Results 8,041-8,060 of 16,537 for speaker:Brian Lenihan Jnr

Financial Transactions (11 Feb 2009)

Brian Lenihan Jnr: However, huge damage has been done to the reputation of this country by the various activities which took place in the bank. The Deputy pursued the question of my own awareness of this particular matter and I indicated in my reply that I did not become aware of it until the middle of January of this year. Information about the transaction was contained in the extensive...

Financial Transactions (11 Feb 2009)

Brian Lenihan Jnr: It was one of the factors which led me to the conclusion that I should recommend to my colleagues the nationalisation of the bank. However, because it was a matter pertaining to a customer of the bank, I did not put it before my colleagues or the Taoiseach in explicit terms because confidence in a bank over which we have now taken ownership would be shattered if the Minister for Finance...

Financial Transactions (11 Feb 2009)

Brian Lenihan Jnr: I immediately insisted that the matter be reported back to me by the board of the bank. As Deputies will be aware, that board was reconstituted immediately following the bank's nationalisation. The board indicated to me that it intended to put the matter into the public domain with its annual report. That is the position in respect of this matter. I agree with Deputy Ó Caoláin that if...

Financial Transactions (11 Feb 2009)

Brian Lenihan Jnr: I read extensive parts of the PricewaterhouseCoopers report which my officials outlined to me as being of fundamental importance.

Financial Transactions (11 Feb 2009)

Brian Lenihan Jnr: No, I did not read that particular passage in the report.

Financial Transactions (11 Feb 2009)

Brian Lenihan Jnr: My officials were concerned about the matter and they referred it to the regulator. In regard to the position of the banking sector, throughout the time since my appointment in 2008 the sector was in a state of considerable fragility.

Financial Transactions (11 Feb 2009)

Brian Lenihan Jnr: The sector was certainly encouraged by the Central Bank and the Financial Regulator to engage in whatever liquidity operations were possible to protect the various banking institutions. The transaction did not appear on the face of it to be immediately culpable and that was the position in regard to it initially.

Financial Transactions (11 Feb 2009)

Brian Lenihan Jnr: On whether the matter was taken into account when the decision on capitalisation was made——

Financial Transactions (11 Feb 2009)

Brian Lenihan Jnr: ——it was not taken into account at that stage because it was still under investigation by the regulator. Regarding the decision on capitalisation, €1.5 billion was at that stage the recommended figure to generate sufficient confidence in the institution to maintain its financial stability. On foot of the decision to capitalise, a more extensive and intensive due diligence investigation...

Financial Transactions (11 Feb 2009)

Brian Lenihan Jnr: Let me finish. In all these transactions, the issues raised involving corporate governance were such that I had to advise the Government and Taoiseach, who was abroad at the time, of them. In regard to this issue, I simply left the matter with my colleagues as a general issue of corporate governance and then proceeded with introduction of the Bill on nationalisation in this House. I...

Financial Transactions (11 Feb 2009)

Brian Lenihan Jnr: My Department is in constant contact with the Financial Regulator and refers matters to him on an ongoing basis. There is nothing unusual in my Department referring a matter to the Financial Regulator. It would not be the practice for my Department to always advise me of what matters have been referred to the Financial Regulator.

Financial Transactions (11 Feb 2009)

Brian Lenihan Jnr: As I outlined to the House, my Department queries a constant stream of matters with the Financial Regulator. It is not unusual for my Department — in fact it is quite common — not to advise me of all matters that are referred to the Financial Regulator. There is nothing unusual in a reference to the Financial Regulator.

Financial Transactions (11 Feb 2009)

Brian Lenihan Jnr: We are not ruined. We are, Deputy Rabbitte, served by good officials at the Department of Finance.

Financial Transactions (11 Feb 2009)

Brian Lenihan Jnr: With regard to the transaction in question, as I said already, throughout last year the institutions were in a stressed condition and requests were made by the Central Bank and the Financial Regulator for the institutions to support themselves. That is not a feature of banking practice unique to Ireland. A feature of banking practice which took place in all European countries last year and...

Financial Transactions (11 Feb 2009)

Brian Lenihan Jnr: To be helpful to the Deputy, corporations are customers too.

Financial Transactions (11 Feb 2009)

Brian Lenihan Jnr: I wish to make clear, in respect of the PricewaterhouseCoopers report, that it listed a number of risk factors.

Financial Transactions (11 Feb 2009)

Brian Lenihan Jnr: This was not a risk factor listed in the report, which is an important point I would like to put on the record of the House.

Financial Transactions (11 Feb 2009)

Brian Lenihan Jnr: I outlined already that I worked through the report. I did not read the report in its entirety but focused on the risk factors outlined therein.

Financial Transactions (11 Feb 2009)

Brian Lenihan Jnr: If Deputies wish me to reply to their questions they must listen to me. This was not a risk factor listed in the report.

Financial Transactions (11 Feb 2009)

Brian Lenihan Jnr: This was described in the report as an issue. On that basis, my Department referred it to the Financial Regulator. On the precise details of the transaction, I reiterate what I have already put on the record of the House. On the transaction with Irish Life & Permanent, I am advised that Anglo Irish Bank placed funds with Irish Life & Permanent. A non-bank subsidiary company of Irish Life &...