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Seanad: Finance Bill 2011 (Certified Money Bill): Committee Stage (Resumed) (29 Jan 2011)

Brian Lenihan Jnr: No, but having considered it, I say so now.

Seanad: Finance Bill 2011 (Certified Money Bill): Committee Stage (Resumed) (29 Jan 2011)

Brian Lenihan Jnr: Yes, it is.

Seanad: Finance Bill 2011 (Certified Money Bill): Committee Stage (Resumed) (29 Jan 2011)

Brian Lenihan Jnr: I will reply.

Seanad: Finance Bill 2011 (Certified Money Bill): Committee Stage (Resumed) (29 Jan 2011)

Brian Lenihan Jnr: My initial reply to the Senator reflected an understandable view in my Department in placing the issue in the context of the finance Bill. It simply outlined what was being done about bank bonuses in the Bill. I cannot accept the recommendation because it has nothing to do with the Bill. In, fact, its acceptance might even compromise the status of the Bill as a Money Bill, although I do...

Seanad: Finance Bill 2011 (Certified Money Bill): Committee Stage (Resumed) (29 Jan 2011)

Brian Lenihan Jnr: That system has been abolished.

Seanad: Finance Bill 2011 (Certified Money Bill): Committee Stage (Resumed) (29 Jan 2011)

Brian Lenihan Jnr: I was not giving Senator White an opinion on whether it affected the money Bill issue, but I do not think we can risk that issue at this stage of the proceedings.

Seanad: Finance Bill 2011 (Certified Money Bill): Committee Stage (Resumed) (29 Jan 2011)

Brian Lenihan Jnr: The proposal made by Senator Cannon appears to reflect a proposed change to the income levy that section 2 of the Bill proposes to abolish, rather than the universal social charge that is replacing it. However, the proposed recommendation appears to seek to grant relief from the charge in respect of payments to a personal retirement savings account made by an employer. An employer's...

Seanad: Finance Bill 2011 (Certified Money Bill): Committee Stage (Resumed) (29 Jan 2011)

Brian Lenihan Jnr: I had hoped that as Minister, in reflecting on amendments, I could have had a considered discussion with the pensions industry about how to structure the contribution that the pension industry should make in the national plan. We have had to stick to the original proposals because we have not had an opportunity to have an adequate dialogue with pensions industry representatives about how...

Seanad: Finance Bill 2011 (Certified Money Bill): Committee Stage (Resumed) (29 Jan 2011)

Brian Lenihan Jnr: No. What is inequitable is that this House and the other House did not have an adequate opportunity to consider the Finance Bill 2011. This is a minority Government. We were compelled to enact this legislation in a very short period of time. I would have much preferred to consult further about this matter. I am not indicating that it is inequitable, but that I was open to persuasion on...

Seanad: Finance Bill 2011 (Certified Money Bill): Committee Stage (29 Jan 2011)

Brian Lenihan Jnr: There has been a high quality of contribution so far-----

Seanad: Finance Bill 2011 (Certified Money Bill): Committee Stage (29 Jan 2011)

Brian Lenihan Jnr: -----and Senator Leyden had better match up.

Seanad: Business of Seanad (29 Jan 2011)

Brian Lenihan Jnr: All the recommendations relate to the first session.

Seanad: Finance Bill 2011 (Certified Money Bill): Committee Stage (Resumed) (29 Jan 2011)

Brian Lenihan Jnr: The Senator should supply the details of that transaction to NAMA.

Seanad: Finance Bill 2011 (Certified Money Bill): Committee Stage (Resumed) (29 Jan 2011)

Brian Lenihan Jnr: The Senator has not done so to date.

Seanad: Finance Bill 2011 (Certified Money Bill): Committee Stage (Resumed) (29 Jan 2011)

Brian Lenihan Jnr: The Senator is under privilege in this House, but he should provide whatever information he has.

Seanad: Finance Bill 2011 (Certified Money Bill): Committee Stage (Resumed) (29 Jan 2011)

Brian Lenihan Jnr: The Senator has not suggested wrongdoing, just bad commercial practice.

Seanad: Finance Bill 2011 (Certified Money Bill): Committee Stage (Resumed) (29 Jan 2011)

Brian Lenihan Jnr: We would all agree with that, so please give me the information.

Seanad: Finance Bill 2011 (Certified Money Bill): Committee Stage (Resumed) (29 Jan 2011)

Brian Lenihan Jnr: I oppose the recommendation on technical grounds and on grounds of principle, but I welcome the discussion which the recommendation has engendered in the Seanad. I support the spirit of the recommendation. Technical problems were identified by Senator Norris early in the debate when he said a month is clearly far too short a period for such an exercise. One would need two to three months as...

Seanad: Finance Bill 2011 (Certified Money Bill): Committee Stage (Resumed) (29 Jan 2011)

Brian Lenihan Jnr: I could list a number of other cases for the House as well.

Seanad: Finance Bill 2011 (Certified Money Bill): Committee Stage (Resumed) (29 Jan 2011)

Brian Lenihan Jnr: I assure Senator Buttimer we will have good fun on the hustings but when one is piloting a ship in a storm, the important thing is that one keeps the ship afloat.

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