Results 8,941-8,960 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — House Repossessions: House Repossessions (6 Nov 2008)

Brian Lenihan Jnr: The Deputy will appreciate that recent media attention to court proceedings for repossessions needs to be interpreted with caution, given the variety of circumstances that give rise to such cases. Although the number of cases involving applications for possession orders are up in each of the last two years it should be noted that orders are not always granted and do not always represent...

Written Answers — Debt Levels: Debt Levels (6 Nov 2008)

Brian Lenihan Jnr: Within the implementation of the overall legislative framework, private sector credit growth and debt levels are, in the first instance, a matter for the Central Bank and Financial Services Authority of Ireland. This follows from its role as part of the European System of Central Banks and its functions, as the Financial Regulator, in relation to the prudential supervision of financial...

Written Answers — Public Service Pay: Public Service Pay (6 Nov 2008)

Brian Lenihan Jnr: Following a decision by the Government on the implementation of recommendations in Report No. 38 of the Review Body on Higher Remuneration in the Public Sector, schemes of performance-related awards were introduced for the levels of Deputy Secretary and Assistant Secretary in the civil service, the Deputy Commissioner and Assistant Commissioner ranks in the Garda Síochána and the ranks of...

Written Answers — Proposed Legislation: Proposed Legislation (6 Nov 2008)

Brian Lenihan Jnr: I propose to take Questions Nos. 28 and 48 together. As the Deputies will be aware, I announced in my Budget speech that I was conducting a review of the National Pensions Reserve Fund in the context of recent economic and fiscal developments. I have asked Mr Maurice O'Connell, former Governor of the Central Bank, to conduct the review and I await his report with interest. As I stated in my...

Written Answers — Decentralisation Programme: Decentralisation Programme (6 Nov 2008)

Brian Lenihan Jnr: There is no clause to allow the State to buy back properties in any of the contracts for disposal of the properties outlined in my reply to Ceisteanna 227 and 222 of 21 October 2008.

Written Answers — Debt Levels: Debt Levels (6 Nov 2008)

Brian Lenihan Jnr: I do not wish to comment on speculative comments by various commentators but as it happens most serious commentators — and the institutions themselves — expect provisions required to be a much smaller figure than that suggested by the Deputy. It is a matter for each institution and its auditors to publish results at the appropriate periods. The banks will be releasing accounts and...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (6 Nov 2008)

Brian Lenihan Jnr: The extended international credit crunch which we have experienced has brought home to all of us the pivotal role of the financial system in the economy and in the day-to-day lives of ordinary people. An important aim of the Scheme of Guarantees we have introduced is to ensure that we have a banking system that as a whole works effectively, efficiently and competitively in facilitating all...

Written Answers — Budgetary Projections: Budgetary Projections (6 Nov 2008)

Brian Lenihan Jnr: I propose to take Questions Nos. 32 and 72 together. The October 2008 Exchequer Returns showed an Exchequer deficit of just over €11 billion for the first ten months of the year, including a tax shortfall of almost €4.3 billion. As I have indicated previously, November is a key month for tax collection. While in the ten months to end-October, the tax shortfall is almost €4.3 billion,...

Written Answers — Capital Projects: Capital Projects (6 Nov 2008)

Brian Lenihan Jnr: Under the conditions of sanction for capital expenditure issued by my Department, Departments are required to put in place a system of annual spot-checks of capital projects to ensure that they are complying with these VFM requirements and to report the findings of these spot-checks annually to my Department. The Evaluation Unit in my Department reviews these spot-check reports and may also...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (6 Nov 2008)

Brian Lenihan Jnr: Dated subordinated debt is part of the deposit base of a financial institution. The Government took the decision to safeguard all deposits of those credit institutions wishing to participate in the scheme following advice received from the Governor of the Central Bank and the Financial Regulator as to the impact of the turmoil in the international financial markets on the Irish banking...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (6 Nov 2008)

Brian Lenihan Jnr: The Credit Institutions (Financial Support) Scheme provides a guarantee for covered institutions until 29 September 2010. I have been advised by the Financial Regulator that it recently commissioned Price Waterhouse Coopers to conduct a review of loan portfolios of the covered credit institutions. PwC is currently progressing with this work and the Financial Regulator will keep me advised...

Written Answers — Freedom of Information: Freedom of Information (6 Nov 2008)

Brian Lenihan Jnr: I have no plans to amend the Freedom of Information Act. The FOI Act enables members of the public to obtain access to information held by public bodies, to the greatest extent possible consistent with the public interest and the right to privacy. Currently a member of the public can seek access to any record held by a public body covered by the Act, including information held by Government...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (6 Nov 2008)

Brian Lenihan Jnr: The Credit Institutions (Financial Support) Scheme provides a guarantee for covered institutions until 29 September 2010. The scheme provides that the income accruing from the charge will be credited to a designated account to be maintained at the Central Bank. This account will act as a reserve for any payment that may be made under the scheme. The scheme further provides that any amount...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (6 Nov 2008)

Brian Lenihan Jnr: The Credit Institutions (Financial Support) Scheme provides a guarantee for covered institutions until 29 September 2010. Since it was introduced, the guarantee scheme has been successful in stabilising the banking situation. In the immediate wake of its introduction, I have been informed that the level of deposits received by the covered institutions have largely reversed the liquidity...

Written Answers — Financial Services Regulation: Financial Services Regulation (6 Nov 2008)

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 confidential...

Written Answers — Capital Projects: Capital Projects (6 Nov 2008)

Brian Lenihan Jnr: The exchequer capital allocations for 2009 for all Departments were outlined in my recent budget. It is a matter for each Department to manage its capital allocation to maximise impact and value for money. The Value for Money Framework put in place by Government over recent years will help ensure that value for money is attained and that public capital investment is delivered on time and...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (6 Nov 2008)

Brian Lenihan Jnr: The Government's decision on the banking guarantee was indeed informed by the advice and guidance of the Governor of the Central Bank and the chief executive officer of the Financial Regulator. I wish to refer the Deputy to the statement by the Governor of the Central Bank, Mr. John Hurley, issued on 3rd October 2008, which makes it clear that the Government's decision to guarantee...

Written Answers — Government Bonds: Government Bonds (6 Nov 2008)

Brian Lenihan Jnr: I propose to take Questions Nos. 43 and 44 together. As the Deputy is aware, the day-to-day management of the debt is handled by the National Treasury Management Agency and as such it is on their advice that Government relies in relation to the operation of our debt funding. The cost of raising long-term debt in the capital markets can be measured in relative terms to other countries. This is...

Written Answers — EU Directives: EU Directives (6 Nov 2008)

Brian Lenihan Jnr: The Deputy is referring to the proposal by the Commission in the draft Capital Requirements Directive amending Directive, which is currently going through the co-decision legislative process, for improving the risk management for securitised products and addressing significant weaknesses in the so-called "originate-to-distribute" model which has played a central role in propagating the...

Written Answers — State Agencies: State Agencies (6 Nov 2008)

Brian Lenihan Jnr: In my Budget for 2009, I announced that the Government has decided to proceed with proposals from 11 Departments that will reduce the number of State agencies by 41. Implementation of each proposal is primarily a matter for the responsible Department. The rationalisation of State agencies, which involves amalgamating bodies, reassigning legislative and administrative functions, and...