Results 681-700 of 16,537 for speaker:Brian Lenihan Jnr

Credit Institutions (Stabilisation) Bill 2010: Committee Stage (15 Dec 2010)

Brian Lenihan Jnr: -----is look for an order in accordance with the statutory scope of the powers for which the Minister can apply. For example, the power to give a direction is the most topical because a direction order may be required in the case of AIB. Such an order would be applied for and confirmed by the High Court and would then take full force and effect, notwithstanding the provisions in the listed...

Credit Institutions (Stabilisation) Bill 2010: Committee Stage (15 Dec 2010)

Brian Lenihan Jnr: The powers regarding capital are also required in a resolution regime. The powers on the appointment of a special manager are frequently found in resolution statutes. The essentials of a resolution regime are contained in this Bill. Deputy Noonan made the point that these powers would normally be vested in the Governor of the Central Bank and it is intended that the permanent resolution...

Credit Institutions (Stabilisation) Bill 2010: Order for Second Stage (15 Dec 2010)

Brian Lenihan Jnr: I move: "That Second Stage be taken now."

Credit Institutions (Stabilisation) Bill 2010: Second Stage (15 Dec 2010)

Brian Lenihan Jnr: I move: "That the Bill be now read a Second Time." The Joint EU-IMF programme commits the Government to a comprehensive restructuring of our banking sector. The Credit Institutions (Stabilisation) Bill 2010 gives the Minister for Finance the necessary powers to effect that restructuring as quickly as possible. The fundamental rationale for this legislation is well expressed by the detailed...

Credit Institutions (Stabilisation) Bill 2010: Second Stage (15 Dec 2010)

Brian Lenihan Jnr: We will not go there now as we will have plenty of time later to do so. As the House will be aware, the primary elements of the programme include a substantial and immediate recapitalisation of the banks, further recapitalisations, as necessary, based on the outcome of stringent stress testing and rigorous validation of asset valuations and a substantial downsizing of the banking system...

Credit Institutions (Stabilisation) Bill 2010: Second Stage (15 Dec 2010)

Brian Lenihan Jnr: It is to ensure consistency with EU legislation. It does produce certain ironic consequences.

EU-IMF Programme of Financial Support: Motion (15 Dec 2010)

Brian Lenihan Jnr: -----against the wishes of the European Central Bank. In any country in which such experiments have taken place, the central bank has stood behind the affected banks throughout the resolution of the resulting crisis. Those who think we could unilaterally renege on senior bondholders against the wishes of the ECB are living in fantasy land. The idea that somehow there are no costs associated...

EU-IMF Programme of Financial Support: Motion (15 Dec 2010)

Brian Lenihan Jnr: Not surprisingly, this has been a profoundly dreary and dispiriting debate. Deputies need to deal in reality. Our capacity to avoid the pressing and difficult issues is remarkable. Worse than that, the use of our difficult position to score cheap political points is frankly depressing. I heard Deputy Kenny opening his contribution today by announcing that Ireland was bankrupt. That is...

EU-IMF Programme of Financial Support: Motion (15 Dec 2010)

Brian Lenihan Jnr: The Sinn Féin solution is to tax at 70% and destroy whatever jobs are left in the country.

EU-IMF Programme of Financial Support: Motion (15 Dec 2010)

Brian Lenihan Jnr: We know where that policy of excessive taxation will lead. It is most unlikely that any lenders will lend us any money to fund the State with a policy like that. You know this and you keep misleading people with these foolish economic policies.

EU-IMF Programme of Financial Support: Motion (15 Dec 2010)

Brian Lenihan Jnr: Excuse me, Deputy.

EU-IMF Programme of Financial Support: Motion (15 Dec 2010)

Brian Lenihan Jnr: I am entitled to reply to points that are made in the debate.

EU-IMF Programme of Financial Support: Motion (15 Dec 2010)

Brian Lenihan Jnr: A Leas-Cheann Chomhairle, public expenditure in this country has reached an unsustainable level. That is a fact that any Government must face. If the measures that were taken in recent years had not been taken, our borrowing requirement would have been 20% of our GDP. That is the factual position since 2008. In my budget speech, I set out the analysis of our economic problems that has...

EU-IMF Programme of Financial Support: Motion (15 Dec 2010)

Brian Lenihan Jnr: Now they have the audacity to suggest-----

EU-IMF Programme of Financial Support: Motion (15 Dec 2010)

Brian Lenihan Jnr: -----that we are not reducing numbers enough in the public sector, having campaigned with these expensive posters about more nurses, teachers and gardaí.

EU-IMF Programme of Financial Support: Motion (15 Dec 2010)

Brian Lenihan Jnr: I recall the 2002 election when Deputy Noonan led a campaign for compensation of Eircom shareholders. That was utter madness. If the electorate had not scotched that particular promise, God knows where we might be today.

EU-IMF Programme of Financial Support: Motion (15 Dec 2010)

Brian Lenihan Jnr: That would have been an interesting twist to our banking difficulties. Without the funds in the joint programme, the adjustment that Ireland would require would be much larger.

EU-IMF Programme of Financial Support: Motion (15 Dec 2010)

Brian Lenihan Jnr: The joint programme will supply the necessary funds to assist in the restructuring and recapitalisation of our banking system. It will facilitate the implementation of the necessary budgetary and reform strategies set out in the national recovery plan.

EU-IMF Programme of Financial Support: Motion (15 Dec 2010)

Brian Lenihan Jnr: The international team with whom we negotiated the joint programme agreed wholeheartedly with our national recovery plan, and the fiscal and banking measures that we have taken so far. The IMF described our measures as a clear and realistic package of policies to restore our banking system to health and put our public finances on a sound footing. The interest rate being paid on the loans is...

EU-IMF Programme of Financial Support: Motion (15 Dec 2010)

Brian Lenihan Jnr: -----compared to the rate of 5.8% at which we will borrow under this facility. The agreement provides the terms of a facility under which Ireland can choose to draw down moneys. A future Government is not obliged to avail of any drawdown. Therefore, future executive action of Government is not fettered nor is the legislative freedom of the Oireachtas. Furthermore, a future Government is...