Results 7,861-7,880 of 16,537 for speaker:Brian Lenihan Jnr

Tax Yield. (11 Dec 2008)

Brian Lenihan Jnr: I propose to take Questions Nos. 2 and 4 together. In the period since the budget was presented to this House, the economic environment has become considerably more difficult. Many of our trading partners have entered recession and projections for demand in our key export markets have been revised downwards significantly. To put this into perspective, the IMF now expects economic activity...

Tax Yield. (11 Dec 2008)

Brian Lenihan Jnr: The Deputy has raised a great range of questions. First, the officials in my Department work very hard. I would not consider them either mandarins or number crunchers. They work on the statistics and their forecasts throughout this year have been in line with the forecasts of reputable organisations such as the ESRI and the Central Bank. We are where we are. We have gone through a...

Tax Yield. (11 Dec 2008)

Brian Lenihan Jnr: I do not have the exact information to hand on the increase in the cost of borrowing. The Deputy appreciates that there are considerable difficulties for all countries accessing funds in international financial markets. I am confident, however, that we will be in a position to fund whatever borrowing will be necessary next year, even on the revised assumption set out in my reply. It is...

Tax Yield. (11 Dec 2008)

Brian Lenihan Jnr: Regarding Deputy Burton's dismay, the roots of our problems are far beyond the necessary correction in the domestic housing market. I am concerned if she entertains the view that that is the sole root of our problems. There has been a major international financial and monetary crisis.

Tax Yield. (11 Dec 2008)

Brian Lenihan Jnr: It is not the most significant cause.

Tax Yield. (11 Dec 2008)

Brian Lenihan Jnr: The contraction began in late 2006. Our difficulties in the last six months stem from an international phenomenon which everybody in the country can see on their television screen every evening. It is a world economic crisis. Regarding the question I neglected to answer, I do not propose to increase taxes for the next financial year because any increase in taxation above what is envisaged...

Fiscal Policy. (11 Dec 2008)

Brian Lenihan Jnr: The budget increase of 0.5% in the standard VAT rate is estimated to yield the Exchequer €208 million in 2009 and €227 million in a full year. As part of a fiscal stimulus package, the UK Government reduced its standard VAT rate from 17.5% to 15% on a temporary basis with effect from 1 December 2008 to 31 December 2009. I have no plans to make a similar reduction in the standard VAT...

Fiscal Policy. (11 Dec 2008)

Brian Lenihan Jnr: I do not have information at my disposal about the extent or value of shopping that is being undertaken by residents of the State in Northern Ireland. However——

Fiscal Policy. (11 Dec 2008)

Brian Lenihan Jnr: If I could finish my reply, I intend to obtain an accurate account of this. For this reason I have asked the Revenue Commissioners, in conjunction with the Central Statistics Office, to examine the losses to the Exchequer arising from cross-Border shopping.

Fiscal Policy. (11 Dec 2008)

Brian Lenihan Jnr: I am not in a position to advise the Deputy of that today. He will appreciate that I gave the commitment yesterday evening. I will be in a position to communicate with the Deputy about that matter in the coming days.

Public Sector Remuneration. (11 Dec 2008)

Brian Lenihan Jnr: The current scheme for departmental performance-related awards was introduced 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. In the case of Departments, the scheme applies to posts at the levels of deputy secretary and assistant secretary. The first payments under the scheme...

Public Sector Remuneration. (11 Dec 2008)

Brian Lenihan Jnr: With regard to the detailed information sought by the Deputy, the range of individual awards varies. In 2007, for example, a total of 194 civil servants received awards ranging from €3,200 to €26,000. Details of awards made between 2002 and 2007 may be obtained by the Deputy from the annual reports of the committee, which are available. On the more general issue, I have no role in...

Public Sector Remuneration. (11 Dec 2008)

Brian Lenihan Jnr: I have answered the Deputy's question to the best——

Public Sector Remuneration. (11 Dec 2008)

Brian Lenihan Jnr: I have answered the different questions posed by the Deputy. I do not have at my disposal detailed information on the number of applications and the proportion of such applications which were successful.

Public Sector Remuneration. (11 Dec 2008)

Brian Lenihan Jnr: Perhaps if the Deputy tabled that question I could furnish him with an answer. Not all eligible persons choose to participate in the scheme. Of those who do participate, key objectives must be agreed in advance with the relevant Secretaries General or equivalents, who subsequently make recommendations to the committee.

Financial Institutions Support Scheme. (11 Dec 2008)

Brian Lenihan Jnr: I propose to take Questions Nos. 6, 21 and 36 together. These questions are concerned with the issue of possible conflicts of interest for non-executive directors appointed from the panel approved by me in safeguarding the public interest while delivering their obligations to shareholders under company law; the legal mechanisms in place to deal with conflicts of interest should they arise;...

Financial Institutions Support Scheme. (11 Dec 2008)

Brian Lenihan Jnr: The guarantee scheme provides that the institutions pay for the directors just like any other directors. I select a balanced panel——

Financial Institutions Support Scheme. (11 Dec 2008)

Brian Lenihan Jnr: When this matter was progressed through these Houses, there was considerable reservation expressed about the fact that the panel envisaged left to the financial institution an element of choice or discretion in the selection of the appointees. In the event, I constituted a panel of 12 persons. I requested their assignment to particular institutions and the institutions accepted the...

Financial Institutions Support Scheme. (11 Dec 2008)

Brian Lenihan Jnr: We know from our debate on the legislation that the guaranteed institutions are not nationalised institutions and the State does not have shareholdings in them. In the course of the enactment of the legislation and the preparation of the scheme, the banks agreed to the constitution of a panel of appointees and I decided, in consultation with the leaders of Fine Gael and the Labour Party, on...

Financial Institutions Support Scheme. (11 Dec 2008)

Brian Lenihan Jnr: Once these directors are appointed, they have a fiduciary obligation to the banking institution. I was somewhat in the position of a Taoiseach when he appoints his Ministers in that the most important time is the period prior to the appointment. This is the reason I took some time for reflection as to who should be appointed to these institutions because I believed it was important that...