Results 10,161-10,180 of 16,537 for speaker:Brian Lenihan Jnr

Financial Services (Deposit Guarantee Scheme) Bill 2009: Second Stage (16 Jun 2009)

Brian Lenihan Jnr: I thank Deputies for their contributions to the debate. By and large, they supported the principle of the measure before the House. Plainly, deposit protection is an essential tool to have in place in order to reassure depositors that their savings are safe. The Government decision last September to increase the guarantee limit from €20,000 to €100,000 was a very important step in...

Financial Services (Deposit Guarantee Scheme) Bill 2009: Second Stage (16 Jun 2009)

Brian Lenihan Jnr: I am sorry. That is an official summarisation. I apologise; I was unable to be in the House for the Deputy's contribution. Deputy Burton also touched on what was, in her view, the failure of the Central Bank and the regulatory authorities to anticipate the crisis which has engulfed us. There are two distinct issues in the reform of the Central Bank and the financial regulatory system....

Financial Services (Deposit Guarantee Scheme) Bill 2009: Second Stage (16 Jun 2009)

Brian Lenihan Jnr: I do not have precise information on the value of deposits and their combination in banks. Hwever, I do remember last September acquiring more specific data on this question before recommending to the Government the decision made at that stage. I will undertake to furnish the Deputy with such information as we can gather in that regard. Deputy O'Donnell wandered into the land of NAMA and...

Financial Services (Deposit Guarantee Scheme) Bill 2009: Second Stage (16 Jun 2009)

Brian Lenihan Jnr: That is why I call it a magic bank. It is not a realistic proposition. It has been dealt with by many commentators and is not a runner. The sooner the Deputy faces up to this the better.

Financial Services (Deposit Guarantee Scheme) Bill 2009: Second Stage (16 Jun 2009)

Brian Lenihan Jnr: We will have plenty of time to discuss NAMA which is the only show in town.

Financial Services (Deposit Guarantee Scheme) Bill 2009: Second Stage (16 Jun 2009)

Brian Lenihan Jnr: Deputy Burton often feels I pick on her and accuse her of being irresponsible. I find some of Fine Gael's comments about debt and defaulting on bonds far more irresponsible than anything the Labour Party has advocated in the House. In fact, the Labour Party has made a case for adopting an old-fashioned nationalisation approach which can claim some reputable academic support, whereas the...

Financial Services (Deposit Guarantee Scheme) Bill 2009: Second Stage (16 Jun 2009)

Brian Lenihan Jnr: It is a Lehman's bank type of proposal which involves a default. It is unsustainable as regards the development of the banking sector. It may provide a fig-leaf, whereby Fine Gael can freely criticise the Government on these matters.

Financial Services (Deposit Guarantee Scheme) Bill 2009: Second Stage (16 Jun 2009)

Brian Lenihan Jnr: I can assure Deputy Bruton that the day he walks into the Department of Finance the fig-leaf will be removed. Deputy Burton broadly welcomed the Bill. I was not aware of the fact that she had raised the issue with the previous Minister. She sees some sinister reason in the fact that the Bill has been separated from other legislation dealing with financial matters. The Bill implements the...

Financial Services (Deposit Guarantee Scheme) Bill 2009: Second Stage (16 Jun 2009)

Brian Lenihan Jnr: If the Deputy is advocating a 31% unemployment rate - the rate in the United States during the great depression after the failure of the banks - fair enough.

Financial Services (Deposit Guarantee Scheme) Bill 2009: Second Stage (16 Jun 2009)

Brian Lenihan Jnr: That was the rate of unemployment during the great depression in the United States.

Financial Services (Deposit Guarantee Scheme) Bill 2009: Second Stage (16 Jun 2009)

Brian Lenihan Jnr: I showed the Deputy the courtesy of not interrupting her while she made many tendentious comments. I am seeking to reply to them in general terms. In 1929 there was a 31% unemployment rate in the United States as a result of a government decision to let banks fail. Were we to decide, for example, that Anglo Irish Bank should be allowed to fail - as has been advocated implicitly by some -...

Financial Services (Deposit Guarantee Scheme) Bill 2009: Second Stage (16 Jun 2009)

Brian Lenihan Jnr: I will deal with bondholders in a moment. Were we to repeal-----

Financial Services (Deposit Guarantee Scheme) Bill 2009: Second Stage (16 Jun 2009)

Brian Lenihan Jnr: There would be an immediate liability on Ireland of €64 billion, with incalculable consequences for the funding of the national debt and the position of other banks. When we speak about bondholders, let us distinguish between those about whom we are talking. There is a fundmental distinction between subordinated debt holders who have no particular advantage under the guarantee in the case...

Written Answers — Tax Code: Tax Code (16 Jun 2009)

Brian Lenihan Jnr: The position is that the income levy does not apply to tracker bonds. These products are currently subject to Deposit Interest Retention Tax (DIRT) at 28% on the interest paid on the date of the maturity payment.

Written Answers — Customs and Excise Seizures: Customs and Excise Seizures (16 Jun 2009)

Brian Lenihan Jnr: I am advised by the Revenue Commissioners that the amounts of cigarettes and tobacco products seized by Customs at Dublin Airport for the years 2005 to 2008 and 2009 to date are as set out in the following tables. Table 1 relates to cigarettes and Table 2 to other tobacco products. The data for 2009 in Table 2 include a seizure at Dublin Airport cargo terminal of 1.47 kilograms of chewing...

Written Answers — Departmental Staff: Departmental Staff (16 Jun 2009)

Brian Lenihan Jnr: In the Supplementary Budget 2009, I said that consideration would be given to the early extension of the incentivised career break scheme and the shorter working year scheme to other appropriate areas of the public service, as part of the Government's efforts to achieve a reduction in spending on the paybill. My Department wrote to the Personnel Officers in all Government Departments on 5th...

Written Answers — Services for People with Disabilities: Services for People with Disabilities (16 Jun 2009)

Brian Lenihan Jnr: The amount spent on taxis by my Department and the State agencies under its aegis in the years 2008 and 2009 year to date are set out in the following tables. Officers of my Department who find it necessary to use taxis in the course of their work are not restricted to any firm or individual and consequently the Department does not have the information requested by the Deputy in respect of...

Written Answers — Pension Provisions: Pension Provisions (16 Jun 2009)

Brian Lenihan Jnr: The pension-related deduction is calculated by reference to remuneration. Remuneration is defined at section 1 of the Act as emoluments to which Chapter 4 of Part 42 of the Taxes Consolidation Act 1997 applies or is applied and payable by or on behalf of a public service body to a public servant for his or her services as a public servant. This definition includes non-pensionable pay,...

Written Answers — Pension Provisions: Pension Provisions (16 Jun 2009)

Brian Lenihan Jnr: The rationale for giving tax relief for contributions to various types of retirement savings products is to encourage and promote savings over the long term in order that individuals will have an adequate replacement income in old age. A pension fund is not a "rainy day" fund in the normal sense of that term. Emerging demographic indicators point to increasing numbers of people living longer,...

Written Answers — Tax Code: Tax Code (16 Jun 2009)

Brian Lenihan Jnr: With the exception of small and medium businesses authorised by Revenue to make their PAYE/PRSI payments quarterly, the due date for the payment, by employers, of PAYE/PRSI covering the PAYE/PRSI for any given month is the 14th of the following month; for example the PAYE/PRSI for the month of June is due for payment to Revenue by an employer by July 14th. The Deputy will be aware that in my...