Results 481-500 of 16,537 for speaker:Brian Lenihan Jnr

Financial Services Regulation. (1 Jun 2004)

Brian Lenihan Jnr: I am pleased to be able to respond to this question in the absence of the Minister for Finance, who is in Luxembourg to chair the Eurogroup Finance Ministers and the ECOFIN Council tonight and tomorrow. We have now had a series of announcements by AIB and the Irish Financial Services Regulatory Authority, IFSRA. These cover a range of matters from foreign exchange charges to transactions at...

Financial Services Regulation. (1 Jun 2004)

Brian Lenihan Jnr: I do not accept that the legislation is inadequate. It is important we continue with the progress made in recent years on regulation. Following the enactment of the Central Bank and Irish Financial Services Regulatory Authority Act 2003, a second, complementary Bill is before the House. Last year's legislation radically changed the structure of financial supervision in Ireland, establishing...

Financial Services Regulation. (1 Jun 2004)

Brian Lenihan Jnr: Or on early retirement, as the case may be. These are matters for the Minister for Finance to consider in the formulation of his budget and in the submission of proposals in a Finance Bill on an annual basis. On the question of whether other subsidiaries may have been involved, that again is a matter for the investigative authorities. What we have seen is of deep concern and the Government is...

Financial Services Regulation. (1 Jun 2004)

Brian Lenihan Jnr: I do not quite follow the last issue raised by the Deputy.

Financial Services Regulation. (1 Jun 2004)

Brian Lenihan Jnr: On whether there is a need for a banking commission or forum, the Minister for Finance has no plans for such a commission. The investigations under way into the Allied Irish Banks issues need to be completed as speedily as possible so that all the interested parties — the institutions concerned, the regulators, the Government and the Oireachtas — can take the appropriate steps based on...

Financial Services Regulation. (1 Jun 2004)

Brian Lenihan Jnr: The Revenue Commissioners announced yesterday that they have commenced a full investigation of all tax matters arising from recent disclosures regarding the AIB Group and related entities and individuals. The team is led by the Revenue's investigations and prosecutions division and it includes officers from the large cases division. That Revenue investigation is under way.

Financial Services Regulation. (1 Jun 2004)

Brian Lenihan Jnr: In fact, IFSRA is the appropriate regulatory body until the legislative——

Financial Services Regulation. (1 Jun 2004)

Brian Lenihan Jnr: IFSRA has done a good deal of work in the 13 months since it was formally established, arising from its new statutory remit. I will not give the House the entire list of the work it has done but it is substantial. The various actions taken today clearly demonstrate that it has powers, and it is willing to use them on behalf of the consumer. The chief executive of IFSRA has said that already....

Financial Services Regulation. (1 Jun 2004)

Brian Lenihan Jnr: That is a matter which can be examined during the debate on Report Stage of the Central Bank and Financial Services Authority of Ireland Bill. The Bill provides for disqualification of individuals, as the Deputy is aware. Investigations are ongoing regarding the issues which have arisen in AIB. I do not wish to comment on individuals. There are internal disciplinary proceedings in AIB which...

Central Bank and Financial Services Authority of Ireland Bill 2003: Motion to Recommit. (1 Jun 2004)

Brian Lenihan Jnr: I move amendment No. 1: That the Bill be recommitted in respect of amendments Nos. 125 to 128, inclusive, and amendment No. 134. The onus is on the Opposition to establish why we should recommit the Bill. We had a lengthy and detailed Committee Stage debate for two days. I accept that the Minister has tabled further amendments. That said, they are clearly and self-evidently required. There...

Central Bank and Financial Services Authority of Ireland Bill 2003: Motion to Recommit. (1 Jun 2004)

Brian Lenihan Jnr: The events of recent days should remind us of the urgency of this legislation and should oblige us, as a matter of care, to proceed with it as quickly as possible. I do not draw the inference drawn by Opposition Deputies that we should delay and reconsider this Bill in greater detail. The events of recent days make it all the more important that we proceed with it.

Central Bank and Financial Services Authority of Ireland Bill 2003: Motion to Recommit. (1 Jun 2004)

Brian Lenihan Jnr: Far from it.

Central Bank and Financial Services Authority of Ireland Bill 2003: Motion to Recommit. (1 Jun 2004)

Brian Lenihan Jnr: Two days have already been spent on this Bill on Committee Stage.

Central Bank and Financial Services Authority of Ireland Bill 2003: Motion to Recommit. (1 Jun 2004)

Brian Lenihan Jnr: The Minister is anxious to proceed with the legislation and he opposes the motion, save where it relates to his amendment No. 128.

Central Bank and Financial Services Authority of Ireland Bill 2003: Motion to Recommit. (1 Jun 2004)

Brian Lenihan Jnr: I object to one expression Deputy Burton used in suggesting that the Minister had been "got at" by the banks. The Minister has not been "got at" by anybody. He tabled amendments based on advice he received from the Attorney General about very difficult issues. It was stated that we have only one opportunity to address this matter. Deputies are concerned about the scandals that have emerged in...

Central Bank and Financial Services Authority of Ireland Bill 2003: Motion to Recommit. (1 Jun 2004)

Brian Lenihan Jnr: It is to the credit of the Minister that legislation is enacted and another Bill is well on the way towards enactment. I do not see any case for delaying the process of enactment of the measure before the House. At least it will improve the structure that exists. As a result of further investigations into the scandals we are discussing it may be that further legislative change may be...

Central Bank and Financial Services Authority of Ireland Bill 2003: Motion to Recommit. (1 Jun 2004)

Brian Lenihan Jnr: As my amendment effectively negatives the Deputy's motion, I assume it must be taken first.

Central Bank and Financial Services Authority of Ireland Bill 2003: Motion to Recommit. (1 Jun 2004)

Brian Lenihan Jnr: My amendment negatives the Deputy's motion and it is put on that basis. The amendment should be taken before the substantive question.

Central Bank and Financial Services Authority of Ireland Bill 2003: Motion to Recommit. (1 Jun 2004)

Brian Lenihan Jnr: I must.

Central Bank and Financial Services Authority of Ireland Bill 2003: Report Stage (Resumed). (1 Jun 2004)

Brian Lenihan Jnr: As set out in section 13, the function of the industry and consumer consultative panels is to advise the regulatory authority. The industry consultative panel has a specific mandate to provide the authority with comments on the levies and fees imposed by the authority to fund its activities. Neither panel has any role in respect of the financial services ombudsman, which has its own council...