Results 7,781-7,800 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — Fiscal Policy: Fiscal Policy (18 Feb 2009)

Brian Lenihan Jnr: The Addendum to the Stability Programme Update, which was published in early January, presented revised forecasts for the Exchequer Borrowing Requirement which it forecast at €18 billion. This represents an increase of €4,568 million over the Budget day forecast and in terms of financing costs for 2009 the estimate has increased by €544 million. The National Treasury Management...

Written Answers — Fiscal Policy: Fiscal Policy (18 Feb 2009)

Brian Lenihan Jnr: The Exchequer Borrowing Requirement in 2008 was €12.7 billion. The NTMA issued two new bonds in 2008 which raised a total of €11 billion. In addition the NTMA issued net short-term debt of €18.4 billion to fund the difference and to build up end year cash balances to well over €20 billion as a prudent measure. The NTMA also successfully issued a 5-year €6 billion bond in January...

Written Answers — Tax Code: Tax Code (18 Feb 2009)

Brian Lenihan Jnr: I take it that the Deputy is referring to the work of the Commission on Taxation which was established in 2008 to review the structure, efficiency and appropriateness of the Irish taxation system. The Commission is requested to report on the results of its examination and consideration and to make such recommendations as, and when, it thinks fit to the Minister for Finance but not later than...

Written Answers — Fiscal Policy: Fiscal Policy (18 Feb 2009)

Brian Lenihan Jnr: I propose to answer Questions Nos. 85 and 103 together. The forecast Exchequer borrowing requirement (EBR) and the General Government Balance (GGB — the relevant measure for the Stability and Growth Pact), as set out in the Addendum to the Irish Stability Programme Update which was submitted to the European Commission in January 2009 are in the following table: 2008 2009 2010 2011 2012...

Written Answers — Pension Provisions: Pension Provisions (18 Feb 2009)

Brian Lenihan Jnr: Primary responsibility for pension policy matters rests with my colleague, the Minister for Social and Family Affairs. The views of the Government on pension policy will be set out in the forthcoming proposed white paper on pensions policy generally.

Written Answers — Financial Services Regulation: Financial Services Regulation (18 Feb 2009)

Brian Lenihan Jnr: In my role as the Minister for Finance I have responsibility for the development of the legal framework governing financial regulation. The day-to-day responsibility for the supervision of financial institutions is a matter for the Financial Regulator, which is statutorily independent in the exercise of its regulatory functions. The Financial Regulator is also obliged to treat as...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (18 Feb 2009)

Brian Lenihan Jnr: There are ongoing discussions between my Department and the other covered institutions — Irish Life & Permanent, EBS and INBS — concerning their respective capital positions. As I stated in December when I first announced an approach to the recapitalisation of the credit institutions, State investment will be assessed on a case-by-case basis in an objective and non-discriminatory manner,...

Written Answers — Financial Services Regulation: Financial Services Regulation (18 Feb 2009)

Brian Lenihan Jnr: The importance of having a regulatory system that provides financial stability and fosters probity has become all the more clear to us now in a time of severe financial dislocation, both nationally and internationally. A new and better co-ordinated approach to ensuring financial stability and regulation is clearly now required, with a greater degree of focus on areas such as risk management,...

Written Answers — Banking Sector Investigations: Banking Sector Investigations (18 Feb 2009)

Brian Lenihan Jnr: As the Deputy will be aware, certain issues at Anglo Irish Bank are under investigation by various regulatory bodies including the Financial Regulator and the Office of the Director of Corporate Enforcement. It is not appropriate for me to comment in detail on specific issues without the risk of prejudicing the outcome of the investigations. These investigations will be followed up both by...

Written Answers — Fiscal Policy: Fiscal Policy (18 Feb 2009)

Brian Lenihan Jnr: In December 2008 the European Council adopted Commission proposals for a European Economic Recovery Plan which envisages a fiscal stimulus to the European Economy of the order of 1.5% of EU GDP. This figure includes actions at the EU as well as at Member State level. The plan involves a range of expenditure and revenue measures, depending on national circumstances, which are designed to...

