Results 7,161-7,180 of 16,537 for speaker:Brian Lenihan Jnr

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

Brian Lenihan Jnr: The Government is conscious that in current market circumstances there is a need to bring greater certainty and transparency to the operations of systemically important financial institutions, in particular in relation to specific asset classes currently perceived as carrying a higher than average risk. In this context, the Government is examining proposals for the management and reduction of...

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

Brian Lenihan Jnr: The Department of Finance does not have relevant statistics on which to base an assessment of the value of tax receipts on newly built property not yet sold which would accrue to the Exchequer if this property is sold. I have also been informed by the Revenue Commissioners that they have no information on which to base an estimate such as this. In these circumstances it is therefore not...

Written Answers — National Lottery Funding: National Lottery Funding (26 Mar 2009)

Brian Lenihan Jnr: The position in relation to National Lottery funding is that receipts from the sale of National Lottery tickets are deposited in the National Lottery Fund in the Central Bank. A portion of these funds is transferred by my Department into the Exchequer over the course of each year on the basis of the projected surplus for that year. The monies transferred into the Exchequer are entered as...

Written Answers — National Lottery Funding: National Lottery Funding (26 Mar 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 42 and 70 together. Since 2005, the total allocation for subheads which had formerly been funded entirely from the proceeds of the National Lottery has exceeded the funds available from the National Lottery. The total amount of funding is determined in the Estimates process, and is paid out of the general pool of revenue of which National Lottery proceeds...

Written Answers — Financial Institutions Remuneration: Financial Institutions Remuneration (26 Mar 2009)

Brian Lenihan Jnr: The Deputy will be aware from the details in the recently published Covered Institution Remuneration Oversight Committee (CIROC) report that with the exception of the Irish Nationwide Building Society (INBS) where the CEO was paid a pre-arranged incentive bonus of €1,000,000 in relation to 2008, no bonuses have been or will be paid to chief executives and senior executive management teams...

Written Answers — Price Inflation: Price Inflation (26 Mar 2009)

Brian Lenihan Jnr: Based on the latest information available at the end of last year my Department set out its expectation that the Consumer Price Index (CPI) would fall this year by -1.0% but that Harmonised Index of Consumer Prices (HICP) inflation would be slightly positive, at 1⁄2% for 2009 as a whole. These forecasts were contained in the Addendum to the Stability Programme Update published on 9th...

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

Brian Lenihan Jnr: I am bringing proposals before the Government to implement major reform of the structure and organisation of financial regulation in Ireland. The changes will focus on restoring confidence in the Irish financial regulatory system and the strengthening of co-ordination of the central banking and financial regulation functions. It is a priority for the Government to ensure that the membership...

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

Brian Lenihan Jnr: The primary objective of the Government is to secure and maintain the financial and economic position of the State. Significant steps have been taken to achieve that objective including the Bank Guarantee Scheme and the recapitalisation of Ireland's two main banks. An essential element of the recapitalisation scheme, which I expect to be implemented in the very near future, anticipates the...

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

Brian Lenihan Jnr: Government Departments and State agencies have engaged with banks and business representatives in a variety of settings on issues surrounding the flow of credit for business. A formal structure for those contacts on an ongoing basis will be finalised shortly. An independent review of credit availability, funded by the banks but managed jointly by the banks, Government and business...

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

Brian Lenihan Jnr: As a general rule, the State's relationship with the banks following their proposed recapitalisation will be managed through two conduits. Firstly the NPRF Commission will hold the shares on the State's behalf and develop a shareholder/company relationship with the banks. Also arrangements will be put in place to monitor closely the commitments made by the banks in relation to the...

Written Answers — Price Inflation: Price Inflation (26 Mar 2009)

Brian Lenihan Jnr: Based on the latest information available at the end of last year my Department set out its expectation that the Consumer Price Index (CPI) would fall this year by -1.0% but that Harmonised Index of Consumer Prices (HICP) inflation would be slightly positive, at 1⁄2% for 2009 as a whole. These forecasts were contained in the Addendum to the Stability Programme Update published on 9th...

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

Brian Lenihan Jnr: In the context of the normal December Budget day decisions for both expenditure and taxation, monthly profiles of projected receipts and expenditure are generally published by my Department by the end of January every year. However this year, against a difficult and deteriorating economic background, it has proven necessary to revise the fiscal forecasts, initially in the context of the...

Written Answers — Departmental Agencies: Departmental Agencies (26 Mar 2009)

Brian Lenihan Jnr: In Budget 2009, I announced 30 rationalisation decisions that will reduce the number of State agencies by 41. The specific details with regard to reductions in numbers and the requirement for new legislation is a matter for the relevant Departments responsible for each of the rationalisation proposals. The general policy approach is to create efficiencies, including staffing efficiencies,...

Written Answers — Vehicle Registration System: Vehicle Registration System (26 Mar 2009)

Brian Lenihan Jnr: The current vehicle registration plate numbering system in the State does not lend itself to the creation of a market for the purchase and transfer of personalised number plates. In order to create a successful market, the current system would need to be redesigned or augmented by a parallel plate numbering system. The registration plate in place under the current system allows members of the...

Written Answers — Pension Provisions: Pension Provisions (26 Mar 2009)

Brian Lenihan Jnr: The remuneration, including superannuation, of the Governor, the Chief Executive of the Financial Regulator and the staff of the Central Bank and Financial Services Authority of Ireland are not paid from the Exchequer but from the organisation's own resources. The annual costs of the Central Bank and Financial Services Authority of Ireland, including those relating to remuneration and...

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

Brian Lenihan Jnr: There are considerable uncertainties regarding the economic impact of any fiscal measures, given that it is unknown how economic agents will react to the various policy changes. In addition, the composition of the fiscal package would be important, as different policy measures would have different economic impacts. Notwithstanding these uncertainties, the economic impact of fiscal measures...

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

Brian Lenihan Jnr: The Government's approach to the unprecedented crisis in global financial markets has been structured and considered. The series of measures taken to ensure the stabilisation of the Irish financial system since last September evidences the proactive stance taken by the Government. In deciding policy approaches, the Government has taken advice and consulted with the Central Bank, the...

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

Brian Lenihan Jnr: As far as safeguarding the interests of individual borrowers is concerned, the function of Government is to provide an appropriate legislative framework for effective and efficient regulation of the financial services sector. Much progress has been made in this regard over recent years, through such measures as the establishment of the Financial Regulator and the Financial Services Ombudsman...

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

Brian Lenihan Jnr: The latest published forecast for the Exchequer borrowing requirement (EBR) and the General Government Balance (GGB -the relevant measure for the Stability and Growth Pact), were set out in the Addendum to the Irish Stability Programme Update. This was submitted to the European Commission in January 2009 and the relevant details are as follows: 2008 2009 2010 2011 2012 2013 €m €m...

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

Brian Lenihan Jnr: The National Treasury Management Agency has successfully issued two new bonds (totalling €10 billion) in 2009 and this week it launched the first of a series of auctions of long-term bonds. The auction was nearly three times oversubscribed. In common with other euro sovereign borrowers benchmarked against Germany, Ireland's cost of borrowing has increased. There are a range of factors that...