Results 2,321-2,340 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — Departmental Expenditure: Departmental Expenditure (17 Jun 2010)

Brian Lenihan Jnr: The Deputy can find a full examination of Departmental savings options in the Report of the Special Group on Public Service Numbers and Expenditure Programmes, published in July 2009. This list is still valid for 2011.

Written Answers — Financial Services Sector: Financial Services Sector (17 Jun 2010)

Brian Lenihan Jnr: The Deputy will be aware that, under EU State-aid rules, financial institutions in receipt of State aid must submit restructuring plans to the European Commission. To-date, plans have been submitted to the Commission in respect of Anglo-Irish Bank, Bank of Ireland, Allied Irish Banks and the EBS Building Society. A restructuring plan in respect of Irish Nationwide Building Society is due to...

Written Answers — Appointments to State Boards: Appointments to State Boards (17 Jun 2010)

Brian Lenihan Jnr: Under the Relationship Framework the Board of the bank must obtain the prior approval of the Minister for any Board appointments it proposes. Further the Deputy will be aware that as a regulated entity, all proposed appointments to the Board of the bank require the approval of the Financial Regulator in accordance with fitness and probity requirements. In this instance the Board recommended...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (17 Jun 2010)

Brian Lenihan Jnr: In his report on the banking crisis Governor Honohan is very clear that an extensive guarantee needed to be put in place. The Governor does raise some questions regarding the scope of the guarantee relating to existing longer-term senior bonds and dated subordinated debt. I have on a number of occasions discussed the question of the inclusion of dated subordinated debt in the guarantee and...

Written Answers — Social Levy: Social Levy (17 Jun 2010)

Brian Lenihan Jnr: As the Deputy will be aware, I announced in the Budget that, with a view to restoring balance in the income tax system, to simplify it, to make it fairer and more broadly based, I intended to introduce a new system of just two charges on income viz. a new universal social contribution to replace employee PRSI, the Health Levy and the Income Levy. This will be paid by everyone at a low rate...

Written Answers — Credit Union Sector: Credit Union Sector (17 Jun 2010)

Brian Lenihan Jnr: The Registrar of Credit Unions is responsible for the regulation and supervision of credit unions under the Credit Union Act 1997. The Registrar's statutory role under the Act relates to the supervision and oversight of the financial position and activities of credit unions on an ongoing basis. The Registrar reports to the Regulatory Authority in order to ensure that there is an early...

Written Answers — Proposed Legislation: Proposed Legislation (17 Jun 2010)

Brian Lenihan Jnr: The European Council has taken a number of steps in recent weeks and months to safeguard the financial stability of the euro area. There is also a broad understanding that economic governance within the euro area needs to be improved. The Commission recently issued a Communication (2010) 250 on reinforcing economic policy coordination. The President of the European Council Herman Van Rompuy...

Written Answers — Public Service Reform: Public Service Reform (17 Jun 2010)

Brian Lenihan Jnr: The Government's strategy for change in the Public Service is set out in its statement, Transforming Public Services. Transforming Public Services built on the recommendations of the OECD Review of the Irish Public Service and report of the Task Force on the Public Service. Its overall theme is a more integrated Public Service having greater connectivity and linkages across Departments and...

Written Answers — Commissions of Investigation: Commissions of Investigation (17 Jun 2010)

Brian Lenihan Jnr: I propose to take Questions Nos. 30 and 41 together. The Government agreed at its meeting on Wednesday 9 June that the preliminary reports, The Irish banking crisis: regulatory and financial stability policy 2003 – 2008, by the Governor of the Central Bank, and A preliminary report on the sources of Ireland's banking crisis, by Klaus Regling and Max Watson, be laid before both Houses of the...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (17 Jun 2010)

Brian Lenihan Jnr: Under EU State aid requirements the financial institutions which were recapitalised by the State; Allied Irish Banks, Anglo Irish Bank and Bank of Ireland, were obliged to submit restructuring plans to the European Commission within six-months of receiving Government assistance. The Bank of Ireland Plan was submitted to the Commission on 30 September 2009, the Allied Irish Banks Plan was...

