Results 361-380 of 16,537 for speaker:Brian Lenihan Jnr
- Banking Sector (12 Jan 2011)
Brian Lenihan Jnr: Question No. 67 can be grouped with the initial question tabled by Deputy Noonan, I think.
- Banking Sector (12 Jan 2011)
Brian Lenihan Jnr: It deals with Commissioner Barnier's views.
- Banking Sector (12 Jan 2011)
Brian Lenihan Jnr: As the Deputy is aware, the European Commission has the right of initiation for legislative proposals within the European Union legal framework. In that context, I welcome the Commission's consultation document, Technical Details of a Possible EU Framework for Bank Recovery and Resolution, published 6 January 2011, which includes an annex examining the issue of debt write-down as an...
- Banking Sector (12 Jan 2011)
Brian Lenihan Jnr: Any statements I have made to date on this subject have been in the context of the-----
- Banking Sector (12 Jan 2011)
Brian Lenihan Jnr: Sorry, policies, actions, statements, whatever phrase the Deputy prefers-----
- Banking Sector (12 Jan 2011)
Brian Lenihan Jnr: -----have been made in a context in which we have had to deal with actual distressed institutions. I have in no way prejudged in any statement what future policy should be in this matter. As I indicated in my reply, I am supportive of the Commission's approach. I would welcome a discussion by the Joint Committee on Finance and the Public Service and would be pleased to take its views into...
- Banking Sector (12 Jan 2011)
Brian Lenihan Jnr: Yes, and in enunciating policy in recent years I have made it clear that Europe does not have legislation equivalent to that introduced in the United States in response to the savings and loans crisis. That has created a very different context for the domestic debate on bondholders and the degree to which they should contribute to the resolution of difficulties in institutions which are...
- Banking Sector (12 Jan 2011)
Brian Lenihan Jnr: Many of the arguments used in this jurisdiction were derived from sources in the United States, where an entirely different legal context applies. If the Deputy is asking me whether we should move towards the legal context of the United States, I think we should be open and positive about doing so but I would express the reservation that any proposals have to be judged in terms of the impact...
- EU-IMF Programme of Financial Support (12 Jan 2011)
Brian Lenihan Jnr: As I stated in the Budget Statement, the policies set out in the joint programme of assistance closely reflect our national recovery plan. The programme sets out key points where the Government will assess the delivery of its current policies as set out in the plan to ensure they are achieving the savings and adjustments necessary to help restore the country's budgetary position, building on...
- EU-IMF Programme of Financial Support (12 Jan 2011)
Brian Lenihan Jnr: I do not accept what Deputy Noonan indicated or inferred because this particular procedure was inserted in the national recovery plan prior to any agreement with the EU and the IMF. The position under the national recovery plan is that we will seek to reduce the cost of the public service payroll through reductions in the numbers and a very clear schedule of numbers is outlined there. Were...
- EU-IMF Programme of Financial Support (12 Jan 2011)
Brian Lenihan Jnr: As Deputy Noonan is aware, the officials from the IMF, EU and ECB were very impressed with the national recovery plan. They viewed it as a very impressive document, unlike the Deputy-----
- EU-IMF Programme of Financial Support (12 Jan 2011)
Brian Lenihan Jnr: -----and decided to endorse the agreement. One of the features of the agreement is that to ensure there is delivery on public service reform, there must be some mechanism to ensure the savings are procured in any event. That is in the national recovery plan and it is confirmed in the EU-IMF agreement. It is not the only measure in the agreement which ensures budgetary discipline on the part...
- State Banking Sector (12 Jan 2011)
Brian Lenihan Jnr: I refer Deputy Noonan to my reply of 7 December 2010 concerning this matter. In November 2010, following a request from Anglo Irish Bank, the State provided a guarantee to the bank's derivative, repo and clearing type counterparties. These counterparties did not have the benefit of support under any other existing guarantee arrangements. As with all banks, Anglo Irish Bank is exposed to a...
- State Banking Sector (12 Jan 2011)
Brian Lenihan Jnr: I will need to write to the Deputy on that matter and I undertake to do so. Giving a precise cash value on a guarantee, which is a contingent exposure, is a very difficult exercise, as, I am sure, the Deputy is aware, and would require evaluation, but I am sure an approximate figure can be given. As the Deputy knows, this bank is wholly owned by the taxpayer and we have a duty to ensure the...
- State Banking Sector (12 Jan 2011)
Brian Lenihan Jnr: The guarantees is for certain derivatives, repo and clearing-type counterparties. As noted previously, the bank is committed to entering only into arrangements which are to manage balance sheet risks and the bank has confirmed that it does not take positions outside the limits approved by the board of directors, and the bank keeps the NTMA informed. The vast majority of the derivatives are...
- Job Losses (12 Jan 2011)
Brian Lenihan Jnr: The challenging economic climate that has existed in Ireland and the broader international economy over the past three years or so has led to difficult trading conditions for many firms and significant job losses, most notably in the construction and retail sectors. This is in part due to the rebalancing of the Irish economy away from unsustainable growth dominated by construction in recent...
- Job Losses (12 Jan 2011)
Brian Lenihan Jnr: A report last week by corporate restructuring specialists Kavanagh Fennell showed that more than 1,500 firms went into liquidation, receivership or examinership last year. A large proportion of these firms were in the construction sector and other related sectors. This is in part due to the rebalancing of the Irish economy away from unsustainable growth dominated by construction in recent...
- Job Losses (12 Jan 2011)
Brian Lenihan Jnr: Many of these schemes can be availed of by the tourism sector and I agree with the Deputy that the sector can see growth if the Government makes decisions. For example, the Government made a decision on the minimum wage which was bitterly opposed by the Deputy's party. That was primarily sought by the tourism sector. The recently announced budget involved a substantial reduction in the air...
- Fiscal Policy (12 Jan 2011)
Brian Lenihan Jnr: As is normal in these circumstances, officials of my Department are in ongoing contact with their counterparts in the EU Commission, the IMF and the ECB with regard to implementation of the joint programme of financial assistance agreed for Ireland. I understand that frequent contact is also taking place between the staff of the Central Bank, the Financial Regulator's office and the external...
- Fiscal Policy (12 Jan 2011)
Brian Lenihan Jnr: I agree with the views expressed by the Governor of the Central Bank in this matter in their entirety. What the Governor said was that it is available to any future Government, as it is to this Government, to renegotiate the fiscal and compositional elements of the EU-IMF agreement. He did not say that the rate of interest or the total quantity of the adjustment can be renegotiated. What...