Results 7,881-7,900 of 16,537 for speaker:Brian Lenihan Jnr

Financial Institutions Support Scheme. (11 Dec 2008)

Brian Lenihan Jnr: We do not have shareholdings in these institutions so once these directors are appointed, their primary obligation is to the institution itself in fiduciary terms. On the other question of whether the State should take a shareholding in these institutions, I have made it clear that I have invited the banks to reflect on their own capital requirements. I have pointed out to them that the onus...

Financial Institutions Support Scheme. (11 Dec 2008)

Brian Lenihan Jnr: In the case of Aer Lingus, it is not an analogous position because the State retains a shareholding in Aer Lingus. The State does not have a shareholding in the financial institutions and for that reason, it is not possible to amend company law to elevate these directors to some peculiar status. I hope some day that Deputy O'Donnell will have the honour to sit in an Irish Government and he...

Financial Institutions Support Scheme. (11 Dec 2008)

Brian Lenihan Jnr: I thank Deputy Burton for acknowledging the quality of the appointees. I am not in a position to give directions on the mandate to these individuals as to what they should or should not do in particular institutions.

Financial Institutions Support Scheme. (11 Dec 2008)

Brian Lenihan Jnr: We will have to differ on that.

Financial Institutions Support Scheme. (11 Dec 2008)

Brian Lenihan Jnr: I am not copping out. That is the strict statutory position. However, I have every confidence in their ability to discharge their duties and to ensure the changes we all want to see in the banking sector take place.

Financial Institutions Support Scheme. (11 Dec 2008)

Brian Lenihan Jnr: I am not going to seek reports from the ladies and gentlemen in question. They are well aware, however, of the difficulties faced by small businesses. Regarding another point raised by Deputy O'Donnell, and echoed by Deputy Burton, the problems in the Irish banking sector do not derive from the trading in derivatives or other such financial instruments. They arose from an excessive exposure...

Pension Provisions. (11 Dec 2008)

Brian Lenihan Jnr: Total expenditure on public service pensions in 2007 was €2.3 billion and the most recent projections carried out by the Department of Finance are for expenditure on public service pensions to increase from about 1.3% of GDP in 2007 to 2.1% in 2025 and to 2.6% by 2050. The projected increase arises from the growth in public service employment in recent years and from increasing longevity....

Pension Provisions. (11 Dec 2008)

Brian Lenihan Jnr: The growth in the public service provision will increase from 1.3% of GDP in 2007 to 2.1% in 2025. I do not believe it will encompass the whole of GDP.

Pension Provisions. (11 Dec 2008)

Brian Lenihan Jnr: The Deputy is referring to the liability as a proportion of GNP while I am referring to the expenditure in proportion to GDP. To address the issue, the State established the National Pensions Reserve Fund. Austria is the only other EU member state which has made such a provision. We also enacted legislation to extend the period of service for public servants, as the Deputy is aware. This...

Pension Provisions. (11 Dec 2008)

Brian Lenihan Jnr: Legislation may be required for taking over the assets of semi-State and public bodies as announced over the summer. With regard to the liabilities, the position is that the State already undertakes them. This is why the State came to this arrangement. I asked the former Governor of the Central Bank, Mr. Maurice O'Connell, to prepare a report on the operation of the National Pensions...

Pension Provisions. (11 Dec 2008)

Brian Lenihan Jnr: I agree that a pension strategy must be devised and the Government's intention is to build on the work already done by producing more definitive signposts on how we go forward in the coming months.

Pension Provisions. (11 Dec 2008)

Brian Lenihan Jnr: In the coming months. We have enough difficulties with pension funds, as Deputy Bruton is well aware.

Banking Sector Regulation. (11 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. To that end, the scheme provides for the regulation of the commercial conduct of covered institutions and, in particular, requires each covered institution to appropriately manage its balance sheet in a manner consistent with...

Banking Sector Regulation. (11 Dec 2008)

Brian Lenihan Jnr: Regarding the query of Deputies Burton and Morgan on timeframes and the urgency of loans to small and medium sized businesses, in all discussions with the institutions I have stressed that the core concern of the Government is that the banking sector should function as a motor for the economy. In particular I referred to the prospect that early next year many businesses will face grave...

Banking Sector Regulation. (11 Dec 2008)

Brian Lenihan Jnr: It is open to any private investor to approach a financial institution. If such private investors approach the State for co-investment, my policy is to refer them to the NTMA for assessment. Any such assessment will take into account the essential public interest, which must be respected, that any private participation does not seek the short-term gain referred to by Deputy Burton.

Written Answers — Departmental Agencies: Departmental Agencies (11 Dec 2008)

Brian Lenihan Jnr: In my Budget Statement on 14 October last, I announced that the Government had decided to implement 30 rationalisation decisions spread across 11 Government Departments. The details of the rationalisations, which will result in a reduction of some 41 bodies, were set out in Annex D of the Summary Budget Measures. Implementation of these rationalisation decisions, which are a matter for the...

Written Answers — House Repossessions: House Repossessions (11 Dec 2008)

Brian Lenihan Jnr: I have no plans to introduce such a scheme. As the Taoiseach said in the House earlier this week, the Government has been pro-active in seeking to safeguard the interests of households that experience difficulties in meeting their mortgage payments owing to circumstances beyond their control. A particular priority is to ensure as much as possible that difficulties in relation to mortgage...

Written Answers — Foreign Direct Investment: Foreign Direct Investment (11 Dec 2008)

Brian Lenihan Jnr: I propose to take Questions Nos. 11 and 41 together. I understand that President-elect Obama is at present concentrating on the appointment of his Cabinet and that it will be some time before we have a firm idea of the make up of the specific policy teams in the various Government Departments. In the circumstances I think the Deputies will appreciate that it is too early to be seeking...

Written Answers — Tax Yield: Tax Yield (11 Dec 2008)

Brian Lenihan Jnr: The Budget increase of 0.5% in the standard VAT rate is estimated to yield the Exchequer €208 million in 2009 and €227 million in a full year. As part of a fiscal stimulus package, the UK Government reduced their standard VAT rate from 17.5% to 15% on a temporary basis with effect from 1 December 2008 to 31 December 2009. I have no plans to make a similar reduction in the standard VAT...

Written Answers — Public Service Review: Public Service Review (11 Dec 2008)

Brian Lenihan Jnr: I refer the Deputy to the Government Statement on Transforming Public Services of 26 November 2008 which stated that the objectives of the Special Group are to:— a. Review the scope for reducing or discontinuing Expenditure Programmes with a view to eliminating the current budget deficit by 2011. b. To this end, analyse and make recommendations on reducing the numbers employed in each area...