Results 1,561-1,580 of 16,537 for speaker:Brian Lenihan Jnr

Statements re Minister for Finance's announcement on banking of 30 September 2010: Questions (20 Oct 2010)

Brian Lenihan Jnr: They are all financial matters. It is disturbing that until the establishment and operation of the National Asset Management Agency accurate information was not forthcoming from the institutions in regard to the banks. We can have a political argument about budgetary projection. Deputy Higgins and I argued this earlier. I refer to Deputy Durkan's question. Bonds are traded so the...

Statements re Minister for Finance's announcement on banking of 30 September 2010: Questions (20 Oct 2010)

Brian Lenihan Jnr: I discussed the roll-up of interest with the authorities at the National Asset Management Agency as an issue of particular concern. I assure the House the agency is dealing with the various developers and their arrangements with the institutions in the context of the preparation of business plans. These plans will ensure that a far more rigorous approach will be taken in regard to...

Value-Added Tax Consolidation Bill 2010: First Stage (20 Oct 2010)

Brian Lenihan Jnr: I move: That leave be granted to introduce a Bill entitled an Act to consolidate enactments relation to value-added tax. Certificate of the Attorney General In pursuance of Standing Order 139 of the Standing Orders of Dáil Éireann relative to public business, I, Paul Gallagher, Attorney General, hereby certify that the Value-Added Tax Consolidation Bill 2010 is a Bill to consolidate...

Value-Added Tax Consolidation Bill 2010 - Second Stage: Motion (20 Oct 2010)

Brian Lenihan Jnr: I move: That notwithstanding anything in Standing Orders, in the case of the Value-Added Tax Consolidation Bill 2010 - the Second Stage may be taken on a date earlier than the twenty-eighth day after its introduction.

Statements re Minister for Finance's announcement on banking of 30 September 2010: Questions (20 Oct 2010)

Brian Lenihan Jnr: Or will amount to that.

Statements re Minister for Finance's announcement on banking of 30 September 2010: Questions (20 Oct 2010)

Brian Lenihan Jnr: First, in regard to the promissory note, which is an important question, to understand the exact circumstances surrounding the note - Deputy Burton fairly accepted the correction on that - the position is that to date, €18.88 billion in promissory notes have been issued to Anglo Irish Bank in three notes issued on 31 March, 28 May and 23 August. The note issued on 31 March bears an...

Statements re Minister for Finance's announcement on banking of 30 September 2010: Questions (20 Oct 2010)

Brian Lenihan Jnr: No, but I refer to the actual payment of the interest not just the capital; the interest also is postponed in cash terms to the end of the repayment term. However, in accountancy terms, the obligation to pay the interest is treated to have arisen when the obligation accrues. The repayments of the note will be made on an annual basis until the final principal value of the promissory note,...

Statements re Minister for Finance's announcement on banking of 30 September 2010: Questions (20 Oct 2010)

Brian Lenihan Jnr: No, I would not accept that figure.

Statements re Minister for Finance's announcement on banking of 30 September 2010: Questions (20 Oct 2010)

Brian Lenihan Jnr: No, but in GGB terms it has been calculated, for example, next year as being a sum of about €1.5 billion for accountancy purposes even though there is no cash sum of that amount transferring.

Statements re Minister for Finance's announcement on banking of 30 September 2010: Questions (20 Oct 2010)

Brian Lenihan Jnr: It is €1.5 billion next year.

Statements re Minister for Finance's announcement on banking of 30 September 2010: Questions (20 Oct 2010)

Brian Lenihan Jnr: We are both right and wrong. Deputy Burton is talking accountancy while I am talking money. The capital sum is already paid for general government balance, GGB, purposes. That is why there is a spike in the GGB this year. The interest will be factored into the GGB next year, although the amount actually paid next year will not reflect that.

Statements re Minister for Finance's announcement on banking of 30 September 2010: Questions (20 Oct 2010)

Brian Lenihan Jnr: We do not.

Statements re Minister for Finance's announcement on banking of 30 September 2010: Questions (20 Oct 2010)

Brian Lenihan Jnr: The interest rate of the promissory note is currently fixed according to the ten-year bond yield.

Statements re Minister for Finance's announcement on banking of 30 September 2010: Questions (20 Oct 2010)

Brian Lenihan Jnr: To date in 2010, the Government has committed to giving cash of €31 billion, as I outlined already, in the three promissory notes. As the actual cash is not being paid up-front to the institutions, interest must be paid so the institutions can value the notes at par on their accounts. The terms of the notes allow interest to be rolled out after the principal sums have been repaid. The...

Statements re Minister for Finance's announcement on banking of 30 September 2010: Questions (20 Oct 2010)

Brian Lenihan Jnr: -----even though there is no actual payment reflecting that. This will rise to approximately €1.5 billion next year, but again no actual payment will reflect that, before declining in future years. It is from there I suspect the Taoiseach developed the analogy of the mortgage although I do not think such an analogy is necessarily useful in this context.

Statements re Minister for Finance's announcement on banking of 30 September 2010: Questions (20 Oct 2010)

Brian Lenihan Jnr: The reason the notes carry interest is so they can be valued at par-for-capital purposes.

Statements re Minister for Finance's announcement on banking of 30 September 2010: Questions (20 Oct 2010)

Brian Lenihan Jnr: It is estimated the annual debt interest costs on cash borrowings, based on current interest rates, will be approximately €200 million beginning in 2011. The cumulative interest costs on the cash borrowings will increase as the further €3 billion in cash payments are made each year.

Statements re Minister for Finance's announcement on banking of 30 September 2010: Questions (20 Oct 2010)

Brian Lenihan Jnr: I thank Deputies Noonan and Burton for their sympathies. My Department did not get its forecast wrong in last year's budget. Its forecast for growth this year has been substantially correct to date and borne out by events. What has caused our current fiscal difficulties has been a marked deterioration in the general international climate in the years ahead. The difficulty in the current...

Statements re Minister for Finance's announcement on banking of 30 September 2010: Questions (20 Oct 2010)

Brian Lenihan Jnr: This is important for the country. The Department did not get its forecast wrong for 2010. Yes, there are difficulties with the medium-term forecasts which derive from international factors. Markets are saying that too. If the Deputy has difficulties with the Department's forecasts, he knows with whom he can consult. Before the nationalisation of Anglo Irish Bank, I relied on information...

Statements re Minister for Finance's announcement on banking of 30 September 2010: Questions (20 Oct 2010)

Brian Lenihan Jnr: The science of forecasting is a difficult one.