Results 1,781-1,800 of 16,537 for speaker:Brian Lenihan Jnr

Fiscal Policy (30 Sep 2010)

Brian Lenihan Jnr: The Deputy has asked a number of questions. My Department did not err on the side of optimism in its growth forecast for this year. In fact, the first quarter GDP out performed the departmental forecast. On the question of who decided there should be a four-year plan, the Government, on my recommendation as Minister for Finance, decided we should have a four-year plan. There is no...

Fiscal Policy (30 Sep 2010)

Brian Lenihan Jnr: There are at all stages ongoing discussions with the Commission. Naturally, there were intensive discussions between the Commission and myself prior to this morning's important announcement. I made clear at that stage that we are embarked on such a course, following Government decision. There was no request from Europe for such a plan although Europe is happy to endorse it, as has been...

Fiscal Policy (30 Sep 2010)

Brian Lenihan Jnr: I would like to respond to one other question. The credibility of that trackway requires a detailed programme of decisions over a number of years. On the request made by Deputy Burton, on her own behalf and that of the Fine Gael party, for information in the period approaching a general election, I will consider that but I am not aware there is a general election pending. I appreciate the...

State Banking Sector (30 Sep 2010)

Brian Lenihan Jnr: On 8 September last, I announced the Government's decision on the restructuring and resolution of Anglo Irish Bank, which remains subject to European Commission approval. This envisages the splitting of the bank into two licensed and regulated credit institutions: an asset recovery bank focussed on recovering maximum value for the State from the loan assets and business of Anglo not being...

State Banking Sector (30 Sep 2010)

Brian Lenihan Jnr: I do not agree it is superfluous. The Deputy's question is why the National Asset Management Agency loans are not simply left in the recovery bank. The whole purpose of NAMA is to deal on a systematic, national, cross-bank basis with all of the toxic loans and all the loans in the land and development sector. This was essential because of the cross-collateralisation of exposures throughout...

State Banking Sector (30 Sep 2010)

Brian Lenihan Jnr: The premise of the question, which permeates the Deputy's contribution, is erroneous. That premise was that the purpose of the National Asset Management Agency was to rescue Anglo Irish Bank to enable it to be a functioning or good bank, if one likes.

State Banking Sector (30 Sep 2010)

Brian Lenihan Jnr: Let us be clear about this. When Anglo Irish Bank was nationalised early in 2009, it did not thereafter substantially expand its existing loan book. The question of whether the bank was being downsized did not arise. From the moment of nationalisation, the policy in relation to Anglo Irish Bank has been to downsize it. The idea that somehow I entertained the notion that it could be...

Public Service Pay (30 Sep 2010)

Brian Lenihan Jnr: As the Deputy will be aware, over the past two years, the Government has taken a series of difficult but critical steps which have generated significant reductions in the potential public service pay bill. As a consequence, the public service pay roll will be more than 8% less in 2010 compared to 2009 and nearly 12% less than in 2008. These measures include the non-payment of proposed...

Public Service Pay (30 Sep 2010)

Brian Lenihan Jnr: The reduction of 11,000 has been achieved since March 2009. I will undertake to provide the Deputy with the information he seeks as I do not have information on projected reductions in numbers to hand. Clearly, that projection could be influenced by budgetary decisions taken by the Government.

Public Service Pay (30 Sep 2010)

Brian Lenihan Jnr: The agreement includes a clause that in extraordinary circumstances the Government has certain options. There are no proposals before my Department at present to activate it.

State Banking Sector (30 Sep 2010)

Brian Lenihan Jnr: I have said previously that Ireland as a country has been let down badly by certain individuals who held senior appointments – both at executive and director level – at some of our covered institutions. Their actions and inaction have and will continue to have severe ramifications for the citizens of this country. Deputy Noonan will appreciate that it would be wrong of me to comment on...

State Banking Sector (30 Sep 2010)

Brian Lenihan Jnr: I will have to provide that information for the Deputy and will arrange to do so. Clearly, in the case of Anglo Irish Bank no one remains. In the other banks, as I said, there has been a substantial turnover of directors.

State Banking Sector (30 Sep 2010)

Brian Lenihan Jnr: It is a matter, in the first instance, for the board of the particular institution to decide what is in the best interests of that institution. Government policy is that persons of the highest competence and expertise should be appointed to senior management positions. It is a matter, in the first instance, for the board. One matter which we should discuss on an all party basis, given the...

State Banking Sector (30 Sep 2010)

Brian Lenihan Jnr: I am not aware of the severance packages that apply. That is a matter, I take it, for their contractual terms and the remuneration committees of the relevant institution.

State Banking Sector (30 Sep 2010)

Brian Lenihan Jnr: Ní lá fós é, a Theachta. The position is that persons have contractual rights as well.

Other Questions. (30 Sep 2010)

Brian Lenihan Jnr: I think I undertook to allow probing on all questions today.

Bank Guarantee Scheme (30 Sep 2010)

Brian Lenihan Jnr: The Deputy will be aware that a statutory instrument which extends the eligible liabilities guarantee (ELG) scheme to 31 December 2010 was approved by both Houses of the Oireachtas yesterday, having previously received EU state aid approval. The following liabilities are classified as eligible liabilities for the purposes of the ELG scheme: deposits; certificates of deposit; commercial paper;...

Bank Guarantee Scheme (30 Sep 2010)

Brian Lenihan Jnr: I can give the Deputy figures for the total covered liabilities for each scheme, which may be of assistance to him. The total covered liabilities under the original CIFS scheme were €103 billion, of which retail and corporate deposits were €31 billion. The total covered liabilities on the ELG scheme are €153 billion, of which retail and corporate deposits are €121 billion. However,...

Bank Guarantee Scheme (30 Sep 2010)

Brian Lenihan Jnr: I never said that.

Bank Guarantee Scheme (30 Sep 2010)

Brian Lenihan Jnr: I am somewhat alarmed that the Deputy has introduced the figure of €36 billion to the discussion. That amount relates to senior debt in all of the covered institutions - including Bank of Ireland and Allied Irish Banks, and not just those which are distressed, such as Anglo Irish Bank and Irish Nationwide.