Results 3,061-3,080 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — Financial Services Regulation: Financial Services Regulation (28 Apr 2010)

Brian Lenihan Jnr: Policy matters relating to the regulation of auditing and accounting bodies are the responsibility of my colleague, the Minister for Enterprise, Trade and Employment in the first instance. As I stated to the Deputy on 1 April in this House, the questions he raises with regard to the conduct of certain accountancy and auditing firms are legitimate. Notwithstanding the responsibility of the...

Written Answers — Financial Services Regulation: Financial Services Regulation (28 Apr 2010)

Brian Lenihan Jnr: I have requested the Financial Regulator to carry out this Strategic Review of the Credit Union Sector in Ireland. The Project is being managed by the Registrar of Credit Unions and my officials are liaising closely with him in relation to the project. With regard to progress, the Registrar has received expressions of interest and has issued an invitation to tender to a short-list of...

Written Answers — National Asset Management Agency: National Asset Management Agency (28 Apr 2010)

Brian Lenihan Jnr: The NAMA draft business plan published in October 2009, was as the title suggests in draft from and was prepared by the interim NAMA team for the purpose of explaining the background to NAMA and the manner in which it will carry out its functions and duties. The figures included in the draft business plan were indicative figures. The NAMA Board is working on analysing the real data now...

Written Answers — Tax Code: Tax Code (28 Apr 2010)

Brian Lenihan Jnr: I have received a report commissioned jointly by Aer Lingus, Ryanair and Cityjet from Amsterdam Aviation Economics in relation to the air travel tax. The report and the analysis therein, including those assumptions made by the authors, continue to be examined by my officials. However, I understand the report makes a number of important assumptions, and the data on which they are based, are...

Written Answers — Financial Services Regulation: Financial Services Regulation (28 Apr 2010)

Brian Lenihan Jnr: The decision on the interest rate to be charged by lending institutions is a commercial decision for the financial institutions concerned. Individual institutions set rates based on their cost of funds, market conditions and commercial considerations. The Financial Regulator has no statutory role in the setting of interest rates by regulated entities. The Government took steps in October...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (28 Apr 2010)

Brian Lenihan Jnr: I have no plans to present full details of the worked costings of the options regarding the future of Anglo Irish Bank at this time. As the Deputy is aware Anglo is currently updating its Restructuring Plan to take account of EU Commission's feedback on the initial plan submitted by the bank on 30 November last. The plan will examine all options for the bank's future including: immediate...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (28 Apr 2010)

Brian Lenihan Jnr: During 2009 the European Commission indicated that, in line with its policy on State Aid and pending its assessment of the named bank's restructuring plan, it should not make coupon payments on its tier 1 and tier 2 capital instruments unless under a binding legal obligation to do so. The bank agreed to this request by the Commission and resolved not to pay the non-cumulative distribution on...

Written Answers — Financial Services Regulation: Financial Services Regulation (28 Apr 2010)

Brian Lenihan Jnr: It is important that there are facilities available which record and give access to credit history information and help credit institutions to be well informed when making decisions on the provision of credit. My Department is currently looking at the credit reporting system in Ireland so as to inform me of any issues that need to be addressed and of what measures are required to be taken....

Written Answers — Fiscal Policy: Fiscal Policy (28 Apr 2010)

Brian Lenihan Jnr: The Government recently approved the participation of Ireland in euro area co-ordinated financial support to Greece via bilateral loans centrally pooled by the European Commission as part of an agreed Euro Area package, to be co-financed by the IMF; and agreed to the preparation of the necessary enabling legislation. Work is progressing in this regard and I anticipate that matters will be...

Written Answers — Small Business Finance: Small Business Finance (28 Apr 2010)

Brian Lenihan Jnr: The third Mazars report on lending to SMEs, which covers the period from October to December 2009, was published last week. The report showed that credit applications in number and value terms rose slightly in the last quarter of 2009 over the previous quarter, which is encouraging. The level of applications for credit would appear to be stabilising and Mazars also reported a small...

