Results 8,381-8,400 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — Pension Provisions: Pension Provisions (10 Feb 2009)

Brian Lenihan Jnr: I understand that in 2007 Aer Lingus made a payment of €104 million for pension fund purposes from the proceeds of the Initial Public Offering. Details of this transaction are reported in the company's published annual accounts for 2007.

Written Answers — Banking Sector Regulation: Banking Sector Regulation (10 Feb 2009)

Brian Lenihan Jnr: As the Deputy is aware PriceWaterhouseCoopers (PwC) were commissioned by the Financial Regulator to review the loan books and the capital position of six of the covered institutions as at 30th September 2008. The summary PwC report which I received from the Governor of the Central Bank in November 2008 provided a detailed sectoral and geographic breakdown of the loanbooks in each of the...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (10 Feb 2009)

Brian Lenihan Jnr: The Financial Regulator and the Office of the Director of Corporate Enforcement are currently conducting investigations into certain issues at Anglo Irish Bank. These investigations were ongoing prior to the decision to nationalise Anglo Irish Bank, and I was appraised of this. A due diligence inquiry was conducted on my behalf, in December and early January, as part of the then proposed...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (10 Feb 2009)

Brian Lenihan Jnr: The Financial Regulator and the Office of the Director of Corporate Enforcement are currently conducting investigations into corporate governance issues at Anglo Irish Bank. These investigations were ongoing prior to the decision to nationalise Anglo Irish Bank, and I was appraised of this. A due diligence inquiry was conducted on my behalf, in December and early January, as part of the then...

Written Answers — Fiscal Policy: Fiscal Policy (10 Feb 2009)

Brian Lenihan Jnr: In preparing the GDP, GNP and tax forecasts recently published in the Addendum to the Stability Programme Update, account was taken of the macroeconomic and fiscal impact of a reduction in Government expenditure of up to €2 billion. While the specific details of what the Government announced last week were not known when the Department published the Addendum, the broad order of magnitude of...

Written Answers — Fiscal Policy: Fiscal Policy (10 Feb 2009)

Brian Lenihan Jnr: Table 5 of the Addendum to the Irish Stability Programme Update sets out the likely evolution of the public finances and the necessary amount of adjustment required the current budget to balance by 2013. Table 6 sets out the budgetary prospects for the General Government for 2008-2013 by detailing first, the breakdown of the GGB by sub-sector of government, and then the breakdown of estimated...

Written Answers — Fiscal Policy: Fiscal Policy (10 Feb 2009)

Brian Lenihan Jnr: In relation to the issue of recapitalisation of banking institutions, the Government has made clear that any injection of capital into the banks will be made with the expectation of a return on the investment. In this case, in line with EUROSTAT guidelines, the transaction is treated as a financial transaction, and consequently, will have no impact on the General Government Balance. It was...

Written Answers — Fiscal Policy: Fiscal Policy (10 Feb 2009)

Brian Lenihan Jnr: The breakdown of estimated capital Appropriations-in-Aid for 2009 is shown by Department in the following table and was published in Budget 2009. We provide an aggregate estimate for 2010 and 2011 as determination of capital A in A's by Department will be part of future annual Estimates processes. The aggregate figure for 2010 amounts to €481m and €479m for 2011. The aggregate 2012 and...

Written Answers — Fiscal Policy: Fiscal Policy (10 Feb 2009)

Brian Lenihan Jnr: The Exchequer Balance is the traditional domestic budgetary aggregate which measures Central Government's net surplus or borrowing position. It is the difference between total receipts into and total expenditure out of the Exchequer Account of the Central Fund. The projected Exchequer Balance for the year 2009 to 2013 is as follows. 2009 2010 2011 2012 2013 €m €m €m €m €m...

Written Answers — Fiscal Policy: Fiscal Policy (10 Feb 2009)

Brian Lenihan Jnr: The assumptions underlying the addendum to the Irish Stability Programme Update 2009 in relation to public sector pay allow for the cost associated with the Review and Transitional pay agreement, agreed in September 2008, over all years of the forecast horizon. Last week the Government decided to defer this pay agreement until 2011, when further discussions will take place. As this decision...

