Results 6,261-6,280 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — Financial Services Regulation: Financial Services Regulation (23 Jun 2009)

Brian Lenihan Jnr: As the Deputy is aware Anglo Irish Bank is being run on an arms length commercial basis. A breakdown of the deposits from banks is contained in Note 20 to the Interim Accounts for the six months ended 31 March 2009 entitled "Deposits from Banks". It would be inappropriate for me to comment beyond what is published in the accounts, because of the possible commercial sensitivity of the...

Written Answers — Financial Services Regulation: Financial Services Regulation (23 Jun 2009)

Brian Lenihan Jnr: As the Deputy is aware Anglo Irish Bank is being run on an arms length commercial basis. A breakdown of the debt securities in issue under the various programmes is contained in Note 22 to the Interim Accounts for the six months ended 31 March 2009. As these are tradeable instruments held in clearing systems the Bank has no way of knowing who the end investors are. It would be...

Written Answers — Financial Services Regulation: Financial Services Regulation (23 Jun 2009)

Brian Lenihan Jnr: I am advised that the Exchange Offer, referred to by the Deputy, was proposed by the bank as a means of increasing its core capital (similar to other such proposals) subject to commercial considerations. The bank expects that this exchange will have a positive impact on its Core Tier 1 capital position without significantly impacting its overall capital position. The instruments being...

Written Answers — Departmental Advertising: Departmental Advertising (23 Jun 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 154 and 155 together. Neither my Department, nor the following bodies under its aegis - the Office of Public Works the Comptroller and Auditor General, the Office of the Appeals Commissioner, the Office of the Commission for Public Service Appointments, the Office of the Ombudsman, the Public Appointments Service and the State Laboratory - carried out...

Written Answers — Departmental Expenditure: Departmental Expenditure (23 Jun 2009)

Brian Lenihan Jnr: The table below shows gross current expenditure for the year 1997 to 2009, both Voted and non-Voted. Voted current expenditure is divided by Department based on the current allocation of Ministerial responsibilities. Non-Voted expenditure is predominantly made up the servicing costs of the National Debt and contributions to the EU budget. The gross Voted expenditure figures between 1997 and...

Written Answers — International Agreements: International Agreements (23 Jun 2009)

Brian Lenihan Jnr: The Department of Justice, Equality and Law Reform is responsible for the co-ordination of the ratification of the UN Convention on the Rights of Persons with Disabilities and established an interdepartmental working group with various Government Departments including this Department inputting into the process. The working group identified certain areas relevant to my Department. These are...

Written Answers — Tax Code: Tax Code (23 Jun 2009)

Brian Lenihan Jnr: The number of income earners on income tax records who earn over €80,000 is estimated at 234,500 in 2009. Some 154,200 of these are couples who have elected or have been deemed to have elected for joint assessment and are counted as one tax unit in each case. The figures are estimates from the Revenue tax forecasting model using actual data for the year 2005 adjusted as necessary for income...

Written Answers — Tax Code: Tax Code (23 Jun 2009)

Brian Lenihan Jnr: The position is that a single individual earning €80,000 per annum will have an effective average tax rate of 36.5% for 2009. A married two-earner couple earning €80,000 per annum (assuming that the joint income is divided 65% and 35% between spouses) will have an effective average tax rate of 22% for 2009. These rates include income tax, PRSI, health levy and income levy.

Written Answers — Bank Recapitalisation: Bank Recapitalisation (23 Jun 2009)

Brian Lenihan Jnr: The Government announced on 11 February 2009 that the recapitalisation of Allied Irish Bank and Bank of Ireland through the purchase of preference shares to the value of €3.5 billion in each bank would be funded through the National Pensions Reserve Fund (NPRF), with €4 billion coming from the Fund's resources and €3 billion to be provided by front-loading the Exchequer contributions...

