Results 5,961-5,980 of 16,537 for speaker:Brian Lenihan Jnr

Budgetary Process. (8 Jul 2009)

Brian Lenihan Jnr: In effect, under our current system we have a unified budgetary announcement. I would be anxious, leading up to the budget, to give the maximum amount of information to the Opposition parties, as I did before the supplementary budget. I hope to repeat that facility, but I am not sure we can go much further than that. I thought that process was useful before the supplementary budget.

Budgetary Process. (8 Jul 2009)

Brian Lenihan Jnr: Responsibility for devising the Estimates falls, under the Constitution, to the Government, which has highly structured engagement on the issue which often lasts many weeks before arriving at final decisions. As Deputy O'Donnell is well aware I will express my opinions on the McCarthy process to my colleagues in Government, the appropriate place for me to express them. I do not see much...

Budgetary Process. (8 Jul 2009)

Brian Lenihan Jnr: The McCarthy report is only fresh from the printer today, following much textual work required during the past fortnight to finalise the content. There has been no undue delay although a deadline date of 30 June was set. The publication of the report has gone a few days beyond that, but there has not been substantial slippage.

Budgetary Process. (8 Jul 2009)

Brian Lenihan Jnr: I express my views on these matters to my colleagues in Government. That is the duty of a Minister and that is how a Minister operates.

Budgetary Process. (8 Jul 2009)

Brian Lenihan Jnr: I will show respect to the House by conveying the Deputy's views to the Government.

National Asset Management Agency. (8 Jul 2009)

Brian Lenihan Jnr: As the Deputy will be aware, the initial preparations for the establishment and operation of NAMA are being managed by a steering group. The group is tasked with overseeing the preparation of the legislation in parallel with the practical preparations for the establishment of NAMA and is made up of representatives of the Department of Finance, the Attorney General's Office and the National...

National Asset Management Agency. (8 Jul 2009)

Brian Lenihan Jnr: I do not confirm and it is not the case that NAMA will simply select bad loans from 20 to 50 developers to deal with in the first instance. That is not envisaged. It has always been envisaged that both performing and non-performing loans will be taken over. On the Deputy's question about loans under €5 million, there is a question of degree in terms of the management of the loans. We...

National Asset Management Agency. (8 Jul 2009)

Brian Lenihan Jnr: Deputy Burton raised a number of matters and I will deal with each in turn. First, the agricultural or zoned land which has no construction on it is not in fact the majority of the book value, which is an important point where the Deputy is wrong.

National Asset Management Agency. (8 Jul 2009)

Brian Lenihan Jnr: The Deputy seemed to suggest it was the great bulk of it. The key point in regard to the valuation of those assets is exactly as Deputy Burton stated, namely, that there has to be a very steep discount for such assets. In addition, in the case of land, the potential for any medium-term economic value has to be very carefully evaluated because in some cases there may be no medium-term...

National Asset Management Agency. (8 Jul 2009)

Brian Lenihan Jnr: It has been made absolutely clear since the supplementary budget statement and it remains the case that performing loans - good assets - are being taken as well as bad assets in the land and development category. In other words, in terms of the construction cycle from the acquisition of land right through to the completed house which is not sold, and the various intervening stages at which...

National Asset Management Agency. (8 Jul 2009)

Brian Lenihan Jnr: No, that is not correct. There is no requirement of impairment, as I have told the Deputy several times.

National Asset Management Agency. (8 Jul 2009)

Brian Lenihan Jnr: That is why NAMA is not as dangerous as the Deputy keeps representing it.

Capital Investment. (8 Jul 2009)

Brian Lenihan Jnr: The Government is continuing to invest substantial Exchequer resources in capital infrastructure, with €7.3 billion allocated for capital projects in 2009 and some €31 billion allocated for the period to the end of 2013. This investment supports a substantial level of employment, while the reductions in tender prices mean that we can do more with less. Nonetheless, as Deputy Bruton is...

Capital Investment. (8 Jul 2009)

Brian Lenihan Jnr: I am optimistic that the private financing options being examined will prove helpful. I would prefer to explore approaches that retain as much of a role as possible for the private sector in providing funding and avoid the setting up of an additional State body if at all possible. The Fine Gael proposal, as I understand it, involves the establishment of a number of additional State bodies....

Capital Investment. (8 Jul 2009)

Brian Lenihan Jnr: On the PPPs, the answer is no.

Capital Investment. (8 Jul 2009)

Brian Lenihan Jnr: I assure the Deputy there is great urgency attaching to this matter. Maintaining a volume of our investment in capital projects, howsoever financed, will ensure we sustain some level of activity in the construction sector and maintain much-needed skills there. I agree with the Deputy in that regard. There has not been a change of the criteria in regard to PPPs. The question the Deputy...

Financial Services Regulation. (8 Jul 2009)

Brian Lenihan Jnr: The Deputy's question refers to the commitment I gave in this House on 26 March 2009 to request the consumer director in the Financial Regulator - which has a statutory mandate to safeguard customers' interests - to examine the level of redemption fees charged by banks to customers wishing to exit from fixed rate mortgages. My Department received a copy of the Financial Regulator's report on...

Financial Services Regulation. (8 Jul 2009)

Brian Lenihan Jnr: Certainly I will take up the Deputy's suggestion on the matter of six months' interest and whether it is the practice. However, the answer deals with the question, correctly raised, of whether it is matched to long-term funding. It refers to actuarial calculations which relate precisely to the cost of funding the borrowing.

Financial Services Regulation. (8 Jul 2009)

Brian Lenihan Jnr: That is the basis of the regulator's examination.

Financial Services Regulation. (8 Jul 2009)

Brian Lenihan Jnr: The suggestion on international best practice is constructive. The Deputy will appreciate that the regulator sought first to establish whether the basics were being adhered to.