Results 2,861-2,880 of 16,537 for speaker:Brian Lenihan Jnr

Central Bank Reform Bill 2010: Second Stage (Resumed) (12 May 2010)

Brian Lenihan Jnr: With due respect to the Deputy, there has been ample debate here. I am responding to points that were made in the debate.

Central Bank Reform Bill 2010: Second Stage (Resumed) (12 May 2010)

Brian Lenihan Jnr: Deputy Burton commented on the position of consumers under the new system.

Central Bank Reform Bill 2010: Second Stage (Resumed) (12 May 2010)

Brian Lenihan Jnr: I will start working on a common purpose. Deputy Burton commented on the position of consumers under the new system. I share the Deputy's concern that consumers were not always best served under the old arrangements and change is needed. The Bill makes a number of important changes to integrate the protection of consumers of financial services into the Central Bank's core functions and into...

Central Bank Reform Bill 2010: Second Stage (Resumed) (12 May 2010)

Brian Lenihan Jnr: Is the Deputy suggesting that the regulator and the Governor of the Central Bank are friends of Fianna Fáil?

Central Bank Reform Bill 2010: Second Stage (Resumed) (12 May 2010)

Brian Lenihan Jnr: They are appointments directly germane to this Bill for which I take responsibility.

Central Bank Reform Bill 2010: Second Stage (Resumed) (12 May 2010)

Brian Lenihan Jnr: They are the type of appointments envisaged by this legislation.

Central Bank Reform Bill 2010: Second Stage (Resumed) (12 May 2010)

Brian Lenihan Jnr: They are Government appointments, not party appointments.

Central Bank Reform Bill 2010: Second Stage (Resumed) (12 May 2010)

Brian Lenihan Jnr: The Government appointed both the regulator and the Governor of the Central Bank, for which it can be accountable to the House. Somebody must, ultimately, be accountable for appointments. That is of fundamental importance in our constitutional arrangements. The question of a bank resolution mechanism -----

Central Bank Reform Bill 2010: Second Stage (Resumed) (12 May 2010)

Brian Lenihan Jnr: The United States has a different constitutional system from us.

Central Bank Reform Bill 2010: Second Stage (Resumed) (12 May 2010)

Brian Lenihan Jnr: The question of a bank resolution mechanism was also raised. The global financial crisis has revealed the significant challenges that arise for countries when there is a necessity to deal quickly and effectively with distressed financial institutions. Special resolution regimes for the financial sector are recognised as a key method of reducing the impact of the distress or failure of...

Central Bank Reform Bill 2010: Second Stage (Resumed) (12 May 2010)

Brian Lenihan Jnr: The work relating to the bank resolution issue is highly complex in character. We have, for example, studied the United Kingdom legislation, which raises serious constitutional questions in this jurisdiction. We have also looked at legislative models in other jurisdictions, with some of which fault has already been found. We will get this right and we expect proposals to be brought forward...

Central Bank Reform Bill 2010: Second Stage (Resumed) (12 May 2010)

Brian Lenihan Jnr: Yes, early 2011. I welcome the general consensus on the need for change. However, I am acutely aware that there are different perspectives on financial regulatory reform. I fully expect that before the ink is dry on these very necessary reforms, some Members will express fears that we are overreacting to the crisis and that the pendulum will swing too far towards over-regulation. Indeed, I...

Central Bank Reform Bill 2010: Second Stage (Resumed) (12 May 2010)

Brian Lenihan Jnr: I am only outlining my views on this matter.

Central Bank Reform Bill 2010: Second Stage (Resumed) (12 May 2010)

Brian Lenihan Jnr: Mr. McCreevy is not a member of this House. I am simply giving the Deputy my views on a particular line of argument that I anticipate. I pointed out that there are voices on Wall Street are advising US reformers that they will scare business away -----

Central Bank Reform Bill 2010: Second Stage (Resumed) (12 May 2010)

Brian Lenihan Jnr: I have not heard any voices from Kildare in recent weeks, since Kildare was liberated from his strong obligations to the European Union.

Central Bank Reform Bill 2010: Second Stage (Resumed) (12 May 2010)

Brian Lenihan Jnr: In London, regulators are being told that they will frighten investors away to Geneva, and so on. However, the truth is that we are looking at an international reform movement intent on instilling high standards and preventing opportunistic regulatory arbitrage. In this, I share the views expressed by President Obama in his recent address making the case for regulatory reform. A strong,...

Written Answers — Fiscal Policy: Fiscal Policy (11 May 2010)

Brian Lenihan Jnr: The application of carbon tax to Marked Gas Oil, which at times is referred to as 'green diesel' or 'agricultural diesel' came into effect from 1 May. The carbon charge in this instance is approximately 4 cents per litre and I do not intend any compensatory measures. A number of Government Departments, including my Department are exploring options for how best to offset the impact of the...

Written Answers — Tax Code: Tax Code (11 May 2010)

Brian Lenihan Jnr: I announced in the Budget that a carbon tax at a rate of €15 per tonne was introduced on fossil fuels. The tax was applied to petrol and auto-diesel with effect from midnight, 9 December 2009; and applied from 1 May 2010 to kerosene, marked gas oil (also known as 'green diesel' or 'agricultural diesel'), liquid petroleum gas (LPG), fuel oil and natural gas. The application of the tax to...

Written Answers — General Government Deficits: General Government Deficits (11 May 2010)

Brian Lenihan Jnr: As you are aware, the decision to reclassify the injection of €4 billion into Anglo Irish Bank has resulted in the General Government Deficit being re-calculated to be 14.3% of GDP. The underlying General Government Balance excluding this reclassification is 11.8% of GDP, which is broadly in line with the Budget day estimate. This decision was taken by the Irish authorities and...

Written Answers — Proposed Legislation: Proposed Legislation (11 May 2010)

Brian Lenihan Jnr: Officials in my Department are currently examining the issues arising from the intended extension of Freedom of Information provisions to specific functions in An Garda Síochána. The Vocational Education Committees will be brought in under the Act in the next extension to the Act which is currently being worked on by officials of my Department. With regard to the National Treasury...