Results 9,521-9,540 of 16,537 for speaker:Brian Lenihan Jnr

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

Brian Lenihan Jnr: No, I am satisfied that I have sufficient power.

Seanad: Credit Institutions (Financial Support) Bill 2008: Second Stage (1 Oct 2008)

Brian Lenihan Jnr: I will speak about Monday evening later. On the other side of the equation, one has the option of nationalising one, two or three vulnerable institutions. Does anyone believe that if we had nationalised an institution, it would not have resulted in a run on all the institutions in a small country such as this? We must devise policy which is appropriate for our country. As far as Europe is...

Seanad: Credit Institutions (Financial Support) Bill 2008: Second Stage (1 Oct 2008)

Brian Lenihan Jnr: At the end of the day, there are six banks which would be orphaned without us. Europe was not prepared to adopt them. Therefore, we had to take decisions.

Seanad: Credit Institutions (Financial Support) Bill 2008: Second Stage (1 Oct 2008)

Brian Lenihan Jnr: I would be delighted to see the putting in place of a Europe-wide system. I would fear a retreat to economic nationalism or isolationism such as happened after the Great Crash in the United States in 1929. I agree with those Senators who urged me to take the issue up at ECOFIN and within the eurozone group of Ministers to determine if we can we have a Europe-wide protection for banks...

Seanad: Credit Institutions (Financial Support) Bill 2008: Second Stage (1 Oct 2008)

Brian Lenihan Jnr: ——and the ratification of it which the Houses have given. I appreciate the support which has been given on all sides for this measure but I am also deeply conscious of the responsibility it will impose upon me in the days and weeks ahead. I want to update the House on the progress we have arrived at in designing the scheme and the plans we have for it because it is an important one. My...

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

Brian Lenihan Jnr: The Bill is necessary to allow the State to act urgently and decisively in respect of a complex issue when markets are volatile, while keeping the Houses informed of the details. This amendment would prevent the legislation from coming into operation, except in respect of section 7, until the scheme was approved by both Houses. The purpose of the Bill is to enable prompt, effective and...

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

Brian Lenihan Jnr: That is an extremely pertinent question. As previously indicated, it is intended, subject to the commercial discussions which must take place, to confer the guarantee upon the six domestic banks. Section 6(1), which is the core provision in respect of guarantees, states that the Minister may provide financial support. Section 6(4), which relates to the guarantee clause, states "Financial...

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

Brian Lenihan Jnr: We are rightly involved now.

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

Brian Lenihan Jnr: It can.

Seanad: Credit Institutions (Financial Support) Bill 2008: Second Stage (1 Oct 2008)

Brian Lenihan Jnr: What tent is the Senator talking about?

Seanad: Credit Institutions (Financial Support) Bill 2008: Second Stage (1 Oct 2008)

Brian Lenihan Jnr: They do not know that.

Seanad: Credit Institutions (Financial Support) Bill 2008: Second Stage (1 Oct 2008)

Brian Lenihan Jnr: First, I thank Members for their diligence in attending to this legislation, which did not commence in this House until after midnight. I understand this is the first time since the foundation of the State that Seanad Éireann has sat and considered all stages of legislation after midnight. There is a reason for this. Markets are watching Ireland all the time and it is important that we...

Seanad: Credit Institutions (Financial Support) Bill 2008: Second Stage (1 Oct 2008)

Brian Lenihan Jnr: Such a measure would have further overheated an already overheated housing sector.

Seanad: Credit Institutions (Financial Support) Bill 2008: Second Stage (1 Oct 2008)

Brian Lenihan Jnr: We have a collective responsibility.

Seanad: Credit Institutions (Financial Support) Bill 2008: Second Stage (1 Oct 2008)

Brian Lenihan Jnr: There seemed to be an obsession with chasing the vote in south Dublin at the expense of the coping classes and younger people.

Seanad: Credit Institutions (Financial Support) Bill 2008: Second Stage (1 Oct 2008)

Brian Lenihan Jnr: The reason I raised the contentious issue of the abolition of stamp duty is that people want us to deal with the problems they have, rather than analysing the past.

Seanad: Credit Institutions (Financial Support) Bill 2008: Second Stage (1 Oct 2008)

Brian Lenihan Jnr: I want to address again the issue of the punch bowl because the Central Bank was not in charge of it. Since we joined the euro, we have had very low interest rates. That is the fundamental cause of the overheating which occurred in the economy. In the circumstances in which we now find ourselves, we must make a principled decision about which direction to take. I am pleased Senators have...

Seanad: Credit Institutions (Financial Support) Bill 2008: Second Stage (1 Oct 2008)

Brian Lenihan Jnr: The Senator has no solution.

Seanad: Credit Institutions (Financial Support) Bill 2008: Second Stage (1 Oct 2008)

Brian Lenihan Jnr: The Senator wants me to reveal the details of a confidential meeting.

Seanad: Credit Institutions (Financial Support) Bill 2008: Second Stage (1 Oct 2008)

Brian Lenihan Jnr: I am not attacking the Senator.