Results 13,201-13,220 of 16,537 for speaker:Brian Lenihan Jnr
- Banking System: Motion (30 Mar 2010)
Brian Lenihan Jnr: The new going concern entity would be prepared for sale in due course. This option is being evaluated and holds out the prospect of reducing the impact on the taxpayer and yielding some value in the future when the bank is sold out of State hands. The bank has estimated that the new bank could become profitable over the medium term and a target exit from State hands could take place in five...
- Banking System: Motion (30 Mar 2010)
Brian Lenihan Jnr: This is a complex process but I am confident that by the end of the summer we will have a clear plan for the future of the bank approved by the Commission. The bank will give more details on the likely costs of various options for its future when it publishes its results. The sums required to rescue the bank are enormous but the costs of winding it down are even greater. The current bank...
- Banking System: Motion (30 Mar 2010)
Brian Lenihan Jnr: This note will be payable over ten to 15 years, which will reduce the impact on the Exchequer this year. Following the investment by means of the special investment shares, the State will have extensive powers as well as economic ownership of Irish Nationwide Building Society. As a result, the State will control the society. Following the transfer of â¬9 billion of its loan book to NAMA,...
- Banking System: Motion (30 Mar 2010)
Brian Lenihan Jnr: We have reviewed arrangements for the State's management of its investments in the banking system in anticipation of the potential changes in the State's interests in the banks. At present, the State's preference share investments in AIB and Bank of Ireland are funded and held on my behalf, as Minister, by the National Pensions Reserve Fund Commission. I have decided that it will be given...
- Banking System: Motion (30 Mar 2010)
Brian Lenihan Jnr: We are facing up to our banking difficulties. We have acknowledged the scale of our problems and we have taken the necessary actions to solve them. The banks have been forced to recognise their losses and this Government, on behalf of the taxpayer, has committed the capital that will ensure we have a banking system to serve this economy as it recovers. The steps we are taking today will...
- Banking System: Motion (30 Mar 2010)
Brian Lenihan Jnr: Seventy billion euro.
- Banking System: Motion (30 Mar 2010)
Brian Lenihan Jnr: Find it by the end of the week.
- Banking System: Motion (30 Mar 2010)
Brian Lenihan Jnr: I will give way for a minute or two.
- Banking System: Motion (30 Mar 2010)
Brian Lenihan Jnr: I commend the new Governor of the Central Bank, Professor Patrick Honohan and the new Financial Regulator, Matthew Elderfield on their work in this process. They are independent of the Government in the exercise of their functions and that is as it should be. When Deputy Bruton criticised the Government for giving the banks too much time for capitalisation, he missed the crucial point. The...
- Banking System: Motion (30 Mar 2010)
Brian Lenihan Jnr: I thank my officials as well.
- Banking System: Motion (30 Mar 2010)
Brian Lenihan Jnr: They operated under a statutory mandate laid down by this House. I thank the Members for the work they put into that legislation. These agencies worked with my Department and the NTMA to resolve our banking crisis. We now know the problems we have, we have faced up to them and we have put in place a pathway out of them. Today provides for once and for all a solid basis for confidence in...
- Banking System: Motion (30 Mar 2010)
Brian Lenihan Jnr: Approximately half of the funds advanced to the Irish banks to support the Irish economy are derived from domestic sources. When people talk about defaulting on bondholders, they are talking about defaulting on themselves, Irish credit unions, Irish enterprises and Irish pension funds.
- Banking System: Motion (30 Mar 2010)
Brian Lenihan Jnr: If Deputy Shortall wants to negotiate with her local credit union about a reduction in the amount of deposits and wishes to advise her constituents in Dublin North West of her banking policy, I encourage her to do so immediately. She should see what their reaction will be. This is a fundamental issue for the country. If there is any suggestion the Government would lose the vote tonight and...
- Written Answers — Legislative Programme: Legislative Programme (30 Mar 2010)
Brian Lenihan Jnr: The concerns outlined in the correspondence enclosed by the Deputy refer to the need to update legislation governing the operation and regulation of credit unions in Ireland and to the proposal to amend Section 35 of the Credit Union 1997 which imposes limits on credit unions in relation to longer-term lending. With reference to credit union legislation, I agree that the current legislative...
- Written Answers — Departmental Agencies: Departmental Agencies (30 Mar 2010)
Brian Lenihan Jnr: The information requested in relation to agencies under the aegis of my Department is set out below. It should be noted that it is not the practice to identify individuals in relation to voluntary deductions from their remuneration. National Lottery Special EU Programmes Body (has 2 sponsor departments: Department of Finance and Department of Finance and Personnel of Northern Ireland)...
- Written Answers — Tax Code: Tax Code (30 Mar 2010)
Brian Lenihan Jnr: I announced in the Budget that a carbon tax at a rate of â¬15 per tonne is being introduced on fossil fuels. The tax was applied to petrol and auto-diesel with effect from midnight, 9 December 2009; and will apply from 1 May 2010 to kerosene, marked gas oil (also known as 'green diesel' or 'agricultural diesel'), liquid petroleum gas (LPG), fuel oil and natural gas. The application of the...
- Written Answers — Tax Collection: Tax Collection (30 Mar 2010)
Brian Lenihan Jnr: I am advised by the Revenue Commissioners that tobacco products tax is not, by virtue of section 104(2) of the Finance Act 2001, chargeable on cigarettes that are bought tax-paid by a private individual in another Member State of the European Union. The cigarettes must be acquired by the person for his or her own use and not for commercial purposes, and be personally transported and...
- Written Answers — Financial Services Regulation: Financial Services Regulation (30 Mar 2010)
Brian Lenihan Jnr: I am informed by the building society that the bonus has not been repaid but that the society is continuing to pursue the matter. I have asked the society to continue to strongly press this matter and I fully support the society's efforts to recoup the payment in accordance with the commitment made by the former chief executive.
- Written Answers — Public Service Contracts: Public Service Contracts (30 Mar 2010)
Brian Lenihan Jnr: Public contracts valued at approximately â¬4.5 billion were advertised by Irish contracting authorities in the Official Journal of the European Union in 2008. Of this total, returns from contracting authorities indicate that contracts to the value of over â¬4 billion were awarded to Irish companies.
- Written Answers — Tax Collection: Tax Collection (30 Mar 2010)
Brian Lenihan Jnr: I am advised by the Revenue Commissioners that a Revenue Official contacted the taxpayer on 25 March 2010 and advised her that the form P21 for 2009 issued on 23 March 2010. A further copy was also posted on the 25 March 2010.