Results 3,481-3,500 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — Financial Services Regulation: Financial Services Regulation (10 Mar 2010)

Brian Lenihan Jnr: I propose to take Questions Nos. 67 and 95 together. The second Mazars report on credit availability, published in December, confirmed that while some businesses are facing significant challenges accessing credit, and the SME sector in general is more conservative in its borrowing, nevertheless businesses surveyed confirmed that new lending is still taking place. It is noteworthy that SME...

Written Answers — Mortgage Arrears: Mortgage Arrears (10 Mar 2010)

Brian Lenihan Jnr: As the Deputy is aware, on 25th February 2010, I informed the Government of my proposals regarding expanding the membership of the Interdepartmental Mortgage Arrears Group, under the Chairmanship of Mr. Hugh Cooney who is an insolvency accountant. The other external members are as follows: Mr. Matthew Elderfield Financial Regulator Dr. David Duffy ESRI Mr. Pat Farrell Irish Banking...

Written Answers — Pension Provisions: Pension Provisions (10 Mar 2010)

Brian Lenihan Jnr: I presume the Deputy's question relates to the increase in pension age for future recruits to the public service announced in Budget 2010. A retirement age of 70 years is to be introduced as part of the new arrangements also but, as the Deputy will be aware, this is in the context of no retirement age applying to public servants recruited after 1 April 2004. With regard to the matter of the...

Written Answers — Financial Services Regulation: Financial Services Regulation (10 Mar 2010)

Brian Lenihan Jnr: The position is that under the NAMA Act I will shortly be issuing guidelines to ensure that SMEs, sole traders and farm enterprises will have recourse to an independent, external review of decisions of credit refusal by the NAMA participating banks. I hope that banks not participating in NAMA or covered by the Government guarantee will also decide to join the system. My aim is to have a...

Written Answers — National Asset Management Agency: National Asset Management Agency (10 Mar 2010)

Brian Lenihan Jnr: Under section 21 (1) and 25 (9) of the National Asset Management Agency (NAMA) Act 2009, I have approved the following fee arrangements. In setting the fees account was taken of the critical importance of the work to be undertaken by the Board and the fact that its workload will be excessive by normal standards in the first year of operation. I intend to review the fees after a year....

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (10 Mar 2010)

Brian Lenihan Jnr: As the Deputy will be aware, the Credit Institutions (Financial Support) Scheme 2008 will expire on 29 September 2010. This scheme was introduced following the collapse of Lehmann Brothers and the following liquidity crisis of September 2008. However, the funding situation of Irish banks has improved dramatically in the intervening period and the blanket guarantee will no longer be...

Written Answers — National Asset Management Agency: National Asset Management Agency (10 Mar 2010)

Brian Lenihan Jnr: The CEO and Chairman of NAMA brief me on a regular basis about the progress of NAMA. There are also substantial provisions in the Act dealing with transparent reporting by NAMA and oversight of NAMA by the Oireachtas. 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 a copy to a Committee appointed by the...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (10 Mar 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 a restructuring plan to the European Commission within six-months of receiving the Government injection of capital. The Bank of Ireland Plan was submitted to the Commission on 30 September 2009. The Allied Irish...

Written Answers — National Asset Management Agency: National Asset Management Agency (10 Mar 2010)

Brian Lenihan Jnr: The publication of a Business Plan is a matter for the Board of NAMA which was appointed in December 2009. I am aware that the Board proposes to review the draft Business Plan published in October 2009 in the light of the extensive due diligence process currently under way and that any update to the Plan will be informed by the valuation of loans being transferred over the coming months. I am...

Written Answers — Pension Levy: Pension Levy (10 Mar 2010)

Brian Lenihan Jnr: The criteria for being covered by the pension-related deduction are that one is a public servant as defined in Section 1 of the Financial Emergency Measures in the Public Interest Act 2009 and (i) is a member of a public service pension scheme as defined in section 1 of the Act or (ii) is entitled to a benefit under such a scheme or (iii) receives a payment in lieu of membership of such a...

