Results 3,321-3,340 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — Departmental Expenditure: Departmental Expenditure (30 Mar 2010)

Brian Lenihan Jnr: All transfers of funds between votes will be carried out on an Exchequer-neutral basis in all cases. In addition, the re-allocation of resources will be provided for by way of Amended Estimates or Further Revised Estimates as appropriate. Some administrative costs will arise (for example, stationery costs) and I will be asking the relevant Departments to ensure that these are kept to a...

Written Answers — Pension Provisions: Pension Provisions (30 Mar 2010)

Brian Lenihan Jnr: Prior to Finance Act 1999, any person taking a pension under a defined contribution scheme or a Retirement Annuity Contract (RAC), was required to purchase an annuity with the pension fund money remaining after the drawdown of the appropriate tax-free lump sum. Finance Act 1999 introduced significant changes which gave a considerable degree of control, flexibility and personal choice to...

Written Answers — Departmental Reports: Departmental Reports (30 Mar 2010)

Brian Lenihan Jnr: As the Deputy is aware the report of the Special Group on Public Numbers and Expenditure Programmes outlined a wide range of proposals across all departments, a number of which can only be achieved through restructuring over a number of years. The implementation of the proposals for my Department and the Offices under its aegis is ongoing, and initial progress has been made in this regard in...

Written Answers — Tax Code: Tax Code (30 Mar 2010)

Brian Lenihan Jnr: I am informed by the Revenue Commissioners that Revenues Customer Service Standards, published in August 2009, state that they will register 100% of employer registrations within 5 working days and 100% of VAT registrations within 10 working days. The 10 working day standard for VAT registrations takes into account an extra level of scrutiny carried out by Revenue to ensure that the VAT...

Banking System: Motion (30 Mar 2010)

Brian Lenihan Jnr: If Deputy Shortall wants to negotiate with her local credit union about a reduction in the amount of deposits and wishes to advise her constituents in Dublin North West of her banking policy, I encourage her to do so immediately. She should see what their reaction will be. This is a fundamental issue for the country. If there is any suggestion the Government would lose the vote tonight and...

Banking System: Motion (30 Mar 2010)

Brian Lenihan Jnr: I will give way for a minute or two.

Banking System: Motion (30 Mar 2010)

Brian Lenihan Jnr: I commend the new Governor of the Central Bank, Professor Patrick Honohan and the new Financial Regulator, Matthew Elderfield on their work in this process. They are independent of the Government in the exercise of their functions and that is as it should be. When Deputy Bruton criticised the Government for giving the banks too much time for capitalisation, he missed the crucial point. The...

Banking System: Motion (30 Mar 2010)

Brian Lenihan Jnr: I thank my officials as well.

Banking System: Motion (30 Mar 2010)

Brian Lenihan Jnr: They operated under a statutory mandate laid down by this House. I thank the Members for the work they put into that legislation. These agencies worked with my Department and the NTMA to resolve our banking crisis. We now know the problems we have, we have faced up to them and we have put in place a pathway out of them. Today provides for once and for all a solid basis for confidence in...

Banking System: Motion (30 Mar 2010)

Brian Lenihan Jnr: Approximately half of the funds advanced to the Irish banks to support the Irish economy are derived from domestic sources. When people talk about defaulting on bondholders, they are talking about defaulting on themselves, Irish credit unions, Irish enterprises and Irish pension funds.

Finance Bill 2010: From the Seanad (30 Mar 2010)

Brian Lenihan Jnr: I move the acceptance of recommendation No. 1.

Banking System: Motion (30 Mar 2010)

Brian Lenihan Jnr: I move: That Dáil Éireann: — notes that the Government has taken bold and successful action to address funding problems in the Irish financial system through the introduction of the Bank Guarantee Schemes and to remove the riskiest loans from the balance sheets of the participating institutions through the NAMA process, which has the support of the IMF, the OECD, the ECB and the European...

Banking System: Motion (30 Mar 2010)

Brian Lenihan Jnr: Back then, our banks were on the brink of financial collapse and our economy had gone into reverse. Revenue had fallen steeply and unemployment had risen sharply. For the first time in a quarter of a century, we were experiencing negative growth. Economic activity remains weak and we face further difficult decisions. The crucial difference, however, is that we now have a credible fiscal...

Banking System: Motion (30 Mar 2010)

Brian Lenihan Jnr: The capital requirements that I will outline presently to the House have been set by the Financial Regulator and announced separately by him in the past hour. That is as it should be. We now have in place a more stringent regulatory system overseen by the Central Bank Governor, Professor Patrick Honohan, and the Financial Regulator, Matthew Elderfield. The new fully integrated structures...

Banking System: Motion (30 Mar 2010)

Brian Lenihan Jnr: -----but the fact remains that senior figures in Irish banking made appalling lending decisions that will cost the taxpayer dearly for years to come. As I said in this House last September during the debate on the NAMA legislation, the banks should be extremely grateful for the continued support and forbearance extended by the citizens. They must now repay that debt-----

Banking System: Motion (30 Mar 2010)

Brian Lenihan Jnr: -----by facilitating the economic recovery widely forecast to get under way in the second half of this year. The Government will insist that they do so by supplying credit to viable businesses and households in this State. Today, we are entering the ultimate phase in the resolution of our financial crisis. NAMA has determined the price to be paid for the first tranche of loans to be...

Banking System: Motion (30 Mar 2010)

Brian Lenihan Jnr: -----and EBS, 37%. The weighted average haircut across these institutions is 47%. These discounts have been calculated following loan-by-loan assessments, including legal due diligence, detailed valuation processes and internal and external checking processes, including external audit. The doubters have been proved wrong. NAMA has carried out its valuations in a hard-headed commercial...

Banking System: Motion (30 Mar 2010)

Brian Lenihan Jnr: However, notwithstanding very substantial work under way on the bank's restructuring plan, there are still significant uncertainties about this figure, including the size of the discount on all of its loans transferring to NAMA, the scale of future losses on its loans that are not transferred to NAMA and the exact nature and scope of any split of the bank under its plans and the EU Commission...

Banking System: Motion (30 Mar 2010)

Brian Lenihan Jnr: The new going concern entity would be prepared for sale in due course. This option is being evaluated and holds out the prospect of reducing the impact on the taxpayer and yielding some value in the future when the bank is sold out of State hands. The bank has estimated that the new bank could become profitable over the medium term and a target exit from State hands could take place in five...

Banking System: Motion (30 Mar 2010)

Brian Lenihan Jnr: This is a complex process but I am confident that by the end of the summer we will have a clear plan for the future of the bank approved by the Commission. The bank will give more details on the likely costs of various options for its future when it publishes its results. The sums required to rescue the bank are enormous but the costs of winding it down are even greater. The current bank...