Results 13,661-13,680 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — Tax Code: Tax Code (11 May 2010)

Brian Lenihan Jnr: Under the provisions of the Tax Acts, a person in receipt of rental income is assessed to income tax on the net amount of the rents received (i.e. the gross rents less allowable expenses incurred in earning those rents). In computing the net amount of the rents received, only those deductions that are specified in section 97(2) of the Taxes Consolidation Act 1997 are allowable. The main...

Central Bank Reform Bill 2010: Second Stage (Resumed) (12 May 2010)

Brian Lenihan Jnr: He might.

Central Bank Reform Bill 2010: Second Stage (Resumed) (12 May 2010)

Brian Lenihan Jnr: It is funny that the European Commission agrees with it.

Central Bank Reform Bill 2010: Second Stage (Resumed) (12 May 2010)

Brian Lenihan Jnr: Deputy Reilly would if he read the newspapers.

Central Bank Reform Bill 2010: Second Stage (Resumed) (12 May 2010)

Brian Lenihan Jnr: I must say I did not notice, which is unlike me. In the course of this lengthy debate, Deputies have taken the opportunity to engage in a wide-ranging debate on the banking sector and the part it has played in the current economic difficulties we face. That is understandable. However, the focus of this Bill is somewhat narrower, and Deputies should appreciate this. It is my intention to...

Central Bank Reform Bill 2010: Second Stage (Resumed) (12 May 2010)

Brian Lenihan Jnr: Deputy Bruton and other Deputies raised a question-----

Central Bank Reform Bill 2010: Second Stage (Resumed) (12 May 2010)

Brian Lenihan Jnr: No. I dealt with that, as the Deputy knows very well. The Commission has stated since that reclassification that it has every confidence we have turned the corner. Commissioner Rehn made that point last week, as the Deputy knows. Deputy Bruton and other Deputies raised a question about whether the causes of the financial crisis have been misdiagnosed as a failure of the regulatory...

Central Bank Reform Bill 2010: Second Stage (Resumed) (12 May 2010)

Brian Lenihan Jnr: It was suggested by Deputy Creed when closing the debate for the Deputy's own party.

Central Bank Reform Bill 2010: Second Stage (Resumed) (12 May 2010)

Brian Lenihan Jnr: With due respect to the Deputy-----

Central Bank Reform Bill 2010: Second Stage (Resumed) (12 May 2010)

Brian Lenihan Jnr: With due respect to the Deputy, there has been ample debate here. I am responding to points that were made in the debate.

Central Bank Reform Bill 2010: Second Stage (Resumed) (12 May 2010)

Brian Lenihan Jnr: Deputy Burton commented on the position of consumers under the new system.

Central Bank Reform Bill 2010: Second Stage (Resumed) (12 May 2010)

Brian Lenihan Jnr: I will start working on a common purpose. Deputy Burton commented on the position of consumers under the new system. I share the Deputy's concern that consumers were not always best served under the old arrangements and change is needed. The Bill makes a number of important changes to integrate the protection of consumers of financial services into the Central Bank's core functions and into...

Central Bank Reform Bill 2010: Second Stage (Resumed) (12 May 2010)

Brian Lenihan Jnr: Is the Deputy suggesting that the regulator and the Governor of the Central Bank are friends of Fianna Fáil?

Central Bank Reform Bill 2010: Second Stage (Resumed) (12 May 2010)

Brian Lenihan Jnr: They are appointments directly germane to this Bill for which I take responsibility.

Central Bank Reform Bill 2010: Second Stage (Resumed) (12 May 2010)

Brian Lenihan Jnr: They are the type of appointments envisaged by this legislation.

Central Bank Reform Bill 2010: Second Stage (Resumed) (12 May 2010)

Brian Lenihan Jnr: They are Government appointments, not party appointments.

Central Bank Reform Bill 2010: Second Stage (Resumed) (12 May 2010)

Brian Lenihan Jnr: The Government appointed both the regulator and the Governor of the Central Bank, for which it can be accountable to the House. Somebody must, ultimately, be accountable for appointments. That is of fundamental importance in our constitutional arrangements. The question of a bank resolution mechanism -----

Central Bank Reform Bill 2010: Second Stage (Resumed) (12 May 2010)

Brian Lenihan Jnr: The United States has a different constitutional system from us.

Central Bank Reform Bill 2010: Second Stage (Resumed) (12 May 2010)

Brian Lenihan Jnr: The question of a bank resolution mechanism was also raised. The global financial crisis has revealed the significant challenges that arise for countries when there is a necessity to deal quickly and effectively with distressed financial institutions. Special resolution regimes for the financial sector are recognised as a key method of reducing the impact of the distress or failure of...

Central Bank Reform Bill 2010: Second Stage (Resumed) (12 May 2010)

Brian Lenihan Jnr: The work relating to the bank resolution issue is highly complex in character. We have, for example, studied the United Kingdom legislation, which raises serious constitutional questions in this jurisdiction. We have also looked at legislative models in other jurisdictions, with some of which fault has already been found. We will get this right and we expect proposals to be brought forward...