Written Answers — National Asset Management Agency: National Asset Management Agency (10 Mar 2010)

Brian Lenihan Jnr: NAMA has advised me that the process of transferring the eligible loans of participating institutions to NAMA should commence this month with the transfer of the first tranche, which has a nominal value of approximately €17 billion. Moreover, NAMA has also advised me that the transfer process is targeted for completion by the final quarter of the year.

Written Answers — National Asset Management Agency: National Asset Management Agency (10 Mar 2010)

Brian Lenihan Jnr: NAMA has advised me that the process of transferring the eligible loans of participating institutions to NAMA should commence this month with the transfer of the first tranche, which has a nominal value of approximately €17 billion. Moreover, NAMA has also advised me that the transfer process is targeted for completion by the final quarter of the year. As regards Oireachtas oversight of...

Written Answers — State Banking Sector: State Banking Sector (10 Mar 2010)

Brian Lenihan Jnr: As the Deputy will be aware, €4bn in capital was provided to Anglo in 2009 from Exchequer funds, to protect the economy from the wider losses that would have occurred in the event of a failure of the bank, to protect the deposit base of the bank, and to prevent the bank becoming a systemic threat to the financial system. As I stated in my Second Stage speech on the NAMA Bill on 16 September...

Written Answers — Financial Services Regulation: Financial Services Regulation (10 Mar 2010)

Brian Lenihan Jnr: The Deputy will appreciate that the named covered institutions are run as arm's length operations and as such it is not appropriate for me to comment on how they manage their pricing strategies. Given the need for all credit institutions at the moment to increase their deposit taking base in order to bolster their funding bases, competition for savings in the Irish market has led to an...

Written Answers — Economic Competitiveness: Economic Competitiveness (10 Mar 2010)

Brian Lenihan Jnr: A key part to restoring sustainable economic growth is an improvement in our competitiveness. In order to compete internationally it is essential that we ensure that all our cost pressures are kept under control. In this regard, domestically-driven costs such as rents must reflect the new economic realities that all in business face. While I have no specific legislative role with regard to...

Written Answers — National Asset Management Agency: National Asset Management Agency (10 Mar 2010)

Brian Lenihan Jnr: This is an issue for the Board of NAMA, which advises me that NAMA is in advanced discussions with a number of interested parties who have indicated an interest in becoming shareholders in the NAMA Master SPV.

Written Answers — National Asset Management Agency: National Asset Management Agency (10 Mar 2010)

Brian Lenihan Jnr: The second Mazars report on credit availability, published in December, confirmed that while some businesses are facing significant challenges accessing credit, and the SME sector in general is more conservative in its borrowing, nevertheless businesses surveyed confirmed that new lending is still taking place. However, the proportion of refused credit, especially in certain sectors, remains...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (10 Mar 2010)

Brian Lenihan Jnr: The Financial Regulator is currently in the process of examining the capital needs of credit institutions based on its assessment of the loan books of the institutions both pre and post NAMA and other factors. In its analysis and consideration of the matter, the Regulator has had the benefit of external assistance regarding the financial position of some institutions. I have kept in touch...

Written Answers — Mortgage Arrears: Mortgage Arrears (10 Mar 2010)

Brian Lenihan Jnr: I propose to take Questions Nos. 87 and 90 together. Last November after the publication of the Renewed Programme for Government and the Governments decision to review the mortgage arrears issue, I approved the setting up of an Inter-Departmental Mortgage Arrears Review Group, for the purpose of bringing together all relevant information in Departments and examining options in relation to the...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (10 Mar 2010)

Brian Lenihan Jnr: The Deputy will be aware that the named covered institution operates as a commercial financial institution subject to relevant regulatory approval. On 18 January 2010, the institution restructured its organisation by way of a scheme of arrangement with shareholders to form a new group holding company, the purpose of which is to maintain maximum flexibility in the group's corporate structure....