Hayes: Fianna Fail Deliberately Misled The Dail

[TonyB]

Brian Hayes on Morning Ireland just said that at the time of the bank guarantee, the Minister was asked several times whether it was an issue of liquidity or solvency, and it was clearly stated on the record that it was an issue of liquidity only. He added that Fianna Fail had deliberately misled the Dail.

To what end? Why would Fianna Fail have misled the Dail? Did they do it deliberately? If so, then this is certainly Economic Treason....

 

[Congalltee]

Hayes is a teacher and he is reading Lenihan, a lawyer, like one. Lenny uses mental Reservation all the time and on this case he said something like 'deputies gave raised the issue of solvency of the banks, I want to assure them the main issue is a lack of liquidity'. No case to answer.

 

[FakeViking]

He's ripping a new a$$hole out of forty gaffs on NewsTalk now!

 

[Yosser]

Hayes is a teacher and he is reading Lenihan, a lawyer, like one. Lenny uses mental Reservation all the time and on this case he said something like 'deputies gave raised the issue of solvency of the banks, I want to assure them the main issue is a lack of liquidity'. No case to answer.

Incoherent.

 

[tempest]

Hayes also called Frank Fahys spin on Newstalk this morning "a pile of sh1t".

 

[meriwether]

Hayes also called Frank Fahys spin on Newstalk this morning "a pile of sh1t".

Really?

Noonan asked the question about Solvency/liquidity IIRC.

 

[Duth Ealla]

Hayes also called Frank Fahys spin on Newstalk this morning "a pile of sh1t".

Cant stand the smug and arrogant hayes but fair due to him to call a spade a spade.

 

[Pat Mc Larnon]

Brian Hayes on Morning Ireland just said that at the time of the bank guarantee, the Minister was asked several times whether it was an issue of liquidity or solvency, and it was clearly stated on the record that it was an issue of liquidity only. He added that Fianna Fail had deliberately misled the Dail.

To what end? Why would Fianna Fail have misled the Dail? Did they do it deliberately? If so, then this is certainly Economic Treason....

As events have spiralled it appears they didn't really know themselves if it was solvency or liquidity. It was a guesstimate that is now shown to have been wrong.

 

[GDPR]

Brian Hayes on Morning Ireland just said that at the time of the bank guarantee, the Minister was asked several times whether it was an issue of liquidity or solvency, and it was clearly stated on the record that it was an issue of liquidity only. He added that Fianna Fail had deliberately misled the Dail.

To what end? Why would Fianna Fail have misled the Dail? Did they do it deliberately? If so, then this is certainly Economic Treason....

Hayes said Lenihan did it deliberately and he was outside the Dail when he said it.
On that basis if I were Lenihan I'd now set about teaching Mr. Hayes a legal lesson he wouldn't forget in a hurry.

 

[DaveM]

Hayes also called Frank Fahys spin on Newstalk this morning "a pile of sh1t".

Since Hayes lost his frontbench position he seems to have relaxed a bit and is far less shy about expressing his opinion. Have to say I like what I've seen from him the past few months.

 

[goosebump]

So what?

If there wasn't a Guarantee, do people think we would really have let Anglo go down the tubes?

We were either going to prop up the system or not. Had it not be the Guarantee, it would have been some other mechanism.

 

[johnnypockets]

Hayes said Lenihan did it deliberately and he was outside the Dail when he said it.
On that basis if I were Lenihan I'd now set about teaching Mr. Hayes a legal lesson he wouldn't forget in a hurry.

Why? Is what he said not true?

 

[tempest]

Really? Noonan asked the question about Solvency/liquidity IIRC.

Hayes made the statement in reply to Fahy who is still repeating the mantra that the Gov did everything right, blanket guarantee, banking capitalisation, Nama, fiscal plan, every thing is rosy in the garden, just a problem with the Euro and markets, working with currency partners.... no bailout needed.

When asked why FG voted for the guarantee Hays said they had been misled after Lenahan clearly said it was a matter of liquidity not solvency when questioned in the Dail.

Pat Cox was also on Newstalk scathing of the waffle and disinformation from FF and calling for clear statement be made to the people.

