Results 161-180 of 9,948 for speaker:Brian Lenihan Jnr in 'Written Answers'

Written Answers — Departmental Reviews: Departmental Reviews (12 Jan 2011)

Brian Lenihan Jnr: The Report of the Independent Review Panel chaired by Mr. Rob Wright, former Head of the Department of Finance in Canada, has been completed. The Report reviews the performance of the Department over the past ten years, how it dealt with the current crisis and, based on this assessment, recommends changes for the future development, structure and staffing of the Department. The Report...

Written Answers — Banking Charges: Banking Charges (12 Jan 2011)

Brian Lenihan Jnr: I am disappointed that the bank is increasing charges for its current account customers but can understand why they are doing so. The Government operates an arm's length relationship with the banks in which the State has a shareholding and the commercial decisions on how best to operate the bank remain a matter for management and the board. I have no role in approving or setting bank...

Written Answers — EU-IMF Programme of Financial Support: EU-IMF Programme of Financial Support (12 Jan 2011)

Brian Lenihan Jnr: The policy conditionality associated with the EU-IMF Programme for Ireland is set out in the Memorandum of Economic and Financial Policies (MEFP) and in the Memorandum of Understanding on Specific Economic Policy Conditionality. These documents together with the Technical Memorandum of Understanding which are collectively referred to as the MoU have been laid before the Houses of the...

Written Answers — EU-IMF Programme of Financial Support: EU-IMF Programme of Financial Support (12 Jan 2011)

Brian Lenihan Jnr: The Programme of Financial support for Ireland of up to €85 billion, including €17.5 billion from the Government's own resources, involving the IMF, the European Financial Stability Mechanism (EFSM), the European Financial Stability Facility (EFSF) and bilateral loans from the United Kingdom, Sweden and Denmark has been put in place to provide funding for the Exchequer as required to meet...

Written Answers — Banks Recapitablisation: Banks Recapitablisation (12 Jan 2011)

Brian Lenihan Jnr: The Central Bank has set out the further capital that will be required by AIB, BOI and EBS in order for them to meet a 12% core tier 1 ratio by the end of February 2011 as agreed in the Programme for Financial Support with the IMF, EU and the ECB. In order to meet this target AIB in December 2010 received a net capital injection of EUR3.7bn from the National Pension Reserve Fund. It will...

Written Answers — National Asset Management Agency: National Asset Management Agency (12 Jan 2011)

Brian Lenihan Jnr: There are no proposals to make any changes to the structure of the NAMA SPV. The recent acquisition of a majority shareholding in AIB does not have any implications for the ownership structure in NAMA. While a group of clients of Allied Irish Banks Investment Managers, have invested €17m in the NAMA SPV, it is important to note that the beneficial owners of the investment are pension...

Written Answers — Proposed Legislation: Proposed Legislation (12 Jan 2011)

Brian Lenihan Jnr: As the Deputy is aware, the Credit Institutions (Stabilisation) Bill 2010 was published on 14 December 2010, completed all Stages in the Houses of the Oireachtas over the course of 15 and 16 December 2010 and has been signed into law by the President as the Credit Institutions (Stabilisation) Act 2010. The Act provides the legislative basis for the reorganisation and restructuring of the...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (12 Jan 2011)

Brian Lenihan Jnr: The Deputy will be aware that the plan to reorganise the banking system in Ireland is a key part of the EU/IMF Programme of Financial Assistance to Ireland. This reorganisation has several elements, which will be bolstered by raising capital standards. While I expect that, in a restructured system, banks will be able to raise capital in the market, I recognise that the higher standards may...

Written Answers — Credit Availability: Credit Availability (12 Jan 2011)

Brian Lenihan Jnr: Under the NAMA legislation, both AIB and Bank of Ireland are required to lend €3bn per annum (covering the period April to April) to SMEs. In my statement on banking at the end of March 2010, I asked AIB and Bank of Ireland to produce creditable plans for the achievement of that target. The Deputy will be aware that my Department and Mr. Trethowan of the Credit Review Office receive monthly...

