Results 1,021-1,040 of 16,537 for speaker:Brian Lenihan Jnr
- Irish Banking: Statements (18 Nov 2010)
Brian Lenihan Jnr: No, although it is a pertinent question in these discussions. The ECB is the lender of last resort. As such, it has advanced substantial sums into the Irish banking system to ensure the system's stability. I do not want to anticipate the technical discussions, but the State is not being put in a position in these discussions of becoming a lender of last resort, since it is not a central...
- Irish Banking: Statements (18 Nov 2010)
Brian Lenihan Jnr: I was answering Deputy Rabbitte's question. What aspect of it did Deputy Sherlock not understand? I will explain myself.
- Irish Banking: Statements (18 Nov 2010)
Brian Lenihan Jnr: The current ECB interest rates on liquidity funding are 1.5%, as Deputy Rabbitte indicated. As I indicated, it will not be a focus in these discussions to somehow turn the State into a central bank lending at 4% or 5% at its own cost. These matters can be explored in the discussions. I understand that one of the issues in focus in the discussions was identified by Professor Honohan this...
- Irish Banking: Statements (18 Nov 2010)
Brian Lenihan Jnr: That is correct. It is an important issue in these discussions. Incidentally, another concern was raised.
- Irish Banking: Statements (18 Nov 2010)
Brian Lenihan Jnr: The NTMA is taking part in the discussions and clearly it is subject to my direction as Minister. With regard to the exposure of the taxpayer, the situation was made clear by the Governor of the Central Bank this morning and he was very anxious to reassure the public in that regard. The question of additional capital would not necessarily involve additional exposure for the taxpayer, other...
- Irish Banking: Statements (18 Nov 2010)
Brian Lenihan Jnr: As the Deputy acknowledged, I indicated that a special resolution regime was part of my 30 September announcement on banking. Work continues and is ongoing regarding the regime. In regard to the query as to whether it is part of the discussions, every aspect of the banking sector is, of course, under discussion. Clearly, the focus will be on that question of capital adequacy and liquidity...
- Irish Banking: Statements (18 Nov 2010)
Brian Lenihan Jnr: The Deputy insists on using the word "bailout", despite the views of the Governor of the Central Bank but-----
- Irish Banking: Statements (18 Nov 2010)
Brian Lenihan Jnr: He refers to it as loans but in any event, of course the Secretary General of the Department is involved in some of the meetings and is fully aware of the meetings that are taking place.
- Irish Banking: Statements (18 Nov 2010)
Brian Lenihan Jnr: I am not entering into a debate about discussions and negotiations. The Secretary General is involved in these talks but no decision has been taken by the Government at this stage. He is involved in the talks and in the elucidation of the proposals that can be formulated for the Government. He is also involved in direct bilateral discussions with the IMF and the European authorities but of...
- Irish Banking: Statements (18 Nov 2010)
Brian Lenihan Jnr: Yes, but it is a multilateral arrangement by the member states of the eurozone.
- Irish Banking: Statements (18 Nov 2010)
Brian Lenihan Jnr: Yes, Mr. Regling is now the manager of that fund, and we have passed the necessary legislation here in this House. That is the facility, but there is also a separate fund at the disposal of the Commission, which again would be subject to a majority vote of the ECOFIN. Then, of course, the IMF has its own funds. The IMF-----
- Irish Banking: Statements (18 Nov 2010)
Brian Lenihan Jnr: I am identifying the different funds that are available. In addition, the United Kingdom authorities have made clear that they would provide direct bilateral assistance to Ireland through the facility, or otherwise.
- Irish Banking: Statements (18 Nov 2010)
Brian Lenihan Jnr: That is a fourth possible fund, subject to the approval of the UK Parliament. The Chancellor has indicated-----
- Irish Banking: Statements (18 Nov 2010)
Brian Lenihan Jnr: They are not looking for any conditions.
- Irish Banking: Statements (18 Nov 2010)
Brian Lenihan Jnr: Deputy Sherlock's concern is shared by the Government. That is why we are not giving any figures at this stage, because none have been elaborated or proposed and there is no range of figures. Clearly, when figures are available they will be brought to Government and considered by it before any decision is taken. That is the position in regard to figures. I am not sure whether there was...
- Irish Banking: Statements (18 Nov 2010)
Brian Lenihan Jnr: There is no connection between these discussions and unemployment.
- Irish Banking: Statements (18 Nov 2010)
Brian Lenihan Jnr: I shall examine that suggestion and bring it before my colleagues in Government. The Government does not generally require specific authority to borrow money, but this is a more unusual circumstance and, as I said earlier to Deputy Burton, in the event of it materialising the advice of the Attorney General will be obtained in that regard.
- Irish Banking: Statements (18 Nov 2010)
Brian Lenihan Jnr: With regard to guaranteed liabilities, clearly the sovereign does not intend to renege on anything the sovereign has undertaken, and that has not been raised as an issue at any stage since last Tuesday in these discussions. It is very important that this is understood. On the question of senior debt generally - and some senior debt is off the guarantee - Commissioner Rehn's opinion was to...
- Irish Banking: Statements (18 Nov 2010)
Brian Lenihan Jnr: I will not have much opportunity at the conclusion. At the meeting the following morning, I did a number of interviews with the Irish media, and Ireland was not under discussion at the ECOFIN. It was discussed, informally, by the Ministers at lunchtime, and I participated fully in that.
- Irish Banking: Statements (18 Nov 2010)
Brian Lenihan Jnr: The ECB lends, as lender of last resort, at the appropriate applicable rate which is current 1.5%, and that will continue