Results 9,461-9,480 of 16,537 for speaker:Brian Lenihan Jnr

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Brian Lenihan Jnr: With regard to the remuneration of chief executives and board members, raised by Deputy McCormack and which is the basis of the amendment tabled by Deputy Burton, I make it clear to the House that it is my firm intention that the scheme setting out the terms and conditions for banks availing of the guarantee will deal with the issue of remuneration. It is important I am not misunderstood on...

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Brian Lenihan Jnr: The reality is that, heretofore, finance and banking professionals have been highly valued and remunerated by the market. Financial institutions as a whole in Ireland, both domestic——

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Brian Lenihan Jnr: May I——

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Brian Lenihan Jnr: Financial institutions as a whole in Ireland, both domestic and those in the Irish Financial Services Centre, need highly experienced, skilled and expert people to succeed. Success must be built on a sustainable basis. Rewarding excessive and imprudent risk-taking by executives is at the heart of the serious problems that have emerged in the international financial system. For the future,...

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Brian Lenihan Jnr: What section are we on?

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Brian Lenihan Jnr: Is the Deputy referring to section 5?

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) (1 Oct 2008)

Brian Lenihan Jnr: I can assure the House that what is very clear is that this Bill provides a strong, robust, enabling framework of reforms which must take place. This will be complemented and strengthened by the details included in the scheme to be laid before the House, which will map out the real and sustained change in the banking culture of this country that this legislation is designed to achieve. An...

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) (1 Oct 2008)

Brian Lenihan Jnr: No. The Government has not yet made a decision on that.

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) (1 Oct 2008)

Brian Lenihan Jnr: As this is Committee Stage, I will have an opportunity to reply to the Deputy.

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) (1 Oct 2008)

Brian Lenihan Jnr: I will reply to the Deputy. The amendment is in a subsequent section.

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) (1 Oct 2008)

Brian Lenihan Jnr: At all stages in the drafting of this legislation it was appreciated by the Government that provision would have to be contained in the legislation dealing with credit institutions. A credit institution is an EU legal term which covers any bank in the EU. As Deputy Rabbitte rightly pointed out, many of the six named Irish domestic institutions have overseas subsidiaries and, therefore, a...

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) (1 Oct 2008)

Brian Lenihan Jnr: No. The whole basis of the selection of the six institutions was that as a sovereign State we ultimately hold responsibility in political terms for these six institutions. They are the orphans of the international banking storm in the sense that they would be if they did not have Ireland behind them. All the other institutions based here have some other sovereign to look to. Clearly, for...

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) (1 Oct 2008)

Brian Lenihan Jnr: We are still devising appropriate criteria and standards to even evaluate the issue of whether they can be admitted. We have to proceed with great care and caution in this matter. The emergency which faced the Government last Monday evening related to the six Irish domestic institutions. We have dealt with that in the legislation. I do not think the House would have thanked me for...

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) (1 Oct 2008)

Brian Lenihan Jnr: Deputy Rabbitte referred to the security. The assets, of course, are a security. They are nothing to do with the State.

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) (1 Oct 2008)

Brian Lenihan Jnr: I would like to reply to Deputy Bruton, if I may, because he raised the question of what my attitude was to an amendment — I think there is a similar amendment in the name of the Labour Party — concerning the issue of how the scheme would be submitted to the House. In the course of the debate, this matter was raised by Deputy Quinn who pointed to the fact that whereas the relevant...

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) (1 Oct 2008)

Brian Lenihan Jnr: Deputy Burton raised a number of issues. The credit default swap issue and the various methods available to assess the credit rating of the relevant institution is something that my officials and officials of the Central Bank and the Financial Regulator have investigated. The Central Bank and the Financial Regulator will report to my officials on that and the scheme will be drawn up in the...

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) (1 Oct 2008)

Brian Lenihan Jnr: Then Deputy Burton is suggesting that the balance sheets of the banks should be revised as to assets and liabilities. Capitalisation is done in financial institutions by raising equity and if the taxpayer does not put in the equity, the markets must put in the equity. The normal method of recourse for the banks is to make a rights issue and seek subscription from the public. However, as we...

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Brian Lenihan Jnr: That is what central banks always do.

Business of Dáil (1 Oct 2008)

Brian Lenihan Jnr: I so propose.

Business of Dáil (1 Oct 2008)

Brian Lenihan Jnr: Ten minutes.