Results 3,501-3,520 of 16,537 for speaker:Brian Lenihan Jnr

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

Brian Lenihan Jnr: I would note that I have no function in relation to listing of companies or otherwise. In general terms, the maintenance of a stock market quote for a company such as a bank allows a value to be put on its business throughout the business cycle. A listed bank also continues to report on its performance to the market, filing its accounts and other requirements as appropriate. Once a company...

Written Answers — Departmental Investigations: Departmental Investigations (10 Mar 2010)

Brian Lenihan Jnr: I propose to take Questions Nos. 92 and 97 together. As the Deputies are aware, the result of the Governor of the Central Bank's investigation, as well as the report by Mr. Klaus Regling and Mr Max Watson will provide the basis for identifying the further specific issues that need to be examined further by the Commission of Investigation. Thereafter, following consideration of the reports...

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

Brian Lenihan Jnr: The Deputy's question refers to the withdrawal of Halifax and Postbank from the retail banking market in the State. The withdrawal of banks from the State, while regrettable, is a commercial decision for the banks themselves. The Financial Regulator is working with both Postbank and Bank of Scotland (Ireland) Ltd. (in respect of Halifax), to ensure that consumers' interests are protected in...

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

Brian Lenihan Jnr: As the Deputy may be aware, on 30 November last Anglo Irish Bank submitted its Restructuring Plan to the European Commission as required under EU State aid rules in line with the requirement of the relevant Commission guidance. The Restructuring Plan considers all options for the future of the bank, in order to ensure that the evaluation of the plan is based on comprehensive information. As...

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

Brian Lenihan Jnr: The figures included in the draft Business Plan last October were indicative figures and were estimated before conclusion of tendering processes for the various services required by NAMA. I would expect that costs will be reviewed by the NAMA Board and that the estimates provided in the draft Business Plan will be updated in any revised version of the Plan. I should point out that costs...

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

Brian Lenihan Jnr: The increase in the interest rates on some personal loans and overdrafts reflects the commercial market realities which the bank faces. Basically, the bank must pay more to access the funds which it uses to operate. Although the ECB base rate remains at historic lows, the level of interest rates also depends on a broad range of factors including deposit rates, market funding costs, the...

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

Brian Lenihan Jnr: According to the National Treasury Management Agency's most recent Annual Report, total salaries and bonuses in the Agency amounted to €19.9 million in 2008. The remuneration packages of all Agency staff are negotiated on an individual contract basis and are confidential. There are no proposals to amend the current arrangements at this stage.

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

Brian Lenihan Jnr: The NAMA legislation provides for an annual statement to be produced by NAMA and for NAMA to submit quarterly reports, which I will make available to the Oireachtas. The first of these quarterly reports is in respect of the quarter ended 31 March 2010 and is due to be submitted to me on or before 30 June 2010. The draft Business Plan, published by the interim NAMA in October 2009, sets out...

Written Answers — Tax Code: Tax Code (10 Mar 2010)

Brian Lenihan Jnr: The Finance Bill 2010 provides more detail on how the carbon tax will operate in relation to installations that are covered by the EU Emissions Trading System (ETS). A full exemption applies to EU ETS installations in the powergen sector, but ETS installations in other sectors will be required to comply with EU minimum excise rates. In practice, no additional charge arises in the case of...

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

Brian Lenihan Jnr: My Department receives a range of reports on developments in the banking sector from the Central Bank, the Financial Regulator and the NTMA. In addition, both Allied Irish Bank and Bank of Ireland submit quarterly reports in respect of the credit packages they implemented under the terms of their respective recapitalisations. I have outlined the range of reports received in more detail in a...

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

Brian Lenihan Jnr: Levels of regulatory capital that banks must hold as a cushion against the credit and other risks that they must run are established by the so-called Basel II Framework, which was adopted in 2004, implemented in Ireland and across the EU in 2006 and which came into effect from 1 January 2008. The Basel II Framework was agreed by members of the Basel Committee on Banking Supervision, which...

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

Brian Lenihan Jnr: Anglo Irish Bank is currently preparing its accounts for the fifteen month period to 31 December 2009. These accounts have not been finalised and it would therefore not be appropriate for me to comment on these in view of the commercial sensitivities involved. In terms of write downs, I would note that these are booked by financial institutions, based on defined accounting and legal...

Written Answers — National Pensions Reserve Fund: National Pensions Reserve Fund (10 Mar 2010)

Brian Lenihan Jnr: The National Pensions Reserve Fund (NPRF) was established in 2001 under the National Pensions Reserve Fund Act 2000. The purpose in establishing the NPRF was to meet as much as possible of the cost to the Exchequer of social welfare pensions and public service pensions to be paid from the year 2025 until at least 2055. The Act provided for the establishment of the National Pensions Reserve...

Written Answers — Misuse of Drugs: Misuse of Drugs (10 Mar 2010)

Brian Lenihan Jnr: I share the Deputy's concerns about this issue. However, I do not consider that requiring licensing through the Revenue Commissioners is the appropriate means for dealing with the issue. The Deputy may be aware that the Government recently decided to commence a notification process, under the appropriate EC Directives, of our intention to make a Declaration Order under the Misuse of Drugs...

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

Brian Lenihan Jnr: The Renewed Program for Government sets out the Government's commitments for introducing new measures to protect families having difficulties with their mortgage repayments and personal indebtedness under the headings Protecting the Family Home and Helping Those in Debt. Last November I approved the setting up of an Inter-Departmental Mortgage Arrears Review Group, for the purpose of...

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

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

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

Brian Lenihan Jnr: Section 5A(1)(b) of the Central Bank Act 1942, as amended, provides that the Bank has as a function "to promote the development within the State of the financial services industry (but in such a way as not to affect the objective of the Bank in contributing to the stability of the State's financial system)". The powers and functions of the Central Bank, including section 5A(1)(b), are...

Written Answers — Economic and Monetary Union: Economic and Monetary Union (10 Mar 2010)

Brian Lenihan Jnr: Within monetary union, imbalances within individual Member States can potentially undermine the credibility of the single currency, thereby raising borrowing costs for all. It is, therefore, in the interests of all countries to reduce imbalances. Appropriate income and fiscal policies as well as enhanced flexibility are some of the measures which can reduce imbalances and help to ensure a...