Results 7,101-7,120 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — Pension Levy: Pension Levy (31 Mar 2009)

Brian Lenihan Jnr: I wish to convey to the Deputy my regret that his enquiry was not replied to sooner. Over the past month the responsible officials in my Department have prioritised the goal of ensuring a fast and effective launch of the new pension-related deduction. In this context these officials have concentrated on giving clear guidance to public service employers on the interpretation of the relevant...

Written Answers — Tax Collection: Tax Collection (31 Mar 2009)

Brian Lenihan Jnr: I have been advised by the Revenue Commissioners that a PPS number is required for the taxpayer to enable them to deal with this tax query.

Unemployment Levels. (26 Mar 2009)

Brian Lenihan Jnr: Again, I am examining various proposals but Deputy Bruton will appreciate that these matters are not easy to resolve because the reason for the drop in the numbers in employment is the international downturn which has impacted severely on a small open economy such as ours. There is clearly a global banking crisis which is not unique to this country. There was a pre-existing housing...

Financial Institutions Support Scheme. (26 Mar 2009)

Brian Lenihan Jnr: As the Deputy will be aware, the Government has agreed the recapitalisation terms to be offered to Allied Irish Banks and Bank of Ireland, and these terms will be put before shareholders of the two banks in the coming weeks; indeed, in the case of Bank of Ireland, I understand they will be put before a general meeting of the bank tomorrow. The recapitalisation package will provide €3.5...

Financial Institutions Support Scheme. (26 Mar 2009)

Brian Lenihan Jnr: There is no proposal to establish what Deputy O'Donnell described as a toxic bank. No such proposal is among the options being considered by the Government. The position of the Government is that the Cabinet has been briefed in an informal way about the nature of the options involved. The Government's consideration of this matter has not gone beyond that and, as I indicated in my reply, I...

Financial Institutions Support Scheme. (26 Mar 2009)

Brian Lenihan Jnr: Deputy O'Donnell insists on using the expression "toxic debt". Toxic debt in banking discussion generally relates to the kind of paper instruments which were generated in the United States and were common in the United Kingdom banking sector — derivative instruments and the like. They do not exist to any substantial extent and, in fact, exist to a minimal extent in the Irish banking...

Financial Institutions Support Scheme. (26 Mar 2009)

Brian Lenihan Jnr: It is interesting that the credit default swaps with regard to Ireland narrowed dramatically in the past week or two. The market judgment in that particularly speculative market — a market for which I do not have great regard, although it is worth noting since it was recited at length in the House in recent times — is that these particular instruments have now narrowed where Ireland is...

Financial Institutions Support Scheme. (26 Mar 2009)

Brian Lenihan Jnr: I indicated I will bring proposals to the Government in due course but, as Deputy O'Donnell would expect, the interests of the taxpayer have to be safeguarded in any analysis we are conducting of this question.

Financial Services Regulation. (26 Mar 2009)

Brian Lenihan Jnr: As Deputies will recognise, the current serious difficulties in the financial sector and the accompanying economic downturn are affecting all financial institutions, including credit unions. On account of the reduced availability of credit in the banking system, credit unions are now experiencing an increase in demand from their members for loans. There has also been some increase in bad...

Financial Services Regulation. (26 Mar 2009)

Brian Lenihan Jnr: On difficulties in individual credit unions, the registrar briefs my Department on a regular basis on the general position within the credit union movement. The credit union movement is in a relatively strong financial position with solid liquidity and reserves. The registrar has highlighted that of the 419 credit unions registered in the Republic, only a handful are affected by these...

Financial Services Regulation. (26 Mar 2009)

Brian Lenihan Jnr: As regards any bond which the National Treasury Management Agency might enter into with the credit union movement, I am open to any proposals. I am also certain the NTMA would be open to any proposals formulated in that regard. I would examine them with great care because the Government values the enormous contribution which the credit union movement makes in the provision of credit and...

Financial Services Regulation. (26 Mar 2009)

Brian Lenihan Jnr: Under the legislative framework set out in the legislation, the primary function of credit unions is to offer savings and loans services to their members. Due to significant growth in the credit union movement in recent years there has been a significant amount of resources for investment by credit unions to generate a return for members. Strict legislative control exists under section 43...

Departmental Surveys. (26 Mar 2009)

Brian Lenihan Jnr: I assume the Deputy is referring to the periodic informal survey of cross-Border prices undertaken by the Office of the Revenue Commissioners. I wish to advise the Deputy that the Office of the Revenue Commissioners' periodic informal survey, which provides a snapshot of the retail prices for the main excisable commodities observed in market outlets in Dublin and Newry, was most recently...

Departmental Surveys. (26 Mar 2009)

Brian Lenihan Jnr: I am grateful to Deputy McHugh for tabling Question No. 7 and thereby allowing me to correct certain matters that were misrepresented in a recent newspaper article. A report on the implications of cross-Border shopping, which I commissioned on foot of a request made by Deputy O'Donnell at a meeting of the Joint Committee on Finance and the Public Service, was published recently. The report...

Departmental Surveys. (26 Mar 2009)

Brian Lenihan Jnr: Yes. That has been said on many occasions.

Departmental Surveys. (26 Mar 2009)

Brian Lenihan Jnr: The Deputy cannot have it both ways. If he is concerned about the impact of shopping in Northern Ireland on his constituents and on various sectors of our economy, he must realise that Northern Ireland's major pull factor is the sale of alcohol and cigarettes. All traders in Border counties will advise that fundamental point. If I propose an increase in excise duties on 7 April for the...

Departmental Surveys. (26 Mar 2009)

Brian Lenihan Jnr: I am not suggesting——

Departmental Surveys. (26 Mar 2009)

Brian Lenihan Jnr: The Joint Committee on Finance and the Public Service did a great service to the State when it insisted that a more scientific study of this matter should be undertaken. That study was done. A question on the number of visits people make to Northern Ireland is to be included in the quarterly national household survey. It is important to get an accurate scientific handle on this phenomenon....

Departmental Surveys. (26 Mar 2009)

Brian Lenihan Jnr: I will not divulge any budgetary proposals at this stage. There was no reporter present at this meeting. What I said was that in the light of the fact that the Chancellor in the United Kingdom introduced a change after my budget, I felt somewhat contrite about the change that I had introduced.

Departmental Surveys. (26 Mar 2009)

Brian Lenihan Jnr: That was all I said on that occasion.