 

[Speedfreak]

You would have had to been either bent or a complete idiot to believe back then that the problems being experienced were not down to solvency issues. I mean come on - it was obvious then that the property bubble was collapsing and would inevitably continue doing so. What other effect could this have than on solvency? Liquidity my hole. Hayes deserves to be lined up with Lenihan.

 

[QuizMaster]

Hayes said Lenihan did it deliberately and he was outside the Dail when he said it.
On that basis if I were Lenihan I'd now set about teaching Mr. Hayes a legal lesson he wouldn't forget in a hurry.

And if he doesn't, he's tacitly admitting it.

 

[longshortgrass]

On that basis if I were Lenihan I'd now set about teaching Mr. Hayes a legal lesson he wouldn't forget in a hurry.

Maybe Lenihan is a competent lawyer, a competent finance minister he most certainly is not!!!

Lawyers lying comes naturally....

 

[DCon]

Could it have been that FF knew all the banks were buggered, but saved their favourite bank first?

Lenihan in why Anglo was "systemic"

I refer to the issue of the systemic character of Anglo Irish Bank. The Deputy has begun to approach the light this morning because she has stated the two main banks were more systemic than Anglo Irish Bank. That is absolutely correct in the sense that they have extensive retail branch networks throughout the State. Anglo Irish Bank has a much tighter branch network. One of the advantages and positive features of the bank is that it has a low cost base in the context of its branch and banking operation. That is one of the reasons it was a profitable institution in the past. I use the word “systemic” in the sense of the impact the failure of a bank would have on the economy rather than in the context of the extent of the bank’s branch network. If members consider the funds and the depositors involved, the total amount in deposits from retail and corporate clients in Ireland in Anglo Irish Bank was €11.56 billion. The figure for retail deposits was €5.2 billion and for corporate deposits, €6.3 billion. If the Government were to allow a bank of that size fail, the immediate impact on the economy of one eighteenth of our GDP crashing would be extremely serious. The depositors would include Irish enterprises, co-operatives, credit unions, hospitals and schools. Anyone who had made a deposit in Anglo Irish Bank would have faced immediate default if it had collapsed. Naturally, that was a matter of concern to the Government.

With regard to the United Kingdom, the total amount of deposits taken by Anglo Irish Bank is €14 billion — higher retail profile, €10 billion, with €3.9 billion on the corporate side. A default on those deposits could well have provoked retaliatory action in the United Kingdom. Apart from this — the instinctive response of any Irishman — there would have been the issue of the reputational damage to the Irish banking sector of a default in terms of the borrowing other banks might wish to undertake in the United Kingdom. A default amounting to €14 billion and originating in Ireland would have acted as a substantial contagion in the entire financial system here. There are other destinations in which Anglo Irish Bank owed a further €11 billion.

I am discussing retail and corporate deposits. I have not entered the area of debt at inter-bank level. The latter would primarily be international in nature. A default on such debt, as happened in the case of Lehman Brothers, would have had an extremely drastic impact on the reputation of the other Irish financial institutions and the contagion effect would have come into play. The general impact of a default on the part of Anglo Irish Bank on Ireland’s sovereign position would also have been substantial. That is why the bank is of systemic importance.

Parliamentary Debates (Official Report - Unrevised) JOINT COMMITTEE ON FINANCE AND THE PUBLIC SERVICE Thursday, 26 February 2009 - Page 4

 

[GDPR]

And if he doesn't, he's tacitly admitting it.

Not necessarily. He may take the view that as a politician it wouldn't be worth his while. The last politician to try was Reynolds, he won his case and got a fiver.

Nonetheless if I were Lenihan I'd still go after the little sh1t.

 

[Brehon]

Hayes said Lenihan did it deliberately and he was outside the Dail when he said it.
On that basis if I were Lenihan I'd now set about teaching Mr. Hayes a legal lesson he wouldn't forget in a hurry.

Yes that's a great attitude. Are you a FF'r? Conor is that you? That's problem in this country, people forgot that sticks and stones can break your bones but names will never hurt me. People need to chill out about what other people say about them. It's only a racket to get money for the wigs down in the courts.

 

[RightCentreLeft]

Not necessarily. He may take the view that as a politician it wouldn't be worth his while. The last politician to try was Reynolds, he won his case and got a fiver.

Nonetheless if I were Lenihan I'd still go after the little sh1t.

For what? He lied. end of story.