Written Answers — Public Service Reform: Public Service Reform (18 Feb 2009)

Brian Lenihan Jnr: The report of the Task Force on the Public Service, Transforming Public Services, sets out a three year framework for what amounts to a radical transformation of the Public Service. It recommends specific actions over set timescales which the Government has agreed to implement. The Government will publish the first Annual Report on the State of the Public Service at the end of the year. The...

Written Answers — Fiscal Policy: Fiscal Policy (18 Feb 2009)

Brian Lenihan Jnr: Last October the European Council agreed a common framework for national rescue schemes to address the intensification of difficulties in financial markets. The objective of the rescue schemes was to deal with the immediate threat to financial stability that had emerged, to promote a return to normal functioning in the wholesale credit markets; and to underpin lending to the private...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (18 Feb 2009)

Brian Lenihan Jnr: To ensure the effective implementation of the Bank Guarantee Scheme, and to ensure that covered institutions are meeting their obligations under the Scheme, my officials and I are in regular contact with the covered institutions. Since January, I have met with the Chief Executives and Chairpersons of most of the covered institutions.

Written Answers — Live Register: Live Register (18 Feb 2009)

Brian Lenihan Jnr: In the Addendum to the Stability Programme Update, the unemployment rate is forecast to average 9.2% this year and 10.5% next year. The corresponding numbers on the Live Register for this year are for an average of 340,000, reaching 400,000 by the end of the year. In terms of next year, the number on the Live Register was forecast to average 420,000. The end January figures, which have...

Written Answers — Tax Code: Tax Code (18 Feb 2009)

Brian Lenihan Jnr: The Deputy will be aware that in matters relating to the VAT rating of goods and services, I am constrained by the requirements of EU VAT law with which Irish VAT law must comply. In relation to the VAT rate that applies to defibrillators, the position is that under the VAT Directive, Member States may retain the zero rates on goods and services which were in place on 1 January 1991, but...

Written Answers — Financial Services Regulation: Financial Services Regulation (18 Feb 2009)

Brian Lenihan Jnr: As the Deputy is aware, investigations by the ODCE and the Financial Regulator are in progress in relation to certain transactions. It would be prejudicial to the investigations for me to comment on the legality of the action of any party. The Companies Act, 1963 is a matter for my colleague, Ms. Mary Coughlan TD, Tánaiste and Minister for Enterprise, Trade and Employment.

Written Answers — Financial Services Regulation: Financial Services Regulation (18 Feb 2009)

Brian Lenihan Jnr: The importance of having a regulatory system that provides financial stability and fosters probity has become all the more clear to us now in a time of severe financial dislocation, both nationally and internationally. A new and better co-ordinated approach to ensuring financial stability and regulation is clearly now required, with a greater degree of focus on areas such as risk management,...

Written Answers — Financial Institutions Regulation: Financial Institutions Regulation (18 Feb 2009)

Brian Lenihan Jnr: The Deputy may wish to note that the decision whether an institution operating in Ireland passes on ECB interest rate reductions to customers is primarily a commercial decision for the institution concerned. However, as the Deputy will be aware, I have publicly indicated that I expect institutions to pass on funding cost reductions to their customers as appropriate, including in particular...

Written Answers — Financial Institutions Regulation: Financial Institutions Regulation (18 Feb 2009)

Brian Lenihan Jnr: I would like to state from the outset that while there are undoubtedly lessons to be learned from the experience of other countries, the situation that Ireland faces today take place against the background of a global financial crisis, which has affected all the major world economies, whereas the Japanese crisis was not part of a global phenomenon. That said, one of the lessons of the...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (18 Feb 2009)

Brian Lenihan Jnr: I assume the Deputy when referring to 'deposits' means the total covered liabilities guaranteed by the Government. Under the terms of the Scheme covered liabilities include: senior unsecured debt; asset covered securities; dated subordinated debt (Lower Tier 2); along with deposits (retail, corporate, and interbank). The estimated total amount of covered liabilities under the scheme for the...