Results 3,521-3,540 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — National Pensions Reserve Fund: National Pensions Reserve Fund (10 Mar 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 and that I would establish an Interdepartmental Committee to examine the issues further and to report to me. The Committee...

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

Brian Lenihan Jnr: In accordance with the Central Bank of Ireland Act 1942 (as amended), the employment of staff in the Central Bank and Financial Services Authority of Ireland (other than the Governor, the Registrar of Credit Unions and the Chief Executive of the Regulatory Authority) is a matter solely for the Board of the Bank, the Regulatory Authority and the Governor and is not a matter in which I have a...

Written Answers — Flood Relief: Flood Relief (10 Mar 2010)

Brian Lenihan Jnr: I refer the Deputy to my reply to PQ 135 on 3rd February and confirm that I have no plans to introduce a grant for home relocation. As stated previously, the Government allocated €10m to fund a Humanitarian Assistance Scheme administered by the Community Welfare Service of the Health Service Executive on behalf of the Department of Social and Family Affairs. The Scheme covers emergency...

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

Brian Lenihan Jnr: Funding for banks depends on many factors, including current market conditions, collateral available to the banks, and capital and ownership structures of the banks. The Financial Regulator and the Central Bank, in conjunction with my Department and the NTMA, keep the liquidity and funding of the Irish banking system under constant review.

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

Brian Lenihan Jnr: In 2009, the Government invested €3.5bn each in AIB and Bank of Ireland in return for preference shares. This recapitalisation programme was funded from the National Pensions Reserve Fund. €4 billion came from the Fund's current resources while €3 billion was provided by means of a front-loading of the Exchequer contributions for 2009 and 2010. With regard to further possible State...

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

Brian Lenihan Jnr: The recapitalisation of Anglo Irish Bank in 2009 was funded by Exchequer borrowing in 2009. Following consultation with Eurostat, the injection was classified as a financial transaction, and therefore, did not affect the General Government Balance. As a general rule of thumb, each €1 billion extra borrowed is estimated to cost the Exchequer about €50 million per year in interest costs....

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

Brian Lenihan Jnr: I assume that the levy to which the Deputy refers is the Domicile Levy which I announced in Budget 2010, full details of which have set out in the Finance Bill, which is currently at Report Stage in this House. The Deputy will be aware that the Domicile Levy is charged on an individual who is Irish-domiciled and an Irish citizen whose world-wide income exceeds €1m, their Irish-located...

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

Brian Lenihan Jnr: I indicated last September that, following the transfer of eligible bank loans to NAMA, it is likely that institutions will require additional capital. I also stated that, to the extent that institutions are not in a position to raise sufficient capital from other sources, the Government remains committed, consistent with EU rules, to providing relevant banks and building societies with an...

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

Brian Lenihan Jnr: The subject of reporting by NAMA was extensively debated during the course of the NAMA legislation through the Oireachtas. There are substantial provisions already in the Act dealing with transparent reporting by NAMA and oversight of NAMA by 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...

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

Brian Lenihan Jnr: As the Deputy is aware, since 29 September 2008, the State has guaranteed certain liabilities of credit institutions in Ireland initially under the Credit Institutions (Financial Support) Scheme (the 'CIFS' Scheme) but more recently under the Credit Institutions (Eligible Liabilities Guarantee) Scheme (the 'ELG' Scheme). The Eligible Liabilities Guarantee (ELG) Scheme, which commenced on 9...

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

Brian Lenihan Jnr: I think it might be helpful if I outlined the various activities under the aegis of the NTMA and the governance structures underlying them. The primary role for which the Agency was established is to ensure that sufficient funding is available at all times to meet the day-to-day requirements of the Exchequer, which involves borrowing funds as appropriate on behalf of the Exchequer and...

Written Answers — Enterprise Sector: Enterprise Sector (10 Mar 2010)

Brian Lenihan Jnr: Sectoral policy in support of the enterprise sector and employment maintenance, including the Employment Subsidy Scheme and the Enterprise Stabilisation Fund initiatives, are matters in the first instance for my colleague the Tánaiste and Minister for Enterprise, Trade and Employment. The prevailing economic environment has impacted on the rate of business failure here in Ireland. There are...

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

Brian Lenihan Jnr: Any attempt by landlords to inflate the value of their property by seeking to impose unsustainable rent increases on tenants will have no impact on the valuation placed on such property by NAMA. NAMA will purchase land and development loans and investment loans from participating credit institutions. The valuation of investment loans will incorporate assumptions about rental receipts likely...

Written Answers — Public Procurement Contracts: Public Procurement Contracts (10 Mar 2010)

Brian Lenihan Jnr: Government recognises the important business opportunities that public service contracts represent for business enterprises in the local and national economy and encourages participation to the greatest extent possible. Significant measures have been introduced which make it easier for small and medium enterprises (SMEs) to bid for public contracts. Among these are: the wide advertising of...

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 — Bank Closures: Bank Closures (10 Mar 2010)

Brian Lenihan Jnr: Bank of Scotland (Ireland) has informed the Financial Regulator of its commercial intention to close the Halifax retail banking business and the Bank of Scotland (Ireland) intermediary business in the Republic of Ireland, commencing at the end of May 2010. The Financial Regulator is working with Bank of Scotland (Ireland) to ensure that customers' interests are protected in accordance with...

Written Answers — Commercial Rent Reviews: Commercial Rent Reviews (10 Mar 2010)

Brian Lenihan Jnr: It is my understanding that real legal and constitutional difficulties would arise if steps were taken to intervene in existing leases retrospectively, where those leases have been freely entered into by the parties concerned. I am advised by the Department of Justice Equality and Law Reform that they have been advised by the Attorney Generals Office to this effect.

Written Answers — Commercial Rent Reviews: Commercial Rent Reviews (10 Mar 2010)

Brian Lenihan Jnr: I am sure that the Deputy can appreciate that I receive many representations from many parties on a wide range of matters. Although an initial examination has not identified any records which might fall within the scope of the Deputy's request, I have asked my officials to conduct a more thorough search to ascertain if any relevant records exist. I will contact the Deputy directly when the...

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...