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European Council Meeting: Statements (19 Jan 2011)

Brian Cowen: I seek the indulgence of the House. No discourtesy is intended to the Opposition spokespersons or the Leader of the Opposition by asking whether I can leave the Chamber after giving the speech, rather than remaining here.

European Council Meeting: Statements (19 Jan 2011)

Brian Cowen: I thank the Deputies. As Members will be aware, the European Council met in Brussels on 16 and 17 December 2010. This was its sixth full meeting in 2010 and an additional meeting of Heads of State or Government of the eurozone also was held in May. This unusually high number of meetings reflects the unprecedented economic events which confronted the Union last year. Economic matters were...

Termination of Ministerial Appointment: Announcement by Taoiseach (19 Jan 2011)

Brian Cowen: It is not Bertie speak. I am trying to explain something here. I have been asked a question and want to answer it. It is not a big deal. That is the situation. On the question of what happened subsequently, of course I would rather that situation had not occurred, but it was an innocent engagement of a game of golf. The people who played the game of golf were the three people mentioned...

Termination of Ministerial Appointment: Announcement by Taoiseach (19 Jan 2011)

Brian Cowen: I am just trying to explain something.

Termination of Ministerial Appointment: Announcement by Taoiseach (19 Jan 2011)

Brian Cowen: Deputy Ó Caoláin can keep that up. It may be a tactic that works in other situations in other jurisdictions but it will not work with me.

Termination of Ministerial Appointment: Announcement by Taoiseach (19 Jan 2011)

Brian Cowen: If the Deputy said something.

Termination of Ministerial Appointment: Announcement by Taoiseach (19 Jan 2011)

Brian Cowen: Have they?

Termination of Ministerial Appointment: Announcement by Taoiseach (19 Jan 2011)

Brian Cowen: I will answer the Deputy's question directly. The Deputy does not have to relentlessly pursue anything now that he has put it out on the table.

Termination of Ministerial Appointment: Announcement by Taoiseach (19 Jan 2011)

Brian Cowen: Has it been? I will answer the Deputy. On the first matter, the state of my knowledge at the time of the making of a guarantee was the advice I obtained on that night from the regulatory authorities, the Central Bank and the Department of Finance. The people who were dealing with Anglo Irish Bank in relation to liquidity issues were from the Central Bank. The people dealing with Anglo...

Termination of Ministerial Appointment: Announcement by Taoiseach (19 Jan 2011)

Brian Cowen: Excuse me, Deputy. I am answering the question.

Termination of Ministerial Appointment: Announcement by Taoiseach (19 Jan 2011)

Brian Cowen: The Deputy has suggested two possibilities. On the first in relation to the extent of my knowledge of the situation, any Minister for Finance has knowledge based on advices received from those with whom he or she works and from the regulatory authorities concerned. That is the situation, Deputy.

Termination of Ministerial Appointment: Announcement by Taoiseach (19 Jan 2011)

Brian Cowen: Any suggestion of corruption on my part is totally out the door. It is unworthy. That is not the case. If I have to keep coming in here to say that, I will do so.

Termination of Ministerial Appointment: Announcement by Taoiseach (19 Jan 2011)

Brian Cowen: No, the public will not decide that. I am making my case here. However the election turns out will not be based on that point. It will be based on a lot issues. If the Labour Party were depending on representation based on that issue, which would be an absurd suggestion to make, one would be suggesting that there was something wrong with the Labour Party people, which I do not suggest...

Termination of Ministerial Appointment: Announcement by Taoiseach (19 Jan 2011)

Brian Cowen: Please allow me to finish.

Termination of Ministerial Appointment: Announcement by Taoiseach (19 Jan 2011)

Brian Cowen: I am entitled to answer without interruption.

Termination of Ministerial Appointment: Announcement by Taoiseach (19 Jan 2011)

Brian Cowen: There is no point.

Termination of Ministerial Appointment: Announcement by Taoiseach (19 Jan 2011)

Brian Cowen: The situation then regarding the other matter is due diligence took place, corporate governance issues arose and a nationalisation subsequently took place. Had nationalisation taken place on the night in question, according to the Honohan report, there would have been no further cost involved in that and one would still have had to give a guarantee because there was still a systemic threat....

Termination of Ministerial Appointment: Announcement by Taoiseach (19 Jan 2011)

Brian Cowen: No, it is not because the guarantee we gave on that night was the right guarantee for that purpose. The Deputy can argue about it every way she likes but that was the situation. That was our judgment and final assessment of the situation. That is where it is at. It has been stated subsequently, whatever one says about subordinated debt, that this was the issue. This debt was discounted,...

Termination of Ministerial Appointment: Announcement by Taoiseach (19 Jan 2011)

Brian Cowen: Those are the facts. That is the situation and I refer to those reports in that respect.

Official Engagements (19 Jan 2011)

Brian Cowen: I propose to take Questions Nos. 1 to 7, inclusive, together. I attended the December meeting of the European Council in Brussels on 16 and 17 December. As I will make a statement to the House later, I will confine myself to a summary account of the proceedings. The agenda of the Council was dominated by economic issues. The Heads of State and Government agreed that the EU treaties should...

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