Results 15,781-15,800 of 16,537 for speaker:Brian Lenihan Jnr

Financial Emergency Measures in the Public Interest (No. 2) Bill 2010: Second Stage (Resumed) (10 Dec 2010)

Brian Lenihan Jnr: Deputies opposite will note this shows that it is only an increase in the minimum wage which causes problems.

Financial Emergency Measures in the Public Interest (No. 2) Bill 2010: Second Stage (Resumed) (10 Dec 2010)

Brian Lenihan Jnr: This is just an interruption. There are some people-----

Financial Emergency Measures in the Public Interest (No. 2) Bill 2010: Second Stage (Resumed) (10 Dec 2010)

Brian Lenihan Jnr: That is what I am talking about.

Financial Emergency Measures in the Public Interest (No. 2) Bill 2010: Second Stage (Resumed) (10 Dec 2010)

Brian Lenihan Jnr: There are some Deputies in this House who do not want to face facts, but they might have to face facts very soon.

Financial Emergency Measures in the Public Interest (No. 2) Bill 2010: Second Stage (Resumed) (10 Dec 2010)

Brian Lenihan Jnr: Deputies opposite said that this shows that it is only an increase in the minimum wage which causes problems-----

Financial Emergency Measures in the Public Interest (No. 2) Bill 2010: Second Stage (Resumed) (10 Dec 2010)

Brian Lenihan Jnr: -----but, of course, this is not the case. It means the evidence shows that if the rate had not been increased, we could expect that employment opportunities would be greater. The effects of a high minimum wage are wide-ranging. It is a barrier to employment in labour-intensive sectors like retailing, hospitality and tourism, where many jobs have been lost. If Ireland is to deal with the...

Financial Emergency Measures in the Public Interest (No. 2) Bill 2010: Second Stage (Resumed) (10 Dec 2010)

Brian Lenihan Jnr: This can be a major problem for people without the necessary skills and experience to get better jobs. With more entry-level employment, the young and the less-skilled do not have the opportunity to improve their skills and then move to better jobs elsewhere. Deputies should remember that, since it was introduced, the minimum wage increased well beyond the level of inflation; it rose by 55%...

Financial Emergency Measures in the Public Interest (No. 2) Bill 2010: Second Stage (Resumed) (10 Dec 2010)

Brian Lenihan Jnr: I remind the Deputy that there is plenty of taxation on that. Even with the reduction the Government is making in this legislation, our minimum wage will still be considerably above the level of that in the UK and Northern Ireland. We need to start to face economic facts and become a competitive economy. We in all political parties-----

Financial Emergency Measures in the Public Interest (No. 2) Bill 2010: Second Stage (Resumed) (10 Dec 2010)

Brian Lenihan Jnr: -----will need to move the political establishment in here from the politics of anger and protest to a politics that will put our economy on a sustainable basis.

Financial Emergency Measures in the Public Interest (No. 2) Bill 2010: Second Stage (Resumed) (10 Dec 2010)

Brian Lenihan Jnr: Last night, Deputy Penrose asked whether the Government's decision to reduce the national minimum wage was required or demanded by the IMF or the EU. I can assure the Deputy that this is not the case. Ireland has agreed a programme with our EU partners and the IMF which offers substantial financial support, amounting to a total of €85 billion through the European Financial Stability Fund...

Financial Emergency Measures in the Public Interest (No. 2) Bill 2010: Second Stage (Resumed) (10 Dec 2010)

Brian Lenihan Jnr: The funds will be provided to Ireland on the basis of the terms and conditions in the memoranda of understanding and related documents. I can inform the House that it is expected that drawdown of the external financing element will begin early in the new year. The specific policy measures associated-----

Financial Emergency Measures in the Public Interest (No. 2) Bill 2010: Second Stage (Resumed) (10 Dec 2010)

Brian Lenihan Jnr: -----with the programme were decided by the Government.

Financial Emergency Measures in the Public Interest (No. 2) Bill 2010: Second Stage (Resumed) (10 Dec 2010)

Brian Lenihan Jnr: The proposal to reduce the minimum wage was examined and a decision arrived at by the Government in the normal way.

Financial Emergency Measures in the Public Interest (No. 2) Bill 2010: Second Stage (Resumed) (10 Dec 2010)

Brian Lenihan Jnr: I can point out to Deputy Penrose that the decision on the national minimum wage was announced by the Government in the national recovery plan and is clearly set out in pages 35 and 36 of the plan. There was considerable debate last night about the issue of bank bonuses and I take this opportunity to repeat what I said last night. As the House will be aware, the legislation introduced on...

Financial Emergency Measures in the Public Interest (No. 2) Bill 2010: Second Stage (Resumed) (10 Dec 2010)

Brian Lenihan Jnr: No bonuses have been paid to bankers for 2009 or for 2010.

Financial Emergency Measures in the Public Interest (No. 2) Bill 2010: Second Stage (Resumed) (10 Dec 2010)

Brian Lenihan Jnr: I welcome the clarification by AIB's new executive chairman David Hodgkinson who told staff that the payments reflected the past - before 2008 - and that this was not the way the bank intended to conduct itself in the future.

Financial Emergency Measures in the Public Interest (No. 2) Bill 2010: Second Stage (Resumed) (10 Dec 2010)

Brian Lenihan Jnr: What it means is that they went to the High Court and tried to contest them and were legally upheld.

Financial Emergency Measures in the Public Interest (No. 2) Bill 2010: Second Stage (Resumed) (10 Dec 2010)

Brian Lenihan Jnr: It should be borne in mind that such bonuses are taxed at the highest rates of income tax.

Financial Emergency Measures in the Public Interest (No. 2) Bill 2010: Second Stage (Resumed) (10 Dec 2010)

Brian Lenihan Jnr: It is especially important that Members of this House realise that these bonuses are fully taxed.

Financial Emergency Measures in the Public Interest (No. 2) Bill 2010: Second Stage (Resumed) (10 Dec 2010)

Brian Lenihan Jnr: To copper-fasten the existing ban on bonuses to senior and mid-ranking bank officials-----