Results 12,541-12,560 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — Financial Services Sector: Financial Services Sector (3 Feb 2010)

Brian Lenihan Jnr: In the course of the NAMA Bill debate, I indicated I would examine options for the introduction of a legislative regime to deal in a systematic way with distressed financial institutions. My objective is to ensure the State has in place a range of tools to address problem institutions effectively in the interests of maintaining financial stability, minimising reliance on public moneys and...

Written Answers — Tax Yield: Tax Yield (3 Feb 2010)

Brian Lenihan Jnr: At end-2009 the Exchequer deficit was €24.6 billion, some €619 million better than was expected in Budget 2010. The improvement in the 2009 position was largely due to a better than anticipated performance in tax revenue in the month of December and savings on debt servicing expenditure. I believe that the 2009 Exchequer Returns demonstrate that the actions taken by Government in...

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

Brian Lenihan Jnr: I announced in Budget 2010 that the Government intended to introduce a National Solidarity Bond. This bond will effectively be a new form of our state savings products which are aimed at the retail investor. We already have savings bonds and savings certificates, which are three and five and a half year investment products managed by the National Treasury Management Agency. The new bond will...

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

Brian Lenihan Jnr: Proposals for change in bank legislation are contained in the Renewed Programme for Government. Indeed, the Government has already made significant progress in this regard. The NAMA Act 2010 contains a number of important changes that will allow NAMA to assist in stabilising the banking sector and restore the flow of credit to business and consumers while minimising risks to taxpayers. The...

Written Answers — Mortgage Debt: Mortgage Debt (3 Feb 2010)

Brian Lenihan Jnr: The Government is conscious of the high value placed on home ownership in Ireland and of the efforts Irish people make to secure and retain their own home. The Government's objective from both a social and an economic policy point of view is that home owners who lose their jobs should be assisted to retain their homes during their period of unemployment. The Government has committed in the...

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

Brian Lenihan Jnr: I refer the Deputy to the comments I made in the course of my Second Stage Speech on the National Asset Management Agency (NAMA) Bill 2009 on 16 September 2009, in particular my observation that while the banking system can revive and serve our economy in a proper manner, the existing structures cannot remain the same. The three largest banks (Allied Irish Banks, Anglo Irish Bank and Bank of...

Written Answers — Price Inflation: Price Inflation (3 Feb 2010)

Brian Lenihan Jnr: The Consumer Price Index (CPI) fell by 4.5 per cent in 2009 while, as the Deputy notes, increases were recorded in the education and miscellaneous goods and services categories. The Student Services Charge is levied by third level institutions to defray the costs of examinations, registration and students services. For the 2009/10 academic year, the Government indicated that it was willing to...

Written Answers — Fiscal Policy: Fiscal Policy (3 Feb 2010)

Brian Lenihan Jnr: My Department expects 45,000 people to leave the labour force this year due to net outward migration. The equivalent figure for next year is a net outflow of the order 10,000 — 15,000 people. Clearly this will have an impact on the public finances, with both the revenue and expenditure sides of the Government's balance sheet being affected. The demand for public services will also be...

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

Brian Lenihan Jnr: The official EU State aid notification relating to NAMA was submitted in December 2009 following extensive discussions with the European Commission. My officials are continuing consultations with the Commission to ensure that the design and the implementation of the NAMA Scheme will be consistent with EU State aid requirements. It is anticipated that the necessary approval will be secured in...

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

Brian Lenihan Jnr: Under EU State aid requirements the financial institutions which were recapitalised by the State, (Allied Irish Banks, Anglo Irish Bank and Bank of Ireland) were obliged to submit a restructuring plan to the European Commission within six-months of receiving the Government injection of capital. The Bank of Ireland Plan was submitted to the Commission on 30 September 2009. The Allied Irish...

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

Brian Lenihan Jnr: I indicated last September that, following the transfer of eligible bank loans to NAMA, it is likely that institutions will require additional capital in order to absorb the losses that will arise and to maintain appropriate capital levels. Institutions should explore all available options, both internal and external, for raising such capital. However, I also stated that, to the extent that...

Written Answers — Services for People with Disabilities: Services for People with Disabilities (3 Feb 2010)

Brian Lenihan Jnr: I propose to take Questions Nos. 120 and 133 together. As the Deputy will be aware from my reply to his previous question, development and implementation of the Multi-Annual Investment Programme for Disability 2006-2009 to support the development of high priority disability support services in each sector is a matter for the relevant departments and agencies. The amount allocated and expended...

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, is a draft Business Plan that 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. The figures included in the draft business plan are indicative figures. The NAMA Board was appointed in December 2009 and they will over the coming...

Written Answers — Financial Services Regulation: Financial Services Regulation (3 Feb 2010)

Brian Lenihan Jnr: The Deputy may wish to note that a number of important measures are already being implemented reflecting the lessons learned from the banking crisis since September 2008. The impact of the crisis on the banking system in Ireland has emphasised the importance to the wider economy of the framework for financial regulation as well as the links between financial regulation and functions of...

Written Answers — Pension Provisions: Pension Provisions (3 Feb 2010)

Brian Lenihan Jnr: The value of the National Pensions Reserve Fund (NPRF) was €22.3 billion at the end of 2009. The National Pensions Reserve Fund Act 2000 provides, inter alia, for the annual payment into the Fund from the Exchequer of an amount equivalent to 1% of GNP as estimated at the time of the Budget. The amount payable to the Fund in respect of the 1% of GNP contribution for 2009 was €1.584...

Written Answers — Pension Provisions: Pension Provisions (3 Feb 2010)

Brian Lenihan Jnr: The Pensions Insolvency Payment Scheme (PIPS) is a three-year pilot scheme offering, as a special measure, payments in cases where a defined benefit pension scheme is winding up in deficit and the sponsoring employer becomes insolvent — the "double insolvency" criterion. Under PIPS, trustees of a participating pension scheme must pay to the Minister a lump sum which equals the net present...

Written Answers — Pension Provisions: Pension Provisions (3 Feb 2010)

Brian Lenihan Jnr: The recently published Renewed Programme for Government includes a commitment to introduce a single 33% rate for tax relief on private pension provision. Tax relief on individual pension contributions is currently allowed at the taxpayer's marginal income tax rate, that is, at the standard or higher rate of income tax as appropriate in each case. Tax relief at 33% would result in a reduction...

Written Answers — Pension Provisions: Pension Provisions (3 Feb 2010)

Brian Lenihan Jnr: The National Pensions Reserve Fund (NPRF) was established in 2001 under the National Pensions Reserve Fund Act 2000. The purpose in establishing the NPRF was to meet as much as possible of the cost to the Exchequer of social welfare pensions and public service pensions to be paid from the year 2025 until at least 2055. The Act provided for the establishment of the National Pensions Reserve...

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

Brian Lenihan Jnr: As the Deputy will be aware, the covered institutions have made, and will no doubt continue to make as necessary provisions for impaired loans, including impairments on expected losses on their mortgage books. It is a matter for each institution's own Board to decide as to the level of provisions to set aside for future write downs, it would therefore be inappropriate for me to comment or...

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

Brian Lenihan Jnr: Each of the covered institutions covered by the Bank Guarantee Scheme pays a quarterly charge to the Exchequer for the guarantees under the Credit Institutions (Financial Support) Scheme 2008 (CIFS) and the Eligible Liabilities Guarantee (ELG). The amount of money paid under CIFS in the mandated Central Bank account, including interest accrued to date, is €718,360,000. We intend to collect...