Results 10,481-10,500 of 16,537 for speaker:Brian Lenihan Jnr

Financial Services Regulation. (8 Jul 2009)

Brian Lenihan Jnr: The Deputy's question refers to the commitment I gave in this House on 26 March 2009 to request the consumer director in the Financial Regulator - which has a statutory mandate to safeguard customers' interests - to examine the level of redemption fees charged by banks to customers wishing to exit from fixed rate mortgages. My Department received a copy of the Financial Regulator's report on...

Financial Services Regulation. (8 Jul 2009)

Brian Lenihan Jnr: Certainly I will take up the Deputy's suggestion on the matter of six months' interest and whether it is the practice. However, the answer deals with the question, correctly raised, of whether it is matched to long-term funding. It refers to actuarial calculations which relate precisely to the cost of funding the borrowing.

Financial Services Regulation. (8 Jul 2009)

Brian Lenihan Jnr: That is the basis of the regulator's examination.

Financial Services Regulation. (8 Jul 2009)

Brian Lenihan Jnr: The suggestion on international best practice is constructive. The Deputy will appreciate that the regulator sought first to establish whether the basics were being adhered to.

Financial Services Regulation. (8 Jul 2009)

Brian Lenihan Jnr: However, building on the review, that is a very constructive suggestion and I will follow up the matter. One of the great difficulties is the banking sector must have fixed rate mortgages as an option and if one were to interfere with that one might close down the option for the future. I am unsure if I am as pessimistic - if that is the correct word - as Deputy Burton about the future...

Financial Services Regulation. (8 Jul 2009)

Brian Lenihan Jnr: In time it may be possible that will take place. However, I will raise the issue.

Financial Services Regulation. (8 Jul 2009)

Brian Lenihan Jnr: The regulator has made it clear that on-the-spot examinations will now take place in several institutions.

Financial Services Regulation. (8 Jul 2009)

Brian Lenihan Jnr: I do not believe it would be advisable to give a specific date for that as it would amount to giving notice to institutions concerned and it would not be normal practice for on-the-spot checks. Clearly, they will be carried out imminently.

Financial Services Regulation. (8 Jul 2009)

Brian Lenihan Jnr: They will take place very quickly. I assume the regulator will build on the work already done. I will certainly raise with the regulator the issues of the suggestions raised about international best practice and the question of whether six months' interest is now a restriction or has become an industry norm.

Financial Institutions Support Scheme. (8 Jul 2009)

Brian Lenihan Jnr: As the Deputy will be aware I have established a steering group to oversee the preparation of the National Asset Management Agency legislation in parallel with the practical preparations for the establishment of NAMA. Among the issues being considered by the steering group is the policy on the staffing of NAMA once established and the degree to which operations will be outsourced to service...

Financial Institutions Support Scheme. (8 Jul 2009)

Brian Lenihan Jnr: Discussions with the banks have not related to valuation methodology as that is a matter of policy which ultimately will have to be determined by the Oireachtas. At this stage the valuation discussions are taking place within NAMA and with my officials and in liaison with the European Commission at Brussels. The discussions with the banks relate to the identification of their impaired...

Financial Institutions Support Scheme. (8 Jul 2009)

Brian Lenihan Jnr: With regard to the involvement of HSBC and Jones Lang, they are assisting NAMA in devising a valuation methodology while not actually doing the valuations. They are engaged in provisional valuations for the purpose of their general exercise but they are not doing the valuations. I will have Deputy Burton's suggestion of an independent board examined as it is something that will have to be...

Financial Institutions Support Scheme. (8 Jul 2009)

Brian Lenihan Jnr: Of course I am aware of matters that are in the public record but I am making the point-----

Financial Institutions Support Scheme. (8 Jul 2009)

Brian Lenihan Jnr: I apologise to Deputy Morgan.

Financial Institutions Support Scheme. (8 Jul 2009)

Brian Lenihan Jnr: I met him yesterday afternoon and we will not argue over what he said. It is important to bear in mind that he endorsed the policy of the Government of a blanket guarantee. He said that was the first essential step taken in the Swedish crisis. He said, rightly, that capitalisation is very important and this is a step we have taken with regard to AIB, Bank of Ireland and Anglo Irish Bank....

Pension Provisions. (8 Jul 2009)

Brian Lenihan Jnr: The latest estimate for the accrued liability for public service occupational pensions is €75 billion as of 2007. This accrued liability figure is a single monetary amount representing the present value of all expected future superannuation payments to current staff and their spouses in respect of service to date, plus the full liability for all future payments to current pensioners and to...

Pension Provisions. (8 Jul 2009)

Brian Lenihan Jnr: Indeed, and the factual matters were beyond the scope of the question as well but I will try to help the Deputy by getting that information together for her. I will ask my officials to do that because I do not have it on my brief in regard to, for example, the take-up in the early retirement scheme. I understand a few hundred applications have been received but the deadline date is 1...

Pension Provisions. (8 Jul 2009)

Brian Lenihan Jnr: As Deputy Bruton is aware, the Government has considered in some detail the recommendations of the group set up to examine the issue of pensions. There has been an amount of discussion by the Government about an appropriate pensions policy, and it has formed part of the discussions with the social partners as well, but the reality is that in the middle of the financial storm we are in it is...

Pension Provisions. (8 Jul 2009)

Brian Lenihan Jnr: First of all the figure, which is €7 billion, and Deputy O'Donnell corrected himself-----

Pension Provisions. (8 Jul 2009)

Brian Lenihan Jnr: In regard to that investment, €4 billion was taken from existing funds in the pension fund which were realisable in the form of cash, bonds or the like which could easily be marketed.