Results 1,581-1,600 of 16,537 for speaker:Brian Lenihan Jnr

Statements re Minister for Finance's announcement on banking of 30 September 2010: Questions (20 Oct 2010)

Brian Lenihan Jnr: To establish finality in this matter, it was essential to establish the National Asset Management Agency. Accountants examining a bank's books are very dependent on the word of the institution and its officials in arriving at their conclusions. There is no suggestion the accountancy firm in question was in any way conflicted by the institution; I assume it was reliant on information...

Statements re Minister for Finance's announcement on banking of 30 September 2010: Questions (20 Oct 2010)

Brian Lenihan Jnr: One would have to examine the precise circumstances in which information was forwarded, the individuals who forwarded the information, the extent to which they intentionally misled or the extent to which they were guilty of wishful thinking. The Deputy will appreciate that I am not privy to all those facts. If there are matters which require criminal investigation, they will be investigated...

Statements re Minister for Finance's announcement on banking of 30 September 2010: Questions (20 Oct 2010)

Brian Lenihan Jnr: I understand that it is investigating various matters in Anglo Irish Bank, which are not related to the matter which the Deputy questioned me about a minute ago but which relate to matters which occurred at that institution in 2008 and perhaps in previous years. These matters are being investigated and the necessary files will undoubtedly be submitted to the Director of Public Prosecutions...

Statements re Minister for Finance's announcement on banking of 30 September 2010: Questions (20 Oct 2010)

Brian Lenihan Jnr: The Deputy correctly distinguished between senior bondholders and junior or subordinated bondholders. As I indicated in my statement on 30 September, much has been said about the various obligations in Anglo Irish Bank with regard to different bonds. The senior debt obligations rank equally with deposits and other creditors under Irish law. The Deputy referred to the terms on which they...

Statements re Minister for Finance's announcement on banking of 30 September 2010: Questions (20 Oct 2010)

Brian Lenihan Jnr: Yes, that is the advice of the Attorney General and they are the terms on which these instruments are issued both-----

Statements re Minister for Finance's announcement on banking of 30 September 2010: Questions (20 Oct 2010)

Brian Lenihan Jnr: These instruments are commonly issued under English or Irish law and that is the position in English and Irish law. The Deputy does not need an opinion from the Attorney General. His research assistant should be able to establish that much for him without recourse to an opinion from the Attorney General. That is the position. The Deputy has research assistants in the United Kingdom as...

Statements re Minister for Finance's announcement on banking of 30 September 2010: Questions (20 Oct 2010)

Brian Lenihan Jnr: I simply refer to the existence of an entity called the United Kingdom. I did not refer to its union with any part of Ireland.

Statements re Minister for Finance's announcement on banking of 30 September 2010: Questions (20 Oct 2010)

Brian Lenihan Jnr: I am simply pointing out that the Deputy has the research capacity to check this out without having to trouble the Attorney General further on it. The matter is very clear in law. That is the position with regard to senior debt. With regard to junior or subordinated debt, it is commonly issued on the express terms that it is deferred in the event of an insolvency as against the claims of...

Statements re Minister for Finance's announcement on banking of 30 September 2010: Questions (20 Oct 2010)

Brian Lenihan Jnr: No, I do not accept that. Were it as simple as that, I would have been advised to do it by the Central Bank, my Department, the Financial Regulator and the National Treasury Management Agency. None of these advised me to take that action; all of them advised me not to take such action. It is worth noting what has happened in the few weeks since I made the announcement on 30 September with...

Statements re Minister for Finance's announcement on banking of 30 September 2010: Questions (20 Oct 2010)

Brian Lenihan Jnr: Public debate has done a great deal of damage to this country and that was confirmed-----

Statements re Minister for Finance's announcement on banking of 30 September 2010: Questions (20 Oct 2010)

Brian Lenihan Jnr: The Deputy asked a wide range of questions. I will begin with a point of agreement before I proceed to the points of disagreement. I agree with him that forecasting is an art rather than a science, although I use the metaphor of meteorology regularly, which is a science.

Statements re Minister for Finance's announcement on banking of 30 September 2010: Questions (20 Oct 2010)

Brian Lenihan Jnr: No, we are not quite in the country of tossing a coin or consulting an astrologer.

Statements re Minister for Finance's announcement on banking of 30 September 2010: Questions (20 Oct 2010)

Brian Lenihan Jnr: We are in a considerably more certain country than that.

Statements re Minister for Finance's announcement on banking of 30 September 2010: Questions (20 Oct 2010)

Brian Lenihan Jnr: There are one or two clear matters. Deputy Higgins asked when we intend to return to the international bond markets. We intend to return in January.

Statements re Minister for Finance's announcement on banking of 30 September 2010: Questions (20 Oct 2010)

Brian Lenihan Jnr: The international bond markets will make a judgment on the credibility of the financial track we adopt in the next few weeks, which is of fundamental importance to the future of the country. With regard to the question of employment and growth scenarios, clearly, in drawing up the fiscal plan allowance has to be made for growth but we must start by reflecting on the fact that we saw a...

Statements re Minister for Finance's announcement on banking of 30 September 2010: Questions (20 Oct 2010)

Brian Lenihan Jnr: -----and even if one leaves aside the question of the expenses of the State and considers the interest bill the State has to pay on accumulated debt, the bulk of the interest bill relates to money we have borrowed for capital or current day-to-day purposes and not for banking purposes.

Statements re Minister for Finance's announcement on banking of 30 September 2010: Questions (20 Oct 2010)

Brian Lenihan Jnr: I agree with the Deputy that the stress the banking system has been under and its fragility has contributed to increased interest rates for Ireland.

Statements re Minister for Finance's announcement on banking of 30 September 2010: Questions (20 Oct 2010)

Brian Lenihan Jnr: I do not take issue with the Deputy in that respect.

Statements re Minister for Finance's announcement on banking of 30 September 2010: Questions (20 Oct 2010)

Brian Lenihan Jnr: If one wants to wreck confidence in Ireland, collapse the banking system altogether.

Statements re Minister for Finance's announcement on banking of 30 September 2010: Questions (20 Oct 2010)

Brian Lenihan Jnr: That is the only policy the Deputy has advocated-----