Results 8,441-8,460 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — Tax Code: Tax Code (18 Dec 2008)

Brian Lenihan Jnr: The position is that those with an entitlement to the medical card will be exempt from the income levy.

Written Answers — Unemployment Levels: Unemployment Levels (18 Dec 2008)

Brian Lenihan Jnr: A 0.1 per cent increase in the numbers on the Live Register at the end of November, 2008 would add €3.1 million in a full year to the cost of Jobseeker's Benefit and Allowance payments. Entitlement to secondary social welfare benefits varies according to the personal circumstances of the individual claimants and the available data on the costs of secondary benefits do not enable the...

Written Answers — EU Funding: EU Funding (18 Dec 2008)

Brian Lenihan Jnr: I refer the Deputy to my response to question number 45359/08 on Thursday 11th December 2008. The Joint European Resources for Micro to Medium Enterprises (JEREMIE) launched in 2005 is an initiative of the European Commission together with the European Investment Bank (EIB) and the European Investment Fund (EIF) to promote increased access to finance for the development of micro, small and...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (18 Dec 2008)

Brian Lenihan Jnr: In my statement on the 14th December 2008, I announced the Government's decision to support, alongside existing shareholders and private investors, a recapitalisation programme for credit institutions in Ireland of up to €10 bn. This will be done through the National Pensions Reserve Fund or otherwise and subject to terms and conditions. I indicated that the State's investment may take the...

Written Answers — Tax Code: Tax Code (18 Dec 2008)

Brian Lenihan Jnr: I am informed by the Revenue Commissioners that the cost to the Exchequer of exempting from the income levy all foreign-sourced interest income is estimated to be of the order of €10 million in a full year in terms of 2009 incomes. However, in not applying the levy to this type of income, regard has to be taken of the fact that the tax liability on these products has been increased by 3...

Written Answers — Tax Code: Tax Code (18 Dec 2008)

Brian Lenihan Jnr: I propose to take Questions Nos. 103 and 104 together. The operation and impact of tax law as it applies to the legal obligation on a tenant, who pays rent to a non-resident landlord, to deduct income tax from the rental payments is monitored and reviewed on an ongoing basis as part of the normal work of my Department and the Revenue Commissioners. I am informed by the Revenue Commissioners...

Written Answers — Financial Services Regulation: Financial Services Regulation (18 Dec 2008)

Brian Lenihan Jnr: The decision on whether a bank operating in Ireland passes on ECB interest rate cuts to customers is a commercial decision for the individual banks concerned. While my Department monitors the impact of changes in mortgage interest rates on the Consumer Price Index (CPI), it has no direct function in relation to the individual bank decisions on the matter. However, as the Deputy will be...

Recapitalisation of Credit Institutions: Statements (18 Dec 2008)

Brian Lenihan Jnr: The position is far more advanced than that.

Recapitalisation of Credit Institutions: Statements (18 Dec 2008)

Brian Lenihan Jnr: I would be devoured by the wolves to whom the Deputy refers if I announced my strategy in the House.

Recapitalisation of Credit Institutions: Statements (18 Dec 2008)

Brian Lenihan Jnr: They were not at Farmleigh.

Recapitalisation of Credit Institutions: Statements (18 Dec 2008)

Brian Lenihan Jnr: Excuse me. The Government never indicated it would support private equity investments. The Deputy should not say that.

Recapitalisation of Credit Institutions: Statements (18 Dec 2008)

Brian Lenihan Jnr: Deputy Bruton made a fair point when he asked what was the vision for the banking sector. If we strip away the political charges made by the Opposition speakers and consider what they want for the banking sector, it is what we all want. It is what the people want, that the banks will serve borrowers and small and medium sized enterprises in an honest way and ensure that those in default on...

Recapitalisation of Credit Institutions: Statements (18 Dec 2008)

Brian Lenihan Jnr: Will the Deputy allow me speak without interruption, for once? As soon as I received drafts, I worked on them. I assure the Deputy of that.

Recapitalisation of Credit Institutions: Statements (18 Dec 2008)

Brian Lenihan Jnr: As far as vested interests are concerned — Deputy Burton is very fond of insinuating vested interests in public debate — I act in the public and national interest, nothing else, in this matter and if there are questions of detailed negotiations to be conducted, they are referred to the National Treasury Management Agency. The question of private equity, which is an important subject, was...

Recapitalisation of Credit Institutions: Statements (18 Dec 2008)

Brian Lenihan Jnr: I am aware the biggest bank opted out. Let us be clear about this. Were we to nationalise our banks, we would be required to compensate the shareholders of the institutions at current market values under our current Constitution. That would not ——

Recapitalisation of Credit Institutions: Statements (18 Dec 2008)

Brian Lenihan Jnr: Deputy Burton may think €3 billion can be loosely thrown around the street like that and turned into——

Recapitalisation of Credit Institutions: Statements (18 Dec 2008)

Brian Lenihan Jnr: ——dead money in the hands of shareholders all over the globe, but I do not think that is a sensible course for the State to pursue in this context.

Recapitalisation of Credit Institutions: Statements (18 Dec 2008)

Brian Lenihan Jnr: May I speak without interruption?

Recapitalisation of Credit Institutions: Statements (18 Dec 2008)

Brian Lenihan Jnr: The strategy on the pension fund, which was signalled by Deputy Rabbitte in the original debate on the guarantee — for which I give him credit — is that Irish pensioners, from 2025 onwards, can participate in the upswing in the Irish banking sector which will, inevitably, happen when the reform and repair of the Irish banking system takes place. It is a good investment for the pension...

Recapitalisation of Credit Institutions: Statements (18 Dec 2008)

Brian Lenihan Jnr: Currently, the pension fund has investments in banks all over the world. What I am doing is ensuring that funds at the disposal of the pension fund can be invested in the Irish banks to provide them with the essential capital buffer that will give further confidence to these institutions and ensure that they lend into the real economy.