Results 9,841-9,860 of 16,537 for speaker:Brian Lenihan Jnr

Mortgage Redemption Fees. (13 May 2009)

Brian Lenihan Jnr: I will reiterate what I said on the record: "When a borrower signs a fixed rate mortgage contract with a mortgage provider, the lender in turn enters into an agreement to borrow the money at an agreed rate."

Mortgage Redemption Fees. (13 May 2009)

Brian Lenihan Jnr: It is for the period of time of the fixed rate mortgage. I also stated: The mortgage lender must repay the money at this agreed rate. There is a cost to the institution if the fixed rate agreement is terminated before the agreed term, which gives rise to the redemption fee charged in these cases.

Mortgage Redemption Fees. (13 May 2009)

Brian Lenihan Jnr: As part of the recapitalisation, a number of initiatives were taken in regard to the protection of those with distressed loans in the recapitalised institutions. The Financial Regulator has drawn up a code of practice which applies to all institutions.

Banks Recapitalisation. (13 May 2009)

Brian Lenihan Jnr: My Department is in ongoing discussions with Anglo Irish Bank on a range of matters, including the bank's capital position. The Government has stated that support will be provided as necessary to Anglo Irish Bank, consistent with EU state aid requirements. As the Deputy will be aware, Anglo Irish Bank was taken into public ownership to ensure the stability of the bank and the financial...

Banks Recapitalisation. (13 May 2009)

Brian Lenihan Jnr: An exact figure has not been reported to my Department. The matter is still under examination at my Department and the relevant information will be provided as it emerges. In regard to the review of the loan books, Anglo Irish Bank is currently finalising its half-year accounts to be published at the end of May. As part of the preparation for the publication of these accounts, I understand...

Banks Recapitalisation. (13 May 2009)

Brian Lenihan Jnr: The report has been received.

Banks Recapitalisation. (13 May 2009)

Brian Lenihan Jnr: I do not have further details of that report to hand but it has been received and we are in discussion with the board of Anglo Irish Bank about it.

Banks Recapitalisation. (13 May 2009)

Brian Lenihan Jnr: There are so many assumptions in the Deputy's questions that I wonder where to begin. NAMA is being established under the aegis of the National Treasury Management Agency. In bailing out Anglo Irish Bank it is bailing out the taxpayer, because the taxpayer now owns Anglo Irish Bank. Therefore, I do not see the relevance of the use of the word "bailout". The transactions that will take...

Banks Recapitalisation. (13 May 2009)

Brian Lenihan Jnr: My reply was not vague. Of course Anglo Irish Bank will be covered by NAMA, because it is owned by the taxpayer. What I was pointing out clearly, when Deputy Burton used the word "bailout", was that Anglo Irish Bank is now owned by the State - the taxpayers. The valuation procedure as between NAMA and Anglo Irish Bank carries no risk for the taxpayer whatsoever.

Banks Recapitalisation. (13 May 2009)

Brian Lenihan Jnr: To answer the question, I do not have that information to hand. I accept new business has been limited in extent.

Banks Recapitalisation. (13 May 2009)

Brian Lenihan Jnr: We can contact the board.

Banks Recapitalisation. (13 May 2009)

Brian Lenihan Jnr: I am not elaborating beyond what I said in the Budget Statement, because we are in discussions with the European Commission. Anything we do will be in line with practice that has taken place already in the United Kingdom, France and in many other European countries.

Finance Bill 2009: Second Stage (Resumed) (13 May 2009)

Brian Lenihan Jnr: I thank Deputies for their many considered and useful contributions to the debate on the Finance Bill 2009. I look forward to a constructive and informed discussion on Committee Stage. I will respond as far as possible in the time available to me to the points raised by Deputies. I note, in particular, the points made by Deputy Deenihan. Before moving on to address some of the points made...

Finance Bill 2009: Second Stage (Resumed) (13 May 2009)

Brian Lenihan Jnr: For the Deputy's information, the average tax rate for a single individual on €80,000 was 45% in 1997, some 9 percentage points higher than it is today.

Finance Bill 2009: Second Stage (Resumed) (13 May 2009)

Brian Lenihan Jnr: I welcome the comments of the Minister of State, Deputy Kelleher, and Deputy Fahey that the income levy is a progressive measure. It is never easy to raise taxes but when it is necessary to do so, it is important that those who can pay pay the most, while the vulnerable in society are protected as far as possible. Deputies Burton and O'Donnell referred to the changes to mortgage interest...

Finance Bill 2009: Referral to Select Committee (13 May 2009)

Brian Lenihan Jnr: I move: That the Bill be referred to the Select Committee on Finance and the Public Service, in accordance with Standing Order 122(1) and paragraph 1(a)(i) of the Orders of Reference of that committee.

Written Answers — Tax Forecasting: Tax Forecasting (13 May 2009)

Brian Lenihan Jnr: Tax revenues are forecast by my Department on a disaggregated individual tax-head basis using relevant macroeconomic drivers and, where appropriate, certain elasticity factors. Last year the Department of Finance published a report produced by a group specifically established to examine the tax forecasting methodologies used by the Department. The Tax Forecasting Methodology Review Group...

Written Answers — National Asset Management Agency: National Asset Management Agency (13 May 2009)

Brian Lenihan Jnr: Pending the establishment of NAMA on a statutory basis an interim Managing Director has been appointed and I will announce an Advisory Committee in the coming days. The establishment of NAMA and interim preparations will also be overseen by the NAMA Steering Group recently established by me and including representatives of my Department, the NTMA and the Office of the Attorney General. I...

Written Answers — Financial Services Regulation: Financial Services Regulation (13 May 2009)

Brian Lenihan Jnr: The institution to which the Deputy refers is an independent financial institution operating on a commercial basis and it would not be appropriate for me as Minister for Finance to comment in specific terms on its financial performance. However, as the Deputy will be aware, the institution in question is suffering from its exposure to property prices and the general economic downturn, in...

Written Answers — Financial Services Regulation: Financial Services Regulation (13 May 2009)

Brian Lenihan Jnr: As the Deputy will be aware, fixed rate mortgages can be regarded as a form of insurance against interest rate changes as fixed rate mortgages provide certainty and security to borrowers regarding the level of their repayments. As referred to in the Deputy's question in circumstances that many households are faced with significantly increased financial pressures, the current environment of...