Results 6,041-6,060 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — Tax Code: Tax Code (8 Jul 2009)

Brian Lenihan Jnr: The report of the Commission on Taxation is due to be presented to me shortly and will be published following Government approval.

Written Answers — Proposed Legislation: Proposed Legislation (8 Jul 2009)

Brian Lenihan Jnr: The objective behind the establishment of NAMA was to deal with the riskiest assets on the balance sheets of Irish banks, which were preventing banks from lending into the economy and thereby supporting economic recovery. In that regard, all land and development loans and certain associated exposures of each eligible institution will be considered for transfer to NAMA. There are no plans to...

Written Answers — Banking Sector: Banking Sector (8 Jul 2009)

Brian Lenihan Jnr: As I announced in my Supplementary Budget Statement on 7 April 2009, it is the Government's intention to put a State guarantee in place for the future issuance of debt securities with a maximum maturity of up to five years. Following the enactment of the Financial Measures (Miscellaneous Provisions) Act at the end of June which provides a power to extend the guarantee by order beyond its...

Written Answers — Banking Sector: Banking Sector (8 Jul 2009)

Brian Lenihan Jnr: The IMF has said that losses could be about €35 billion, or about 20 percent of GDP. It is, however, important to point out that the IMF figure was not based on a very detailed analysis of individual bank data. Also, this figure does not take into account the countervailing effect of bank earnings – in that sense it is a gross rather than a net figure. The Deputy will be aware from my...

Written Answers — Banking Sector: Banking Sector (8 Jul 2009)

Brian Lenihan Jnr: The PriceWaterhouseCoopers (PWC) Report commissioned by the Financial Regulator, provided a comprehensive analysis of the loan books of the covered institutions. This analysis informed the series of moves which have been taken to stabilise the Irish banking sector. The contents of the PWC reports are however, highly market sensitive and will not be published. Work has begun at an...

Written Answers — House Repossessions: House Repossessions (8 Jul 2009)

Brian Lenihan Jnr: My Department continues to monitor the situation in general, and especially with the recapitalised banks and the banks under the Guarantee. The Government has the objective of ensuring that the rate of home repossessions should remain at its present very low levels and will seek to achieve this through the terms of the Statutory Code of Conduct, specific commitments under the...

Written Answers — Economic Outlook: Economic Outlook (8 Jul 2009)

Brian Lenihan Jnr: With regard to the latest OECD Economic Outlook, released June 24th, I note that the OECD's projections indicate that the global contraction is slowing, and for the first time in a while they are more optimistic regarding a global upturn than their last outlook. Of particular importance to Ireland are the signs of impending recovery in the US. I note that the OECD forecast that the Irish...

Written Answers — Ministerial Appointments: Ministerial Appointments (8 Jul 2009)

Brian Lenihan Jnr: As I announced previously, the current Governor of the Central Bank, Mr John Hurley, was requested to continue in office for a short period past the completion of his current term, in order to ensure continuity and leadership during the disruption in financial markets. He has agreed to remain for a period of additional months to facilitate the smooth transition to the new regulatory...

Written Answers — Financial Services: Financial Services (8 Jul 2009)

Brian Lenihan Jnr: In general, the decision on whether an institution operating in Ireland approves a loan application from an individual is a commercial decision for the institution concerned. The Deputy will appreciate that a balance must be achieved by Government between influencing private banks through the bank guarantee scheme and other financial support incentives while at the same time being seen to...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (8 Jul 2009)

Brian Lenihan Jnr: Under paragraph 8 of the Credit Institutions (Financial Support) Scheme, the Minister for Finance may review and vary the terms and conditions of the Scheme to ensure that it is achieving the purposes of the Credit Institutions (Financial Support) Act 2008. The Scheme states that at such a review, the Minister shall consider, inter alia, the continued requirement for the provision of...

