Results 16,081-16,100 of 16,537 for speaker:Brian Lenihan Jnr

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

Brian Lenihan Jnr: As part of the restructuring plan process currently under way with the European Commission it has been proposed that the domestic banking sector will be required to support and promote the availability of a basic bank account. This is to be done in the context of the implementation of the Government's strategy on financial inclusion in the State. Work is under way on a review of the options...

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

Brian Lenihan Jnr: The Programme of Financial Support for Ireland provides for financial sector reforms including further deleveraging of the banks which is to be in part achieved by transferring land and development loans from AIB and Bank of Ireland to NAMA which had been previously excluded from transfer by virtue of their being below a value threshold of €20m. The Programme requires that "[t]he NAMA...

Written Answers — Financial Reserves: Financial Reserves (12 Jan 2011)

Brian Lenihan Jnr: I am informed by the Central Bank that the most recent published figure for the accounting reserves of the Bank is €1.5 billion. At 31 December 2010 the total value of the National Pensions Reserve Fund was €24.4 billion. This figure comprised €9.5 billion in the Directed Portfolio (the value of investments in Bank of Ireland and Allied Irish Banks held on the direction of the Minister...

Written Answers — Mortgage Arrears: Mortgage Arrears (12 Jan 2011)

Brian Lenihan Jnr: The Deputy will be aware of the Government's commitments to helping families in difficulty with their mortgages and personal debt under the Renewed Programme for Government and in that context the recent work completed by the Mortgage Arrears and Personal Debt Expert Group (Expert Group) which was set up by me last February. The Deputy will also be aware that the Expert Group produced two...

Written Answers — Insurance Industry: Insurance Industry (12 Jan 2011)

Brian Lenihan Jnr: I am considering how best to implement the commitment contained in the National Recovery Plan 2011-2014 to identify further ways to tackle increases in insurance costs. I am aware of the increased pressure on insurance premiums in recent times particularly in the household insurance area. Much of this is due to the unprecedented level of claims which the insurance industry suffered in the...

Written Answers — Financial Services Sector: Financial Services Sector (12 Jan 2011)

Brian Lenihan Jnr: A comprehensive reorganisation and downsizing of the banking sector was agreed under the Programme of Financial Support for Ireland as part of the financial sector reform measures. The State has given an undertaking to divest the stakes it has taken in the banks due to the financial crisis within the shortest timeframe possible which is compatible with financial stability and public finance...

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

Brian Lenihan Jnr: I propose to take Questions Nos. 133 and 138 together. In the National Recovery Programme 2011-2014, the Government commits to the introduction of a Budget Advisory Council to provide independent assessment of the Government's economic forecasts and proposed fiscal stance. This commitment is also reflected in the programme of support agreed with the EU and IMF. The Government intends to...

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

Brian Lenihan Jnr: No change in the 21% standard rate of VAT was announced in the 2011 Budget. However, as part of the National Recovery Plan, it is proposed that the standard rate of VAT will increase by 1 percentage point to 22% from 1 January 2013, with a further increase on 1 January 2014 to 23%. The combined yield from these measures is expected to be €620m in a full year and should increase inflation...

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (12 Jan 2011)

Brian Lenihan Jnr: The detailed information requested by the Deputy is set out in the tables below. Holders of subordinated debt in the bank have in particular, following the outcome of the Liability Management Exercise (LME) concluded by the bank late last year, experienced very significant burden sharing through the very deep discounts offered for these liabilities. Date Senior Unsecured bonds...

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 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 Oireachtas....

Written Answers — Official Engagements: Official Engagements (12 Jan 2011)

Brian Lenihan Jnr: As the Deputy will be aware, there is an ongoing debate at European level in relation to sovereign debt levels and how these might be reduced. While I am aware of the Chancellor's views, I do not currently have any plans to meet with Chancellor Merkel in relation to the matter mentioned by the Deputy. However, I am in regular contact with my European colleagues, including the German Finance...

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

Brian Lenihan Jnr: I have no function in the approval of banking charges. This is a matter for the Central Bank, which has statutory responsibility in this area. Under section 149 of the Consumer Credit Act 1995, banks may only impose charges up to the maximum levels approved by the Central Bank. Where a bank has exempted customers who meet certain criteria from charges, and subsequently change the criteria,...

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

Brian Lenihan Jnr: Current spending was 0.6% or €231 million above profile and capital expenditure was -1.4% or -€82 million below profile.

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

Brian Lenihan Jnr: The Government has confirmed its support for the Construction Contracts Bill which was introduced in the Seanad by Senator Feargal Quinn. In this regard, the Government is working closely with the Senator to develop a robust piece of legislation that provides a remedy to parties operating at various levels under a construction contract when payments are not forthcoming. This is a complex...

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

Brian Lenihan Jnr: NAMA has acquired eligible assets from the Participating Institutions, which for the most part, consist of loans. The property or other assets securing these loans remain in the possession of the Debtor. In cases where enforcement action is taken against a Debtor, NAMA may ultimately take ownership of property but it is expected that in the majority of these instances the property will be...

Written Answers — Disabled Drivers: Disabled Drivers (12 Jan 2011)

Brian Lenihan Jnr: I have no plans to amend the current regulations covering the issue of a Primary Medical Certificate under the Disabled Drivers and Disabled Passengers (Tax Concessions) Regulations 1994 to allow any designated area medical officer to sign off rather than the Senior Area Medical Officer.

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

Brian Lenihan Jnr: The position is that cohabitating couples are expressly recognised for the purpose of social welfare law but are not recognised for the purposes of Income Tax law. Although this may appear contradictory, the main aim of both the welfare code and the tax code is to uphold the constitutional right of married couples not to be treated less favourably than unmarried couples. The basis for the...

Written Answers — Financial Services Regulation: Financial Services Regulation (12 Jan 2011)

Brian Lenihan Jnr: I am advised by the NTMA that according to the most recent figures available from the Central Bank of Ireland, Irish resident institutions and individuals held €15.5 billion of Irish Government stock at end-November 2011, equivalent to 17.2% of the total.

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

Brian Lenihan Jnr: Clause 5 of the Public Works contracts require main contractors and all subcontractors employed by main contractors to comply with the rates of pay and conditions of employment including pension contributions in employment agreements registered under the Industrial Relations Acts 1946 to 2004. The one exception is in regard to the registered agreement for pensions where a firm registered in...

Written Answers — Fiscal Policy: Fiscal Policy (12 Jan 2011)

Brian Lenihan Jnr: Based on the market conditions prevailing at the time of the agreement, the interest rate on the UK loan is 5.9%. The amount lent to Ireland by the UK will be the sterling equivalent of €3.8bn. The interest rate is based on a 7.5 year period. The rate on each tranche will be a fixed rate, set by adding a fixed margin to the sterling 7.5 year swap rate at the time of disbursement. The...