Results 11,161-11,180 of 16,537 for speaker:Brian Lenihan Jnr

Price Inflation. (3 Nov 2009)

Brian Lenihan Jnr: Is the Deputy suggesting - I do not criticise her if she is - that we should introduce price controls in certain areas?

Price Inflation. (3 Nov 2009)

Brian Lenihan Jnr: I appreciate that I should not, like a Kerry man, answer a question with a question. If Deputy Burton is suggesting the introduction of price controls, I will examine the matter.

NAMA Business Plan. (3 Nov 2009)

Brian Lenihan Jnr: Prices set in the public sector-----

NAMA Business Plan. (3 Nov 2009)

Brian Lenihan Jnr: We had a few hours of this on Thursday evening.

NAMA Business Plan. (3 Nov 2009)

Brian Lenihan Jnr: This is a succinct reply, so the Deputy might get a few supplementary questions in. I published the draft NAMA business plan, which was prepared by the interim NAMA management, to inform the debate on NAMA. It is clear from its title that it is a draft report. The actual business plan cannot be initiated until NAMA is established and a board is appointed. The function of the Comptroller...

NAMA Business Plan. (3 Nov 2009)

Brian Lenihan Jnr: The valuations that will be reached, under the separate and independent valuation procedure that is envisaged in the Bill, will establish whether Deputy Burton is correct. The 5% discount rate in the draft business plan, which was mentioned by Deputy Bruton, is based on the current cost to the Government of funding ten-year bonds. This is an appropriate discount rate as the term of NAMA is...

NAMA Business Plan. (3 Nov 2009)

Brian Lenihan Jnr: The business plan proceeds on the assumption that this fall will continue.

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (3 Nov 2009)

Brian Lenihan Jnr: Under the Credit Institutions (Financial Support) Scheme 2008, each of the covered institutions pays a quarterly charge to the Exchequer which is held in a mandated account in the Central Bank. As of 20 October 2009, there is €548,642,029 in the mandated account. The balance in the account will be returned to the Exchequer. The charge is paid quarterly in advance and all payments have...

Written Answers — Departmental Expenditure: Departmental Expenditure (3 Nov 2009)

Brian Lenihan Jnr: In relation to engagement with Opposition parties in the lead-up to Budget 2010, it is intended that my Department will publish in mid-November the Pre-Budget Outlook (PBO). This will set out an updated macroeconomic assessment based on the latest available data. In addition, the Pre-Budget Outlook will also set out the technical budgetary position as it is now emerging. I believe that the...

Written Answers — Cigarette Smuggling: Cigarette Smuggling (3 Nov 2009)

Brian Lenihan Jnr: It is not possible, as I have stated in response to a number of Parliamentary Questions over the past year, to provide a reliable estimate of the loss to the Exchequer as a result of cigarette smuggling. This arises from the fact that there is no proven internationally recognised method for determining such an estimate. The Revenue Commissioners have given a tentative estimate that up to 20%...

Written Answers — National Asset Management Agency: National Asset Management Agency (3 Nov 2009)

Brian Lenihan Jnr: The figure of E77 billion relates to the estimated book value of the loans of five covered institutions who have indicated their intention to participate in NAMA. When presenting this information to the Dáil in September, I indicated that both the estimate of book value and the projected average discount of 30% to be applied in the purchase of these assets, was provisional in nature and...

Written Answers — Financial Services Regulation: Financial Services Regulation (3 Nov 2009)

Brian Lenihan Jnr: The Deputy may wish to note that, under the terms of the Central Bank Act 1942, as amended, the Irish Financial Services Regulatory Authority is responsible for the regulation and supervision of the financial system including the banking sector. In the exercise of its regulatory and supervisory functions under statute, the Regulatory Authority acts independently of the Minister of Finance....

Written Answers — Home Repossessions: Home Repossessions (3 Nov 2009)

Brian Lenihan Jnr: It is a particular priority of the Government to ensure as far 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. The preferred method of dealing with cases of arrears should be early intervention and engagement. The Financial Regulator has a Code...

Written Answers — Banking Sector: Banking Sector (3 Nov 2009)

Brian Lenihan Jnr: The Deputy will be aware that the supervisory oversight of credit institutions is based on a pan-EU legislative framework, most notably the Capital Requirements Directive. In the light of events which have arisen in the context of the international financial markets crisis, the issue of the oversight of systemically important institutions is being considered, not only in the European...

Written Answers — National Asset Management Agency: National Asset Management Agency (3 Nov 2009)

Brian Lenihan Jnr: On 16 October Eurostat (the Statistical Authority of the European Commission) informed the Central Statistics Office of its preliminary decision that the operations of the National Asset Management Agency should be recorded outside the general government sector in the Irish national accounts. On 20 October, Eurostat published its preliminary decision on its website. The effect of this...

Written Answers — Financial Services Regulation: Financial Services Regulation (3 Nov 2009)

Brian Lenihan Jnr: The Credit Union Act 1997 provides the legal framework for the regulation of credit unions. The Act was designed to provide the credit union movement with a regulatory structure that reflects and promotes the particular ethos and philosophy of the credit union movement, its strong tradition of volunteer service and the core objective of providing opportunities for saving and lending for...

Written Answers — Financial Services Regulation: Financial Services Regulation (3 Nov 2009)

Brian Lenihan Jnr: From my inquiries with the Financial Regulator, the authority for licensing moneylenders, I understand that it has not issued any licences authorising moneylenders to provide pay-day loans, i.e. short-term loans intended to cover a borrower's expenses until her/his next pay-day, with the initial loan running for approximately one month. Anyone who becomes aware of such non-licensed money...

Written Answers — Public Sector Staff: Public Sector Staff (3 Nov 2009)

Brian Lenihan Jnr: At the end of March 2009, the Government introduced a moratorium on public service recruitment and promotion, while allowing for certain exemptions in the Education and Health Sectors for the filling of certain key posts. Furthermore, in the April 2009 Supplementary Budget, I announced a range of initiatives which are intended to lead to savings in the public service pay bill - an...

Written Answers — Programmes for Government: Programmes for Government (3 Nov 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 110, 151 and 312 to 315, inclusive, together. The revised Programme for Government is based on the broad macroeconomic framework set out in the April budget, taking account of the latest fiscal trends. The guiding principles of the Programme are 1. Correction of the public finances; 2. Repair of the banking system; 3. Regaining competitiveness; 4. Protecting...

Written Answers — Public Sector Remuneration: Public Sector Remuneration (3 Nov 2009)

Brian Lenihan Jnr: Schemes of performance-related awards were introduced for certain public service grades on foot of recommendations by the Review Body on Higher Remuneration in the Public Sector. In making these recommendations the Review Body expressed the view that such schemes were a highly desirable element in the total remuneration of top public service posts. I announced in the Dáil on 5 February 2009...