Written Answers — Job Protection: Job Protection (28 Apr 2010)

Brian Lenihan Jnr: As the Deputy will be aware, on 15 April, the High Court appointed full time administrators to Quinn Insurance Limited. This follows Quinn Insurance Limited's (QIL) decision to consent to the appointment made by the High Court on application made by the Financial Regulator. It is the Financial Regulators and QILs opinion that this step is in the best interests of policyholders. It means...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (28 Apr 2010)

Brian Lenihan Jnr: The total amount guaranteed under the Eligible Liabilities Guarantee Scheme at 31 March 2010 was €140bn. Of this amount, guaranteed deposits amounted to €108bn. The last audited figures for CIFS were at end year 2009 and liabilities stood at €280bn. However, liabilities covered under the CIFS Scheme have been decreasing significantly over the course of Q1 as monies migrate to ELG...

Written Answers — Tax Collection: Tax Collection (28 Apr 2010)

Brian Lenihan Jnr: Since 2004 the Revenue Commissioners have been conducting a comprehensive investigation into the use of offshore accounts by Irish residents as a means to evade tax. Prior to the commencement of the investigation, Revenue launched a voluntary disclosure initiative which resulted in €650m being collected from over 14,000 taxpayers. Subsequent to the voluntary disclosure initiative, Revenue...

Written Answers — Mortgage Arrears: Mortgage Arrears (28 Apr 2010)

Brian Lenihan Jnr: The Deputy will be aware that in February this year, I informed the Government of my proposals regarding expanding the membership of the Interdepartmental Mortgage Arrears Group, under the Chairmanship of Mr. Hugh Cooney. This revamped Mortgage Arrears and Personal Debt Group's (the Group) Terms of Reference, which I approved, were incorporated into the supplementary documentation for the...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (28 Apr 2010)

Brian Lenihan Jnr: As the Deputy is aware the Anglo Irish Bank Corporation Act, 2009 provided for the transfer of all the shares of the Bank to the Minister for Finance. The Bank was re-registered as a private limited company on the day the legislation was enacted. During 2009 the Bank adopted the Code of Practice for the Governance of State Bodies and is working with the Department of Finance towards full...

Written Answers — General Government Deficits: General Government Deficits (28 Apr 2010)

Brian Lenihan Jnr: I propose to take Questions Nos. 92, 103 and 116 together. On April 22nd Eurostat published fiscal data which showed a General Government Deficit of 14.3% of GDP for Ireland in 2009. This figure is a revision of the Budget day estimate of 11.7% of GDP due to a technical reclassification of a €4 billion investment by the government in Anglo Irish Bank. Initially the Irish authorities, with...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (28 Apr 2010)

Brian Lenihan Jnr: Credit institutions are required to notify non-interest bank charges to the Financial Regulator for approval. When approving charges, the Financial Regulator takes the following criteria into consideration:- · promotion of fair competition, · commercial justification, · the effect on customers or a group of customers. Legal fees tend to be imposed by 3rd parties and then passed on...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (28 Apr 2010)

Brian Lenihan Jnr: Outlined in the terms of the 2009 recapitalisation of Bank of Ireland and Allied Irish Banks, was a provision that the State's Preference shares could be redeemed by the banks from distributable profits and/or the proceeds of an issue of shares constituting core tier 1 capital. Such a transaction would of course be contingent on approval by the Financial Regulator. There is no provision in...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (28 Apr 2010)

Brian Lenihan Jnr: Detailed information on bondholders of domestic credit institutions senior and subordinated debt is not available. As is the case for credit institutions generally, credit institutions which the State controls, namely Anglo Irish Bank and Irish Nationwide Building Society do not have access to comprehensive information on the holders of their senior and junior, or subordinated, debt, because...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (28 Apr 2010)

Brian Lenihan Jnr: In line with my statement to the House on 30 March on the banking situation, I subsequently issued Promissory Notes on 31 March to Anglo Irish Bank and Irish Nationwide Building Society. These Notes will ensure that both institutions continue to meet their regulatory capital requirements. The initial principal amount of the Note that issued to Anglo Irish Bank is €8.3bn and to INBS it is...