Results 8,081-8,100 of 16,537 for speaker:Brian Lenihan Jnr

Recapitalisation of Credit Institutions: Statements (18 Dec 2008)

Brian Lenihan Jnr: Excuse me. The Government never indicated it would support private equity investments. The Deputy should not say that.

Recapitalisation of Credit Institutions: Statements (18 Dec 2008)

Brian Lenihan Jnr: Deputy Bruton made a fair point when he asked what was the vision for the banking sector. If we strip away the political charges made by the Opposition speakers and consider what they want for the banking sector, it is what we all want. It is what the people want, that the banks will serve borrowers and small and medium sized enterprises in an honest way and ensure that those in default on...

Recapitalisation of Credit Institutions: Statements (18 Dec 2008)

Brian Lenihan Jnr: Will the Deputy allow me speak without interruption, for once? As soon as I received drafts, I worked on them. I assure the Deputy of that.

Recapitalisation of Credit Institutions: Statements (18 Dec 2008)

Brian Lenihan Jnr: As far as vested interests are concerned — Deputy Burton is very fond of insinuating vested interests in public debate — I act in the public and national interest, nothing else, in this matter and if there are questions of detailed negotiations to be conducted, they are referred to the National Treasury Management Agency. The question of private equity, which is an important subject, was...

Recapitalisation of Credit Institutions: Statements (18 Dec 2008)

Brian Lenihan Jnr: I am aware the biggest bank opted out. Let us be clear about this. Were we to nationalise our banks, we would be required to compensate the shareholders of the institutions at current market values under our current Constitution. That would not ——

Recapitalisation of Credit Institutions: Statements (18 Dec 2008)

Brian Lenihan Jnr: Deputy Burton may think €3 billion can be loosely thrown around the street like that and turned into——

Recapitalisation of Credit Institutions: Statements (18 Dec 2008)

Brian Lenihan Jnr: ——dead money in the hands of shareholders all over the globe, but I do not think that is a sensible course for the State to pursue in this context.

Recapitalisation of Credit Institutions: Statements (18 Dec 2008)

Brian Lenihan Jnr: May I speak without interruption?

Recapitalisation of Credit Institutions: Statements (18 Dec 2008)

Brian Lenihan Jnr: The strategy on the pension fund, which was signalled by Deputy Rabbitte in the original debate on the guarantee — for which I give him credit — is that Irish pensioners, from 2025 onwards, can participate in the upswing in the Irish banking sector which will, inevitably, happen when the reform and repair of the Irish banking system takes place. It is a good investment for the pension...

Recapitalisation of Credit Institutions: Statements (18 Dec 2008)

Brian Lenihan Jnr: Currently, the pension fund has investments in banks all over the world. What I am doing is ensuring that funds at the disposal of the pension fund can be invested in the Irish banks to provide them with the essential capital buffer that will give further confidence to these institutions and ensure that they lend into the real economy.

Written Answers — Pension Provisions: Pension Provisions (18 Dec 2008)

Brian Lenihan Jnr: The details supplied with the Deputy's question raise a number of separate issues. Firstly, as regards the annual earnings limit for tax-relieved pension contributions, I should explain that, in Budget 2009, I announced a significant reduction in that annual limit from just over €275,000 to €150,000. This reduced limit will apply for 2009 to all individuals contributing to supplementary...

Written Answers — Financial Services Regulation: Financial Services Regulation (18 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 road map of further actions to enhance financial stability arrangements and the ability of authorities...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (18 Dec 2008)

Brian Lenihan Jnr: In my statement at 14th December 2008, I announced the Government's decision to support, alongside existing shareholders and private investors, a recapitalisation programme for credit institutions in Ireland of up to €10 billion. This will be done through the National Pension Reserve Fund or otherwise and subject to terms and conditions. I also announced that in order to safeguard the...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (18 Dec 2008)

Brian Lenihan Jnr: Under the terms of the Scheme support may be provided to a specific institution, if it is necessary and in the public interest for maintaining the financial stability of the financial system in the State. I am of the opinion, having consulted with the Governor of the Central bank and the Financial Regulator that the specified institution qualifies for cover under the Scheme on this basis.

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (18 Dec 2008)

Brian Lenihan Jnr: The Government's approach to the recapitalisation of credit institutions is designed to ensure the long-term sustainability of the banking sector in Ireland and to underpin its contribution through the availability of credit to individuals and businesses in the real economy. The Government has decided to support, alongside existing shareholders and private investors, a recapitalisation...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (18 Dec 2008)

Brian Lenihan Jnr: The Scheme prepared under the Credit Institutions (Financial Support) Act 2008 requires each covered institution to prepare a plan to structure the remuneration packages of directors and executives, including total salary, bonuses, pension payments and any other benefits, so as to take account of the objectives of the Act. I have recently established the independent, three member, committee...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (18 Dec 2008)

Brian Lenihan Jnr: As is stated in paragraph 32 of the Credit Institutions (Financial Support) Scheme, the non-executive directors appointed in the public interest by the covered institutions are to be remunerated by those covered institutions. The amount of this remuneration is a matter for the institutions themselves. However, the Deputy should note that paragraph 47 of the Scheme clearly states that "each...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (18 Dec 2008)

Brian Lenihan Jnr: My Department recently held generic briefing sessions on the Scheme in general and the fiduciary duties of non-executive directors for individuals on the panel from which the covered institutions are to appoint directors in the public interest.

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (18 Dec 2008)

Brian Lenihan Jnr: Any director appointed in the public interest by the covered institutions will be subject to the provisions of company law. As such, he or she will be bound to act in the interests of the separate legal entity that is the company. Therefore, directors appointed in the public interest will not have a reporting relationship to me or to my Department. However, the panel comprises people who,...

Written Answers — Pension Provisions: Pension Provisions (18 Dec 2008)

Brian Lenihan Jnr: I announced in my Budget speech that I was conducting a review of the National Pensions Reserve Fund in the context of recent economic and fiscal developments. I asked Mr Maurice O'Connell, former Governor of the Central Bank, to conduct the review. Mr O'Connell has now submitted his review to me and I am considering his conclusions. As I stated in my Budget speech, any changes requiring...