Speech from Mr. Lenihan to the Irish Insurance Institute

finance.gov.ie/viewdoc.asp?DocID=6013

Some snippets:
“we do not expect any upturn in the Irish economy until at least the second half of next year, with the economy not expected to move out of recession until 2011.”

On NAMA:
“Its objective is to strengthen the banks’ balance sheets which will considerably reduce uncertainty over bad debts and as a consequence facilitate the flow of credit on a commercial basis to the real economy. This will serve to protect and grow employment while also protecting the interest of taxpayers. NAMA will support economic activity by removing the higher risk property related assets which are clogging up the banks’ balance sheets and greatly hampering their ability to lend to credit-worthy individuals and business.”
Um, don’t expect any rush of credit…

On insurance:
"I must touch upon an issue which has been brought to my attention on several occasions this year namely the increase in non-life premiums, in particular motor and home insurance. Many people are puzzled that in an economic environment where prices are generally falling, insurance premiums are increasing. "
Shot across the bows…

Anyone want to say anything about Solvency II? Max?

Or PIPS (Pensions Insolvency Payment Scheme)?

Anything new in here?

Im sure what he meant to say was …

"we do not expect any upturn in the Irish economy until at least the second half of next year, with the economy not expected to move out of recession until 2011… but there will be no further property price or rent falls "

On NAMA:
"Its objective is to strengthen the banks’ balance sheets using taxpayers money ‘’

On insurance:
Many people are puzzled that in an economic environment where prices are generally falling, insurance premiums are increasing … ***such as interest on Irish government debt following the bank bailouts ***‘’