Results 7,461-7,480 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: Likewise, this section is to deal with a commercially sensitive context. As Deputy Bruton may not have heard my previous explanation, I will repeat it. When the investment is made in the recapitalised institutions, the sole assets remaining in the pension fund will be equities or ordinary shares. Surely the State cannot advertise in advance its intentions to dispose of them? Any disposal...

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

Brian Lenihan Jnr: While I do not state I am minded to do this, were I to give a public direction to the pension fund to invest further in the three credit institutions, of necessity, the market then would infer that the pension fund would immediately need to dispose of an amount of its shareholding. That is a commercially sensitive operation and that constitutes market sensitive information. The Deputy is...

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

Brian Lenihan Jnr: If the Deputy bears with me for a moment, there is no market sensitivity attached to that operation because it would be done exclusively with State moneys. It would necessarily have to be disclosed by me because it would emerge immediately and in any event, in the Exchequer accounts in a matter of days. I wish to make one further point in reply to Deputy O'Shea, who grasped my point. I...

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

Brian Lenihan Jnr: All my public comments made clear that such recapitalisation would be funded from realisable assets within the fund.

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

Brian Lenihan Jnr: Any such investment by the Minister or the National Pensions Reserve Fund would come to light in a matter of days. As a matter of practical commercial reality, the Minister cannot conceal such an operation.

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

Brian Lenihan Jnr: These matters are not generally accepted. The Deputy has referred to the views of Citigroup which has itself gone through three capitalisations. It is hardly an authority on the subject.

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

Brian Lenihan Jnr: It is not. I have not said that. The Government has not committed itself to that.

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

Brian Lenihan Jnr: I have no plans to put further taxpayers' money into the banks. I made it clear at the time of the recapitalisation statement that this was our strategy in regard to recapitalisation and that the next matter we have to examine is the control and elimination of the risks associated with certain assets in the banking system. I made that clear at the time of the recapitalisation announcement.

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

Brian Lenihan Jnr: We are now a Fianna Fáil-Green Party Government.

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

Brian Lenihan Jnr: If they could get out.

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

Brian Lenihan Jnr: When the Credit Institutions (Financial Support) Bill was before the House, many Members expressed reservations about the levels of remuneration and bonus arrangements that were in operation for senior banking executives. That debate continued in the discussion on the scheme the Government drew up on foot of the Credit Institutions (Financial Support) Act in connection with the guarantee....

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

Brian Lenihan Jnr: Of course I realise it.

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

Brian Lenihan Jnr: It has been submitted to Cabinet. That question is not in order.

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

Brian Lenihan Jnr: The report was received yesterday. There was a Private Members' motion and an amendment and an amount of legislation to bring through the House. It is open to a Minister to bring any matter of public importance to the Government for decision. This is a matter of sufficient public importance to require a Government decision. In answer to what Deputy Bruton indicated, I agree with him that...

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

Brian Lenihan Jnr: Who suggested the Deputy was uneducated?

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

Brian Lenihan Jnr: The report arrived yesterday.

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

Brian Lenihan Jnr: As I indicated, I intend to bring the report before the Government and that is the reason the report is being treated as confidential. This is the normal practice with reports which are brought before the Government. I do not know if there is very much I can add to this discussion because the core point is that this House agreed last October to a method of determination of senior executive...

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Second Stage (Resumed) (4 Mar 2009)

Brian Lenihan Jnr: I thank the Deputies for their contributions. I am happy to clarify a number of issues that were raised during the debate. A number of issues more relevant to the recapitalisation strategy have been raised in the proposed amendment to the motion for a Second Reading. I do not accept the case for the amendment. Indeed, in regard to the Fine Gael Party, I am disappointed it tabled a motion...

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Second Stage (Resumed) (4 Mar 2009)

Brian Lenihan Jnr: The Deputy expressed a specific concern about the adequacy of the capitalisation which was proposed for each of the institutions. It is important to note that the impact of the Government's proposed investment has been assessed to increase AIB's core capital to €12 billion and Bank of Ireland's to €11 billion. In addition, Deputies should be aware that the existing reserves of the banks...

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

Brian Lenihan Jnr: I am checking that.