Advanced search
Most relevant results are first | Show most recent results first | Show use by person

Search only Brian HayesSearch all speeches

Results 8,801-8,820 of 11,861 for speaker:Brian Hayes

Banks Recapitalisation (22 Feb 2012)

Brian Hayes: To answer Deputy Healy, this is an important issue for the Government and we are prioritising it. We have made some advances in how it will progress between now and the full schedule. Just because the Government is not talking about it daily does not mean it is not devoting all its efforts to getting the point across.

Banks Recapitalisation (22 Feb 2012)

Brian Hayes: The Deputy might have the luxury of saying we cannot and will not pay, but he should be aware of the consequences. The country is being held together with emergency funding from the ECB. The cost of running the country which presents a real difficulty given the current deficit is also borne by the external support of these agencies. I agree with the Deputy that the issue remains unresolved,...

Tax Collection (22 Feb 2012)

Brian Hayes: I refer the Deputy to the reply to Parliamentary Questions Nos. 81 to 83, inclusive, of 12 January 2012. It was never expected that 150,000 pensioners would have extra tax liabilities. In that reply I stated the Revenue Commissioners had advised me that in some cases the pensioners were paying too much, in others too little and that others would be exempt. I am advised by the Revenue...

Tax Collection (22 Feb 2012)

Brian Hayes: My officials advise me that a P35 contains the basic information given to the system by employers who each year inform the Revenue Commissioners and the social welfare system of the total amount of tax paid. We cannot give the Deputy the information because we do not have access to the P35s for 2012. Obviously, that information will come in. I understand the Revenue Commissioners will have...

Tax Collection (22 Feb 2012)

Brian Hayes: I thank the Deputy for bringing the latter issue to my attention. The information will be passed on immediately to the Revenue Commissioners to obtain a view on it. The payment of back tax is an issue for the Revenue Commissioners. Last year the Minister brought legislation through the Oireachtas to ensure the Revenue Commissioners would be an independent, statutory organisation and not...

National Asset Management Agency (22 Feb 2012)

Brian Hayes: I assume that the Deputy is referring to the recently published third quarter 2011 accounts. NAMA presents its financial statements in accordance with international financial reporting standards, IFRS. It is required to do so under EU legislation owing to the fact it has listed debt securities. In accordance with the IFRS, NAMA uses the effective interest rate, EIR, methodology for the...

National Asset Management Agency (22 Feb 2012)

Brian Hayes: NAMA is following an international model where a vehicle such as this purchases loans at a hugely discounted rate to reflect the fact that the assets have been totally impaired. This is in line with the international standard to which we have signed up. Furthermore, the Comptroller and Auditor General would not certify accounts if he considered there was something untoward about the...

National Asset Management Agency (22 Feb 2012)

Brian Hayes: The Deputy has a fair point to make on the Freedom of Information Acts. I have heard similar comments being made by other Members of the House. This is something at which the Government is looking. We have given a commitment to amend the legislation. In that context, we will look at applying freedom of information legislation to NAMA, or parts of it. This would lead to the provision of...

National Asset Management Agency (22 Feb 2012)

Brian Hayes: We can look at whether additional reportage would make much difference. The discounted value reflects the fact that a significant portion of the loans NAMA acquired were not performing on acquisition and are not expected to perform in accordance with their contractual terms. This must be reflected in NAMA's accounting procedures. If the Comptroller and Auditor General had a difficulty with...

Banks Recapitalisation (22 Feb 2012)

Brian Hayes: The Central Bank of Ireland does not disclose the value of the IBRC's liabilities to it. However, details of Anglo Irish Bank's primary sources of funding are disclosed in the former bank's interim report for the six months to 30 June 2011 which are accessible at the following link. The accounts will be updated in the IBRC annual report and accounts for 2011 due for publication at the end...

Banks Recapitalisation (22 Feb 2012)

Brian Hayes: I was aware that the three economists in question raised this issue in the course of their presentation to the committee, but the three economists do not have access to the books of Irish Bank Resolution Corporation and how they can make that definitive statement is difficult to attain. I understand Deputy Pearse Doherty's point. He is correct that when the promissory note procedure was put...

Banks Recapitalisation (22 Feb 2012)

Brian Hayes: These are estimates and they are ball-park figures. The Deputy can be absolutely assured that in our discussions, both with our international funders and the ECB, in particular, these matters are being kept under review. However, I would be unwise to speculate either as to the range of that or the total liability concerned at this stage, because even if we were to be successful in the...

Banks Recapitalisation (22 Feb 2012)

Brian Hayes: I note that Deputy Michael McGrath referred to information that was put out there by the chairman at the time, and that is the bank's view. Here again, this will depend on the functioning property market. As the Deputy will be aware, much of the assets involved were purchases here in Ireland, but also in the United Kingdom. As they are sold over a period of time, and as that is reflected...

Job Creation (22 Feb 2012)

Brian Hayes: As noted in the action plan for jobs, the strategic investment fund, SIF, whose establishment was announced by the Government in September 2011, will channel commercial investment from the National Pensions Reserve Fund, NPRF, towards productive investment in areas of strategic significance to the future of the Irish economy. As well as money from the NPRF, the SIF will seek matching...

Job Creation (22 Feb 2012)

Brian Hayes: I will read the final paragraph of my original reply, which may help the Deputy. The reply states: It should be noted that these funds are not all readily accessible. The NPRF commission has legally committed €1.2 billion to various fund investments, of which over €800 million is for investment in Ireland. The €800 million includes a commitment to provide funding on a commercial...

Job Creation (22 Feb 2012)

Brian Hayes: In November 2011 the National Pensions Reserve Fund announced a commitment of €250 million to a new Irish infrastructure investment fund, which is seeking up to €1 billion from institutional investors in Ireland and overseas. It will invest in infrastructural assets here in Ireland, including assets being disposed of by the Government and commercial State assets. There is also an...

Job Creation (22 Feb 2012)

Brian Hayes: I note the comments made in the past on this matter by the Minister, Deputy Noonan. He is open to considering this. My understanding is that he will open a consultation process with the pensions industry soon, which could lead to an opportunity to use some of that resource. We are in an unusual position in that much of the pension funds that are collected here are not actually used here,...

State Banking Sector (22 Feb 2012)

Brian Hayes: I propose to take Questions Nos. 8 and 9 together. As the Deputy is aware, I have indicated that I am committed to reviewing the approach to the promissory notes with a view to reducing the overall cost to the State of correcting the banking system. The troika has agreed to engage in a process with Irish officials to produce a common paper which will consider options for re-engineering the...

State Banking Sector (22 Feb 2012)

Brian Hayes: I understand the Deputy's frustration, which is felt on all sides of the House, concerning the outstanding liability to the State arising from the criminal reckless lending of a bank which effectively brought this country to its knees. The dilemma - to take my ship analogy - is that the ship has left dock. The decision was made by the previous Administration when, in the first instance, it...

State Banking Sector (22 Feb 2012)

Brian Hayes: -----and then proceeded to nationalise it. The problem is that reneging on that contract is seen, from the European perspective, as a form of default. We are arguing that the bank is effectively now functioning as a type of financial warehouse in that its task, over a period of time, is to outwork the assets and liabilities that are there. We are making progress in articulating that to...

   Advanced search
Most relevant results are first | Show most recent results first | Show use by person

Search only Brian HayesSearch all speeches