Written Answers — Public Sector Expenditure: Public Sector Expenditure (12 Jan 2011)

Brian Lenihan Jnr: The savings targets for 2011 are as set out in the Budget Estimates and now form part of the allocation for each Department and Agency over the coming year. These savings targets are based on a reduction of public service numbers to 301,000 by the end of 2011, through the continued implementation of the moratorium on recruitment, and other savings to be realised through a range of reform...

Written Answers — Subordinated Debt: Subordinated Debt (12 Jan 2011)

Brian Lenihan Jnr: As detailed in the tables below, holders of subordinated debt in the covered institutions have experienced significant burden sharing which reduced the amount of State support that has been required by them. As set out in the tables, several of the institutions have carried out Liability Management Exercises (LMEs) in which their subordinated debt has been subject to buy-backs at very...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (12 Jan 2011)

Brian Lenihan Jnr: As part of the restructuring plan process currently under way with the European Commission it has been proposed that the domestic banking sector will be required to support and promote the availability of a basic bank account. This is to be done in the context of the implementation of the Government's strategy on financial inclusion in the State. Work is under way on a review of the options...

Written Answers — Proposed Legislation: Proposed Legislation (12 Jan 2011)

Brian Lenihan Jnr: The Programme of Financial Support for Ireland provides for financial sector reforms including further deleveraging of the banks which is to be in part achieved by transferring land and development loans from AIB and Bank of Ireland to NAMA which had been previously excluded from transfer by virtue of their being below a value threshold of €20m. The Programme requires that "[t]he NAMA...

Written Answers — Financial Reserves: Financial Reserves (12 Jan 2011)

Brian Lenihan Jnr: I am informed by the Central Bank that the most recent published figure for the accounting reserves of the Bank is €1.5 billion. At 31 December 2010 the total value of the National Pensions Reserve Fund was €24.4 billion. This figure comprised €9.5 billion in the Directed Portfolio (the value of investments in Bank of Ireland and Allied Irish Banks held on the direction of the Minister...

Written Answers — Mortgage Arrears: Mortgage Arrears (12 Jan 2011)

Brian Lenihan Jnr: The Deputy will be aware of the Government's commitments to helping families in difficulty with their mortgages and personal debt under the Renewed Programme for Government and in that context the recent work completed by the Mortgage Arrears and Personal Debt Expert Group (Expert Group) which was set up by me last February. The Deputy will also be aware that the Expert Group produced two...

Written Answers — Insurance Industry: Insurance Industry (12 Jan 2011)

Brian Lenihan Jnr: I am considering how best to implement the commitment contained in the National Recovery Plan 2011-2014 to identify further ways to tackle increases in insurance costs. I am aware of the increased pressure on insurance premiums in recent times particularly in the household insurance area. Much of this is due to the unprecedented level of claims which the insurance industry suffered in the...

Written Answers — Financial Services Sector: Financial Services Sector (12 Jan 2011)

Brian Lenihan Jnr: A comprehensive reorganisation and downsizing of the banking sector was agreed under the Programme of Financial Support for Ireland as part of the financial sector reform measures. The State has given an undertaking to divest the stakes it has taken in the banks due to the financial crisis within the shortest timeframe possible which is compatible with financial stability and public finance...

Written Answers — Proposed Legislation: Proposed Legislation (12 Jan 2011)

Brian Lenihan Jnr: I propose to take Questions Nos. 133 and 138 together. In the National Recovery Programme 2011-2014, the Government commits to the introduction of a Budget Advisory Council to provide independent assessment of the Government's economic forecasts and proposed fiscal stance. This commitment is also reflected in the programme of support agreed with the EU and IMF. The Government intends to...

Written Answers — Tax Code: Tax Code (12 Jan 2011)

Brian Lenihan Jnr: No change in the 21% standard rate of VAT was announced in the 2011 Budget. However, as part of the National Recovery Plan, it is proposed that the standard rate of VAT will increase by 1 percentage point to 22% from 1 January 2013, with a further increase on 1 January 2014 to 23%. The combined yield from these measures is expected to be €620m in a full year and should increase inflation...

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (12 Jan 2011)

Brian Lenihan Jnr: The detailed information requested by the Deputy is set out in the tables below. Holders of subordinated debt in the bank have in particular, following the outcome of the Liability Management Exercise (LME) concluded by the bank late last year, experienced very significant burden sharing through the very deep discounts offered for these liabilities. Date Senior Unsecured bonds...