Results 16,001-16,020 of 16,537 for speaker:Brian Lenihan Jnr

EU-IMF Programme of Financial Support (12 Jan 2011)

Brian Lenihan Jnr: -----and decided to endorse the agreement. One of the features of the agreement is that to ensure there is delivery on public service reform, there must be some mechanism to ensure the savings are procured in any event. That is in the national recovery plan and it is confirmed in the EU-IMF agreement. It is not the only measure in the agreement which ensures budgetary discipline on the part...

State Banking Sector (12 Jan 2011)

Brian Lenihan Jnr: I refer Deputy Noonan to my reply of 7 December 2010 concerning this matter. In November 2010, following a request from Anglo Irish Bank, the State provided a guarantee to the bank's derivative, repo and clearing type counterparties. These counterparties did not have the benefit of support under any other existing guarantee arrangements. As with all banks, Anglo Irish Bank is exposed to a...

State Banking Sector (12 Jan 2011)

Brian Lenihan Jnr: I will need to write to the Deputy on that matter and I undertake to do so. Giving a precise cash value on a guarantee, which is a contingent exposure, is a very difficult exercise, as, I am sure, the Deputy is aware, and would require evaluation, but I am sure an approximate figure can be given. As the Deputy knows, this bank is wholly owned by the taxpayer and we have a duty to ensure the...

State Banking Sector (12 Jan 2011)

Brian Lenihan Jnr: The guarantees is for certain derivatives, repo and clearing-type counterparties. As noted previously, the bank is committed to entering only into arrangements which are to manage balance sheet risks and the bank has confirmed that it does not take positions outside the limits approved by the board of directors, and the bank keeps the NTMA informed. The vast majority of the derivatives are...

Job Losses (12 Jan 2011)

Brian Lenihan Jnr: The challenging economic climate that has existed in Ireland and the broader international economy over the past three years or so has led to difficult trading conditions for many firms and significant job losses, most notably in the construction and retail sectors. This is in part due to the rebalancing of the Irish economy away from unsustainable growth dominated by construction in recent...

Job Losses (12 Jan 2011)

Brian Lenihan Jnr: A report last week by corporate restructuring specialists Kavanagh Fennell showed that more than 1,500 firms went into liquidation, receivership or examinership last year. A large proportion of these firms were in the construction sector and other related sectors. This is in part due to the rebalancing of the Irish economy away from unsustainable growth dominated by construction in recent...

Job Losses (12 Jan 2011)

Brian Lenihan Jnr: Many of these schemes can be availed of by the tourism sector and I agree with the Deputy that the sector can see growth if the Government makes decisions. For example, the Government made a decision on the minimum wage which was bitterly opposed by the Deputy's party. That was primarily sought by the tourism sector. The recently announced budget involved a substantial reduction in the air...

Fiscal Policy (12 Jan 2011)

Brian Lenihan Jnr: As is normal in these circumstances, officials of my Department are in ongoing contact with their counterparts in the EU Commission, the IMF and the ECB with regard to implementation of the joint programme of financial assistance agreed for Ireland. I understand that frequent contact is also taking place between the staff of the Central Bank, the Financial Regulator's office and the external...

Fiscal Policy (12 Jan 2011)

Brian Lenihan Jnr: I agree with the views expressed by the Governor of the Central Bank in this matter in their entirety. What the Governor said was that it is available to any future Government, as it is to this Government, to renegotiate the fiscal and compositional elements of the EU-IMF agreement. He did not say that the rate of interest or the total quantity of the adjustment can be renegotiated. What...

Fiscal Policy (12 Jan 2011)

Brian Lenihan Jnr: I will reflect in a constructive way on the two requests made by Deputy Burton. While I am not in a position to confirm this afternoon that I will comply with her request that certain information which is being transmitted should also be transmitted to the Opposition, I will consider it in a constructive way. The Deputy's second request related to contingency arrangements. It is not clear...

Fiscal Policy (12 Jan 2011)

Brian Lenihan Jnr: I can confirm, however, that there will have to be contingency arrangements in place immediately at the conclusion of the poll. That is of vital importance.

Fiscal Policy (12 Jan 2011)

Brian Lenihan Jnr: It will be held in the spring.

Fiscal Policy (12 Jan 2011)

Brian Lenihan Jnr: We are now back to the realm of political charge and counter-charge.

Fiscal Policy (12 Jan 2011)

Brian Lenihan Jnr: The negotiations resulted in a good arrangement for this country, which confirmed the national recovery plan the Government had already adopted. The Government had already embarked on contingency planning for the difficulties we face in respect of funding the State. Those contingency plans were finally formulated in a national recovery plan, which is the sovereign decision of the Irish...

Fiscal Policy (12 Jan 2011)

Brian Lenihan Jnr: In response to Deputy Noonan, the interest rate charged to Ireland was raised with the EU authorities at a press conference earlier this afternoon on the new growth survey. Commissioner Olli Rehn pointed out that the interest rates charged to Ireland are in line with Council decisions last year on the euro area loan facility to Greece following intensive discussions with member states. That...

Fiscal Policy (12 Jan 2011)

Brian Lenihan Jnr: I take it Deputy Noonan is not questioning the IMF interest rates, which are locked in, nor is he questioning the stability mechanism, which is also locked in. He is envisaging renegotiating with 27 member states. That is theoretically possible but to suggest there were bad negotiations because we have a better arrangement than Greece, which Greece subsequently sought, is inaccurate and...

Fiscal Policy (12 Jan 2011)

Brian Lenihan Jnr: A preliminary estimate of receipts for 2011 from the pension-related deduction or pension levy introduced under the Financial Emergency Measures in the Public Interest Act is €1 billion. The estimated receipts from the pension reduction for 2011, which was introduced under the Financial Emergency Measures in the Public Interest Act 2010, is €100 million. As regards pension contributions...

Fiscal Policy (12 Jan 2011)

Brian Lenihan Jnr: I am delighted to set out this information in the public domain after the publication of the Revised Estimates volume. Revised legislation for public service pensions is among the items of legislation of essential budgetary importance that require enactment before the dissolution of the House. We will have a considerable opportunity in that context to discuss public service pensions. I...

Bank Guarantee Scheme (12 Jan 2011)

Brian Lenihan Jnr: All banks publish their gross and net derivative trading and hedging positions in their audited financial statements. The NAMA derivative position is included in NAMA quarterly reports that are laid before the Houses of the Oireachtas. Banks utilise derivatives as part of their normal risk management hedging operations, primarily to control their exposure to interest rate and foreign...

Bank Guarantee Scheme (12 Jan 2011)

Brian Lenihan Jnr: Taking the week ending 31 December last year-----