Results 1,821-1,840 of 16,537 for speaker:Brian Lenihan Jnr

Bank Guarantee Scheme (30 Sep 2010)

Brian Lenihan Jnr: The core central case scenario identified by the regulator is the figure in respect of which the Government is capitalising the bank. On a cash basis, a return of capital to the Exchequer at the conclusion of the period of the existence of the institution and the heavy discounting of the subordinated debt should, if anything, reduce that figure further. It is difficult to put a figure on that.

Bank Guarantee Scheme (30 Sep 2010)

Brian Lenihan Jnr: The figure for the Irish Nationwide Building Society was put this morning. I appeal to Deputies to be careful on this subject for the following reason. I say this in an entirely non-partisan way. One of the defects in the Standard & Poor's evaluation was a complete refusal to acknowledge the existence of a national reserve in the form of the National Pensions Reserve Fund. Given that such...

Bank Guarantee Scheme (30 Sep 2010)

Brian Lenihan Jnr: NAMA will wash its face.

Banking Sector Regulation (30 Sep 2010)

Brian Lenihan Jnr: I propose to take Questions Nos. 7 and 23 together. The Department of Enterprise, Trade and Innovation and Forfás have carried out a detailed examination of loan guarantee schemes and my Department has engaged with them. There are a number of difficulties with the design of a loan guarantee scheme including, how it fits in with the other Government initiatives to support small and...

Banking Sector Regulation (30 Sep 2010)

Brian Lenihan Jnr: I will certainly give it consideration and draw it to the attention of the Credit Reviewer, who is engaged in discussions with the Department of Enterprise, Trade and Innovation on this matter. Both AIB and Bank of Ireland submitted lending plans, outlining how they would lend not less than €3 billion per year in new or increased credit facilities both this year and next year. These plans...

Banking Sector Regulation (30 Sep 2010)

Brian Lenihan Jnr: I have heard anecdotally that there is some evidence of a difference between AIB and Bank of Ireland in their treatment of business customers. This morning's announcement will help enormously in that regard because it will bring capital certainty to AIB's position. The Government decided the investment in Allied Irish Banks would take the form of cash rather than relying on the accounting...

Banking Sector Regulation (30 Sep 2010)

Brian Lenihan Jnr: It was to put the bank back into funds. This comes back to Deputy O'Donnell's point about a national recovery bank. Cash is king and generates the capacity for a bank to lend. Setting up a new bank would mean it would take an extended period to create a realistic presence in the Irish market. That is why the policy of turning around Bank of Ireland, which successfully raised funds on the...

Banking Sector Regulation (30 Sep 2010)

Brian Lenihan Jnr: That has been the experience of the Credit Review Office. In some of its appeal cases, it had to assist in the preparation of such documentation.

Banking Sector Regulation (30 Sep 2010)

Brian Lenihan Jnr: I am well aware the pattern of repayment and credit has extended during this recession. I would not say it has frozen in the payment of debtor-creditor balances in the general economy.

Banking Sector Regulation (30 Sep 2010)

Brian Lenihan Jnr: I accept there has been a big extension in the times of payment. There are different approaches to this problem, such as the loan guarantee schemes as proposed by Deputy Burton. Another approach is factoring guarantees. I will draw all these proposals to the Government's attention.

Banking Sector Regulation (30 Sep 2010)

Brian Lenihan Jnr: I have been rather busy recently but I will be in contact with the Credit Review Office about this matter.

National Pensions Reserve Fund (30 Sep 2010)

Brian Lenihan Jnr: The Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Act 2009 made the necessary legislative changes to the National Pensions Reserve Fund Act 2000 to enable the fund to be used for the purposes of bank recapitalisation. It empowered the Minister for Finance to direct the National Pensions Reserve Fund Commission to invest in listed credit institutions or to...

National Pensions Reserve Fund (30 Sep 2010)

Brian Lenihan Jnr: I was pleased that Professor Fitzgerald agreed to serve as a member of the new Central Bank Commission but he did not express his opinion on the liquidation of the pension fund to me.

National Pensions Reserve Fund (30 Sep 2010)

Brian Lenihan Jnr: He did not express his opinion to me and I had not read the article to which Deputy Burton drew my attention. My officials did not draw his opinion to my attention either and the Central Bank Commission has no function in the operation of the NTMA. It is important that those we appoint to bodies have opinions of their own and it does not lessen in any way the respect I have for Professor...

National Pensions Reserve Fund (30 Sep 2010)

Brian Lenihan Jnr: As has been pointed out, the investment by the pension fund in the banks is restricted to banks listed on the stock exchange.

National Pensions Reserve Fund (30 Sep 2010)

Brian Lenihan Jnr: The sums I envisaged being invested are those invested to date, subject to the case that in AIB there is an issue about the disposal of M&T.

National Pensions Reserve Fund (30 Sep 2010)

Brian Lenihan Jnr: Yes, but the contingency is fully within the existing cash capacity of the pension fund.

National Pensions Reserve Fund (30 Sep 2010)

Brian Lenihan Jnr: I will be guided by the advice of the NTMA in the matter.

National Pensions Reserve Fund (30 Sep 2010)

Brian Lenihan Jnr: It is unlikely because we are funded until the middle of next year and it is important that we demonstrate not just the credibility of the banking policy, but the credibility of budgetary policy as well.

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (Resumed) (30 Sep 2010)

Brian Lenihan Jnr: In any bank.