Written Answers — Anglo Irish Bank: Anglo Irish Bank (17 Jun 2010)

Brian Lenihan Jnr: I propose to take Questions Nos. 32 and 46 together. As I emphasised in my Banking Statement on 30 March, finding a long-term solution for Anglo Irish Bank is by far the biggest challenge in resolving the banking crisis. The sheer size of the bank means there are no easy or low cost options. As set out in the statement the bank's new management and board have estimated, an immediate wind-up...

Written Answers — Fiscal Policy: Fiscal Policy (17 Jun 2010)

Brian Lenihan Jnr: The Government has a multi-annual plan to restore order to the public finances by reducing the General Government deficit to below 3 per cent of GDP by 2014. Budget 2010 was the latest phase in that plan, delivering corrective measures totalling €4 billion, the majority of which were on the spending side. The end-May Exchequer Returns are broadly in line with our budgetary targets and the...

Written Answers — Bank Recapitalisation: Bank Recapitalisation (17 Jun 2010)

Brian Lenihan Jnr: Initially the Irish authorities, with regard to Eurostat guidelines, classified the investment of €4bn by the Government in Anglo Irish Bank in 2009 as a financial transaction and, as such, it did not affect the general government balance. However, since then the Irish authorities have reviewed the matter in light of later information and concluded that the transaction should be considered...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (17 Jun 2010)

Brian Lenihan Jnr: As the Deputy is aware, since 29 September 2008, the State has guaranteed certain liabilities of credit institutions in Ireland initially under the Credit Institutions (Financial Support) Scheme (the 'CIFS' Scheme) but more recently under the Credit Institutions (Eligible Liabilities Guarantee) Scheme (the 'ELG' Scheme). The Eligible Liabilities Guarantee (ELG) Scheme, which commenced on 9...

Written Answers — National Pensions Reserve Fund: National Pensions Reserve Fund (17 Jun 2010)

Brian Lenihan Jnr: I propose to take Questions Nos. 36, 64 and 69 together. On 30 March 2009, I directed the National Pensions Reserve Fund Commission to invest €3.5 billion in preference shares issued by Bank of Ireland and on 12 May 2009 I directed the Commission to invest €3.5 billion in preference shares issued by Allied Irish Banks plc (AIB). I gave these directions under the Investment of the...

Written Answers — Personal Debt: Personal Debt (17 Jun 2010)

Brian Lenihan Jnr: As the Deputy is aware, in late February, I announced the establishment of an Expert Group on Mortgage Arrears and Personal Debt, under the Chairmanship of Mr. Hugh Cooney, an insolvency accountant. The Group is initially exploring the feasibility of a range of possible options for improving the level of mortgage support to homeowners in difficulty. When this phase of the work is completed,...

Written Answers — Anglo Irish Bank: Anglo Irish Bank (17 Jun 2010)

Brian Lenihan Jnr: The Directors of the bank are responsible for the preparation of financial statements including the balance sheet and accounts. Further, independent auditors audit the financial statements in accordance with the relevant legal and regulatory requirements and international standards as adopted by the European Union and report in this context. Neither I as Minister for Finance nor my...

Written Answers — Bank Levy: Bank Levy (17 Jun 2010)

Brian Lenihan Jnr: Consideration of how to ensure that the financial sector contributes to the cost of dealing with crises is under way in various fora internationally. In addition to the Communication from the European Commission referred to by the Deputy, the IMF is also examining this issue, at the request of the G20 and is due to present its final report to the G20 summit later this month. The Communiqué...

Written Answers — Tax Code: Tax Code (17 Jun 2010)

Brian Lenihan Jnr: When the levy is introduced, each employee who has an entitlement to use a parking space provided directly or indirectly by his or her employer, and in an area designated as covered by the levy, is liable to pay. It will apply to Members of the Houses of the Oireachtas who have parking in such an area. Retired persons are exempt from the levy where a space continues to be provided to them for...

Written Answers — Public Service Contracts: Public Service Contracts (17 Jun 2010)

Brian Lenihan Jnr: Studies indicate that in smaller Member States, small and medium enterprises tend to win a high percentage of public contracts. EU studies indicate that about 65% of Ireland's public contracts, by value, is won by SMEs. This compares to between 30% and 35% for bigger Member States such as the UK, France, Germany and Spain. The figures relate to larger contracts advertised in the Official...