Results 7,541-7,560 of 16,537 for speaker:Brian Lenihan Jnr

Public Finances: Motion (3 Mar 2009)

Brian Lenihan Jnr: In early January, the Government set a five-year framework to restore order to the public finances. This was welcomed by the European Commission. I am glad to hear of support for our actions from Mr. Jean-Claude Trichet, president of the European Central Bank, when he visited Ireland last week. He made it clear that he approved of the Government's measures to date and expected and...

Public Finances: Motion (3 Mar 2009)

Brian Lenihan Jnr: That the Government is doing this is not enough. This is a moment of national crisis. It is essential that the Opposition play a constructive part.

Public Finances: Motion (3 Mar 2009)

Brian Lenihan Jnr: For that reason, I have extended an invitation to the Opposition. The Commission assessment that has been produced, which concluded that we are in excessive deficit, is reasonable, fair and balanced. The first step of the framework was delivered on 3 February with the announcement of a series of measures to secure further savings of up to €2 billion on a full year basis. This also will be...

Public Finances: Motion (3 Mar 2009)

Brian Lenihan Jnr: In the light of the end-February Exchequer returns, however, further action now is necessary. Accordingly, the Government will consider what additional measures now are required to restore order and ensure that we stick to the agreed framework agreed by all earlier this year. It already has stated that it must restore the current budget position to balance by 2013 in order that it is not...

Public Finances: Motion (3 Mar 2009)

Brian Lenihan Jnr: In addition, I expect the Commission on Taxation to have finished its deliberations by early autumn. I should also add that any future decisions that will be made will continue to be informed by the framework for sustainable economic renewal published in December, which provides a road map for meeting the short-term challenges and positioning the economy in order that Ireland can benefit when...

Public Finances: Motion (3 Mar 2009)

Brian Lenihan Jnr: Agreed. A direct outcome of the capitalisation programme will be improved access to credit for small and medium-sized enterprises and first-time buyers, as well as offering safeguards to those homeowners facing difficulties at this time. There is no doubt that the economy has been undermined by the actions of some of our bankers. It has clearly damaged our international reputation with...

Public Finances: Motion (3 Mar 2009)

Brian Lenihan Jnr: The reformed structure is expected to deliver new high standards of banking and financial regulation and corporate governance. It will help restore the reputation of our regulatory regime and rebuild confidence by creating a single oversight institution charged with the important functions of ensuring financial stability, reinforcing prudential supervision and pursuing regulatory integrity...

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Order for Second Stage (3 Mar 2009)

Brian Lenihan Jnr: I move: "That Second Stage be taken now."

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Second Stage (3 Mar 2009)

Brian Lenihan Jnr: I move: "That the Bill be now read a Second Time." I thank the House for agreeing to discuss this Bill at short notice. The Bill is needed to allow the State through the National Pensions Reserve Fund, NPRF, to invest in Allied Irish Bank and Bank of Ireland under the terms of the recapitalisation programme announced by the Government on 11 February and debated in the House the next day. The...

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Second Stage (3 Mar 2009)

Brian Lenihan Jnr: No, the Bill is being used as a convenience to address the issue. Regrettably, this will not represent a major windfall for the Exchequer. Ulysses Securitisation plc holds some €127 million in cash but it is already borrowed by the Exchequer as ways and means borrowing. Therefore, this amendment will not represent an improvement in the fiscal arithmetic. Rather, it is a legal tidying up...

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Second Stage (3 Mar 2009)

Brian Lenihan Jnr: I am still searching. The Bill includes a provision amending the Markets in Financial Instruments and Miscellaneous Provisions Act 2007 to enable the Minister for Finance to make regulations requiring that certain information relating to transactions in financial instruments must be disclosed to the Financial Regulator, the market or both. Certain financial instruments can be used to acquire...

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Second Stage (3 Mar 2009)

Brian Lenihan Jnr: Keep telling that to the markets.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Second Stage (3 Mar 2009)

Brian Lenihan Jnr: How would this type of bad bank be funded?

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Second Stage (3 Mar 2009)

Brian Lenihan Jnr: It would still have to be funded.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Second Stage (3 Mar 2009)

Brian Lenihan Jnr: I ask again how it would be funded.

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Second Stage (3 Mar 2009)

Brian Lenihan Jnr: Fine Gael's proposal would require €15 billion.

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

Brian Lenihan Jnr: As the Deputy will be aware, the Office of the Director of Corporate Enforcement (ODCE), assisted by members of the Garda Fraud Squad, is investigating matters at Anglo Irish Bank and has carried out a search at the offices of the bank. As the Deputy will be further aware, the Government does not intervene in investigations by the ODCE and/or the Garda Síochána. The Government has always...

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

Brian Lenihan Jnr: There are 26 Dáil Deputies currently in receipt of a ministerial pension. The names of former Ministers in receipt of ministerial pensions are contained in Statement 1.4 of the Finance Accounts which is published annually. The latest published accounts are for the year 2007.

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

Brian Lenihan Jnr: The Financial Regulator's Consumer Protection Code (Chapter 3: Banking Products & Services) specifies the following requirements with respect to changes in interest rates: A credit institution must ensure that when it announces a change in interest rates, the notification states clearly the date from which the changes will apply. Where a credit institution changes the interest rate on...

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

Brian Lenihan Jnr: I understand that the Deputy is referring to the situation whereby penalties are imposed on customers with loans repayable at a fixed rate of interest who switch to variable rates. The choice of mortgage product ultimately rests with the consumer in light of the terms and conditions that their lending institution offers. The decision of borrowers is influenced by factors such as their...