Results 9,501-9,520 of 16,537 for speaker:Brian Lenihan Jnr

Supplementary Budget Statement 2009 (7 Apr 2009)

Brian Lenihan Jnr: The Government also believes that further radical action is necessary to stabilise the banking system and ensure the supply of credit to the real economy. Cleansing and repairing the banks' balance sheets is fundamental to achieving a sustained recovery of the banking system and the sustained provision of credit for this economy. The Government has decided to bring forward measures to...

Supplementary Budget Statement 2009 (7 Apr 2009)

Brian Lenihan Jnr: The cost of servicing this debt will be offset, as far as is practicable, from income accruing from the assets of the new agency. The debt will be repaid from funds raised through the realisation of those assets over time. The potential maximum book value of loans that will be transferred to the agency is estimated to be in the region of €80 billion to €90 billion-----

Supplementary Budget Statement 2009 (7 Apr 2009)

Brian Lenihan Jnr: No. The amount paid by the agency will be significantly less than this to reflect the loss in value of the properties. In the longer term, if the agency were to fall short of recouping all of the costs, the Government intends that a levy should be applied to recoup any shortfall. All borrowers will be required to meet their full legal obligations for repayment. There will be a hardening of...

Supplementary Budget Statement 2009 (7 Apr 2009)

Brian Lenihan Jnr: The Government also intends, in line with its previous indication, to put a State guarantee in place for the future issuance of debt securities with a maturity of up to five years. This access to longer-term funding is in line with the mainstream approach in the EU; is consistent with State aid rules; and will assist the funding needs of the banks and secure their continued stability. The...

Supplementary Budget Statement 2009 (7 Apr 2009)

Brian Lenihan Jnr: Restoring Competitiveness Our economy must return to being driven by sustainable export-led growth, rather than by domestic demand. To do so our price and cost structure must fall relative to our trading partners. Private sector wages need to adjust and are adjusting. I hear examples every day of companies and employees reducing costs and changing work practices in order to safeguard...

Supplementary Budget Statement 2009 (7 Apr 2009)

Brian Lenihan Jnr: PROTECTING JOBS AND HELPING THOSE WITHOUT JOBS Minimising the level of joblessness is crucial to the Government's integrated approach.

Supplementary Budget Statement 2009 (7 Apr 2009)

Brian Lenihan Jnr: Enterprise Stabilisation Fund The Government can help with the process of supporting employment by a redirecting of the NDP to support employment and enterprise. The broad cost of each thousand people who lose their jobs is now estimated at about €21 million. In order to support employment, the Tánaiste and Minister for Enterprise, Trade and Employment will set up an enterprise...

Supplementary Budget Statement 2009 (7 Apr 2009)

Brian Lenihan Jnr: In our short history as a nation, we have demonstrated our capacity to overcome economic adversity. We have worked together to build this economy into one of the most successful in the world. We must now work to save it from a downward spiral. Even with a crisis, opportunities arise. As we recast and restructure our fiscal policy, we can transform the way in which we do business in this...

Supplementary Budget Statement 2009 (7 Apr 2009)

Brian Lenihan Jnr: We are asking this House and the people we represent to work with us in its implementation. I commend these measures to the House.

Written Answers — State Companies: State Companies (7 Apr 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 31 and 61 together. I assume that the Deputy's question refers to bodies with a commercial mandate: a list of such bodies is set out as follows. The list refers to bodies in which the State has a direct holding. Some bodies may have subsidiaries or holdings in other companies or may have entered into joint-ventures with other companies. Parent Department...

Written Answers — Banking Sector: Banking Sector (7 Apr 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 32 and 33 together. The Financial Regulator has informed me that on 19 October 2001 AIB Capital Markets plc in accordance with the obligations imposed in the Central Bank's Handbook for Investment and Stockbroking firms, submitted a copy of an AIB Group Internal Report entitled "Special Investigation Goodbody Stockbrokers - Trading in AIB Shares" and a copy of...

Written Answers — Tax Code: Tax Code (7 Apr 2009)

Brian Lenihan Jnr: Section 848A of the Taxes Consolidation Act 1997 allows tax relief on donations made by either individuals or corporate bodies to eligible charities and other approved bodies, including first and second level schools and third level institutions. The minimum qualifying donation for relief purposes to an eligible charity or approved body is €250 per annum. Reducing the threshold to allow tax...

Written Answers — Departmental Funding: Departmental Funding (7 Apr 2009)

Brian Lenihan Jnr: I have noted the proposal regarding the Global Disaster Funding Bank Corporation, however I cannot support it. At this time of unprecedented economic and financial crisis, it is imperative that we respond quickly in an effective, cooperative and coordinated manner to bring about a resolution to this crisis and restore economic and financial stability as soon as possible. Ireland is committed...

Written Answers — Pension Provisions: Pension Provisions (7 Apr 2009)

Brian Lenihan Jnr: The pension related deduction has been introduced as one of a range of measures required to help address the economic crisis, including the serious imbalance in the Exchequer finances. The deduction applies generally given the fact that public servants enjoy the benefits of a public service pension which provides for greater security and more favourable terms than the generality of private...

Written Answers — Tax Code: Tax Code (7 Apr 2009)

Brian Lenihan Jnr: As the Deputy will be aware the income levy is effective from 1 January 2009. I am advised by the Revenue Commissioners that the arrangements for the introduction of the Income Levy were focused on limiting administrative and compliance costs for employers. Employers incorporate the payment of the Income Levy into the existing monthly form P30 and the Income Levy is included with PAYE tax...

Written Answers — Credit Ratings: Credit Ratings (7 Apr 2009)

Brian Lenihan Jnr: The National Treasury Management Agency (NTMA) have advised me that it is not possible at this stage to quantify the effect of the downgrade on funding costs. Yields have been falling recently from the levels reached in late January and, at this point, the NTMA are of the view that it appears that the effect of the downgrade had already been priced in by the market. All the rating agencies...

Written Answers — Pension Provisions: Pension Provisions (7 Apr 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 39, 43, 46 and 55 together. Public servants who are members of public service pension schemes are liable to pay the pension-related deduction legislated for in the Financial Emergency Measures in the Public Interest Act 2009. On this basis, third-level researchers on fixed-term and temporary contracts must pay the deduction, since they are members of the...

Written Answers — Tax Code: Tax Code (7 Apr 2009)

Brian Lenihan Jnr: Section 472C of the Taxes Consolidation Act 1997 provides for tax relief in respect of trade union subscriptions. The tax relief is currently capped at €350. This is the equivalent of a tax credit to the value of €70. In its pre-budget submission for Budget 2007, the Irish Congress of Trades Unions (ICTU) called for an increase in the tax credit to €100. A similar request was made...

Written Answers — Tax Collection: Tax Collection (7 Apr 2009)

Brian Lenihan Jnr: I am informed by the Revenue Commissioners that the full year yield to the Exchequer, estimated by reference to 2009, from the changes mentioned by the Deputy is estimated to be of the order of €22.4 billion. The figures are estimates from the Revenue tax-forecasting model using actual data for the year 2005 adjusted as necessary for income and employment growth for 2009. They are therefore...

Written Answers — Tax Collection: Tax Collection (7 Apr 2009)

Brian Lenihan Jnr: I am informed by the Revenue Commissioners that the full year yield to the Exchequer, estimated by reference to 2009, from the changes mentioned by the Deputy is estimated to be of the order of €20.7 billion. The figures are estimates from the Revenue tax-forecasting model using actual data for the year 2005 adjusted as necessary for income and employment growth for 2009. They are therefore...