Results 9,861-9,880 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — Tax Code: Tax Code (13 May 2009)

Brian Lenihan Jnr: The Deputy will be aware that on 4th May last the US Administration announced proposed changes to the so called system of tax deferral. The announcement of these changes, which had been flagged by the Obama Administration, represents the beginning of a process that will involve detailed discussion and debate in both Houses of Congress. The US Administration has signalled clearly that they...

Written Answers — Public Service Pay: Public Service Pay (13 May 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 69 and 112 together. The Government has recently announced a range of initiatives which are intended to lead to savings in the public service pay bill. The first of these initiatives is the Government decision that, with effect from 27 March 2009, no public service post, however arising, may be filled by recruitment, promotion or payment of an allowance for...

Written Answers — Proposed Legislation: Proposed Legislation (13 May 2009)

Brian Lenihan Jnr: Among the measures announced in my Budget Statement to this House on the 7th April was the decision of the Government to make additional changes to the remuneration of members of the Oireachtas. One of the changes to be made was in relation to the payment of long service increments to members. Following advice received from the Attorney General regarding the legislative changes required to...

Written Answers — Proposed Legislation: Proposed Legislation (13 May 2009)

Brian Lenihan Jnr: The Deputy may wish to note that number of important initiatives are in place to assist consumers who have fallen into debt or are in danger of falling into debt. For example my colleague, the Minister for Social and Family Affairs provides a non-profit public service counselling service through the Money Advice and Budgeting Service (MABS) at his Department. This is a national, free,...

Written Answers — National Asset Management Agency: National Asset Management Agency (13 May 2009)

Brian Lenihan Jnr: When I announced the Government's proposal to establish a National Asset Management Agency (NAMA) in early April, I indicated that the potential maximum book value of loans to be transferred to NAMA was estimated to be in the region of €80 to €90 billion. This remains the case. Of course, the amount to be paid by NAMA will be significantly less than this to reflect the loss in value of...

Written Answers — Stability and Growth Pact: Stability and Growth Pact (13 May 2009)

Brian Lenihan Jnr: Article 104 of the Treaty governs the operation of the excessive deficit procedure of the Stability and Growth Pact. On foot of Ireland's deficit figures for 2008 the Ecofin Council made a recommendation to Ireland. This is part of the normal operation of the Pact whenever the General Government Deficit of a Member State exceeds the reference value of 3% of GDP as did that of Ireland and...

Written Answers — Parking Levies: Parking Levies (13 May 2009)

Brian Lenihan Jnr: Planning for the introduction of a car parking levy for urban areas is at an advanced stage and details of its introduction will be announced shortly. As previously indicated, the levy will apply in the five urban areas of Cork, Dublin, Galway, Limerick and Waterford. Within these urban areas, regard will be had to factors such as: - the availability of public transport, - the level of...

Written Answers — Insurance Industry: Insurance Industry (13 May 2009)

Brian Lenihan Jnr: I am aware of the reports referred to by the Deputy. Insurance costs reflect a broad range of factors, including for example, the level of cover, the number of claims, legal and administration costs, the cost of fraud as well as the overall cost level in the economy. My Department has been advised by the Financial Regulator that while the non-life insurance market performed well up to the...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (13 May 2009)

Brian Lenihan Jnr: The decision on pass through of ECB rate reductions to variable rate mortgages is a commercial decision for the financial institution concerned. This decision will reflect a range of different factors including funding costs, market conditions, profitability and business strategy as well as the competitive environment overall. The Deputy will appreciate it is a core function of the Board...

Written Answers — Banking Sector: Banking Sector (13 May 2009)

Brian Lenihan Jnr: I assume the Deputy is referring to a suggestion which has been attributed to the IMF's Global Financial Stability Report, April 2009. I am of the opinion that these figures should not be relied on as a measure of costs for Ireland. The particular figures appear to be based on more or less mechanical application of various modelling tools, with a heavy reliance on technical assumptions some...

