and...
- National Assets Management Agency. (13 May 2009)
Brian Lenihan Jnr: Because clearly, if they are non-performing in the land and development category they are seriously exposed and it would be irrational not to include the totality of their exposures.
- National Assets Management Agency. (13 May 2009)
Brian Lenihan Jnr: Because the degree of impairment to our banks is greatest in the land and development book. That is why that section of the banks' exposures is being systematically tackled.
- National Assets Management Agency. (13 May 2009)
Brian Lenihan Jnr: The crucial point about all these figures is book value and that brings us back to the crucial question of valuations.
- Unemployment Levels. (13 May 2009)
Brian Lenihan Jnr: In the recent budget, my Department projected that GNP would contract by 8% this year and by 2.8% next year. Combined with the 3.1% contraction which was recorded last year, this implies a cumulative decline in national income of almost 13.5% over the 2008-10 period. In other words, over the period there is virtually no difference between my Department's assessment of aggregate national...
- Unemployment Levels. (13 May 2009)
Brian Lenihan Jnr: First, the European Commission forecasts were issued on 4 May and predict GDP to contract by 9% in 2009. Concerning its forecasts on the size of the deficit, the Commission warmly welcomed the recent budget introduced here and was very supportive of it. Both the Commission and the chairman of the Finance Ministers at Eurogroup have praised the approach taken by this country with regard to...
- Unemployment Levels. (13 May 2009)
Brian Lenihan Jnr: Far from it. First, with regard to the pain I acknowledged to have been taken in this country, I was certainly not boasting about it. I was pointing out-----