Results 6,701-6,720 of 16,537 for speaker:Brian Lenihan Jnr

EU Funding. (13 May 2009)

Brian Lenihan Jnr: The European economic recovery plan was endorsed by the European Council at its meeting of 11 and 12 December 2008 and amounts to more than €400 billion. The Community part of the plan, which has been agreed by the European Parliament and the Council on a proposal from the Commission, will finance projects in the field of energy and rural broadband Internet, as well as new challenges...

EU Funding. (13 May 2009)

Brian Lenihan Jnr: The €5 billion community fund of the European economic plan must be matched. The Ireland to Wales interconnector has been included on the list and €110 million has been earmarked for that project. The list also contains a €165 million overall contribution towards the North Sea offshore grid which includes Ireland as a location along with the United Kingdom, the Netherlands, Germany,...

EU Funding. (13 May 2009)

Brian Lenihan Jnr: I agree with Deputy Burton that this is an important issue and I understand it is being addressed by my colleague, the Minister for Enterprise, Trade and Employment. In regard to the question of availability of broadband, some of the funds will be committed to rural broadband. The Minister for Communications, Energy and Natural Resources is introducing several initiatives to address...

Capital Expenditure. (13 May 2009)

Brian Lenihan Jnr: It is premature to identify specific projects that may benefit from any additional investment in infrastructure by pension funds. I note that we are spending a considerable sum on capital this year, some 5% of GNP, one of the highest ratios in the world. This supports a substantial level of employment, while the reductions in tender prices mean we can do more with less. Nonetheless, the...

Capital Expenditure. (13 May 2009)

Brian Lenihan Jnr: The protection of the taxpayer and our borrowing capacity arises in this case. The crucial issue in any bond issue is the rate of interest which accrues, a matter of considerable sensitivity having regard to our general borrowing requirements. The advantages of accessing additional funding for infrastructure investment are clear. Infrastructure investment helps to create jobs. Although...

Capital Expenditure. (13 May 2009)

Brian Lenihan Jnr: It will support efforts to increase competitiveness and raise economic growth. My Department and the NDFA, National Development Finance Agency, are working closely together in exploring this area. A working group has been formed involving not only my Department and the NDFA but also the Central Statistics Office which has provided very useful advice.

Capital Expenditure. (13 May 2009)

Brian Lenihan Jnr: I point out to the Deputy that simply achieving an off balance sheet solution or status for projects is not the main driver in our capital investment decisions. As I am often remind by Deputy Bruton, the priority must be to achieve value for money and protection for the taxpayer. That is my priority as the Minister for Finance and it is the priority of the Government. Given the difficult...

Capital Expenditure. (13 May 2009)

Brian Lenihan Jnr: Deputy Burton asked a few questions. Of course, money is safe in Irish banks, by virtue of the Government guarantee to them. It is important to make that point. Money deposited in Irish banks is very safe and I do not understand why the Deputy would suggest otherwise. On the establishment of a national development bank, the Government is optimistic that the private financing options it is...

Capital Expenditure. (13 May 2009)

Brian Lenihan Jnr: In that regard, it has been considering, for example, the east-west electricity connector. It is a question of identifying suitable investments that will give a rate of return to the fund. That is crucial in determining whether an investment can be made. The Deputy has asked whether I have any reluctance about investment in Government bonds by Irish citizens. I certainly do not.

Capital Expenditure. (13 May 2009)

Brian Lenihan Jnr: As the Deputy is aware, there are a number of possibilities, through An Post, for citizens to invest in entities managed by the NTMA.

Capital Expenditure. (13 May 2009)

Brian Lenihan Jnr: On the pension fund proposal, of course, there is a concern, the same concern the Deputy expressed about the valuation of assets in the National Asset Management Agency. Any rate of return on the issue of these bonds would be a reasonable rate of return having regard to the interests of the State. The Deputy expressed similar reservations in previous parliamentary questions about the...

Capital Expenditure. (13 May 2009)

Brian Lenihan Jnr: Progress has been made with the public private partnership system in the school building programme; it has been implemented. I am open to the use of infrastructure bonds in that context. One great difficulty in the PPP context in relation to schools is that, in general, PPP finance must be used for new projects. To attract PPP finance, a project must not involve refurbishment or an...

Mortgage Redemption Fees. (13 May 2009)

Brian Lenihan Jnr: As the Deputy will be aware, fixed rate mortgages can be regarded as a form of insurance against interest rate changes as they provide certainty and security for borrowers regarding the level of their repayments. As mentioned in the Deputy's question, in circumstances where many households are faced with significantly increased financial pressures, the current environment of very low...

Mortgage Redemption Fees. (13 May 2009)

Brian Lenihan Jnr: Once again, there is no such thing as NAMA negotiations on the funding or bail-out of the banks. This intellectually facile, lazy approach does not add anything to the public debate on the subject.

Mortgage Redemption Fees. (13 May 2009)

Brian Lenihan Jnr: There are no such negotiations. The decision on the valuation of the assets will be made on expert advice by the Houses, not by the banks. There is no question of negotiations preceding the establishment of NAMA.

Mortgage Redemption Fees. (13 May 2009)

Brian Lenihan Jnr: In order to protect the taxpayer, we will have to set the price. We will not engage in negotiations with the institutions concerned. We can certainly have discussions, but the idea they will have negotiating rights in the discussions is absurd. The position on breakage fees is as I outlined in my answer. With the Financial Regulator, I will continue to monitor these matters and endeavour...

Mortgage Redemption Fees. (13 May 2009)

Brian Lenihan Jnr: While I have not yet received the actuarial advice, I agree it is important that we survey this matter with great care and that any actuarial assessment produced can be analysed by myself. I am certainly open to sharing that information with Members of the House. With regard to the suggestion that the banks do not fund fixed rate mortgages from borrowing at a fixed rate which is related to...

Mortgage Redemption Fees. (13 May 2009)

Brian Lenihan Jnr: I gave my analysis in my reply. Like Deputy Morgan, I am well aware of those who are hard pressed by the current difficulties in our economy. However, the fact is that borrowers entered a contract to repay a particular loan on a fixed basis, the banks funded that on a fixed basis and there is a fee payable for the loss to the institution caused by the decision to end the arrangement. That...

Mortgage Redemption Fees. (13 May 2009)

Brian Lenihan Jnr: I will reiterate what I said on the record: "When a borrower signs a fixed rate mortgage contract with a mortgage provider, the lender in turn enters into an agreement to borrow the money at an agreed rate."

Mortgage Redemption Fees. (13 May 2009)

Brian Lenihan Jnr: It is for the period of time of the fixed rate mortgage. I also stated: The mortgage lender must repay the money at this agreed rate. There is a cost to the institution if the fixed rate agreement is terminated before the agreed term, which gives rise to the redemption fee charged in these cases.