"We have learned hard lessons and have taken difficult decisions. Our economy is now emerging from recession and Ireland is strongly fighting back."
- Brian Cowen, May 14th, 2010
"It is not the function of the Government to fund or bail out the banks." -
Brian Lenihan, November 19th, 2008
September 30th, 2008
Unprecedented Government pledge in early morning to guarantee deposits and debts totalling €400 billion at six Irish-owned banks in a move to protect the countrys financial system after Irish bank shares suffered their greatest fall in more than a quarter of a century.
“There is understandable concern that the exchequer is potentially significantly exposed by this measure.
"I want to reassure the House and the Irish people that this is not the case."
- Brian Lenihan
October 23rd, 2008
Irish bank guarantee is “the cheapest bailout in the world so far”, Mr Lenihan tells the Leinster Society of Chartered Accountants.
He compares it to other countries where billions and billions of taxpayers money are being poured into financial institutions.
December 14th 2008
The Government announces a €10 billion recapitalisation and rescue fund for Irish banking following sharp falls in share prices, especially at Anglo Irish Bank, over fears about bad debts in the banking system.
"If capital is required . . . capital will be provided, but on strict terms and on terms that will ensure a full return to the taxpayer and pension fund. - Mr Lenihan
December 22nd, 2008
Government announces it will inject €1.5 billion into Anglo and €2 billion each into AIB and Bank of Ireland. A further investment of €1 billion in shares in the two main banks is also mooted.
"The investment reflects our assessment of what is required to meet the challenges they face." - Mr Lenihan
January 10th, 2009
Anglo Irish Bank is nationalised following incorporeal Cabinet meeting.
“As far as the Government is concerned the new, nationalised Anglo Irish Bank has clear blue water between itself and the misconduct that emerged in recent weeks.
"We have done everything in our power to ensure that this bank does not fail." - Mr Lenihan
April 25th, 2009
Mr Lenihan tells a conference in Killarney that steps taken by Ireland has impressed our partners in Europe, who are amazed at the State’s capacity to take the fiscal pain.
Referring to the pension levy he said:
“In France you would have riots if you tried to do this.”
May 29th, 2009
Government announces injection of €4 billion into Anglo with possible further €3.5 billion. Mr Lenihan defends support for the bank.
“If you close it down, €64 billion in customer and interbank deposits would be called into question.”
December 9th, 2009
In its budget, Government cuts €4.1 billion from economy, with over €1 billion cut from public sector pay. It also imposes €700 million social welfare cuts. The following day, interest rate on Irish foreign debt falls.
"We have turned a corner . . . If we work together now and share the burden, we can deliver sustainable economic growth for all. - Mr Lenihan
March 30th, 2010
It emerges that AIB will require €7.4bn in additional capitalisation. Bank of Ireland will require € 2.7billion; Irish Nationwide €2.6 billion; and EBS €875 million.
On the following day, Government announces Anglo may require a further €10 billion injection, in addition to €8.3billion it has already got.
"At every hand's turn, our worst fears have been surpassed." – Mr Lenihan
August 30th, 2010
Ratings agency Standard and Poor’s downgrades Ireland’s debt from AA to AA minus. Predicts €50 billion as cost of bailout of distressed banks.
Central Bank Governor Patrick Honohan says of Anglo bailout:
“Its costly but its manageable”
September 30th, 2010
Government statement discloses that total cost of Anglo will be €29.3 billion and could rise to €33 billion in a worst case scenario.
"This is rock-bottom day as far as the banks are concerned." – Mr Lenihan
November 12th, 2010
With the spreads for Irish sovereign debt increasing to record levels Taoiseach Brian Cowen denies reports that negotiations are going on behind the scenes for emergency funding for Ireland from the European Union.
"We have made no application whatever for funding. As the Minister for Finance has outlined, we have funding up to mid-year because of the pre-funding arrangements done by the National Treasury Management Agency." – Brian Cowen
Yesterday
"If the deputy thinks it is in the essential national interest of this country for me, as head of Government, to indicate what our negotiating position is before negotiations have even begun or before we have agreed to enter into them – pending these discussions that have to take place on a whole range of technical issues including regulation, structure and others – then he is not very clever." - Brian Cowen replying to Labour leader Eamon Gilmore in the Dáil yesterday.
Compiled by Harry McGee