Results 6,761-6,780 of 19,445 for speaker:Brian Cowen

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee Stage (Resumed) and Remaining Stages (18 Oct 2007)

Brian Cowen: Because they are not taking money from the public and do not have deposits, prudential issues do not arise.

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee Stage (Resumed) and Remaining Stages (18 Oct 2007)

Brian Cowen: Those companies were subject to regulation. The problem arose from the particular model they were utilising at a time when the inter-bank markets became illliquid. In a situation such as Deputy Bruton cites, the fundamental business of a bank remains in operation, it continues to do business and can trade its way out of difficulties. It was the failure to have access to funds, based on the...

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee Stage (Resumed) and Remaining Stages (18 Oct 2007)

Brian Cowen: I explained in my initial contribution that this section deals with the introduction of further legislative arrangements to cover these firms in respect of home reversion products and so on. We are adding to what is already provided for under Part V of the Central Bank Act 1997. Part V already provides the framework for the supervision of regulated businesses and applies to bureaux de...

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee Stage (Resumed) and Remaining Stages (18 Oct 2007)

Brian Cowen: Yes. There are provisions in the 1997 Act requiring such firms to keep records here so that they can be inspected and these provisions apply to those firms. In answer to Deputy Bruton's question, I do not know the actual time limit involved but the Financial Regulator abides by its own code of conduct for the time it takes to consider claims and issue authorisations or registrations. I can...

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee Stage (Resumed) and Remaining Stages (18 Oct 2007)

Brian Cowen: I have received some notes relating to Report Stage, which I will circulate to spokespersons.

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee Stage (Resumed) and Remaining Stages (18 Oct 2007)

Brian Cowen: I move amendmentNo. 20: In page 18, after line 15, to insert the following new section: 20.—The Freedom of Information Act 1997 is amended by inserting in Part 1 of the Third Schedule— (a) in column (2), "Ordnance Survey Ireland Act 2001", (b) in column (1), opposite the reference to the Ordnance Survey Ireland Act 2001, "No. 43 of 2001", and (c) in column (3), opposite the reference to...

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee Stage (Resumed) and Remaining Stages (18 Oct 2007)

Brian Cowen: I move amendmentNo. 21: In page 18, after line 15, to insert the following new section: 21.—The Credit Union Act 1997 (Alteration of Financial Limits) Regulations 2007 (S.I. No. 193 of 2007) are revoked. The purpose of this amendment is to revoke the Credit Union Act 1997 (Alteration of Financial Limits) Regulations 2007. I stated yesterday that SI 193 of 2007 was brought into force to...

Written Answers — Tax Code: Tax Code (18 Oct 2007)

Brian Cowen: I am advised by the Revenue Commissioners that an application for mortgage interest relief for the current year was received from the persons in question on 4 September 2007. An application for interest relief for prior years was also received on the same date. It is expected that the persons will receive mortgage interest relief for the current year from 1 November. The mortgage provider...

Written Answers — National Development Plan: National Development Plan (18 Oct 2007)

Brian Cowen: I propose to take Questions Nos. 115, 118 and 119 together. The National Development Plan (NDP) 2007-2013 was launched by the Government on 23 January of this year. Investment under the Plan is grouped under five Priorities: Economic Infrastructure; Enterprise, Science and Innovation; Social Infrastructure; Human Capital and Social Inclusion. Each Priority contains a number of programmes...

Written Answers — National Development Plan: National Development Plan (18 Oct 2007)

Brian Cowen: I propose to take Questions Nos. 116 and 117 together. The National Development Plan/Community Support Framework (NDP/CSF) 2000-2006 has made a major contribution to our economic growth and employment levels and has significantly enhanced Ireland's competitiveness. The benefits of projects and programmes in areas including childcare, housing, rural development, training and business...

Written Answers — Tax Code: Tax Code (18 Oct 2007)

Brian Cowen: As the Deputy is aware, the data relating to the numbers paying tax at the higher rate, the standard rate and exempt were set out in my reply to her question on 10 October 2007. An explanation as to why the data are presented in this way is contained in the 2007 Budget booklet, pages C.23 to C.28. What matters to earners is the amount of their earnings that they keep in their pockets. For...

Written Answers — Tax Code: Tax Code (18 Oct 2007)

Brian Cowen: I propose to take Questions Nos. 121 and 122 together. With regard to occupational pensions (that is approved superannuation schemes set up by the employer) I am informed by the Revenue Commissioners that there is no statistical basis on which to provide an estimate of the highest individual value of tax relief as the required data at individual employee level is not available to the Revenue...

Pre-Budget Outlook: Motion (23 Oct 2007)

Brian Cowen: I move: That Dáil Éireann commends the Pre-Budget Outlook incorporating Pre-Budget Estimates for Public Services 2008 published by the Minister for Finance on 18 October, 2007. I welcome this opportunity to present to the House my pre-budget outlook, which was launched last Thursday. I look forward to hearing the views of other Deputies on this. Before I set out the details of the...

Written Answers — Tax Code: Tax Code (23 Oct 2007)

Brian Cowen: The policy objective underlying the existing arrangements covering bus and rail passes is to encourage taxpayers to use public transport when travelling to and from work and, thus, contribute to the easing of traffic congestion and to the improvement of the environment. The extension of the scheme to include car parking costs would involve additional loss of tax revenue and it is not clear...

Written Answers — Decentralisation Programme: Decentralisation Programme (23 Oct 2007)

Brian Cowen: I am informed by the Revenue Commissioners that as part of the overall decentralisation programme it is intended to move approximately one hundred (100) staff to Navan. To date, seventy-nine (79) staff based in Dublin have accepted offers. It is expected that Revenue will be a position to move to Navan in the first quarter of 2008. I am informed by the Office of Public Works that it is...

Written Answers — Tax Code: Tax Code (23 Oct 2007)

Brian Cowen: In Budget 2006 I announced that the existing Living Over the Shop Scheme was to terminate on 31 July 2008 subject to transitional arrangements for existing pipeline projects for expenditure incurred during the period 1 August 2006 to 31 July 2008. The Department of Environment, Heritage and Local Government are currently conducting a review of the need for the introduction of a new Living...

Written Answers — Departmental Reports: Departmental Reports (23 Oct 2007)

Brian Cowen: The Annual Output Statement for 2007 for the Finance Group of Votes was published on my Department's website on 11th July last. It can be accessed on www.finance.gov.ie under "Financial and Economic Information".

Written Answers — Tax Code: Tax Code (23 Oct 2007)

Brian Cowen: I am advised by the Revenue Commissioners that the most recent estimated cost of making the main personal and PAYE tax credits refundable when they are unused is broadly in the region of €2.7 billion annually. This estimate relates only to the cost of extending refundable tax credits to all those on Revenue's tax files. If a refundable tax credit system were to be introduced, one would...

Written Answers — Ministerial Travel: Ministerial Travel (23 Oct 2007)

Brian Cowen: The policy of my Department in relation to frequent flyers points accrued is governed by the Civil Service Code of Standards and Behaviour. Section 16.2 of the code which deals with the receipt of gifts by civil servants states "that benefits under frequent flier schemes may be retained by individual civil servants in recognition of the fact that official travel is disruptive to personal and...

Written Answers — Tax Code: Tax Code (23 Oct 2007)

Brian Cowen: The position is that the application of VAT to goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. Passenger transport is exempt from VAT under the EU VAT Directive. This means that taxis cannot charge VAT on the services they supply and cannot recover VAT on the goods and services that they purchase. Essentially, only VAT registered...