Results 9,421-9,440 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — Fiscal Policy: Fiscal Policy (26 Mar 2009)

Brian Lenihan Jnr: In broad terms, there are three strands to the Government's approach to stimulating the economy. Firstly, we are putting the public finances on a more sustainable path, in order to restore domestic and international confidence in Ireland, thereby promoting Ireland as a sound place in which to invest. Secondly, the Government's package of measures for the Irish banking system, including...

Written Answers — Financial Services Regulation: Financial Services Regulation (26 Mar 2009)

Brian Lenihan Jnr: It is a particular priority of the Government to ensure as much as possible that difficulties in relation to mortgage arrears do not result in legal proceedings for home repossession. Home repossession should be, and generally is, the last resort for the lender and the preferred method of dealing with arrears cases should be early intervention. The Financial Regulator has issued a statutory...

Written Answers — Financial Services Regulation: Financial Services Regulation (26 Mar 2009)

Brian Lenihan Jnr: The Financial Regulator's statutory Consumer Protection Code has applied to credit institutions since 1 July 2007 and was extended to other lenders on 1 June 2008, following the introduction of legislation which provided for the regulation of sub-prime lenders by the Financial Regulator. It requires regulated entities to act honestly, fairly and professionally in the best interests of their...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (26 Mar 2009)

Brian Lenihan Jnr: The primary objective of the Government is to secure and maintain the financial and economic position of the State. Significant steps have been taken to achieve that objective including the Bank Guarantee Scheme and the recapitalisation of Ireland's two main banks. An essential element of the recapitalisation scheme, which I expect to be implemented in the very near future, anticipates the...

Written Answers — Price Inflation: Price Inflation (26 Mar 2009)

Brian Lenihan Jnr: The option of using tax measures or some other incentives to influence a multinational retailer's mark-up in this jurisdiction, to align it to that in another jurisdiction, does not arise. Market conditions are such that retailers, whether domestic or multinational, are lowering their mark-up presently. As the Deputy will be aware, in the context of retail prices in the State, the Tánaiste...

Written Answers — Tax Code: Tax Code (26 Mar 2009)

Brian Lenihan Jnr: As the Deputy will be aware, taxes are considered in the context of a Budget process. In regard to the forthcoming Supplementary Budget, it is the usual practice for the Minister for Finance not to speculate in advance of a Budget on what it will contain and I do not propose to deviate from that practice.

Written Answers — Economic Competitiveness: Economic Competitiveness (26 Mar 2009)

Brian Lenihan Jnr: The economy's competitive position has deteriorated in recent times. This deterioration has been driven by wage increases in excess ofproductivity and a rate of inflation above our euro area peers. Notwithstanding the fact that for most of the last 12 months our rate of inflation has been lower than the euro area, our price levels are still some 20% above the euro area. Regaining our...

Written Answers — Economic Forecasts: Economic Forecasts (26 Mar 2009)

Brian Lenihan Jnr: I am satisfied that economic forecasting in my Department is as soundly based as it can possibly be. The Deputy will note that even in normal circumstances short-term economic forecasting is not an exact science, given the many dynamic components which constitute an economy. We are not now in normal economic times and the frequency that all other forecasters, national and international, have...

Written Answers — Financial Services Regulation: Financial Services Regulation (26 Mar 2009)

Brian Lenihan Jnr: I met with representatives of the association referred to in the Deputy's question on 17 February last. The specific issue they highlighted was in relation to the conclusions drawn in a recent Regulatory Impact Assessment (RIA) which was conducted by my Department. This recommended that, when amending the Insurance Mediation Regulations (S.I. No. 13 of 2005), the existing regulatory regime...

Written Answers — Pension Provisions: Pension Provisions (26 Mar 2009)

Brian Lenihan Jnr: I am advised by the Revenue Commissioners that a self-employed individual making provision for retirement will generally do so by way of contributing to Retirement Annuity Contracts (RACs) and/or Personal Retirement Savings Accounts (PRSAs). The pensions tax legislation already facilitates the inclusion of an ill health early retirement option in these pension products. The relevant...

Written Answers — Fiscal Policy: Fiscal Policy (26 Mar 2009)

Brian Lenihan Jnr: As the Deputy is aware it is not the practice to respond to Parliamentary Questions on the possible inclusion or otherwise of specific matters directly in advance of a forthcoming budget. However, The Government is conscious that in current market circumstances there is a need to bring greater certainty and transparency to the operations of systemically important financial institutions, in...

Written Answers — Fiscal Policy: Fiscal Policy (26 Mar 2009)

Brian Lenihan Jnr: The Government's approach to reviving the economy consists of three broad strands — improving competitiveness, stimulating credit supply in our financial system and putting the public finances on a more sustainable basis. Given the deterioration in the public finances in recent months, the focus of the 7 April Supplementary Budget will be on measures to put the public finances on a more...

Written Answers — Fiscal Policy: Fiscal Policy (26 Mar 2009)

Brian Lenihan Jnr: The House will appreciate that I do not propose to comment on what may or may not be contained in the forthcoming supplementary Budget.

Written Answers — Fiscal Policy: Fiscal Policy (26 Mar 2009)

Brian Lenihan Jnr: The Supplementary Budget is to be presented to the Dáil on the 7th of April. The Government has already taken significant action to restore stability to the public finances and the supplementary Budget will continue this process. In relation to the details of what will be presented in the Supplementary Budget, it is not the usual practice to speculate in advance on the content of any Budget...

Written Answers — Tax Code: Tax Code (26 Mar 2009)

Brian Lenihan Jnr: I am informed by the Revenue Commissioners that the latest relevant information available is in respect of income tax relief allowed for contributions to Retirement Annuity Contracts (RACs) and Personal Retirement Savings Accounts (PRSAs) for the income tax year 2005. RACs and PRSAs are available to the self-employed and to employees not in occupational pension schemes. The information is set...

Written Answers — Departmental Expenditure: Departmental Expenditure (31 Mar 2009)

Brian Lenihan Jnr: The total direct cost on the Central Fund for holding the recent Lisbon Referendum was €17.412m. This figure may change slightly as checking of four of the Returning Officers' accounts has still to be finalised.

Written Answers — Banking Sector Regulation: Banking Sector Regulation (31 Mar 2009)

Brian Lenihan Jnr: I am bringing proposals before the Government to introduce new structures for regulation of financial services that will provide for the integration of Central Bank responsibilities with regulatory and supervisory functions and a new approach to enhance consumer protection. These changes are designed to restore Ireland's reputation and are consistent with the emerging international agenda...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (31 Mar 2009)

Brian Lenihan Jnr: I am assuming that the Deputy is referring to the six largest banks which are covered under by the Government's Bank Guarantee Scheme. In my reply to a parliamentary question from the Deputy on 18 February, I advised of the chief executives myself and/or my officials had met and corresponded with since January 2009. In the interim period, my officials and I have either met or corresponded...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (31 Mar 2009)

Brian Lenihan Jnr: Of the banks the deputy has listed in the UK, only one has been nationalised; the UK Government have taken significant shareholdings in the others. The Irish Government took the decisive step of nationalising Anglo Irish Bank because of concerns about governance issues and the market confidence in Anglo Irish Bank. The Deputy is aware that I announced on 11th February the recapitalisation...

Written Answers — Tax Code: Tax Code (31 Mar 2009)

Brian Lenihan Jnr: All taxes and potential taxation measures continue to be reviewed on an ongoing basis. However, as the Deputy will be aware, it is not customary for the Minister of Finance to comment on possible tax and expenditure changes in advance of the Budget.