Financial Measures (Miscellaneous Provisions) Bill 2009: Committee and Remaining Stages (23 Jun 2009)

Brian Lenihan Jnr: Deputy Burton has ranged far and wide and I will try to deal with her points. Deputy Rabbitte suggested that I am conferring unlimited power on the Minister but the crucial point is that the Minister cannot exercise this power without the approval of both Houses. They must give a positive resolution and approval of whatever the Minister proposes. That is fundamental to the operation of...

Financial Measures (Miscellaneous Provisions) Bill 2009: Committee and Remaining Stages (23 Jun 2009)

Brian Lenihan Jnr: We are talking about five year debt. The European scheme envisages a six-month window within which the debt can be issued. That can be renewed if renewal is needed and there is EU approval. The approval is required not only for the initial scheme, but at the end of each six-month period for extension of the issuance. The rationale for this is that we want our banks to be in the same...

Financial Measures (Miscellaneous Provisions) Bill 2009: Committee and Remaining Stages (23 Jun 2009)

Brian Lenihan Jnr: I do not want to force the hand of the House on this. There are amendments in the next batch on subordinated debt and I am happy to consider them in the context of the formulation of the scheme. The original scheme on foot of the original guarantee Act was considerably influenced by comments made in the House and they were very much taken into account in the formulation of the scheme. I...

Financial Measures (Miscellaneous Provisions) Bill 2009: Committee and Remaining Stages (23 Jun 2009)

Brian Lenihan Jnr: I was advised that I have sufficient power through the scheme to extend my own powers. I will check it out but that is my position on this issue. On the fundamental issue of the scheme, it is very important and it will lay down the conditions under which the facility can be extended. I will certainly take into account in the formulation of the scheme the points that have been made in this...

Financial Measures (Miscellaneous Provisions) Bill 2009: Committee and Remaining Stages (23 Jun 2009)

Brian Lenihan Jnr: We did that.

Financial Measures (Miscellaneous Provisions) Bill 2009: Committee and Remaining Stages (23 Jun 2009)

Brian Lenihan Jnr: We have done that already.

Financial Measures (Miscellaneous Provisions) Bill 2009: Committee and Remaining Stages (23 Jun 2009)

Brian Lenihan Jnr: The parts of the Bacon report that could be published were published.

Financial Measures (Miscellaneous Provisions) Bill 2009: Committee and Remaining Stages (23 Jun 2009)

Brian Lenihan Jnr: The matter of great magnitude to which Deputy Noonan refers is one section of the Bill and he has addressed his comments to that section. On the matter of Anglo Irish Bank, what we saw in the spring was a serious shortage of funds in the bank. Circumstances do not stand still in the case of any particular financial institution. It is now clear the decision to nationalise the bank, which...

Financial Measures (Miscellaneous Provisions) Bill 2009: Committee and Remaining Stages (23 Jun 2009)

Brian Lenihan Jnr: The directors appointed by me, as Minister for Finance, went into the bank and conducted a review and presented a true and fair view of the half-yearly return. We have had to act on that. We are not here to discuss that, but to discuss the section. Deputy Noonan said matters of great moment are being decided but the information was not being put before the House. The information is that...

Financial Measures (Miscellaneous Provisions) Bill 2009: Committee and Remaining Stages (23 Jun 2009)

Brian Lenihan Jnr: I can arrange for that information to be furnished to the Deputy, but the point I am making is that we are not unique. There is a constant suggestion that there is something unique in what is happening in Ireland regarding the banking crisis. There is not. Constant interventions by the Government and Parliament are required to protect the position. The amendments tabled this evening are...

Financial Measures (Miscellaneous Provisions) Bill 2009: Committee and Remaining Stages (23 Jun 2009)

Brian Lenihan Jnr: We can go into that. The Deputy should read carefully what the person who was asked to be the chief executive of this entity on an interim basis, Mr. McDonagh, said because he has been at the operational coalface. If one reads what he said, he clarified many of the issues. Dr. Somers has made his support for NAMA very clear and does not see any other way in which we can resolve our banking...