Results 16,061-16,080 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — State Assets: State Assets (12 Jan 2011)

Brian Lenihan Jnr: I am advised that the Review Group is currently finalising its report which I hope to receive in due course. I expect it to be published thereafter following appropriate Government consideration.

Written Answers — Departmental Expenditure: Departmental Expenditure (12 Jan 2011)

Brian Lenihan Jnr: The savings of approximately €4 billion announced by the Government in the National Recovery Plan 2011 – 2014 are allocated across each Department and Office in the 2011 Budget, with details set out in the 2011 Budget Estimates. The €4 billion savings will accordingly be delivered in full by each Department and Office in 2011 as part of the normal process of expenditure management.

Written Answers — Banking Sector Regulation: Banking Sector Regulation (12 Jan 2011)

Brian Lenihan Jnr: The Prudential Liquidity Assessment Review (PLAR) process is ongoing and proceeding according to schedule. The Deputy will be aware that within the EU/IMF Programme of Financial Assistance to Ireland, the Central Bank will complete the PLAR for 2011 by the end of March 2011. The PLAR process will look at the measures to be implemented with a view to steadily deleveraging the banking system...

Written Answers — National Pensions Reserve Fund: National Pensions Reserve Fund (12 Jan 2011)

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 legislation was amended by the Investment of the National Pensions...

Written Answers — Tax Code: Tax Code (12 Jan 2011)

Brian Lenihan Jnr: I am aware of the issue the Deputy has raised concerning the Universal Social Charge and I will be considering it in the context of the Finance Bill and also in the overall context of income earners final liability to tax.

Written Answers — Tax Code: Tax Code (12 Jan 2011)

Brian Lenihan Jnr: I do not accept that the air travel tax has a material impact on tourism numbers. Prospective visitors will base their choice of destination on a range of issues. These will include the cost of travelling to a destination but are more likely to be influenced by the cost structure within that destination, and the range of activities and visitor attractions on offer. However, taking account...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (12 Jan 2011)

Brian Lenihan Jnr: Capitalisation of Credit Institutions Credit Institution Cost of Share Acquisition Cost of Preference Shares Value of Promissory Notes Issued Capital Provided to 31 December 2010 Additional CT1 required by Central Bank €bn €bn €bn €bn Anglo Irish Bank 4 - 25.28 29.280 - Allied Irish Banks 3.7 3.5 - 7.200 6.065 Bank of Ireland 1.7 1.8 - 3.500 2.199 Irish Nationwide...

Written Answers — Proposed Legislation: Proposed Legislation (12 Jan 2011)

Brian Lenihan Jnr: The Credit Institutions (Stabilisation) Act 2010 provides the legislative basis for the reorganisation and restructuring of the banking system agreed in the EU-IMF Programme. It is the first step in putting in place an extensive Special Resolution Regime that will provide for a comprehensive framework to facilitate the orderly management and resolution of distressed credit institutions. In...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (12 Jan 2011)

Brian Lenihan Jnr: I propose to take Questions Nos. 113 and 114 together. The State's primary consideration in its involvement in the banking system is to protect, in the public interest, the financial and economic system of the State. Therefore, the Government's actions in the banking area are designed, while minimising the cost to the taxpayer, to support the development of a reformed and reinvigorated...

Written Answers — Departmental Reviews: Departmental Reviews (12 Jan 2011)

Brian Lenihan Jnr: The Report of the Independent Review Panel chaired by Mr. Rob Wright, former Head of the Department of Finance in Canada, has been completed. The Report reviews the performance of the Department over the past ten years, how it dealt with the current crisis and, based on this assessment, recommends changes for the future development, structure and staffing of the Department. The Report...

Written Answers — Banking Charges: Banking Charges (12 Jan 2011)

Brian Lenihan Jnr: I am disappointed that the bank is increasing charges for its current account customers but can understand why they are doing so. The Government operates an arm's length relationship with the banks in which the State has a shareholding and the commercial decisions on how best to operate the bank remain a matter for management and the board. I have no role in approving or setting bank...

