Results 12,521-12,540 of 16,537 for speaker:Brian Lenihan Jnr

Banking Sector Recapitalisation. (3 Feb 2010)

Brian Lenihan Jnr: I will have to write to the Deputy about this as I do not have the information to hand.

Banking Sector Recapitalisation. (3 Feb 2010)

Brian Lenihan Jnr: There is no provision in the recapitalisation agreement for the conversion of the preference shares into ordinary shares. The banks can repurchase at par up to the fifth anniversary of the issue and thereafter at 125% of par. The effect of the restrictions by the banks would be to trigger the dividend stopper provisions of the Government's preference stocks and the pension fund would then...

Banking Sector Recapitalisation. (3 Feb 2010)

Brian Lenihan Jnr: It has been managing my shareholding for the past year in practice also. There is no constitutional revolution here. The NTMA is subject to ministerial direction as an arm of the Minister for Finance.

Banking Sector Recapitalisation. (3 Feb 2010)

Brian Lenihan Jnr: I will not hazard any speculation on a percentage share that the State might or might not have in any particular institution as a result of capitalisation. I am in consultation with the Governor of the Central Bank, the regulator and my officials about the extent of capitalisation which will be required. The structural plans and their approval will have a bearing on that. Work on the...

Banking Sector Recapitalisation. (3 Feb 2010)

Brian Lenihan Jnr: Deputy O'Donnell is speculating about the future capital structures of institutions.

Banking Sector Recapitalisation. (3 Feb 2010)

Brian Lenihan Jnr: We must determine the level of capital they require in the first place. With regard to the payment, it is set out in the agreement that an arrangement exists which will come into operation in default of payment. However, the question may still have to be determined as to whether the effect of European intervention is simply to freeze matters for a relatively short period of time. Whether...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (3 Feb 2010)

Brian Lenihan Jnr: I have informed the House previously that I have discussed the issue of private sector investment in the banks with senior executives of the credit institutions covered by the bank guarantee. I understand that some institutions have engaged in such discussions with representatives of potential investors. To date, none of these discussions have resulted in any detailed investment proposal....

Written Answers — National Asset Management Agency : National Asset Management Agency (3 Feb 2010)

Brian Lenihan Jnr: The NAMA draft business plan published in October 2009, was prepared by the interim NAMA team for the purpose of outlining the background to NAMA and the manner in which it will carry out its functions and duties. It is important to emphasise that much of the information regarding the prospective NAMA portfolio included in this draft Business Plan is based on aggregate data which had been...

Written Answers — National Asset Management Agency : National Asset Management Agency (3 Feb 2010)

Brian Lenihan Jnr: The National Treasury Management Agency has engaged various firms for advice in regard to the National Asset Management Agency. I have been advised by the NTMA that successful firms priced the work at a substantial discount to win the business. The costs to be borne in 2010 include detailed due diligence costs which are recoverable from the participating institutions as part of the valuation...

Written Answers — Departmental Staff: Departmental Staff (3 Feb 2010)

Brian Lenihan Jnr: Applicants from outside the public sector are considered for the filling of top posts at Assistant Secretary and Second Secretary General level in the Department. Applicants from outside the public sector are not considered for the posts of Secretary General and Secretary General, Public Service Management and Development in the Department as these appointments are made by the Government...

Written Answers — Judicial Remuneration: Judicial Remuneration (3 Feb 2010)

Brian Lenihan Jnr: In its report late last year, the Review Body on Higher Remuneration in the Public Sector concluded that the Constitution precluded them from recommending a reduction in judicial pay. Had they not been so precluded, they would have considered a downward adjustment. For the same reason the pension levy was not applied to the judiciary, though many judges have contributed an amount on a...

Written Answers — Banking Sector Recapitalisation: Banking Sector Recapitalisation (3 Feb 2010)

Brian Lenihan Jnr: As the Deputy may be aware, on 30 November last Anglo Irish Bank submitted its Restructuring Plan to the European Commission. This was a condition for State aid approval of the bank's recapitalisation in 2009. The Restructuring Plan considers all options for the future of the bank. The submission of the plan marked the beginning of a detailed and comprehensive evaluation process in advance...

Written Answers — National Asset Management Agency: National Asset Management Agency (3 Feb 2010)

Brian Lenihan Jnr: I understand that a number of interested parties have indicated an interest in becoming shareholders in the NAMA Master SPV. This is an issue for the Board of NAMA who advise me that they are in advanced discussions with a number of interested parties.

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (3 Feb 2010)

Brian Lenihan Jnr: The two building societies referred to by the Deputy are independent financial institutions. Accordingly, subject to the requirements and conditions of the Building Societies Act, any question of a merger is a matter in the first instance for the two societies. In that regard, both societies have stated that they have commenced negotiations regarding a possible merger and which, I am...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (3 Feb 2010)

Brian Lenihan Jnr: The position is that under the NAMA Act I will shortly be issuing guidelines to ensure that SMEs, sole traders and farm enterprises will have recourse to an independent, external review of decisions of credit refusal by the NAMA participating banks. I hope that banks not participating in NAMA or covered by the Government guarantee will also decide to join the system. My aim is to have a...

Written Answers — Banking Sector Recapitalisation: Banking Sector Recapitalisation (3 Feb 2010)

Brian Lenihan Jnr: There is no provision in the recapitalisation agreements for the conversion of the preference shares into ordinary shares. The bank can repurchase at par up to the fifth anniversary of the issue and thereafter at 125% of par. As I have indicated before, the Government is open to the possibility of further recapitalising the banks concerned, if this is required, and any conversion options...

Written Answers — Public Service Remuneration: Public Service Remuneration (3 Feb 2010)

Brian Lenihan Jnr: I propose to take Questions Nos. 105 and 160 together. The total remuneration package of Assistant Secretaries and Deputy Secretaries in the civil service, and of related grades in other parts of the public service, included a scheme of performance-related pay which gave an average payment of 10% of salary. In 2009, it was decided the scheme would be terminated subject to discussion on the...

Written Answers — Capital Expenditure: Capital Expenditure (3 Feb 2010)

Brian Lenihan Jnr: As the Deputy is aware, future investment in critical infrastructure remains a Government priority. Despite the challenging budgetary position, we are committed to maintaining exchequer capital investment of €6.445bn in 2010 and €5.5bn for each year thereafter to 2016. This equates to 5% of GNP and is one of the highest ratios in the EU. Nonetheless, the Government keeps under...

Written Answers — Commissions of Inquiry: Commissions of Inquiry (3 Feb 2010)

Brian Lenihan Jnr: I propose to answer Questions 107, 146 and 157 together. The Government has decided to establish a framework for a comprehensive investigation into the causes of the systemic failures in the Irish banking sector which culminated in the need for the State intervention in the sector. The framework for investigation will have two stages. The first stage of the investigation will consist of the...

Written Answers — Banking Sector Recapitalisation: Banking Sector Recapitalisation (3 Feb 2010)

Brian Lenihan Jnr: As the Deputy will be aware, €4bn in capital was provided to Anglo in 2009, to protect the economy from the wider losses that would have occurred in the event of a failure of the bank, to protect the deposit base of the bank, and to prevent the bank becoming a systemic threat to the financial system. A condition for EU approval of the capital provision to Anglo was that the bank would not...