Results 7,921-7,940 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — State Borrowing: State Borrowing (11 Dec 2008)

Brian Lenihan Jnr: The National Treasury Management Agency have advised me that the current aversion to risk in global markets has led to an increase in the cost of insuring exposure to all counterparties, and the associated increase in credit spreads has more to do with the general sentiment in the credit markets than the financial position of individual issuers. Irish government debt has not been immune to...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (11 Dec 2008)

Brian Lenihan Jnr: I propose to take Questions Nos. 39, 59 and 78 together. The Government's Guarantee Scheme has been successful in safeguarding the stability of the Irish banking sector and in restoring its liquidity position. However, international capital market expectations in relation to capital levels in the banking sector have altered. In my statement on 28th November, I indicated that it would be...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (11 Dec 2008)

Brian Lenihan Jnr: The Credit Institutions (Financial Support) Scheme provides that each covered institution shall pay a charge to the Exchequer for the guarantee provided under the Scheme. The charge for the provision of the guarantee is structured to cover the Government funding cost, which is regarded as the closest measure possible to what could be considered an appropriate price in the current financial...

Written Answers — Economic Competitiveness: Economic Competitiveness (11 Dec 2008)

Brian Lenihan Jnr: In relation to the general question of small and medium enterprises (SMEs) being able to access finance, I am very conscious of the difficulties that are being faced by Irish businesses in this regard. At my meetings with certain financial institutions over the last two weeks, I asked those institutions covered by the Government's guarantee scheme to consider the contribution that they can...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (11 Dec 2008)

Brian Lenihan Jnr: An important aim of the Bank Guarantee Scheme is to ensure that we have a banking system that as a whole works effectively, efficiently and competitively in facilitating all the day-to-day ordinary economic transactions of commercial, business, family and social life. At a round of meetings with the banks covered by the guarantee scheme on 28 November I asked them to come back to me with...

Written Answers — Public Private Partnerships: Public Private Partnerships (11 Dec 2008)

Brian Lenihan Jnr: The general tightening of credit markets has implications for all privately funded projects, including PPPs. These include an increase in the cost of private finance, changes to the terms and conditions of finance deals and a reduction in the number of lenders in the infrastructure market. These challenges have to date required more detailed contract negotiation. It is still too early to...

Written Answers — Tax Code: Tax Code (11 Dec 2008)

Brian Lenihan Jnr: I am presuming the Deputy is referring to the parking levy. The specific areas to which the levy will apply will be designated by me by way of Order. This will be done after appropriate consultation has been carried out. I can, however, confirm at this stage that, in accordance with the terms of the legislation, the levy will apply only to areas which are within the administrative areas of...

Written Answers — Departmental Agencies: Departmental Agencies (11 Dec 2008)

Brian Lenihan Jnr: In terms of the operation of performance related award (PRA) schemes in non commercial State Bodies, the role of the Minister and Department of Finance is to approve the introduction of such schemes where the relevant Board and parent Department are of the view that the remit of the State body in question is such as can meet the principles laid down by the Review Body on Higher Remuneration...

Written Answers — Tax Code: Tax Code (11 Dec 2008)

Brian Lenihan Jnr: The position is that health expenses relief will be granted at the standard rate only in respect of expenses incurred from 1 January 2009 with the exception of nursing home expenses which will continue to be granted at the marginal rate. Issues relating to financial support for health care are a matter in the first instance for the Minister for Health and Children.

Written Answers — Tax Code: Tax Code (11 Dec 2008)

Brian Lenihan Jnr: The Budget introduced a general package of revenue-raising measures to fund key public services, one measure of which was increasing the standard VAT rate by 0.5% to 21.5% from 1 December 2008. The VAT increase is estimated to yield the Exchequer €208 million in 2009 and €227 million in a full year. With regard to assessing the impact of the VAT increase in consumer spending, consumer...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (11 Dec 2008)

Brian Lenihan Jnr: Lending by banks is, in the first instance, a commercial decision for individual financial institutions who will evaluate loan applications submitted by small and medium enterprises (SMEs). Through the introduction of the Bank Guarantee Scheme the Government have sought to maintain an environment where the financial markets can continue to function normally and banks can continue to support...

