Results 1,421-1,440 of 16,537 for speaker:Brian Lenihan Jnr
- Macroeconomic and Fiscal Outlook: Statements (Resumed) (28 Oct 2010)
Brian Lenihan Jnr: -----trying to assist the House by answering a very wide variety of questions. Deputy Barrett should note the European Investment Bank already provided a substantial facility for lending to new businesses.
- Macroeconomic and Fiscal Outlook: Statements (Resumed) (28 Oct 2010)
Brian Lenihan Jnr: The matter of rating agencies has been discussed at European level. There is no doubt that the rating agencies talked up a lot of countries, businesses and firms worldwide on the way up and that they have been talking down many of them on the way down. The reality is that the rating agencies exist and have a right to free speech.
- Macroeconomic and Fiscal Outlook: Statements (Resumed) (28 Oct 2010)
Brian Lenihan Jnr: What they say depends on the credence one decides to give to them. They have never given any opinion on me as a person or Minister for Finance and they do not do so.
- Macroeconomic and Fiscal Outlook: Statements (Resumed) (28 Oct 2010)
Brian Lenihan Jnr: On the question of borrowing on a group basis, as raised by Deputy Barrett, Germany, France and all the countries in the eurozone would be required to agree to borrow at a common interest rate. To date there has been no willingness on their part to engage in such an operation.
- Macroeconomic and Fiscal Outlook: Statements (Resumed) (28 Oct 2010)
Brian Lenihan Jnr: There is no enthusiasm or appetite within Germany, in particular,-----
- Macroeconomic and Fiscal Outlook: Statements (Resumed) (28 Oct 2010)
Brian Lenihan Jnr: -----for any such common arrangement. It has often been advocated by other member states. I thank the Deputies for their contributions to the debate over the past few days. They have touched on many issues. The main points that need to be made can be summarised briefly. Over the past two years, the Government has not hesitated to take big decisions to stabilise the banks and the public...
- Macroeconomic and Fiscal Outlook: Statements (Resumed) (28 Oct 2010)
Brian Lenihan Jnr: Deputy Feighan expressed public anger about the country's economic position. I am sure he has examined the Watson and Regling report, which traced the causation of the economic crisis we are in. One of the great strengths of this country's economy has been its continued robust export performance. There was a substantial increase in the number of people in the workforce in the 1990s and the...
- Macroeconomic and Fiscal Outlook: Statements (Resumed) (28 Oct 2010)
Brian Lenihan Jnr: The Taoiseach indicated yesterday that the annualised average growth that is predicted for the four years in question is 2.75%. Greater clarity will be brought to that matter in the plan, which will set out the target figure for next year. Work is under way in the Department of Finance to examine the various assumptions. A great deal of information has already been shared with the Fine...
- Macroeconomic and Fiscal Outlook: Statements (Resumed) (28 Oct 2010)
Brian Lenihan Jnr: I am talking about the EU Stability and Growth Pact. It was not fit for its purpose of assessing the degree of risk to which Ireland was exposed. Issues like the competitiveness of unit labour costs and the development of asset price bubbles will be part of the revised Stability and Growth Pact. I have argued strongly for that at EU level. To date, the task force has focused on questions...
- Macroeconomic and Fiscal Outlook: Statements (Resumed) (28 Oct 2010)
Brian Lenihan Jnr: Again, it is not clear how punitive the element of the suggestion is and that matter still requires exploration. That is as far as I can put it for Deputy Morgan at this stage.
- Macroeconomic and Fiscal Outlook: Statements (Resumed) (28 Oct 2010)
Brian Lenihan Jnr: I have not read it yet.
- Macroeconomic and Fiscal Outlook: Statements (Resumed) (28 Oct 2010)
Brian Lenihan Jnr: The Deputy should be careful on that subject.
- Macroeconomic and Fiscal Outlook: Statements (Resumed) (28 Oct 2010)
Brian Lenihan Jnr: I will answer the question.
- Macroeconomic and Fiscal Outlook: Statements (Resumed) (28 Oct 2010)
Brian Lenihan Jnr: I do not know from where the Deputy took the reference to the banana republic. Who referred to this country as such?
- Macroeconomic and Fiscal Outlook: Statements (Resumed) (28 Oct 2010)
Brian Lenihan Jnr: It is not a very good sign of all-party co-operation when the source of particular information cannot be disclosed.
- Macroeconomic and Fiscal Outlook: Statements (Resumed) (28 Oct 2010)
Brian Lenihan Jnr: I am not aware of who advised that this country was a banana republic. I agree with Deputy Burton that it is not one. However, I am concerned she raised a question which seems to be based on a story that appeared in a newspaper this morning. I am in correspondence with that newspaper. Obviously, I would not have been aware of the repayment of the bonds because they were a commercial...
- Macroeconomic and Fiscal Outlook: Statements (Resumed) (28 Oct 2010)
Brian Lenihan Jnr: I was not aware of the fact.
- Macroeconomic and Fiscal Outlook: Statements (Resumed) (28 Oct 2010)
Brian Lenihan Jnr: I was not made aware of the fact. I am not made aware of the routine operations of such organisations. There was a very large amount of redemption of guaranteed bonds in all the institutions coming up to the guarantee date. There was nothing unusual in that. The effect of the guarantee was that institutions were able to raise finance on the markets with the benefit of a sovereign...
- Macroeconomic and Fiscal Outlook: Statements (Resumed) (28 Oct 2010)
Brian Lenihan Jnr: I will check that for the Deputy. It is on a very thin market. On the interest rate of 6.4%, the view was taken by the National Treasury Management Agency at that stage that the best course of action was not to go to auction in October and November but to do so in January 2011. That remains the position, as the Deputy is aware.
- Macroeconomic and Fiscal Outlook: Statements (Resumed) (28 Oct 2010)
Brian Lenihan Jnr: No.