Written Answers — Banking Sector: Banking Sector (8 Jul 2009)

Brian Lenihan Jnr: The Deputy will be aware that substantial progress has been made in the practical preparations for the establishment of NAMA in tandem with the drafting of legislation to establish the Agency on a statutory basis, and that it is my intention to publish the NAMA Bill before the end of July. Pending the establishment of NAMA, institutions will be expected to manage loan assets in accordance...

Written Answers — Ministerial Appointments: Ministerial Appointments (8 Jul 2009)

Brian Lenihan Jnr: A key aspect of the proposed reform of the regulatory structures is the appointment of a Director of Financial Supervision, who will be an ex officio member of the new Central Bank of Ireland Commission and will report to the Commission on the regulatory and supervisory functions and objectives of the new structure. The process of recruiting this new Director of Financial Supervision is...

Written Answers — Banking Sector: Banking Sector (8 Jul 2009)

Brian Lenihan Jnr: The IMF did not recommend nationalisation of the Irish banks. It did suggest that there can be circumstances in which a nationalisation is necessary. In this regard, the Deputy is aware of the nationalisation of Anglo Irish Bank, where circumstances were such that the Government believed a nationalisation was required. The Government does not accept that nationalisation of the whole of the...

Written Answers — Proposed Legislation: Proposed Legislation (8 Jul 2009)

Brian Lenihan Jnr: The Deputy will be aware that the establishment of NAMA and the interim preparations, including the drafting of legislation, are being overseen by a NAMA Steering Group established by me. The Group comprises representatives of my Department, the NTMA and the Attorney General. To date, the interim NAMA has managed three tender competitions covering (i) banking and financial advice, (ii) tax...

Written Answers — Banking Sector: Banking Sector (8 Jul 2009)

Brian Lenihan Jnr: As I announced in my Supplementary Budget Statement on 7 April 2009, it is the Government's intention to put a State guarantee in place for the future issuance of debt securities with a maximum maturity of up to five years. The enactment of the Financial Measures (Miscellaneous Provisions) Act at the end of June provides a power to extend the guarantee by order beyond its current expiry date...

Written Answers — Debt Levels: Debt Levels (8 Jul 2009)

Brian Lenihan Jnr: The spread in the cost of funding that Ireland must pay over the German benchmark rate began to increase towards the end of 2008 and rose sharply in January 2009 as a result of a number of global and domestic factors. These included international concerns about the prospect for continued economic contraction in Ireland and internationally, the deterioration in the public finances, and...

Written Answers — Tax Collection: Tax Collection (8 Jul 2009)

Brian Lenihan Jnr: I am informed by the Revenue Commissioners that they are not in a position to confirm the Deputy's estimate of tax loss from cigarette smuggling, as there is no reliable method for determining such a figure. However, a tentative estimate was given by Revenue earlier this year that about 20% of cigarettes consumed in Ireland may be untaxed, but it is important to emphasise that this includes...

Written Answers — Banking Sector: Banking Sector (8 Jul 2009)

Brian Lenihan Jnr: As part of the recapitalisation package announced on 11 February, Allied Irish Bank and Bank of Ireland reconfirmed their December commitment to increase lending capacity to small and medium enterprises (SMEs) by 10% and to provide an additional 30% capacity for lending to first time buyers in 2009. If the mortgage lending is not taken up, then the extra capacity will be available to SMEs....

Written Answers — Public Service Contracts: Public Service Contracts (8 Jul 2009)

Brian Lenihan Jnr: I am informed by the Revenue Commissioners that the procurement process for the acquisition of a second mobile scanner is progressing. The tenders have been evaluated, the project team responsible for procurement have decided on a supplier and have commenced the contract stage of the procurement process. The project plan envisages that the new scanner will be deployed by the end of this year.

Written Answers — Banking Sector: Banking Sector (8 Jul 2009)

Brian Lenihan Jnr: The Central Bank do not publish separate figures for the guaranteed banks but do publish figures which cover all banks operating in Ireland, including the IFSC banks. The total aggregate balance sheet of these institutions is €1,392,046 million of which €118,087 million represents ECB lending. These figures for individual banks are highly market sensitive and are not published.