Results 7,141-7,160 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — Exchequer Borrowing: Exchequer Borrowing (26 Mar 2009)

Brian Lenihan Jnr: Article 104 of the Treaty governs the operation of the excessive deficit procedure of the Stability and Growth Pact. On foot of the commission's recent report on Ireland's budgetary position the Commission has now adopted proposals for a Council recommendation to Ireland. This is part of the normal operation of the Pact whenever the General Government Deficit of a Member State exceeds the...

Written Answers — Fiscal Policy: Fiscal Policy (26 Mar 2009)

Brian Lenihan Jnr: My Department is considering a number of innovative financing proposals for public infrastructure which various bodies have submitted. I am not at liberty at this juncture to talk about any of the details of these proposals. Key considerations for the State would be the costs of such proposals compared to either the cost of Exchequer-funded infrastructure or the cost of infrastructure...

Written Answers — Economic Forecasts: Economic Forecasts (26 Mar 2009)

Brian Lenihan Jnr: I am satisfied with the procedures in place to conduct economic forecasting in my Department. Even in a normal environment, it must be noted that short-term economic forecasting is not an exact science, given the many dynamic components which make up the economy. But we are not in a normal environment — conditions in the global economy are unfolding at a rapid pace, and this reflects the...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (26 Mar 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 20 and 30 together. The transactions to which the Deputy refers, between Anglo and IL&P, are currently under investigation and I can not comment on those. However, I understand that these were exceptional due to the materiality of the transactions and the involvement of a non-bank subsidiary. I am not aware of any similar such transactions between Anglo...

Written Answers — National Pension Reserve Fund: National Pension Reserve Fund (26 Mar 2009)

Brian Lenihan Jnr: The National Pensions Reserve Fund was established on 2 April 2001 under the National Pensions Reserve Fund Act 2000 with the objective of meeting as much as possible of the cost to the Exchequer of social welfare pensions and public service pensions to be paid from the year 2025 until at least 2055. I have no plans to liquidate the Fund. The Government announced on 11 February 2009 that it...

Written Answers — Exchequer Borrowing: Exchequer Borrowing (26 Mar 2009)

Brian Lenihan Jnr: The Exchequer Borrowing Requirement published in the Addendum to the Irish Stability Programme Update in January was forecast at €18 billion. Based on that amount, the cost of funding the national debt in 2009 was forecast at €4.5 billion. The Government is currently considering the overall deficit position for 2009. In the context of the Supplementary Budget the planned borrowing...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (26 Mar 2009)

Brian Lenihan Jnr: The Government has indicated that it is committed to ensuring the stability of the Irish financial system and protecting systemically relevant institutions. In this regard and as the Deputy will be aware, the Government is reviewing proposals for dealing with the risks associated with certain assets in order to strengthen relevant institutions and ensure the flow of credit to the real...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (26 Mar 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 24 and 65 together. I am bringing proposals before the Government to introduce new structures for banking regulation that will provide for the integration of Central Bank responsibilities with regulatory and supervisory functions, new standards of corporate governance and a new approach to enhance consumer protection. These changes are designed to restore...

Written Answers — Financial Services Regulation: Financial Services Regulation (26 Mar 2009)

Brian Lenihan Jnr: As Minister for Finance, my role is to ensure that the legal framework for credit unions is appropriate for the effective operation and supervision of credit unions. The Registrar of Credit Unions is responsible for administering the system of regulation and supervision of credit unions provided under the Credit Union Act 1997, with a view to the protection by each credit union of the funds...

Written Answers — Small Business Sector: Small Business Sector (26 Mar 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 — Tax Code: Tax Code (26 Mar 2009)

Brian Lenihan Jnr: As the Deputy will be aware, it is not customary for the Minister for Finance to comment on possible tax and expenditure changes in advance of the budget.

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (26 Mar 2009)

Brian Lenihan Jnr: The Government acted decisively in September 2008 to guarantee, until 30 September 2010, the liabilities of relevant institutions in order to ensure banks could maintain normal liquidity position in interbank lending and debt markets. The guarantee has ensured Irish banks can continue to do their business and that the general public and businesses have been able to deposit with financial...

Written Answers — Economic Forecasts: Economic Forecasts (26 Mar 2009)

Brian Lenihan Jnr: I understand the Deputy is referring to a recent economic forecast produced by Ulster Bank in which they anticipate a very large contraction in growth with unemployment rising to the levels mentioned in the question. I would point out that there is a wide range of economic forecasts produced by a variety of financial institutions regarding the likely outcome for this year. In this regard,...

Written Answers — Job Creation: Job Creation (26 Mar 2009)

Brian Lenihan Jnr: Information is not collated centrally on a routine basis on the number of direct and indirect jobs that would be created as a result of Exchequer capital investment. However, my Department has recently completed an exercise on the labour intensity of infrastructure investment more broadly. This exercise found that, with a few exceptions, the labour intensity of capital projects falls within...

Written Answers — Fiscal Policy: Fiscal Policy (26 Mar 2009)

Brian Lenihan Jnr: The Supplementary Budget is to be presented to the Dáil on 7 April. The Government has already taken significant action to restore stability to the public finances and the Supplementary Budget will continue this process. In relation to the details of what will be presented in the Supplementary Budget, it is not the usual practice to speculate in advance on the content of any budget and I do...

Written Answers — Banking Sector Investigations: Banking Sector Investigations (26 Mar 2009)

Brian Lenihan Jnr: I am informed by the Financial Regulator that Merrill Lynch International Bank Limited (an Irish licensed credit institution) advised it on 18 February 2009 of matters in relation to the mispricing of trades in their London branch. Authorised officers of the Financial Regulator attended on site in the London branch in the days following this contact. The Financial Regulator has also informed...

Written Answers — Public Procurement Policy: Public Procurement Policy (26 Mar 2009)

Brian Lenihan Jnr: I would expect to see the Government's initiative reflected in better public procurement prices especially given the more competitive market environment and that the savings desired will be achieved in this way.

Written Answers — Tax Code: Tax Code (26 Mar 2009)

Brian Lenihan Jnr: As I stated during the Finance Bill process, it has been my intention to widen if possible the tax base on which betting duty would be applied. One obvious option in this regard is to include bets placed online or over the telephone with companies outside the State. However, it is clear that there are very serious legal difficulties surrounding this option which my officials are exploring...

Written Answers — Foreign Direct Investment: Foreign Direct Investment (26 Mar 2009)

Brian Lenihan Jnr: The new US Administration has not yet given any real indication of its main focus in terms of international taxation. That said there has been a lot of speculation about potential changes to the US system of deferral whereby multinational corporations can defer paying US taxes on the profits of their subsidiaries overseas until they return them to the US. I want to assure the Deputy that...

Written Answers — Financial Services Regulation: Financial Services Regulation (26 Mar 2009)

Brian Lenihan Jnr: Since the Government's guarantee Scheme was announced I have met on numerous occasions with representatives of all the covered institutions. The questions of capital, liquidity and loan impairment have been addressed at these meetings. The Financial Regulator also enforces specific liquidity regulatory requirements and the issue of liquidity is a matter in the first instance for the...