Results 10,501-10,520 of 16,537 for speaker:Brian Lenihan Jnr

Pension Provisions. (8 Jul 2009)

Brian Lenihan Jnr: The remaining balance of €3 billion was borrowed through front-loading the borrowing for the contribution to the pension fund. That is how the funding of AIB and Bank of Ireland capitalisation took place and those shares now rest in the pension fund. The shares, and the State's participation in these institutions, has seen an increase in value in recent months and already, because of...

Pension Provisions. (8 Jul 2009)

Brian Lenihan Jnr: I would appreciate it if the Deputy tabled a separate question on that some day to which I could reply because I do not have the information to hand. I will have to check it out for the Deputy.

Pension Provisions. (8 Jul 2009)

Brian Lenihan Jnr: An independent review of credit availability was agreed in the context of the recapitalisation of Allied Irish Bank and Bank of Ireland. The purpose of the review was to ascertain the position on credit availability to small and medium sized enterprises in Ireland. The steering group for the review consisted of representatives of the Departments of Finance and Enterprise, Trade and...

Pension Provisions. (8 Jul 2009)

Brian Lenihan Jnr: I received the report today.

Pension Provisions. (8 Jul 2009)

Brian Lenihan Jnr: The findings I read out are in today's report.

Pension Provisions. (8 Jul 2009)

Brian Lenihan Jnr: The Bank of Ireland and Allied Irish Bank met their requirements for dedicated pools of lending, as recapitalised banks. The core problem is that there has been a substantial de-leveraging in Ireland by the external banks which provided credit to Ireland. At the beginning of the decade, we saw a substantial increase in credit from these institutions. We are now seeing a substantial...

Pension Provisions. (8 Jul 2009)

Brian Lenihan Jnr: Yes.

Pension Provisions. (8 Jul 2009)

Brian Lenihan Jnr: One cannot look at Bank of Ireland and AIB in isolation from the whole banking sector. The critical factor in the banking sector is that there has been a substantial de-leveraging by the externally owned banks in Ireland. That has led to a considerable reduction in the overall amount of credit. Taken with the stresses in Bank of Ireland and Allied Irish Bank, it clearly points the way...

Pension Provisions. (8 Jul 2009)

Brian Lenihan Jnr: Deputy Burton raised the question of Anglo Irish Bank. I have made my position very clear on numerous occasions. Anglo Irish Bank must retain its banking licence and operate as a bank so that worse liabilities are not triggered. The State made clear at the time of nationalisation that any capital required would be provided. That remains the case. The issue of overdraft reduction was...

Pension Provisions. (8 Jul 2009)

Brian Lenihan Jnr: I will recommend publication.

Pension Provisions. (8 Jul 2009)

Brian Lenihan Jnr: Let us leave Professor McCarthy alone. All our efforts are directed at improving credit to small and medium enterprises. This, along with the establishment of the clearing house and various other operations in connection with the banks, is designed to ensure that the banks can resume their role as motors of the economy.

Written Answers — Budgetary Strategy: Budgetary Strategy (8 Jul 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 34 and 37 together. The Supplementary Budget set out a multi-annual plan to bring the General Government deficit to 3% of GDP by end-2013. As part of this plan, measures on expenditure and tax revenue amounting to up to €4 billion in 2010 and 2011 are required if we are to restore the public finances to sustainability. The economic and fiscal forecasts as...

Written Answers — Tax Code: Tax Code (8 Jul 2009)

Brian Lenihan Jnr: The report of the Commission on Taxation is due to be presented to me shortly and will be published following Government approval. The Special Group on Public Service Numbers and Expenditure Programmes, under the chairmanship of Mr Colm McCarthy, has completed its deliberations and I expect to receive their report imminently. I intend bringing the Special Group's report to Government and it...

Written Answers — House Repossessions: House Repossessions (8 Jul 2009)

Brian Lenihan Jnr: It is a particular priority of the Government to ensure as much as possible that difficulties in relation to mortgage arrears do not result in legal proceedings for home repossession. Home repossession should be and generally is the last resort for the lender and the preferred method of dealing with arrears cases should be early intervention. The Recapitalisation Programme announced on 11...

Written Answers — Economic Outlook: Economic Outlook (8 Jul 2009)

Brian Lenihan Jnr: The Central Statistics Office published quarterly national accounts data for the first quarter of 2009 last week. These show that GDP and GNP for this period declined by 81⁄2 and 12 per cent, respectively, compared with the corresponding period last year. In terms of the detail of the first quarter figures, the sharp declines in housing output and in personal spending were the main reasons...

Written Answers — Banking Sector: Banking Sector (8 Jul 2009)

Brian Lenihan Jnr: The IMF has said that losses could be about €35 billion, or about 20 percent of GDP. It is, however, important to point out that the IMF figure was not based on a very detailed analysis of individual bank data. Also, this figure does not take into account the countervailing effect of bank earnings – in that sense it is a gross rather than a net figure. The Deputy will be aware from my...

Written Answers — Consumer Debt: Consumer Debt (8 Jul 2009)

Brian Lenihan Jnr: The Deputy will be aware that the Irish economy is experiencing a profound economic adjustment. This is impacting in particular in the housing market and is demonstrated in certain Bank statistics referred to in the Deputy's question. A key issue is therefore, notwithstanding, the adverse economic environment the steps the Government is taking to ensure the availability of mortgage finance,...

Written Answers — Proposed Legislation: Proposed Legislation (8 Jul 2009)

Brian Lenihan Jnr: The Deputy will be aware that the legislation for NAMA is still at the drafting stage with a view to the publication of a Bill at end July. I can assure the Deputy that there will be appropriate Oireachtas oversight of NAMA and that NAMA accounts will be subject to audit by the Comptroller and Auditor General.

Written Answers — Banking Sector: Banking Sector (8 Jul 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 42 and 59 together. A core Government objective is to free up lending on a commercial basis into the economy to support economic growth and a number of actions have been taken to achieve this objective. In the context of the bank guarantee scheme and recapitalisation the banks have made important commitments to support business lending. An independent review...

Written Answers — Proposed Legislation: Proposed Legislation (8 Jul 2009)

Brian Lenihan Jnr: As the Deputy will be aware the establishment of NAMA and the interim preparations, including the drafting of legislation, are being overseen by a NAMA Steering Group established by me. The Group comprises representatives of my Department, the NTMA and the Attorney General. I can confirm that it is my intention to publish legislation later this month. I can also confirm that the Oireachtas...