Written Answers — Public Service Review: Public Service Review (11 Dec 2008)

Brian Lenihan Jnr: I refer the Deputy to the Government Statement on Transforming Public Services of 26 November 2008 which stated that the objectives of the Special Group are to: review the scope for reducing or discontinuing Expenditure Programmes with a view to eliminating the current budget deficit by 2011; to this end, analyse and make recommendations on reducing the numbers employed in each area of the...

Written Answers — Tax Code: Tax Code (11 Dec 2008)

Brian Lenihan Jnr: It is assumed that the Deputy is referring to the Judgment of the European Court of Justice in Case C-253/07 — Canterbury Hockey Club and Canterbury Ladies Hockey Club v The Commissioners for H.M. Revenue and Customs. In that case the European Court of Justice considered the scope of the exemption from VAT provided by Article 13A(1)(m) of the EU Sixth VAT Directive, now Article 132(1)(m)...

Written Answers — Economic Forecasts: Economic Forecasts (11 Dec 2008)

Brian Lenihan Jnr: At the current juncture, there is greater uncertainty than normal attached to any set of forecasts, given the scale of the shocks to which the global and domestic economies have been subjected to. In this context, the Stability Programme Update, published alongside the Budget, highlighted that the Budget day economic forecasts were more uncertain than normal, with risks to the outlook firmly...

Written Answers — Tax Code: Tax Code (11 Dec 2008)

Brian Lenihan Jnr: In my Budget speech on 14 October, I announced the introduction of a new tax incentive scheme to facilitate the removal and relocation of Seveso-listed industrial facilities which hinder the residential and commercial regeneration of Docklands in urban areas. The EU Seveso Directive seeks to protect public safety by placing land-use restrictions on new residential and commercial development...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (11 Dec 2008)

Brian Lenihan Jnr: The Government's Guarantee Scheme has been successful in safeguarding the stability of the Irish banking sector and in restoring its liquidity position. To ensure the effective implementation of the Scheme, and to ensure that covered institutions are meeting their obligations under the Scheme, my officials and I are in regular contact with the covered institutions. In addition, the Central...

Written Answers — National Pensions Reserve Fund: National Pensions Reserve Fund (11 Dec 2008)

Brian Lenihan Jnr: The National Pensions Reserve Fund, as a large diversified global investor, has invested in over 2,500 stocks globally. As required by the National Pensions Reserve Fund Act 2000, the National Pensions Reserve Fund Commission publishes a detailed list of the assets of the Fund at end-year, including its holdings in banking stocks. The Report, which is available on the Fund's website...

Written Answers — Tax Code: Tax Code (11 Dec 2008)

Brian Lenihan Jnr: I am informed by the Revenue Commissioners that the most recent year for which the necessary detailed statistical information is available in relation to the Rent-a-Room Scheme is the income tax year 2005. In that year, an estimated 2,820 claimants availed of the tax exemption at an estimated cost to the Exchequer of €3.3 million.

Written Answers — Banking Sector Regulation: Banking Sector Regulation (11 Dec 2008)

Brian Lenihan Jnr: I have no role in relation to payment terms for commercial debt (including credit card debt) which, for the generality is a matter, for the parties concerned. While the overall level of debt on credit cards has been rising, the pace at which it has been growing has declined significantly. From a high of almost 20% year on year growth in March 2007, the equivalent data for outstanding...

Written Answers — Pension Provisions: Pension Provisions (11 Dec 2008)

Brian Lenihan Jnr: Under the Pensions Act 1990 the Pensions Board reports to the Minister for Social and Family Affairs — rather than the Minister for Finance — on all matters relating to the functions assigned to the Board under that Act and on matters relating to pensions generally. I have not met with the Pensions Board but my Department has regular contact with the Executive of the Board on a range of...