Results 6,941-6,960 of 19,445 for speaker:Brian Cowen

Financial Resolution No. 11: General (Resumed). (8 Apr 2009)

Brian Cowen: We got back that money.

Financial Resolution No. 11: General (Resumed). (8 Apr 2009)

Brian Cowen: They were beaten in the semi-final.

Financial Resolution No. 11: General (Resumed). (8 Apr 2009)

Brian Cowen: Yesterday, the Minister for Finance delivered the supplementary budget. We are all aware of what it contains. This is one of the most critical budgets in the lifetime of this State. It is a budget that sets the country on a five year road to economic renewal. I regret that the budget will cause difficulties for some people, but it had to be tough. As a country, we are providing 2009...

Financial Resolution No. 11: General (Resumed). (8 Apr 2009)

Brian Cowen: My Cabinet and I are working hard and we know we have to get the balance right. We know we have to get us out of this. We are also realistic. This is the here and now and we cannot wish it away. There is no other option. While we cannot change the direction of the wind, we can adjust our sails and that is what we have done in this supplementary budget. Standing still is not an option in...

Financial Resolution No. 11: General (Resumed). (8 Apr 2009)

Brian Cowen: No.

Financial Resolution No. 11: General (Resumed). (8 Apr 2009)

Brian Cowen: That is a notional figure.

Financial Resolution No. 11: General (Resumed). (8 Apr 2009)

Brian Cowen: On a point of clarification, that figure would assume that every debt in every bank was a bad debt. That is what it would assume. That is from where the Deputy gets that figure.

Leaders' Questions (8 Apr 2009)

Brian Cowen: I reject the contention by Deputy Kenny that the Government has chosen the soft option. All taxpayers are facing difficulties as a result of the supplementary budget we had to introduce yesterday, and we are cognisant of that. At the same time, however, there is a recognition in the country that these are necessary steps. Bringing order back to our public finances is a absolute...

Leaders' Questions (8 Apr 2009)

Brian Cowen: In total, those savings amount to €4.8 billion in the full year. Quite apart from the tax increases, there were also significant expenditure savings which had to be factored into the budgetary equation. With regard to the Deputy's second point, a policy announcement was made by the Minister for Finance, Deputy Brian Lenihan, yesterday about how we can restore confidence in the economy and,...

Leaders' Questions (8 Apr 2009)

Brian Cowen: I am sorry to say that Deputy Kenny's characterisation of the proposal is totally at variance with the facts.

Leaders' Questions (8 Apr 2009)

Brian Cowen: In the course of his statement to the House yesterday the Minister for Finance stated: The potential maximum book value of loans that will be transferred to the agency is estimated to be in the region of €80 billion to €90 billion [although] the amount paid by the agency will be significantly less than this to reflect the loss in value of the properties. In the longer term, if the agency...

Leaders' Questions (8 Apr 2009)

Brian Cowen: If the Deputy wants the answer to the question, he should listen to what I am saying. As I was explaining, the policy announcement was made yesterday. Work will now proceed in regard to the evaluation of what exactly will be paid. The national asset management agency will purchase the assets through the issue to the banks of Government bonds. The amount paid by the agency will be...

Leaders' Questions (8 Apr 2009)

Brian Cowen: The question of the categories and classes of assets is work that will be undertaken by the national asset management agency upon its establishment. It will work with the banks to see which are the appropriate assets to be taken over. What we had yesterday was a policy announcement. I made this point in the debate last night and I wish to put it clearly to the House once more.

Leaders' Questions (8 Apr 2009)

Brian Cowen: Much work has been undertaken by the National Treasury Management Agency, the Department of Finance and by those who advise both bodies, including PricewaterhouseCoopers, Jones Lang LaSalle and others who have been employed during the due diligence process in examining the loan books of the covered institutions. It is estimated by these people that the book value is of the order of €80...

Leaders' Questions (8 Apr 2009)

Brian Cowen: There is a simple point to be made about this. Deputy Gilmore referred to the need to maintain jobs in this economy. If we are to maintain jobs and get back to the functioning economy we all want to see, there must be a functioning banking system. Every businessman trying to maintain and grow jobs requires access to sufficient credit in order to do his business and grow his enterprise.

Leaders' Questions (8 Apr 2009)

Brian Cowen: That is not possible at the present time due to the overhang in the banking system. It is what it is and it must be dealt with. Refusal to deal with it, as has been the Labour Party's view in regard to every proposal since we sought to deal with these problems-----

Leaders' Questions (8 Apr 2009)

Brian Cowen: Refusal to deal with it means the problem will continue and credit will not be available in sufficient funds to Irish business. We must deal with that problem. We are simply talking about transferring that problem into the national asset management agency which will work it out over a longer period. In respect of any loss that might arise as a result of that process, there will be a levy...

Leaders' Questions (8 Apr 2009)

Brian Cowen: The problem will not be resolved by simply complaining and not doing anything about it. It has to be resolved on the basis of the consensus advice available from both the National Treasury Management Agency and the Department of Finance.

Leaders' Questions (8 Apr 2009)

Brian Cowen: Those who advise confirm that this is the best way to deal with the problem that we have. It is similar to what Sweden had to do in the 1990s-----

Leaders' Questions (8 Apr 2009)

Brian Cowen: -----and to what other economies had to do when there was a banking crisis.