Results 7,881-7,900 of 16,537 for speaker:Brian Lenihan Jnr
- Banking Sector Regulation. (18 Feb 2009)
Brian Lenihan Jnr: As I have often pointed out, the PricewaterhouseCoopers report was an exercise in which a large number of officials worked through the different exposures of six institutions with an accountant from that firm.
- Banking Sector Regulation. (18 Feb 2009)
Brian Lenihan Jnr: May I finish my reply?
- Banking Sector Regulation. (18 Feb 2009)
Brian Lenihan Jnr: The work was work in progress and, in respect of Anglo Irish Bank, as with other banks, went through successive drafts. At the end of October, a draft report received by the Department referred to the existence of a loan by Anglo Irish Bank to Irish Life & Permanent on a back-to-back date basis without any dates annexed. The Department referred the matter to the Financial Regulator, who...
- Banking Sector Regulation. (18 Feb 2009)
Brian Lenihan Jnr: All individuals of high net worth were considered in the PricewaterhouseCoopers exercise, but the matter in question was not disclosed in the report at any stage.
- Banking Sector Regulation. (18 Feb 2009)
Brian Lenihan Jnr: We must await the report of the regulator. Last week when questions on the back-to-back transaction with Irish Life & Permanent were raised, I tried to be helpful to the House, somewhat to my own discredit, by putting as much of the information as possible into the public domain and outlining the nature of the transaction. It was a simple transaction and, while it remains under...
- Banking Sector Regulation. (18 Feb 2009)
Brian Lenihan Jnr: I do not know as of yet.
- Banking Sector Regulation. (18 Feb 2009)
Brian Lenihan Jnr: I cannot warrant the accuracy of all of the information in the public domain, as I have yet to receive the regulator's full report on the Quinn Group issue. This is an important point.
- Banking Sector Regulation. (18 Feb 2009)
Brian Lenihan Jnr: The inquiries were incomplete prior to the bank's nationalisation.
- Banking Sector Regulation. (18 Feb 2009)
Brian Lenihan Jnr: I identified my concerns regarding issues of corporate governance, but I could not have put information that had not been finalised on the record of the House. The transactions involving the Quinn Group are complex in character and we must await the regulator's final report to deal with them. Concerning the identification of parties who are customers of financial institutions, it would...
- Written Answers — Pension Provisions: Pension Provisions (17 Feb 2009)
Brian Lenihan Jnr: It is estimated that the savings in the various bands mentioned by the Deputy from a 5% cut in salary would be as follows: Band Estimate 2009 Estimate Full Year â'¬ â'¬m â'¬m 50,000 upwards 290 350 60,000 upwards 160 195 70,000 upwards 125 150 80,000 upwards 95 115 There is no breakdown readily available on the distribution of pensions among retired public servants generally....
- Written Answers — Public Sector Pay: Public Sector Pay (17 Feb 2009)
Brian Lenihan Jnr: The estimated numbers of public service employees (not including local authorities) in the salary bands in question (not including other payments such as overtime) are as follows: Number above â¬50,000 102,000 above â¬60,000 45,000 above â¬70,000 31,000 above â¬80,000 22,000
- Written Answers — Pension Provisions: Pension Provisions (17 Feb 2009)
Brian Lenihan Jnr: The information required by the Deputy is as outlined in the following table. The information covers retired Civil Servants whose pensions are tied to the stated salary levels. I, as Minister for Finance, have statutory responsibility for Civil Service pensions. Statutory responsibility for Public Service pension schemes outside the Civil Service rests with relevant Ministers in other...
- Written Answers — Fiscal Policy: Fiscal Policy (17 Feb 2009)
Brian Lenihan Jnr: The National Treasury Management Agency (NTMA) have advised me that Ireland has a net financing need of some â¬24.5 billion in 2009. This is based on: the forecast Exchequer Borrowing Requirement of â¬18 billion as set out in the Addendum to the Stability Programme Update; the refinancing of a â¬5 billion bond which matures in April; and some â¬1.4 billion in respect of the frontloading...
- Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (17 Feb 2009)
Brian Lenihan Jnr: The Deputy should note that for the purposes of reporting a consistent figure across the covered institutions, that a money market instrument is defined as short-term unsecured instruments with a maturity of one year or less and excludes deposits. As at the 31 December 2008, the aggregate value of outstanding money market instruments maturing in 2009 for the covered institutions is...
- Written Answers — Public Service Contracts: Public Service Contracts (17 Feb 2009)
Brian Lenihan Jnr: Initiatives by my Department in regard to construction procurement will yield savings but these will not be quantifiable for a number of years when projects which are currently using the new form of contracts come to a conclusion. The National Operations Unit will be established in the current year with a remit to procure goods and services and has been set a target of achievable savings of...
- Written Answers — Tax Code: Tax Code (17 Feb 2009)
Brian Lenihan Jnr: I have been advised by the Revenue Commissioners that a P21 balancing statement for 2007 will issue to the taxpayer in the coming days.
- Written Answers — Pension Provisions: Pension Provisions (17 Feb 2009)
Brian Lenihan Jnr: The pension related deduction entails a deduction of 3% on the first â¬15,000 of annual income, 6% on the next â¬5,000 and 10% on the balance. This amounts to an average deduction of around 7.5% although the effect varies at different income levels. This produces a total gross saving of â¬1.35 billion when applied to the relevant part of the public service pay bill (excluding employers...
- Written Answers — Pension Provisions: Pension Provisions (17 Feb 2009)
Brian Lenihan Jnr: The Minister for Finance has statutory responsibility for civil service pensions. Statutory responsibility for public service pension schemes outside the Civil Service rests in the first instance with the relevant Ministers in other Departments, as appropriate. The number of civil servants in 2008 is estimated at 38,572 in whole time equivalent terms. The number of civil servants making...
- Written Answers — Pension Provisions: Pension Provisions (17 Feb 2009)
Brian Lenihan Jnr: While the actual payments to a person after retirement will depend on the actual salary at retirement the actuarial costs for public servants are not generally derived for different pay rates. The actuarial costs of public servants pensions are generally expressed as a percentage of pay over the working life of a typical employee of the group in question. These costs depend not just on...
- Written Answers — Pension Provisions: Pension Provisions (17 Feb 2009)
Brian Lenihan Jnr: I propose to take Questions Nos. 145, 146 and 151 together. The approach to the pension related deduction is that it applies generally given the fact that all public servants enjoy the benefits of a public service pension which provides for greater security and more favourable terms than the generality of private sector pensions. The graduated approach to the payment is to ameliorate...