Results 7,841-7,860 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — Insurance Industry: Insurance Industry (9 Dec 2008)

Brian Lenihan Jnr: The sale of its stake in the VHI is not Government policy at this point in time.

Written Answers — Job Protection: Job Protection (9 Dec 2008)

Brian Lenihan Jnr: Notwithstanding the recent problems in the global markets — from which no country could expect to be immune — the development of Ireland as a global financial centre is one of the major success stories of the Irish economy over the past two decades. Of course, competitiveness is key to success. In that regard, the Clearing House Group, the public sector — industry partnership, which...

Written Answers — Fiscal Policy: Fiscal Policy (9 Dec 2008)

Brian Lenihan Jnr: In line with the provisions of the Stability and Growth Pact, all EU member states, including Ireland, agree to respect a General Government Debt ratio of 60% of GDP. General Government Debt is the standard measurement of gross debt used for comparative purposes within the Union.

Written Answers — Vehicle Imports: Vehicle Imports (10 Dec 2008)

Brian Lenihan Jnr: I am advised by the Revenue Commissioners the number of used motor vehicles imported in 2007 and to date in 2008 are as shown in the following table. The weakening of Sterling against the Euro has been a contributory factor in the increase in used car imports. Revenue currently carries out a risk based examination of a proportion of the used imported vehicles being presented for registration...

Written Answers — Departmental Expenditure: Departmental Expenditure (10 Dec 2008)

Brian Lenihan Jnr: Budget 2009 documents published by my Department were, as is the norm, printed in-house in the Department of Finance.

Written Answers — Tax Code: Tax Code (10 Dec 2008)

Brian Lenihan Jnr: The new VAT arrangements for tour operators being introduced under the Finance Bill arise from an Appeal Commissioners' decision which made all tour operators liable to VAT. Any deferral of the proposed measures would mean that the normal VAT rules would apply creating difficulties and inequity of treatment whereby domestic and in-bound tour operators providing holidays in Ireland would pay...

Written Answers — Decentralisation Programme: Decentralisation Programme (10 Dec 2008)

Brian Lenihan Jnr: As I announced in the Budget, the Government has reviewed the Decentralisation Programme in light of the changed economic circumstances and identified priority elements on which implementation should proceed at this time. The Government's decision will result in the relocation of approximately 6,000 posts to over 40 locations outside of Dublin in the current phase of the programme. This is...

Written Answers — National Debt: National Debt (10 Dec 2008)

Brian Lenihan Jnr: Based on the projections in Budget 2009, the National Debt at end 2009 is forecast to be just under €63 billion. This was based on a forecast Exchequer Borrowing Requirement of €11.5 billion in 2008 and €13.4 billion in 2009. As set out at Budget time, there are clearly a number of risks to the economic and fiscal forecasts for 2009 and the further deterioration in tax receipts in 2008,...

Written Answers — Economic Competitiveness: Economic Competitiveness (10 Dec 2008)

Brian Lenihan Jnr: The deterioration in the economy's competitiveness relative to that of our main trading partners has been driven by a combination of factors. These include a strong euro, wage increases in excess of productivity, and the relatively high rate of inflation that we have experienced in recent years. While CPI inflation has eased in recent months and may temporarily turn negative during the course...

Written Answers — Economic Competitiveness: Economic Competitiveness (10 Dec 2008)

Brian Lenihan Jnr: The main domestic reason for the current economic slowdown is the adjustment in the new house building sector, which is exerting a major drag on overall GDP growth. For a number of years up to 2007, the annual number of house completions exceeded the estimated medium term requirement. While this very high level of output was a response to very strong demand, it was never expected to be...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (10 Dec 2008)

Brian Lenihan Jnr: I propose to take Questions Nos. 132 and 136 together. The guarantee Scheme for financial institutions put in place by the Government has been successful in safeguarding the stability of the Irish banking sector and in restoring its liquidity position in order to support its normal lending activities. The Scheme is intended to provide a detailed framework for the positive and constructive...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (10 Dec 2008)

Brian Lenihan Jnr: Under the terms of the Credit Institutions (Financial Support) Scheme 2008 (Scheme) each covered institution joins the Scheme by executing a Guarantee Acceptance Deed specified by me. I have held meetings with credit institutions covered by the Scheme in the last two weeks, and asked that they consider the contribution that they can make to the economy through appropriate credit initiatives...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (10 Dec 2008)

Brian Lenihan Jnr: The legislative regime for financial regulation In Ireland is largely based on a comprehensive EU framework of Directives which applies across the EU. Arising from the recent financial turmoil, the Ecofin Council meetings in October and December 2007 agreed a set of common principles and a roadmap of further actions to enhance financial stability arrangements and the ability of authorities to...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (10 Dec 2008)

Brian Lenihan Jnr: The objective of the Credit Institutions (Financial Support) Scheme is to maintain financial stability in the best interests of the public and the economy of the State. I have met with the CEOs of the six major financial institutions covered by the Guarantee Scheme on a number of occasions. My focus in those meetings has been to secure a stable and active banking sector which services the...

Written Answers — Economic Competitiveness: Economic Competitiveness (10 Dec 2008)

Brian Lenihan Jnr: Problems in global financial markets are already having a significant impact on the Irish economy. For instance, difficulties in international financial markets are the main reason why the pace of demand in our major trading partners has slowed, with many experiencing periods of contracting economic activity. This poor international economic climate is adversely impacting on our export...

Availability of Credit. (11 Dec 2008)

Brian Lenihan Jnr: Nobody wants viable businesses to fail because banks will not lend them money. At my meetings with representatives of the various financial institutions over recent weeks, I asked the institutions covered by the guarantee scheme to consider the contributions they can make to the economy by offering appropriate credit initiatives to small and medium-sized businesses and others. Therefore, I...

Availability of Credit. (11 Dec 2008)

Brian Lenihan Jnr: I am far from complacent on this subject. I referred in my response to the numerous meetings I have had with the financial institutions. At my request and insistence, the various financial institutions have submitted different plans for assisting small and medium-sized enterprises. I do not accept for one moment that my attitude is complacent. I am very concerned about this matter. The...

Availability of Credit. (11 Dec 2008)

Brian Lenihan Jnr: Deputy Bruton is not in a position to say there is no solution. The plans were submitted in the last ten days. We do not yet have a detailed assessment of whether they have been implemented. It is not correct to say there is no solution.

Availability of Credit. (11 Dec 2008)

Brian Lenihan Jnr: At my insistence the banks submitted plans to protect small and medium sized businesses in the weeks ahead. On recapitalisation, I was simply drawing the Deputy's attention to the fact that the recapitalisation that has taken place in the United Kingdom has not succeeded in ensuring that banks lend into the economy.

Availability of Credit. (11 Dec 2008)

Brian Lenihan Jnr: Two and a half months ago we secured the position of the Irish banks and a great deal of liquidity went into the Irish banks throughout October. The liquidity of Irish banks was repaired in that month. Let us not talk about two and a half months. I have had the PricewaterhouseCoopers report for a far shorter period than that. The first step taken after the introduction of the guarantee...