Results 11,181-11,200 of 16,537 for speaker:Brian Lenihan Jnr

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

Brian Lenihan Jnr: The Central Bank last week issued the latest Irish results of the Bank Lending Survey, which showed that for Q3 2009, credit standards on loans to enterprises tightened and the demand for loans from enterprises decreased further. However, it must be noted that the pace of tightening decelerated from the previous quarter and that credit standards on loans to enterprises are expected to remain...

Written Answers — Customs Service: Customs Service (3 Nov 2009)

Brian Lenihan Jnr: I understand that the Deputy's question primarily relates to drug smuggling in the context of smaller aerodromes. Revenue's Customs Service has primary responsibility for the detection and seizure of controlled drugs at importation but there is a high degree of cooperation among all of the enforcement agencies of the State in the fight against the importation of illicit drugs. In...

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

Brian Lenihan Jnr: NAMA will be required to procure professional expert support through a tender process, which meets EU requirements and will ensure that the most economically advantageous option is selected. The costs set out in tenders submitted by individual professional service providers will be commercial matters for the companies involved. I do not propose to take any action in this area.

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

Brian Lenihan Jnr: I propose to take Questions Nos. 115 and 122 together. The specific action referred to by the Deputy is a commercial matter in the management of their loans for the financial institutions concerned. Pending the establishment of NAMA, participating institutions will be expected to manage all loan assets, including non-performing or impaired loans, in accordance with normal commercial...

Written Answers — House Prices: House Prices (3 Nov 2009)

Brian Lenihan Jnr: A clear distinction needs to be made between householders who are in a position to meet their mortgage repayments and those who presently are not, or who are most vulnerable to entering into arrears on their mortgage repayments. The ESRI in its recent report on Negative Equity in the Irish Housing Market has noted at the outset that, and I quote: "In many cases negative equity will not be an...

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

Brian Lenihan Jnr: I, as Minister for Finance, have no role in relation to the setting of mortgage interest rates, nor does the Financial Regulator. The pricing of fixed rate mortgages by lending institutions would normally be based on the prevailing swap rates for the fixed rate period in question plus a margin. The actual cost of funds for each institution cannot be assessed on a mortgage by mortgage basis...

Written Answers — Economic Forecasts: Economic Forecasts (3 Nov 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 119 and 171 together. In October, both the Central Bank and the ESRI published updated forecasts for the Irish economy. A number of private sector institutions have also recently updated their projections. The Central Bank is now projecting that GNP will fall by 10.6 per cent this year or that in GDP terms the economy will contract by 7.8 per cent. The...

Written Answers — Oireachtas Expense Allowances: Oireachtas Expense Allowances (3 Nov 2009)

Brian Lenihan Jnr: Firstly it must be stated that Members of these Houses and officeholders incur legitimate expenses as part of their parliamentary duties both in attending Leinster House and as part of their constituency duties. It is also appropriate that the amount of any such expense should be kept under review to ensure they are appropriate to reflect the cost of those duties, as well as the prevailing...

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

Brian Lenihan Jnr: As the Deputy is aware, on 16 September last I published an outline of the main elements of the proposed new guarantee scheme for longer term funding, called the draft Credit Institutions (Eligible Liabilities Guarantee) Scheme or ELG Scheme. The ELG scheme must be approved in accordance with EU State aid rules and discussions are continuing in this regard with the European Commission. The...

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

Brian Lenihan Jnr: The area for which I have direct responsibility is the civil service. A Disciplinary Code for civil servants is set out in Circular 14/2006: Civil Service Disciplinary Code revised in accordance with the Civil Service Regulation (Amendment) Act 2005. The Code came into effect on 4 July 2006 and replaced the previous Code as set out in Circular 1/92. The Civil Service Regulation (Amendment)...

Written Answers — Economic Competitiveness: Economic Competitiveness (3 Nov 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 124 and 288 together. Ireland's recent loss of competitiveness and the need to improve it is something that we have been aware of for some time. Until last year, prices grew faster than those in the euro area, while wages grew at a rate greater than productivity would justify in many sectors. The recent appreciation of the euro against the dollar and sterling...

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

Brian Lenihan Jnr: In recent months I understand that underwriters of payment protection insurance have been increasing their premiums in response to the rapid growth in unemployment which is leading to increases in claims and an increased risk profile. I, as Minister for Finance, have no function in relation to the criteria for premiums being charged for payment protection insurance. However, I am informed...

Written Answers — Mortgage Arrears: Mortgage Arrears (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. In the revised Programme for...

Written Answers — Fiscal Policy: Fiscal Policy (3 Nov 2009)

Brian Lenihan Jnr: As the Deputy will be aware, it is not sustainable to continue to allow the gap between revenue and expenditure to grow and that it is essential to stabilise the General Government Deficit in that context. Stabilising the deficit in 2010 will facilitate confidence and the earlier return to growth in the economy than would occur if stabilisation is deferred and the national debt increases...

Written Answers — Small and Medium Enterprises: Small and Medium Enterprises (3 Nov 2009)

Brian Lenihan Jnr: The Independent Review of Credit Availability was published on 10 July. The review showed that demand had fallen sharply, with the value of new applications for credit down by 42% while refusal rates varied by size of company from 19% to 30%. Stock of credit remained static since June 2008, indicating that new credits broadly matched repayments. A follow-on Review covering the period to end...

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

Brian Lenihan Jnr: As per the Government announcement of 29 May last, €4 billion in capital has been provided to Anglo, in three tranches; €3 billion on 29 June, €827 million on 6 August following completion of the bank's debt buy back exercise, and the remainder, €173 million, on 25 September. This capital was provided to Anglo to protect the economy from the wider losses that would occur in the event...

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

Brian Lenihan Jnr: As the Deputy is aware, on 16 September last I published an outline of the main elements of the proposed new guarantee scheme for longer term funding, called the draft Credit Institutions (Eligible Liabilities Guarantee) Scheme or ELG Scheme. The ELG scheme must be approved in accordance with EU State aid rules and discussions are continuing in this regard with the European Commission. The...

Written Answers — Fiscal Policy: Fiscal Policy (3 Nov 2009)

Brian Lenihan Jnr: In the Supplementary Budget last April, the Government set out a multi-annual plan to correct the public finances. This plan has been welcomed by the European Commission. The immediate need is the stabilisation of the deficit in 2010 and this is Government's proposed aim. This will require difficult decisions to be made for Budget 2010 which will presented to the Dáil on 9 December. The bulk...

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

Brian Lenihan Jnr: The measures that are in place and the methodologies used to address the smuggling of illegal cigarettes into this jurisdiction have already been outlined in detail in a comprehensive reply that I issued to Deputy Flanagan on 13 October 2009 in response to Parliamentary Questions Nos. 84 (35772/09), 128 (35770/09) and 129(35771/09). In summary, I am informed by the Revenue Commissioners that...

Written Answers — Economic Forecasts: Economic Forecasts (3 Nov 2009)

Brian Lenihan Jnr: In the April Supplementary Budget my Department published economic and fiscal forecasts for the 2009-2013 period: since then there has been a further decline in the fiscal position in 2009 due to a shortfall in expected tax receipts in the region of €2 billion. It is now expected that the General Government Balance for 2009 will be approximately -12% of GDP, as opposed to -10 3⁄4% of GDP...