Results 1,261-1,280 of 16,537 for speaker:Brian Lenihan Jnr

Banks Recapitalisation (10 Nov 2010)

Brian Lenihan Jnr: In Stability and Growth Pact terms the impact on the general Government balance as a proportion of GDP will be between 0.8% and 0.9%.

Banks Recapitalisation (10 Nov 2010)

Brian Lenihan Jnr: I do not accept the Deputy's analysis of our current market difficulties in the context of the promissory note arrangement. It has been made clear to the markets that the promissory note arrangement is the accounting treatment of the problem. The cashflow implications of spreading the loss over an extended term have been fully explained and are understood in the markets. I do not accept...

Budgetary Outlook (10 Nov 2010)

Brian Lenihan Jnr: Our expenditure is well in excess of our revenues and this gap, currently being filled by borrowing, needs to be reduced to a sustainable level. This is not just to ensure we retain market confidence but also because it is sensible economic policy. The more we borrow, the higher the cost of servicing our debt and the fewer resources we have to direct elsewhere. My Department monitors...

Budgetary Outlook (10 Nov 2010)

Brian Lenihan Jnr: The reason behind the increase in the consolidation required is outlined in the information note on the economic and budgetary outlook Deputy Noonan received last week. It was published last week. The main reason is a smaller economy with lower than expected levels of nominal growth. I was certainly not prepared to suddenly announce a departure from the existing target without the most...

Budgetary Outlook (10 Nov 2010)

Brian Lenihan Jnr: Yesterday?

Budgetary Outlook (10 Nov 2010)

Brian Lenihan Jnr: Every time the Deputy refers to body language on the part of officials or Commissioners, I become suspicious. Body language is used here as a cover for the substitution of the Deputy's opinion. He drew an inference from the Commissioner's body language and did something similar in regard to his encounter with my officials. He inferred from their body language that they wanted a greater...

Budgetary Outlook (10 Nov 2010)

Brian Lenihan Jnr: These are sensitive matters.

Budgetary Outlook (10 Nov 2010)

Brian Lenihan Jnr: My officials outlined to the Deputy three different scenarios.

Budgetary Outlook (10 Nov 2010)

Brian Lenihan Jnr: When it was put to him that they preferred one, he referred to body language as the basis for his conviction.

Budgetary Outlook (10 Nov 2010)

Brian Lenihan Jnr: The Deputy did.

Budgetary Outlook (10 Nov 2010)

Brian Lenihan Jnr: That is the position. There was no political pressure exerted.

Budgetary Outlook (10 Nov 2010)

Brian Lenihan Jnr: If the Deputy speaks to my officials, he will find no such direction.

Budgetary Outlook (10 Nov 2010)

Brian Lenihan Jnr: He will find no such direction.

Budgetary Outlook (10 Nov 2010)

Brian Lenihan Jnr: The Deputy has moved his ground to a core allegation that I interfered with my officials and gave them a direction.

Budgetary Outlook (10 Nov 2010)

Brian Lenihan Jnr: I did not give them a direction.

Budgetary Outlook (10 Nov 2010)

Brian Lenihan Jnr: We can return to the press statement at a later stage by way of supplementary questions if the Deputy wishes

Banks Recapitalisation (10 Nov 2010)

Brian Lenihan Jnr: The purpose of the promissory notes issued to the institutions referred to in the Deputy's question is to enable the State to provide them with the necessary capital to meet regulatory capital requirements in a way that ensures the cash burden on the Exchequer over a period of years is manageable. The promissory note structure was designed to achieve the most efficient financing outcome for...

Banks Recapitalisation (10 Nov 2010)

Brian Lenihan Jnr: The Deputy asked a number of questions. In respect of my level of awareness, at all stages prior to the execution of the promissory notes this year, my Department advised me that there were difficulties in the context of EUROSTAT's treatment of this matter with regard to the capital sums that we would be obliged to pay on foot of those notes. My officials also advised me at all stages on...

Banks Recapitalisation (10 Nov 2010)

Brian Lenihan Jnr: With regard to the interest, they were not in a position to advise me.

Banks Recapitalisation (10 Nov 2010)

Brian Lenihan Jnr: If I might conclude without interruption, the position in this regard turns on the treatment which EUROSTAT adopts in respect of interest payments. My officials were not in a position to immediately ascertain the relevant information because EUROSTAT's precise treatment of all these matters varies and is subject to revision and final judgment by that organisation. The Deputy's principal...