Results 7,941-7,960 of 16,537 for speaker:Brian Lenihan Jnr

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

Brian Lenihan Jnr: As outlined in my statement of 28 November, I have asked the covered banks to examine their options to attract or raise private capital to underpin their long term sustainability and support their lending to the economy. I am not promoting or supporting any particular proposal nor would it be appropriate for me to do so. I have however asked all the covered institutions to engage actively...

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

Brian Lenihan Jnr: As the Deputy may be aware, I have made a number of changes to the capital gains tax code in my recent Budget and Finance Bill (as initiated). These include changes to the payment dates in respect of disposals made on or after 14 October 2008 and also an increase in the rate of capital gains tax from 20% to 22%. I have no plans at this time to make further changes to the capital gains tax code.

Written Answers — Live Register: Live Register (11 Dec 2008)

Brian Lenihan Jnr: The latest Live Register figures relate to November 2008, when the number of people on the Register reached 277,200 on a seasonally-adjusted basis. This represents an annual increase of 106,800. This corresponds to a standardised unemployment rate of 7.8%. Both the scale and the speed of the deterioration point to the continued difficult economic conditions pertaining. The latest Quarterly...

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:— a. Review the scope for reducing or discontinuing Expenditure Programmes with a view to eliminating the current budget deficit by 2011. b. To this end, analyse and make recommendations on reducing the numbers employed in each area...

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

Brian Lenihan Jnr: The Scheme is a major benefit not only to the banks but also to their customers and, of course, the economy as a whole. Of course, the Scheme includes the application of strict terms and conditions on covered institutions to ensure that the public interest, which includes the taxpayer, the general consumer and small business sector, is paramount. As I have stated previously, the cost of...

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

Brian Lenihan Jnr: The Guarantee Scheme for financial institutions put in place by the Government has been successful in safeguarding the stability of the Irish banking sector and in restoring its liquidity position in order to support its normal lending activities. The Scheme is intended to provide a detailed framework for the positive and constructive changes that must flow from this to restore and uphold...

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

Brian Lenihan Jnr: The thinking behind the Charging Model is set out in some detail in the Annexe to the Scheme. However, the main principle is that the Minister for Finance estimates an aggregate cost that the State will bear as a consequence of the guarantee and each covered institution will pay its share in accordance with its risk profile and the guarantee charging model, subject to the estimated cost to...

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

Brian Lenihan Jnr: As part of a fiscal stimulus package, the UK Government reduced their 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 rate in Ireland or to reduce the rate to the UK level of 15%. It must be recognised that our starting point is different from the UK's. We already...

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

Brian Lenihan Jnr: In my discussions with the covered institutions I have asked all the banks to examine their options to attract or raise private capital to underpin their long term sustainability and support their lending to the economy. I am not promoting or supporting any particular proposal nor would it be appropriate for me to do so. I have however asked all the covered institutions to engage actively...

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

Brian Lenihan Jnr: I am informed by the Revenue Commissioners that the value and the amounts of goods that a person travelling to Ireland from outside the EU may bring into the country free of VAT and excise duties are governed by the European Communities (Tax Exemption for Certain Non-Commercial Goods Imported in the Personal Luggage of Travellers from Third Countries) Regulations 2008 (S.I. No. 480 of 2008)...

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

Brian Lenihan Jnr: My Department is represented on the High Level Group on Business Regulation, the Regulatory Impact Analysis Network and on an interdepartmental working group on reducing administrative burdens. Within my Department, work in support of these groups is undertaken from within existing staff resources. Accordingly, it has not been necessary to dedicate staff and other resources exclusively in...

Written Answers — Consultancy Contracts: Consultancy Contracts (11 Dec 2008)

Brian Lenihan Jnr: The following table sets out details of all consultancy contracts entered into in the years 2007 and 2008 which resulted in or are intended to result in the production of a report. Information on the following offices is included; the Department of Finance, the Office of the Revenue Commissioners, the Office of Public Works, the Public Appointments Service, the Valuation Office, the Office of...

Finance (No. 2) Bill 2008: Order for Report Stage (16 Dec 2008)

Brian Lenihan Jnr: I move: "That Report Stage be taken now."

Finance (No. 2) Bill 2008: Report and Final Stages (16 Dec 2008)

Brian Lenihan Jnr: I assume what Deputy Burton has in mind is an allowance of €18,304 for individuals with income up to €25,000 or some similar mechanism. This would have the effect of reducing the income levy payable by such individuals by €183 per annum. This would cost the Exchequer approximately €60 million in the full year and would add a considerable level of complexity to the system. If the...

Finance (No. 2) Bill 2008: Report and Final Stages (16 Dec 2008)

Brian Lenihan Jnr: I am not persuaded by the arguments or I would accept the amendments. The bottom line here is that €60 million is involved. Deputy Burton referred to the need for a stimulus package. The capital programme in the budget is a substantial stimulus package. It involves in excess of €8 billion of borrowing that has been applied for investment purposes. That is a very substantial stimulus...

Finance (No. 2) Bill 2008: Report and Final Stages (16 Dec 2008)

Brian Lenihan Jnr: With regard to the question of the Commission on Taxation, I await its proposals on the reform of the complexity of our income tax system. However, in respect of the levy, I do not believe the amounts involved are such as to impose substantial, or any, hardship on individuals. I am amazed at the position taken by socialists in Ireland, such as Deputy Burton. They do not study the practice...

Finance (No. 2) Bill 2008: Report and Final Stages (16 Dec 2008)

Brian Lenihan Jnr: With regard to the scheme outlined by Deputy Burton, the person must earn the relevant sum in the income split. If, for example, the business is a family farm, the person must do the equivalent amount of work to split the income. One cannot notionally assign income to two or three different persons in a particular family. In the treatment of the accounts submitted, there must be a real...

Finance (No. 2) Bill 2008: Report and Final Stages (16 Dec 2008)

Brian Lenihan Jnr: Of course. I became waylaid, for which I apologise. The Deputy's amendment proposes to insert a section in the Finance Bill which states that section 13 of this Bill, in providing for a repayment of tax where income is not remitted in particular circumstances, will not provide a relief from the income levy. Section 13 provides for a relief by way of repayment where income is not remitted...

Finance (No. 2) Bill 2008: Report and Final Stages (16 Dec 2008)

Brian Lenihan Jnr: Although they have attempted to do so, my officials find it difficult to put an exact figure on the amount that would be lost to the levy were capital allowances permitted. As Deputy Bruton is aware, the income levy has been introduced as a measure to re-establish tax revenues. It applies across all income streams and it is determined on an individual basis at progressive rates, depending...

Finance (No. 2) Bill 2008: Report and Final Stages (16 Dec 2008)

Brian Lenihan Jnr: I will try to deal with the points raised. Deputy Bruton raised the issue of income earners aged 70 and more who did not qualify for the medical card and has suggested both here and on Committee Stage that they would be obliged to pay the health levy. This is not the case. The Health Act 2008 provides that all persons aged 70 and over will be exempt from the health levy, no matter what is...