Results 9,561-9,580 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: The mandatory character of the amendment limits the position rather than helps it. With regard to the boards, I have made it clear somebody should be on the board in the public interest. The details of that must be worked out with the relevant institutions. They have either charters, constitutions, founding documents or articles of incorporation. Clearly, that cannot be imposed on a...

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

Brian Lenihan Jnr: I have not proposed the establishment of such a committee. A member of the Deputy's party put forward the idea and I indicated that I would be receptive to it. When we discuss banking matters, it is important that we have some forum in which to do so with candour in the House.

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

Brian Lenihan Jnr: It is difficult for the Central Bank to put matters on the record constantly, which would be reported on and observed in the financial press worldwide.

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

Brian Lenihan Jnr: In the term "commercial or other terms", the deletion of the words "or other" in section 6(4) would mean that the Minister was precluded from providing financial support on other than commercial terms in circumstances of grave financial instability. This could impact on the Minister's role in maintaining financial stability and, therefore, I cannot accept the amendment.

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

Brian Lenihan Jnr: On amendment No. 19a the issue raised by the Deputy is important. It must be a priority for public policy to ensure that all have access to credit. This ensures that people do not find themselves needing to resort to the services provided by licensed moneylenders. Having said this, section 5 provides for the preparation of a scheme relating to the issues encompassed by subsection 4 on the...

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

Brian Lenihan Jnr: It does not apply.

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

Brian Lenihan Jnr: I want to put some matters on the record, and there may be some time left after I have spoken. Deputy Bruton——

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

Brian Lenihan Jnr: Under Standing Orders I am allowed to intervene on Committee Stage.

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

Brian Lenihan Jnr: I will try to leave some time but I want to put certain matters on the record of the House arising from queries that have arisen. It is in the public interest.

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

Brian Lenihan Jnr: That is the first point.

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

Brian Lenihan Jnr: Deputy Shatter raised a question which was subsequently raised by Deputy Rabbitte during the last section about a domestic credit institution under this legislation which was taken over by a bank from another jurisdiction and became a wholly owned subsidiary of that jurisdiction. He asked whether it would continue to benefit from the guarantee scheme envisaged in this——

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

Brian Lenihan Jnr: Yes, equally in that circumstance. As noted by Deputies, the crucial, fundamental point in this legislation is in section 6, that financial support "may" be provided in a formal manner determined by the Minister. The Minister is not required to provide financial support under this legislation. A scheme will be brought to the Houses for discussion and, if approved, it will be implemented in...

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

Brian Lenihan Jnr: Were a permanent instability established, the Government's policy would be to take shares.

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

Brian Lenihan Jnr: Not necessarily. I am answering the question in Deputy Burton's amendment, that it should be mandatory to take shares. I am outlining circumstances in which we would take shares. I am also suggesting there could be a temporary shortage of liquidity where the taking of shares might not be essential and where a more valuable consideration could be obtained, The crucial point is that if an...

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

Brian Lenihan Jnr: I seem to have had a sex change.

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

Brian Lenihan Jnr: The reason we are doing it this way is that the Seanad is sitting later this morning and the Bill could not be dealt with by the Bills Office in time for the Seanad if we were to amend it here. We will be back at 10.30 a.m. to deal with the Bill if the Seanad chooses to amend it. On Deputy Shatter's point in regard to section 5, Deputy Bruton should note also that the regulations under...

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

Brian Lenihan Jnr: The debate on this section has wandered way beyond the amendment to which I have to reply. I will deal with all of Deputy Burton's questions as the Bill proceeds. However, the Deputy is speaking on subsequent sections of the Bill.

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

Brian Lenihan Jnr: That is in section 6.

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

Brian Lenihan Jnr: I do not.

Credit Institutions (Financial Support) Bill 2008: Second Stage (30 Sep 2008)

Brian Lenihan Jnr: When I telephoned Deputy Kenny at 7 a.m. this morning and explained to him the circumstances in which the State found itself in regard to financial stability, he responded without hesitation that he would support any measure the Government brought forward. Of course, it is natural and correct that in the course of the day Deputies would express reservations or doubts, or that in the course...