Results 7,741-7,760 of 19,445 for speaker:Brian Cowen

Order of Business (17 Feb 2009)

Brian Cowen: I understand that legislation is to come to the House as soon as possible.

Leaders' Questions (17 Feb 2009)

Brian Cowen: It is very important that we protect the integrity of the financial system. Everything we have done has been with that in mind. I do not accept Deputy Kenny's contention that advice was ignored. In September the full advice was that all financial institutions of systemic importance had to be protected and dealt with in the way that we did. Deputy Kenny went on to talk about the...

Leaders' Questions (17 Feb 2009)

Brian Cowen: On the specific issue raised by Deputy Kenny, as I said, the governance questions were coming to light as we were making the decision on nationalisation and it was decided that this was what needed to be done. We did it for that reason.

Leaders' Questions (17 Feb 2009)

Brian Cowen: In regard to the second matter, I do not know any names. I am not involved in any names.

Leaders' Questions (17 Feb 2009)

Brian Cowen: In the interests of the seriousness of the question being raised, I wish to respond to the Deputy. Whatever about Deputy McGinley's prejudices towards me, when I make a statement, I stand by that statement. I wish to make it very clear that I do not know the names of any people involved in this process, nor is it my function——

Leaders' Questions (17 Feb 2009)

Brian Cowen: If we are not going to have a civilised discussion, fair enough.

Leaders' Questions (17 Feb 2009)

Brian Cowen: A meeting took place last March at which the governor indicated to me, as Minister for Finance, that a situation was developing in regard to the contracts for difference issue in Anglo Irish Bank. That had to be dealt with by the bank. It proceeded with that and Mr. Quinn made a statement on 13 July relating to it. It was indicated at that time that the matter had been resolved. I had no...

Leaders' Questions (17 Feb 2009)

Brian Cowen: I want to be clear with Deputy Gilmore. There is no reference to this matter in the PricewaterhouseCoopers report. Deputy Gilmore referred to arrangements that were the other part of the resolution of this unwinding of the CFDs that Mr. Quinn had built up in the bank. Regarding loans by Anglo Irish Bank to customers for the purchase of Anglo Irish Bank shares and the Government's knowledge...

Leaders' Questions (17 Feb 2009)

Brian Cowen: As I explained to Deputy Gilmore with regard to the overhang of shares, I, as Minister for Finance, was informed, to ensure that the impact on the stability of the bank would be off-loaded and unwound. That was a matter which Anglo Irish Bank was proactive in seeking to achieve, as it understood the difficulty being caused. Others were gambling or suggesting——

Leaders' Questions (17 Feb 2009)

Brian Cowen: ——that the share price would go down. These were in hedge funds or whatever.

Leaders' Questions (17 Feb 2009)

Brian Cowen: I am not having an argument about what words to use. I am trying to explain to people the context of what was going on and why it was important it be unwound. Part of that was the conversion of those contracts for difference to 15% of shareholding for the Quinn family. There was also the other question of other investors taking up the remainder. As I understand it, all of those ten were...

Leaders' Questions (17 Feb 2009)

Brian Cowen: No. I am trying to explain the facts. The Financial Regulator obtained legal advice from Anglo Irish Bank's advisers regarding the fact that this transaction was in compliance, and this was accepted at the time. It was a matter between the Financial Regulator and the bank rather than one involving me as Taoiseach or the Minister for Finance.

Leaders' Questions (17 Feb 2009)

Brian Cowen: I would like to answer the questions raised.

Leaders' Questions (17 Feb 2009)

Brian Cowen: The issue, as I understand it, was accepted by the Financial Regulator at the time on the basis of the legal advice furnished.

Leaders' Questions (17 Feb 2009)

Brian Cowen: No.

Leaders' Questions (17 Feb 2009)

Brian Cowen: It was the legal advice of Anglo Irish Bank.

Leaders' Questions (17 Feb 2009)

Brian Cowen: The due diligence that arose in December raised certain questions which were referred to the Financial Regulator, who also referred them to the Office of the Director of Corporate Enforcement. As I have said in regard to this matter, it would not be appropriate to bring forward partial information which is still under investigation. We await the outcome. What we are concerned with here...

Order of Business (17 Feb 2009)

Brian Cowen: The Order of Business today shall be as follows: No. 7, motion re: referral to joint committee of proposed approval by Dáil Éireann of the Planning and Development (Regional Planning Guidelines) Regulations 2009; No. 8, motion re: referral to select committee of proposed approval by Dáil Éireann for the transfer of command of the Irish contingent currently serving in Chad with EUFOR...

Order of Business (17 Feb 2009)

Brian Cowen: I outlined the position regarding the Foreshore Acts to Deputy Kenny for two weeks in a row. The Minister for Communications, Energy and Natural Resources was present here when I suggested that he consult with his colleague, the Minister for the Environment, Heritage and Local Government, on developing an appropriate framework for offshore renewable energy resources through revision of the...

Order of Business (17 Feb 2009)

Brian Cowen: There has been comment in the media on the issue of compellability, an issue of interest and importance to people. If changes are to be made to compellability, they must be done carefully and subject to scrutiny. The Supreme Court has held that Oireachtas committees cannot use their compellability powers to make adverse findings of fact or opinion against a non-Member of the Oireachtas; it...