Results 7,641-7,660 of 16,537 for speaker:Brian Lenihan Jnr

Financial Emergency Measures in the Public Interest Bill 2009: Committee Stage (Resumed) (25 Feb 2009)

Brian Lenihan Jnr: There is an over-riding need to reduce public expenditure, of which public service pay is a significant element. That is why we are seeking to secure the maximum savings possible with the pension-related deduction. The principle behind it is that the deduction will apply to all persons who are members of public service pension schemes and entitled to benefits under such schemes or receive...

Financial Emergency Measures in the Public Interest Bill 2009: Committee Stage (Resumed) (25 Feb 2009)

Brian Lenihan Jnr: The effect of the amendments would be to delete the table setting out the rates at which the deduction is to apply and remove the Minister's authority to make regulations to provide for the deduction. I appreciate the fact that the Deputy tabled the amendment to have a debate on the subject of rates. We do have a constitution, as Deputy Morgan is well aware; therefore, I am not going to...

Financial Emergency Measures in the Public Interest Bill 2009: Committee Stage (Resumed) (25 Feb 2009)

Brian Lenihan Jnr: This Minister is not for tweaking and I have to perform major surgery all the time. On the question about the cost of the levy to a public servant earning €18,300 a year, if I were to accept one of the amendments which simply provided for an exemption under that level, it would increase the step effect at €18,300 to include not just the PRSI and the income tax but the pension...

Financial Emergency Measures in the Public Interest Bill 2009: Committee Stage (Resumed) (25 Feb 2009)

Brian Lenihan Jnr: The Deputy should ask them.

Financial Emergency Measures in the Public Interest Bill 2009: Committee Stage (Resumed) (25 Feb 2009)

Brian Lenihan Jnr: I know the Deputy is an avid fan of Adam Smith, so I will stick to equity, efficiency and simplicity at all stages.

Financial Emergency Measures in the Public Interest Bill 2009: Committee Stage (Resumed) (25 Feb 2009)

Brian Lenihan Jnr: I move amendment No. 13: In page 6, subsection (3)(b), line 33, to delete "that year" and substitute "the year concerned". The purpose of this technical amendment is to clarify the provisions refer to each following year, not just 2010.

Financial Emergency Measures in the Public Interest Bill 2009: Committee Stage (Resumed) (25 Feb 2009)

Brian Lenihan Jnr: I understand the Deputy used the same formula that is used for the minimum wage.

Financial Emergency Measures in the Public Interest Bill 2009: Committee Stage (Resumed) (25 Feb 2009)

Brian Lenihan Jnr: I move amendment No. 16: In page 7, subsection (5)(b), line 12, to delete "or" where it secondly occurs. Amendment No. 16 will delete the word "or" and amendment No. 17 proposes a new subsection to bring it in line with sections 9(1) and 10(1). It will cover areas not covered in paragraphs (a) to (c) of section 2(5).

Financial Emergency Measures in the Public Interest Bill 2009: Committee Stage (Resumed) (25 Feb 2009)

Brian Lenihan Jnr: I move amendment No. 17: In page 7, subsection (5)(c), line 13, to delete "arrangement." and substitute the following: "arrangement, or (d) any understanding, expectation, circular or instrument or other document.".

Financial Emergency Measures in the Public Interest Bill 2009: Committee Stage (Resumed) (25 Feb 2009)

Brian Lenihan Jnr: Deputy Burton's contribution was interesting and constructive. The Government would be prepared to re-engage with the social partners in respect of how the burden of adjustment which we must all shoulder — there is no point pretending that one or two individuals can carry it — might be fairly distributed. One of the crucial elements in reassuring friends of and investors in Ireland from...

Financial Emergency Measures in the Public Interest Bill 2009: Committee Stage (Resumed) (25 Feb 2009)

Brian Lenihan Jnr: A wide range of issues arises from this amendment. The effect of the amendment would be to put aside the proceeds of the levy in a fund which would be separate from the National Pensions Reserve Fund. In moving the amendment, however, Deputy Burton appeared to suggest that the fund would be more in the nature of an accounting device and the funds in it would be available to the Government...

Financial Emergency Measures in the Public Interest Bill 2009: Committee Stage (Resumed) (25 Feb 2009)

Brian Lenihan Jnr: Not this year, but in previous years we were in that position. This gives the lie to the constantly repeated accusation that the Government wasted all the money during the era of the Celtic tiger. In fact, it saved money, which is highly unusual in international terms. When there is no surplus available for investment in the NPRF, the State borrows the money to pre-fund the investment....

Financial Emergency Measures in the Public Interest Bill 2009: Committee Stage (Resumed) (25 Feb 2009)

Brian Lenihan Jnr: To reply to Deputy Tuffy's question, I understand the legislation will be in force by 1 March, from which point contributions will be in force——

Financial Emergency Measures in the Public Interest Bill 2009: Committee Stage (Resumed) (25 Feb 2009)

Brian Lenihan Jnr: ——on income received during March but not in February. It is the Government's intention to table an earlier signature motion in the Seanad in order that the legislation will be signed by the end of the month, although I am advised that the financial resolution passed last night would secure the necessary payments in early March. Deputy Naughten is correct that overtime payments fall...

Financial Emergency Measures in the Public Interest Bill 2009: Committee Stage (Resumed) (25 Feb 2009)

Brian Lenihan Jnr: We will have an opportunity to debate these issues next week in the context of the legislation mentioned. I take it that the Deputy is anxious that the taxpayer and pension fund beneficiaries of the future are safeguarded in any recapitalisation arrangements with the financial institutions.

Financial Emergency Measures in the Public Interest Bill 2009: Committee Stage (Resumed) (25 Feb 2009)

Brian Lenihan Jnr: The income levy applies to gross income, as Deputy Naughten outlined. The 1% levy, in the typical case, is taken from gross income. Marginal relief is available for income tax purposes on the pension contribution.

Financial Emergency Measures in the Public Interest Bill 2009: Committee Stage (Resumed) (25 Feb 2009)

Brian Lenihan Jnr: I do not accept it is a form of taxation. We had that discussion earlier.

Financial Emergency Measures in the Public Interest Bill 2009: Committee Stage (Resumed) (25 Feb 2009)

Brian Lenihan Jnr: The semi-State companies to which the Deputy referred are commercial in character. They make their own pension arrangements and the pensions of their staff are not funded by the Exchequer. Deputy Burton raised the interesting question of why a certain financial institution was not listed in the Schedule.

Financial Emergency Measures in the Public Interest Bill 2009: Committee Stage (Resumed) (25 Feb 2009)

Brian Lenihan Jnr: It is not listed because, while the institutions listed in the Schedule have their own pension schemes, they are approved by the Minister. To date, no pension scheme has been approved by the Minister at the institution in question.

Financial Emergency Measures in the Public Interest Bill 2009: Committee Stage (Resumed) (25 Feb 2009)

Brian Lenihan Jnr: Particular legal or political understandings may have been arrived at in respect of individual State enterprises but in general it is not correct to say the Exchequer funds these pensions.