Written Answers — Fiscal Policy: Fiscal Policy (10 Feb 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 201 and 255 together. The Addendum to the Stability Programme Update forecast an Exchequer Borrowing Requirement of €17,980 million for 2009. This took into account the requirement for a €2 billion adjustment. The forecast for debt service costs in 2009, estimated at €4,500 million, takes into account the fiscal consolidation objective. The expenditure...

Written Answers — Fiscal Policy: Fiscal Policy (10 Feb 2009)

Brian Lenihan Jnr: The exchange rate and price developments are the main variables used to assess competitiveness. With regard to exchange rates, the norm is for my Department to use the Commission's assumptions. These hold constant the averages from a 10 day reference period. However, for the economic projections produced in the Addendum, updated assumptions were not available from the Commission. As such, and...

Written Answers — Tax Code: Tax Code (10 Feb 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 206 to 211, inclusive, together. I am informed by the Revenue Commissioners that the estimated full year cost to the Exchequer of a reduction in the standard rate of Value Added Tax by 1%, 2%, 3%, 4%, 5% and 6% is as follows. Estimated cost to the Exchequer of reductions in Standard rate of VAT Existing Rate Reduction New Rate Cost % % % â'¬m 21.5 1.0...

Written Answers — : (10 Feb 2009)

Brian Lenihan Jnr: I am informed by the Revenue Commissioners that the data from the 2007 tax returns filed by the high earners in question are currently being processed and analysed. They plan to have the results of a provisional study on the effect of this first year of the restriction ready, by the end of April 2009, for submission to my Department for consideration. I would hope to be in a position to...

Written Answers — Political Funding: Political Funding (10 Feb 2009)

Brian Lenihan Jnr: The annual allowance to a parliamentary leader of a qualifying party ceases with the dissolution of that party except where there is an amalgamation of the party or the acceptance of all of the members of that party into a specified other qualifying party. There is however, no provision for the transfer of an allowance payable on behalf of an elected member of Dáil Éireann or Seanad...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (10 Feb 2009)

Brian Lenihan Jnr: The Deputy will be aware that the remuneration of directors and senior executive staff of Anglo Irish Bank Corporation is being considered in the Covered Institution Remuneration Oversight Committee, established under the Credit Institutions (Financial Support) Scheme 2008. The Scheme provides for controls on executive remuneration in institutions covered by the Guarantee. The Scheme requires...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (10 Feb 2009)

Brian Lenihan Jnr: The Financial Regulator has informed me that it is examining certain issues that have arisen at Anglo Irish Bank including where loans have been made to Directors. The Office of the Director of Corporate Enforcement is also conducting an investigation into issues at the bank. The new Board of the bank and I as shareholder will ensure that any issues identified on foot of these...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (10 Feb 2009)

Brian Lenihan Jnr: Anglo Irish Bank is being run on an arm's length commercial basis and I have issued no such direction. The Board of Anglo is preparing a comprehensive business plan which will be required to demonstrate how the Board will oversee the continued commercial operation of the bank in the best interests of the bank, the financial sector generally and the State. This business plan will provide an...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (10 Feb 2009)

Brian Lenihan Jnr: Anglo Irish Bank is being run on an arm's length commercial basis. Accordingly, normal commercial decisions, which include decisions on corporate sponsorship, corporate entertainment or credit card expense entitlement in respect of Anglo- Irish Bank executives, are matters for the Board of Anglo. Notwithstanding this I am informed that there will be no corporate sponsorship this year. The...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (10 Feb 2009)

Brian Lenihan Jnr: Anglo Irish Bank is being run on an arm's length basis to allow the full potential of the bank's business to be realised. Accordingly, the normal ongoing business of the bank, which includes the pay and conditions of staff, is a matter for the Board of Anglo. It would therefore not be appropriate for me to place such commercially sensitive information in the public domain. As the Deputy...