Results 7,441-7,460 of 16,537 for speaker:Brian Lenihan Jnr

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Brian Lenihan Jnr: That is always one of the great difficulties with all economic advice — it tends not to come from disinterested parties. A number of financial instruments are available which can be used to acquire these positions in the shares of publicly listed companies without acquiring direct control of them. Clearly these instruments are used increasingly by investors to avoid disclosure of their...

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Brian Lenihan Jnr: I move amendment No. 7: In page 11, after line 29, to insert the following subsection: "(2) This Act (other than paragraphs (d) and (e) of section 3) shall come into operation on such day or days as the Minister may, by order or orders, appoint either generally or with reference to any particular purpose or provision, and different days may be so appointed for different purposes or different...

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Brian Lenihan Jnr: We spoke about this on Committee Stage.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Brian Lenihan Jnr: Is the amendment being moved?

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Brian Lenihan Jnr: I answered the question.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Brian Lenihan Jnr: I said the closed matters were brought to Government in the House——

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Brian Lenihan Jnr: The matter will be dealt with on that basis.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Brian Lenihan Jnr: Of course.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Brian Lenihan Jnr: I agree with Deputy O'Donnell. The most important matter is to ensure resumption in the flow of credit from the banks to the economy and those who wish to borrow money for consumer, commercial and business purposes. That is the core objective of all our work here. There has been a great deal of concern voiced by the Deputy, me and others to the banks about the flow of credit to viable...

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Brian Lenihan Jnr: I understand the concerns expressed by Members but we should focus on the realities rather than on abstractions. The reality is I fear the House would know all about it had I to invest or give a direction on a sum in excess of €7 billion. The Minister must be given freedom of manoeuvre regarding this legislation because it concerns investment in particular institutions. Currently, the...

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Brian Lenihan Jnr: That is correct.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Brian Lenihan Jnr: There is no direction yet. A signal was made.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Brian Lenihan Jnr: The Deputy referred to section 3(c). I do not know whether we are speaking to that section, but I will address it. I appreciate——

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Brian Lenihan Jnr: I will try to help the Deputy. The section allows the fund to accept funds or assets for its benefit from sources other than the Central Fund if so directed by the Minister. Currently, the commission can only accept contributions from the Central Fund, which previously included a surplus of tax receipts that could have been transferred on the 1% basis to the pension fund. The Central Fund...

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Brian Lenihan Jnr: ——this building could, in theory, be transferred into the pension fund under this section.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Brian Lenihan Jnr: The crucial point is that there are no current proposals to do so. However, Deputy Morgan is right in that we are taking power to do so. Regarding the core issue of the amendment, the Minister must form an opinion after consultation with the Central Bank and the Financial Regulator and only to deal with serious disturbances or potential serious damage to the financial system. Clearly, the...

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Brian Lenihan Jnr: We are discussing a power of direction.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Brian Lenihan Jnr: The Eircom proceeds were put into the pension fund.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Brian Lenihan Jnr: Yes, this is the reason for this legislation.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages (4 Mar 2009)

Brian Lenihan Jnr: First of all, this is not a normal position. Deputy O'Donnell refers to billions of euro of investments. The NTMA issues bonds worth billions without reference either to me or the House. The State must engage in commercially sensitive operations. The lending of money by or borrowing for the State is a commercially sensitive operation. I do not arrive in this House and ask for prior...