Written Answers — Proposed Legislation: Proposed Legislation (13 May 2009)

Brian Lenihan Jnr: In my Financial Statement of 7 April, I stated that the Government had decided to introduce a number of additional changes to the remuneration of Deputies and Senators including discontinuing the arrangement whereby former Ministers are paid Ministerial pensions while they are still members of the Oireachtas. In this regard legislation will be introduced shortly to give effect to this...

Written Answers — Public Service Expenditure: Public Service Expenditure (13 May 2009)

Brian Lenihan Jnr: Mr Colm McCarthy is chairing the Special Group on Public Service Numbers and Expenditure Programmes. Under its Terms of Reference, the Group is to report to me by the end of June and this is on course. The question of whether to publish the Report will be considered by the Government in due course. The Special Group's analysis and recommendations will be taken into account as appropriate by...

Written Answers — Tax Code: Tax Code (13 May 2009)

Brian Lenihan Jnr: The report of the Commission on Taxation is due to be presented to the Government in July and will be published shortly thereafter. The terms of reference of the Commission on Taxation are broadly defined, far reaching and allow for consideration of all aspects of the Irish taxation system. The work of the Commission will help establish the framework within which tax policy will be set for...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (13 May 2009)

Brian Lenihan Jnr: Officials from my Department, the Department of Enterprise Trade and Employment, the Central Bank and the Financial Regulator are in regular contact with the banks regarding the flow of lending to small business and consumers. Under the Scheme, covered institutions have committed to submitting reports requested by the Regulatory Authority at my behest, including reports which monitor the...

Written Answers — Election Management System: Election Management System (13 May 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 82 and 137 together. The legislative position governing expenditure on elections is mainly the statutory responsibility of the Minister for Environment, Heritage and Local Government. Arising from the statutory position election expenses are charged against the Central Fund under in 3 main headings – · Expenses of running the elections which comprises of...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (13 May 2009)

Brian Lenihan Jnr: The institutions to which the Deputy refers are covered under the Government's guarantee Scheme. This has led to increased scrutiny and oversight of the operations of the institutions and to increased engagement with its management including with regard to each of the institution's capital positions. As the Deputy will be aware, the Government announced on 7 April 2009 its intention to...

Written Answers — Financial Services Regulation: Financial Services Regulation (13 May 2009)

Brian Lenihan Jnr: I propose to take Questions No. 84, 87 and 117 together. I outlined the principles for major reform to our financial regulatory structures in my Budget Statement of 7 April, which provide for new structures for banking regulation that will place a reformed Central Bank, under the direction of a new Central Bank Commission, at the centre of financial supervision and financial stability...

Written Answers — National Asset Management Agency: National Asset Management Agency (13 May 2009)

Brian Lenihan Jnr: The National Asset Management Agency (NAMA) will be established on a statutory basis, under the aegis of the National Treasury Management Agency (NTMA). NAMA will be an independent commercial entity run on an arms-length basis. It will be staffed by professionals whose objectives will be to maximise returns. Like any commercial entity it will want loan agreements honoured in full and will...

Written Answers — Corporate Responsibility: Corporate Responsibility (13 May 2009)

Brian Lenihan Jnr: I am satisfied that the existing procedures used by public authorities in awarding contracts adequately reflect the general issues of ethics and social concern raised by the Deputy. EU Treaties and Public Procurement Directives stipulate that the core principles which must be observed in the award of public contracts are openness, competition and non-discrimination. Consistent to these...

Written Answers — Financial Services Regulation: Financial Services Regulation (13 May 2009)

Brian Lenihan Jnr: I take it that the Deputy is referring to the investigation initiated by Revenue in 2005, focussing on the tax affairs of policyholders who used certain life assurance investment products to evade tax. I am advised that the following is the current position. Prior to the commencement of the investigation into these Single Premium Insurance Policies, Revenue launched a voluntary disclosure...