Results 5,381-5,400 of 16,537 for speaker:Brian Lenihan Jnr

Fiscal Policy. (3 Nov 2009)

Brian Lenihan Jnr: The monthly forecasts are not briefed in the same way as the quarterly or the end-November forecast. They are the subject, as the Deputy knows, of a press conference at the Department and are briefed to the Minister in advance.

Fiscal Policy. (3 Nov 2009)

Brian Lenihan Jnr: I am referring to them too.

Fiscal Policy. (3 Nov 2009)

Brian Lenihan Jnr: Generally, the monthly figures are posted on the departmental website. They are not the subject of a separate presentation by the officials or briefing to the Minister. If there were anything out of the ordinary in them, the Minister would be briefed about them specifically. In the case of this month, there is nothing out of the ordinary in the forecasts. As I made clear at the end of...

Fiscal Policy. (3 Nov 2009)

Brian Lenihan Jnr: There are many matters to which to reply. Briefly, I agree with Professor Blanchflower to the extent that training measures are exceptionally important. However, I should point out that the CSO figures to the end of October will show for the first time that the live register has not increased in the month of October. There is clearly a stabilisation in the growth of unemployment at this...

Fiscal Policy. (3 Nov 2009)

Brian Lenihan Jnr: Yes, heading towards it - it is not reaching that figure. I mentioned the extent to which I agree with Professor Blanchflower. The matter of thousands of shoppers proceeding across the Border had very little to do with a half percentage increase in the VAT rate. It was caused by the fact that there was a very substantial reduction in UK VAT rates, which policy, incidentally, is now a proven...

Oireachtas Expense Allowances. (3 Nov 2009)

Brian Lenihan Jnr: First, it must be stated that Members of these Houses and officeholders incur legitimate expenses as part of their parliamentary duties both in attending Leinster House and as part of their constituency duties. It is appropriate that the amount of any such expense should be kept under review to ensure they are appropriate to reflect the cost of these duties, as well as the prevailing...

Oireachtas Expense Allowances. (3 Nov 2009)

Brian Lenihan Jnr: The Deputy has asked a number of questions. Will he remind me of his first question.

Oireachtas Expense Allowances. (3 Nov 2009)

Brian Lenihan Jnr: The Deputy asked if it is intended to apply similar changes to the expenses of Ministers. The answer is, yes, it is. The Deputy's first question was in regard to Ministers' offices. There are guidelines in existence on the operation of ministerial constituency offices. In respect of those guidelines, there also has been a requirement since April that further savings be made by Ministers...

Oireachtas Expense Allowances. (3 Nov 2009)

Brian Lenihan Jnr: I do not necessarily accept the assumption that, for example, as Minister for Finance, I have fewer opportunities to engage in constituency work than many Members of the House who are not Ministers. There must be some balance in the provision of assistance in that area for Ministers.

Oireachtas Expense Allowances. (3 Nov 2009)

Brian Lenihan Jnr: It should also be noted that those who are assigned to assist in constituency offices are expressly prohibited in the terms of their contracts from engaging in political work. That said, I will take into account what the Deputy has said and I agree that whatever is adopted on expenses for Members of the House must equally apply to Ministers.

Budget Submissions. (3 Nov 2009)

Brian Lenihan Jnr: The basis of the expenditure savings for 2009 was set out in my budget of 14 October 2008 and supplementary budget of 7 April 2009. A range of instruments has been developed in the human resource area to contribute to the implementation of these savings, notably the incentivised scheme of early retirement in the public service, ISER, the special Civil Service career break scheme, ICB, and...

Budget Submissions. (3 Nov 2009)

Brian Lenihan Jnr: I cannot give a precise estimation at this stage. However, the procedure adopted on the McCarthy report has been that it was circulated to each Department and it is being examined, Department by Department, in the context of the Estimates process. Each Department is being interrogated on the report's recommendations and on what contribution it can make to savings within public expenditure....

Budget Submissions. (3 Nov 2009)

Brian Lenihan Jnr: The incentivised early retirement scheme was open from 1 May but, following various extensions, it closed on 23 October. I do not have an up-to-date figure for the Deputy this afternoon.

Budget Submissions. (3 Nov 2009)

Brian Lenihan Jnr: I will arrange for that to be forwarded to the Deputy. Clearly, the question of the balance of expenditure and taxation is a matter of political decision for the Government and will be announced in the budget. As I made clear time and again, the scope for additional taxation is limited. The bulk of any adjustment in the case of the €4 billion must be located on the expenditure side.

State Banking Sector. (3 Nov 2009)

Brian Lenihan Jnr: As the Deputy will be aware, on 26 June 2009 the European Commission approved, under EU treaty state aid rules, a recapitalisation of Anglo Irish Bank of €4 billion. The State investment occurred in the form of ordinary shares to help preserve an adequate level of core tier 1 capital. Part of the recapitalisation was used to buy back at a significant discount certain outstanding...

State Banking Sector. (3 Nov 2009)

Brian Lenihan Jnr: Not as bluntly as that.

State Banking Sector. (3 Nov 2009)

Brian Lenihan Jnr: No, I do not accept what Deputy O'Donnell says because it is not a policy that is capable of implementation. What is capable of implementation is, first, what has been required since last February, namely, that the bank be stabilised. The effect of the National Asset Management Agency approach will be to stabilise Anglo Irish Bank. Whatever bonds are issued on foot of that are issued by...

State Banking Sector. (3 Nov 2009)

Brian Lenihan Jnr: NAMA, for all practical purposes, amounts to a bad bank in the case of Anglo Irish Bank. The completion of the NAMA exercise will then enable the making of a strategic decision in regard to the direction the bank should take. Given the character and size of the risk the bank posed to the economy since last February, the downsizing of the loan books, which NAMA entails, will be a welcome...

State Banking Sector. (3 Nov 2009)

Brian Lenihan Jnr: All of these questions can be weighed up on the completion of the NAMA process but, as I said earlier, the rapid wind-down of a bank of this type, after the removal of the at-risk assets in it, will only accelerate a loss to the taxpayer.

Financial Services Regulation. (3 Nov 2009)

Brian Lenihan Jnr: As the Deputy is aware, in February of this year, the Government decided to pursue a general 8% reduction on fees to legal, medical, veterinary and other professionals engaged by the public service from 1 March 2009. My Department wrote to each Department outlining how this decision should be implemented. I have informed this House previously that I have received advice in regard to the...