Written Answers — EU-IMF Programme of Financial Support: EU-IMF Programme of Financial Support (12 Jan 2011)

Brian Lenihan Jnr: The policy conditionality associated with the EU-IMF Programme for Ireland is set out in the Memorandum of Economic and Financial Policies (MEFP) and in the Memorandum of Understanding on Specific Economic Policy Conditionality. These documents together with the Technical Memorandum of Understanding which are collectively referred to as the MoU have been laid before the Houses of the...

Written Answers — EU-IMF Programme of Financial Support: EU-IMF Programme of Financial Support (12 Jan 2011)

Brian Lenihan Jnr: The Programme of Financial support for Ireland of up to €85 billion, including €17.5 billion from the Government's own resources, involving the IMF, the European Financial Stability Mechanism (EFSM), the European Financial Stability Facility (EFSF) and bilateral loans from the United Kingdom, Sweden and Denmark has been put in place to provide funding for the Exchequer as required to meet...

Written Answers — Banks Recapitablisation: Banks Recapitablisation (12 Jan 2011)

Brian Lenihan Jnr: The Central Bank has set out the further capital that will be required by AIB, BOI and EBS in order for them to meet a 12% core tier 1 ratio by the end of February 2011 as agreed in the Programme for Financial Support with the IMF, EU and the ECB. In order to meet this target AIB in December 2010 received a net capital injection of EUR3.7bn from the National Pension Reserve Fund. It will...

Written Answers — National Asset Management Agency: National Asset Management Agency (12 Jan 2011)

Brian Lenihan Jnr: There are no proposals to make any changes to the structure of the NAMA SPV. The recent acquisition of a majority shareholding in AIB does not have any implications for the ownership structure in NAMA. While a group of clients of Allied Irish Banks Investment Managers, have invested €17m in the NAMA SPV, it is important to note that the beneficial owners of the investment are pension...

Written Answers — Proposed Legislation: Proposed Legislation (12 Jan 2011)

Brian Lenihan Jnr: As the Deputy is aware, the Credit Institutions (Stabilisation) Bill 2010 was published on 14 December 2010, completed all Stages in the Houses of the Oireachtas over the course of 15 and 16 December 2010 and has been signed into law by the President as the Credit Institutions (Stabilisation) Act 2010. The Act provides the legislative basis for the reorganisation and restructuring of the...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (12 Jan 2011)

Brian Lenihan Jnr: The Deputy will be aware that the plan to reorganise the banking system in Ireland is a key part of the EU/IMF Programme of Financial Assistance to Ireland. This reorganisation has several elements, which will be bolstered by raising capital standards. While I expect that, in a restructured system, banks will be able to raise capital in the market, I recognise that the higher standards may...

Written Answers — Credit Availability: Credit Availability (12 Jan 2011)

Brian Lenihan Jnr: Under the NAMA legislation, both AIB and Bank of Ireland are required to lend €3bn per annum (covering the period April to April) to SMEs. In my statement on banking at the end of March 2010, I asked AIB and Bank of Ireland to produce creditable plans for the achievement of that target. The Deputy will be aware that my Department and Mr. Trethowan of the Credit Review Office receive monthly...

Written Answers — Public Sector Expenditure: Public Sector Expenditure (12 Jan 2011)

Brian Lenihan Jnr: The savings targets for 2011 are as set out in the Budget Estimates and now form part of the allocation for each Department and Agency over the coming year. These savings targets are based on a reduction of public service numbers to 301,000 by the end of 2011, through the continued implementation of the moratorium on recruitment, and other savings to be realised through a range of reform...

Written Answers — Subordinated Debt: Subordinated Debt (12 Jan 2011)

Brian Lenihan Jnr: As detailed in the tables below, holders of subordinated debt in the covered institutions have experienced significant burden sharing which reduced the amount of State support that has been required by them. As set out in the tables, several of the institutions have carried out Liability Management Exercises (LMEs) in which their subordinated debt has been subject to buy-backs at very...