Results 8,701-8,720 of 16,537 for speaker:Brian Lenihan Jnr

Banking Sector Regulation. (18 Feb 2009)

Brian Lenihan Jnr: All individuals of high net worth were considered in the PricewaterhouseCoopers exercise, but the matter in question was not disclosed in the report at any stage.

Banking Sector Regulation. (18 Feb 2009)

Brian Lenihan Jnr: We must await the report of the regulator. Last week when questions on the back-to-back transaction with Irish Life & Permanent were raised, I tried to be helpful to the House, somewhat to my own discredit, by putting as much of the information as possible into the public domain and outlining the nature of the transaction. It was a simple transaction and, while it remains under...

Banking Sector Regulation. (18 Feb 2009)

Brian Lenihan Jnr: I do not know as of yet.

Banking Sector Regulation. (18 Feb 2009)

Brian Lenihan Jnr: I cannot warrant the accuracy of all of the information in the public domain, as I have yet to receive the regulator's full report on the Quinn Group issue. This is an important point.

Banking Sector Regulation. (18 Feb 2009)

Brian Lenihan Jnr: The inquiries were incomplete prior to the bank's nationalisation.

Banking Sector Regulation. (18 Feb 2009)

Brian Lenihan Jnr: I identified my concerns regarding issues of corporate governance, but I could not have put information that had not been finalised on the record of the House. The transactions involving the Quinn Group are complex in character and we must await the regulator's final report to deal with them. Concerning the identification of parties who are customers of financial institutions, it would...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (18 Feb 2009)

Brian Lenihan Jnr: The Government's interventions in the banking system have always been guided by the principle of providing for the stability of the banking system and protecting taxpayer's interests. Indeed, the nationalisation of Anglo Irish Bank was a manifestation of this principle. As I have indicated previously, the decision to nationalise Anglo was taken following the weakening of its funding position...

Written Answers — Financial Institutions: Financial Institutions (18 Feb 2009)

Brian Lenihan Jnr: The Registrar of Credit Unions is responsible for the regulation and supervision of credit unions under the Credit Union Act, 1997. The Registrar's statutory role under the Act relates to the supervision and oversight of the financial position and activities of credit unions on an ongoing basis. The Registrar reports regularly to the Regulatory Authority in order to ensure that there is an...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (18 Feb 2009)

Brian Lenihan Jnr: In December 2008, I asked the Financial Regulator about the level of director's loans at Anglo compared to other financial institutions. The Financial Regulator informed me following my enquiry of the movement of the former Chairman's loans to the Irish Nationwide Building Society prior to Anglo Irish Bank's year end and the practice in that regard over the previous seven years. As I have...

Written Answers — National Lottery Funding: National Lottery Funding (18 Feb 2009)

Brian Lenihan Jnr: The position in relation to National Lottery funding is that receipts from the sale of National Lottery tickets are deposited in the National Lottery Fund in the Central Bank. A portion of these funds is transferred by my Department into the Exchequer over the course of each year on the basis of the projected surplus for that year. The moneys transferred into the Exchequer are entered as...

Written Answers — Fiscal Policy: Fiscal Policy (18 Feb 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 48 and 60 together. In the recent Addendum to the Irish Stability Programme Update, aggregate tax forecasts for 2009 and the following years were set out. Reflecting the weak economic climate that exists, my Department now expects tax revenue for 2009 of about €37 billion. This represents a 91⁄4 per cent decline in revenue, which would be the second year...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (18 Feb 2009)

Brian Lenihan Jnr: Of the banks the deputy has listed in the UK, only one has been nationalised, the UK Government have taken significant shareholdings in the others. The Irish Government took the decisive and final step of nationalising Anglo Irish Bank because of concerns about governance issues and the market confidence in Anglo Irish Bank. In light of these concerns the Government felt that...

Written Answers — Pension Provisions: Pension Provisions (18 Feb 2009)

Brian Lenihan Jnr: I will first explain the integration system whereby pensions are calculated for public service employees insured for full PRSI who are members of public service pension schemes. The Commission on Public Service Pensions made certain recommendations on the treatment of part-time employees and employees on lower levels of pay. With effect from 20 December 2001, the pension system for part-time...

Written Answers — Capital Projects: Capital Projects (18 Feb 2009)

Brian Lenihan Jnr: The possibility, practicality and cost-effectiveness of sub-dividing capital projects or scheduling delivery in successive stages is a matter for the responsible Department and public agency having reference to the Value for Money Framework introduced in recent years. Obviously, the particular type of project will influence the practicality of delivery in several stages. For example,...

Written Answers — Fiscal Policy: Fiscal Policy (18 Feb 2009)

Brian Lenihan Jnr: In the context of the normal December Budget day decisions for both expenditure and taxation, monthly profiles of projected receipts and expenditure are generally published by the end of January every year. However, reflecting the fact that the fiscal forecasts were revised at the beginning of January, with a decline in tax revenue this year of 91⁄4% now anticipated, my Department is still...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (18 Feb 2009)

Brian Lenihan Jnr: As the Deputy will be aware the level of impairment of assets in financial institutions has, from the outset, been a key consideration in the assessment of the risks and the appropriate interventions by Government required to address and correct the particular difficulties being faced by financial institutions in Ireland. The Financial Regulator engaged PriceWaterHouse Coopers to examine...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (18 Feb 2009)

Brian Lenihan Jnr: As the deputy is aware, there have been several changes in recent weeks to the Boards and Management of several of the Irish financial institutions. In Anglo Irish Bank, in particular where the State is a shareholder, the Board appointed by me will ensure that every step possible is being taken to develop the highest standards of corporate governance and to protect the taxpayers' interest....

Written Answers — Inflation Forecasts: Inflation Forecasts (18 Feb 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 55 and 99 together. My Department's latest inflation forecasts were published on 9 January as part of the Addendum to the Stability Programme Update. These showed that CPI inflation was expected to turn negative in the first quarter of 2009 and average -1.0% for the year as a whole. For HICP inflation, an annual average in the region of 1⁄2% was forecast...

Written Answers — Public Sector Staff: Public Sector Staff (18 Feb 2009)

Brian Lenihan Jnr: Following consultations with the Minister for Health and Children and the Health Service Executive, my Department is currently preparing proposals for consideration by Government on a targeted Voluntary Early Retirement Scheme (VER) for the health sector. I would envisage that if the VER in the health sector is approved by Government, it would be adopted as a model for the wider public...

Written Answers — Banking Sector Investigations: Banking Sector Investigations (18 Feb 2009)

Brian Lenihan Jnr: As the Deputy is aware both the Financial Regulator and the Office of the Director of Corporate Enforcement are investigating matters in Anglo Irish Bank. These bodies have extensive powers to investigate and take the matters further as considered appropriate.