Results 1,041-1,060 of 16,537 for speaker:Brian Lenihan Jnr

Irish Banking: Statements (18 Nov 2010)

Brian Lenihan Jnr: I can, it will be a low rate, but the determination of the precise rate is a matter for the ECB.

Irish Banking: Statements (18 Nov 2010)

Brian Lenihan Jnr: None. Of course the Stability and Growth Pact requirements were discussed with the European authorities, and €6 billion as an appropriate frontloading figure was agreed with them. The precise distribution of expenditure and revenue decisions are a matter for the Government.

Irish Banking: Statements (18 Nov 2010)

Brian Lenihan Jnr: I am not clear about the document or the process to which the Deputy refers.

Irish Banking: Statements (18 Nov 2010)

Brian Lenihan Jnr: That is unclear at this stage. The Deputy is predetermining the outcome of the discussions.

Irish Banking: Statements (18 Nov 2010)

Brian Lenihan Jnr: He is predetermining the outcome of the discussions.

Irish Banking: Statements (18 Nov 2010)

Brian Lenihan Jnr: The Deputy is predetermining the outcome of the discussions.

Irish Banking: Statements (18 Nov 2010)

Brian Lenihan Jnr: Deputy Noonan is predetermining the discussions. We are at a stage of technical discussions, which only began this morning.

Irish Banking: Statements (18 Nov 2010)

Brian Lenihan Jnr: Certain preliminary matters were discussed earlier in the week between the Commission and myself.

Irish Banking: Statements (18 Nov 2010)

Brian Lenihan Jnr: I understand the Deputy's second question but did not quite grasp her first question.

Irish Banking: Statements (18 Nov 2010)

Brian Lenihan Jnr: Yes. We are not the stage of having any agreement in principle to access the fund. My reply to that question is the same as the reply I gave to Deputy Noonan, namely, the Deputy is anticipating matters. The Deputy is anticipating that a particular fund will be used.

Irish Banking: Statements (18 Nov 2010)

Brian Lenihan Jnr: Yes but the Deputy is anticipating where we might be at this stage. We are not there. That is important.

Irish Banking: Statements (18 Nov 2010)

Brian Lenihan Jnr: I agree. I welcome Professor Honohan's comments this morning. Clearly, if it happened on the basis he advocated, which is at a very minimal cost to the taxpayer-----

Irish Banking: Statements (18 Nov 2010)

Brian Lenihan Jnr: -----that would be a very welcome development for the Irish State. I agree with what Professor Honohan said this morning.

Irish Banking: Statements (18 Nov 2010)

Brian Lenihan Jnr: The difficulty is that my Department, the NTMA and officials from the Central Bank associated with them, have to engage in these discussions to ensure that we do protect the taxpayer and that we do get the best possible arrangement in the event of a decision being made by the Government.

Irish Banking: Statements (18 Nov 2010)

Brian Lenihan Jnr: I thank Members of the House for reinforcing what I and the Governor of the Central Bank said in regard to the position of depositors in Irish banks. The issue of the guarantee was ventilated again. I am not sure that the public wants to hear us endlessly argue about this. Let us be clear, Deputy Burton and her party opposed the guarantee in principle and in totality. Deputy Burton, as she...

Irish Banking: Statements (18 Nov 2010)

Brian Lenihan Jnr: As I have said repeatedly, had the bank guarantee not been introduced two years ago-----

Irish Banking: Statements (18 Nov 2010)

Brian Lenihan Jnr: -----we would not now have an economy, never mind a banking system.

Irish Banking: Statements (18 Nov 2010)

Brian Lenihan Jnr: The entire banking system faced collapse at that time. Funding for our banking system had all but dried up and the banks faced closure within days. Deputy Burton quoted from Professor Honohan's report. I, too, have quoted from that report. I accepted that the Governor had reservations about some of the categories included in the guarantee. It is important to note that the category of...

Irish Banking: Statements (18 Nov 2010)

Brian Lenihan Jnr: He accepted that a broad guarantee was necessary and he painted a picture of the devastation that would have ensued if we followed the advice of Deputy Burton and the Labour Party. The Governor said there would have been additional lost income and unemployment, amounting to tens of billions of euro. The euro group statement on Tuesday welcomed the significant measures the Government has...

Irish Banking: Statements (18 Nov 2010)

Brian Lenihan Jnr: Such a regime would provide the authorities with an enhanced toolkit for the future, in line with best practice internationally, for dealing with distressed financial institutions. However, it is important to be clear contrary to what is rapidly becoming the conventional wisdom that such a regime is not necessarily a panacea for minimising the fiscal costs to the State of our banking crisis...