Results 8,661-8,680 of 16,537 for speaker:Brian Lenihan Jnr

Banking Sector Regulation. (18 Feb 2009)

Brian Lenihan Jnr: I thank the Deputy for his questions. With regard to confidence in the regulatory system and his concern that it will be left to the system itself to address this matter, I can assure him it will not be left thereto. From the time of the departure of the chief executive of the regulatory authority, I made clear that I intended to bring proposals to the Government on the reform of the...

Banking Sector Regulation. (18 Feb 2009)

Brian Lenihan Jnr: In accordance with the terms defined in the warrant, which the Deputy will appreciate I do not have to hand, the loss to the State caused by non-payment will be compensated for by the allocation to the State of an appropriate amount of ordinary shares from the institution, above and beyond the allocation already envisaged in the share warrant arrangement. As Deputy Bruton knows, this...

Banking Sector Regulation. (18 Feb 2009)

Brian Lenihan Jnr: The suggestion that the State should engage in direct interference in the management of the two major institutions would be dangerous in international markets.

Banking Sector Regulation. (18 Feb 2009)

Brian Lenihan Jnr: The importance of having a regulatory system that provides financial stability and fosters probity has become all the more clear to us now in a time of severe financial dislocation, both nationally and internationally. A new and better co-ordinated approach to ensuring financial stability and regulation is now required, with greater focus on areas such as risk management, compliance,...

Banking Sector Regulation. (18 Feb 2009)

Brian Lenihan Jnr: First, in regard to the position of the board of the Financial Regulator, one of the options under consideration by the Government is the fusion of that board with the board of the Central Bank. I am not saying the Government has decided to adopt that conclusion but it is a matter under consideration. In the circumstances the best course is to await the bringing of proposals to Government...

Banking Sector Regulation. (18 Feb 2009)

Brian Lenihan Jnr: These are not industry insiders.

Banking Sector Regulation. (18 Feb 2009)

Brian Lenihan Jnr: They include a former Revenue Commissioner.

Banking Sector Regulation. (18 Feb 2009)

Brian Lenihan Jnr: First, these are not industry insiders. For example, they include a former Revenue Commissioner and a number of individuals who have no connection with the world of finance. Deputy Burton should not throw around references to yacht clubs in this House if it does not apply to the individuals concerned.

Banking Sector Regulation. (18 Feb 2009)

Brian Lenihan Jnr: Or golf clubs. I am neither a yachtsman nor a golfer but Deputy Burton seems to have an unwonted interest in them. One matter I am pleased the Deputy asked me about is the question of an alleged promise of €3 billion to put money into the Irish Nationwide Building Society and Irish Life & Permanent. No such undertaking or statement was made by the Government. We said we would consider...

Banking Sector Regulation. (18 Feb 2009)

Brian Lenihan Jnr: The Deputy asked specifically about both counterparty institutions, which includes Irish Life & Permanent.

Banking Sector Regulation. (18 Feb 2009)

Brian Lenihan Jnr: I am now turning to the Irish Nationwide Building Society. I am about to deal with it. The position is that there have been no discussions about capitalisation between my Department and that society. I indicated that the retiring chairman will discuss his views with me later this week. To date there has been no investment of capital by the State in Anglo Irish Bank either.

Tax Code. (18 Feb 2009)

Brian Lenihan Jnr: I do not accept that there are unfair elements in the structure of the public service pension-related deduction. The approach to this deduction is that it applies generally given the fact that all public servants enjoy the benefits of a public service pension, which provides for greater security and more favourable terms than the generality of private sector pensions. The graduated approach...

Tax Code. (18 Feb 2009)

Brian Lenihan Jnr: All systems for the extraction of income from a taxpayer or levies paid on a pension involve graduation and progression. Inevitably, cases can be highlighted that distort the overall picture, which is that we need to make savings in the public service pay bill. The bands my Department circulated to the social partners represent a reasonable attempt to reconcile the need to achieve the...

Tax Code. (18 Feb 2009)

Brian Lenihan Jnr: The Deputy will have to draw such a class of persons to my attention who have in excess of two years service before I am satisfied of their existence.

Tax Code. (18 Feb 2009)

Brian Lenihan Jnr: However, section 8 was inserted on the basis of legal advice to ensure the circumstances outlined by the Deputy will not apply to any public servant. In other words, if there is an issue about non-eligibility for a pension, the Minister can, by the appropriate order, deal with it.

Tax Code. (18 Feb 2009)

Brian Lenihan Jnr: It is not anticipated that will have significant financial implications for the savings to be effected by the legislation.

Tax Code. (18 Feb 2009)

Brian Lenihan Jnr: With regard to the Deputy's categorisation of the amount of the savings, he will be familiar, as is every accountant, with the system of public accounting in the State whereby the savings are on the expenditure side of the account and relate to the current day-to-day expenditure of the Government. The figures given by the Government are correct and accurate in that regard.

Tax Code. (18 Feb 2009)

Brian Lenihan Jnr: With regard to the description of the legislation as a financial emergency measure, the Deputy will appreciate the levy is not the only measure encompassed by the legislation but also the power the State is taking on itself to break existing contractual arrangements relating to the payment of professional fees to doctors and legal professionals.

Tax Code. (18 Feb 2009)

Brian Lenihan Jnr: To break such arrangements in those circumstances would require the existence of difficult economic circumstances, which are recited in the legislation.

Tax Code. (18 Feb 2009)

Brian Lenihan Jnr: Policy can be reviewed regarding the pension levy but any fair minded person examining our economic circumstances and the forecasts for this year and next year would see the levy as part of the landscape for public servants for some time to come.