Results 3,081-3,100 of 16,537 for speaker:Brian Lenihan Jnr

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

Brian Lenihan Jnr: There are substantial provisions already in the NAMA Act dealing with transparent reporting by NAMA and oversight of NAMA by the Oireachtas. This subject was extensively debated during the course of the NAMA legislation through the Oireachtas. In particular, the Act provides for NAMA to submit to me quarterly reports, which I shall lay before each House of the Oireachtas, as well as sending...

Written Answers — National Pensions Reserve Fund: National Pensions Reserve Fund (28 Apr 2010)

Brian Lenihan Jnr: I announced, during the debate on the Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Act 2009 last March, that the preparation of the draft legislation provided an opportunity to consider once again the position regarding ethical investment of the National Pensions Reserve Fund (NPRF) and that I would establish an Interdepartmental Committee to examine the...

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

Brian Lenihan Jnr: In accordance with public procurement procedures, the selection of a particular service provider must be advertised in accordance with standard procurement processes through www.etenders.gov.ie, the website for Irish public tenders. I am advised that the process in respect of all service providers for NAMA was fully compliant with public procurement procedures. It is important to note that...

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 — Banks Recapitalisation: Banks Recapitalisation (28 Apr 2010)

Brian Lenihan Jnr: On March 31st this year the Government issued promissory notes to Anglo Irish Bank and Irish Nationwide Building Society for €8.3 and €2.6 billion respectively to help meet their capitalisation requirements over the coming years. Although the effect of this is to increase government debt by €10.9 billion in 2010 there will be no actual borrowing associated with these transactions for...

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

Brian Lenihan Jnr: I propose to take Questions Nos. 104 and 112 together. At end-March 2010 the Exchequer deficit was €3.9 billion compared to €3.7 billion at end-March 2009. This was broadly in line with my Department's expectations for the first quarter of the year. Tax receipts at €7.2 billion, were 15 per cent below the level collected to end-March of 2009 and €266 million or 31⁄2 per cent...

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

Brian Lenihan Jnr: I have, as have my officials, on many occasions discussed the issue of private investment in the banks with the senior executives of the covered institutions. I have also had some discussions with representatives of potential investors and I understand that some covered institutions have also engaged in such discussions. I note the recent success of this strategy by the Bank of Ireland's...

Written Answers — Tobacco Smuggling: Tobacco Smuggling (28 Apr 2010)

Brian Lenihan Jnr: I wish to advise the Deputy that Operation Samhna resulted in the seizure of a consignment of 120.3m cigarettes with an estimated retail value of €46.7 million and revenue at risk of €40.7 million at Greenore Port Co. Louth in October 2009. The Operation was led by the Revenue Customs Service, and supported by An Garda Síochána, the Criminal Assets Bureau, the Irish Naval Service and...

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

Brian Lenihan Jnr: The NAMA SPV structure has a subscribed capital of €100m. As explained to the Dail at the time of the legislation, and subsequently agreed with the EU, 49% of this capital was advanced by NAMA and 51% by private investors. Three private investors, namely, Irish Life Investment Managers, New Ireland Assurance and a group of clients of Allied Irish Banks Investment Managers, have each...

Written Answers — Expenditure Review Group: Expenditure Review Group (28 Apr 2010)

Brian Lenihan Jnr: There are no plans to reconvene the special group in 2010.

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

Brian Lenihan Jnr: In the statement on the banks which I made on 30 March 2010 I announced that I will be seeking the Commission's agreement for a modified extension of the guarantee consistent with a phasing out over a realistic period of time. In line with the State aid approval granted by the European Commission on 20 November 2009 in respect of the Eligible Liabilities Guarantee Scheme, the Commission is...

Written Answers — National Solidarity Bond: National Solidarity Bond (28 Apr 2010)

Brian Lenihan Jnr: In Budget 2010, I announced our intention to launch a National Solidarity Bond, the purpose of which is to allow citizens an opportunity to invest and provide money to the State to stimulate economic recovery and to assist in the maintenance and creation of employment. I provided the necessary legislative basis in this year's Finance Act and I am now happy to inform the House that I will...

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

Brian Lenihan Jnr: I have informed the House previously that I have discussed the issue of private sector investment in the banks with senior executives of the credit institutions covered by the bank guarantee. I have also had discussions with some representatives of proposed investors, as have the NTMA on my behalf. I understand that some institutions have engaged in such discussions with representatives of...

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

Brian Lenihan Jnr: The interim IMF report for consideration by G20 Ministers referred to by the Deputy has not been officially published but was widely reported on in the media. The IMF's work in this area is in response to a request made to it by the G20 in 2009 in the context of discussions on how to ensure the financial sector can make a fair and substantial contribution toward paying for burdens associated...

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

Brian Lenihan Jnr: It is generally accepted that Credit Rating Agencies (CRAs) played a significant role in the current financial crisis and that CRAs provided high ratings to complex products which bolstered investors' confidence in these products. In hindsight, these high ratings were clearly inappropriate. There was also a perception that CRAs were susceptible to conflicts of interest as they also provided...

Written Answers — Public Service Appointments: Public Service Appointments (28 Apr 2010)

Brian Lenihan Jnr: The following table shows the information requested by the Deputy. 2005 2006 2007 2008 2009 No. of TLAC competitions held 19 13 24 17 9 No. of applicants 248 220 448 539 186 No. of applicants from outside public service 7 18 106 150 33 No. selected from outside public service 0 0 1 0 0 No. selected from outside Department 7 (2 Sec Gen, 5 Asst sec) 0 3 (1 Sec Gen, 1 Dep Sec, 1 Asst...

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

Brian Lenihan Jnr: The position is that Section 201 of the Taxes Consolidation Act 1997 and Schedule 3 to that Act set out the legislation in relation to the exemptions that apply to retirement gratuities, and the taxation of any balance after applying these exemptions. The same rules apply to all employees and office holders. Statutory redundancy payments are exempt from income tax. In addition, ex-gratia...

Written Answers — Parliamentary Questions: Parliamentary Questions (28 Apr 2010)

Brian Lenihan Jnr: In response to the Deputy's question there are no Parliamentary Questions in my Department which remain unanswered due to staff action to date in 2010. I have been informed by the Office of the Revenue Commissioners that in the same period, seven Parliamentary Questions were asked in relation to individual tax queries which were unanswered due to staff action. The replies stated that due to...

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

Brian Lenihan Jnr: Budget 2010 sets out a consolidation path for the public finances aimed at reducing the General Government Balance to below -3% of GDP by end-2014. The required adjustment in each year over the period is set out in the budgetary documentation. Based on the overall macroeconomic and budgetary forecasts an adjustment of €2 billion relating to current expenditure and/or tax revenue...