Results 9,881-9,900 of 16,537 for speaker:Brian Lenihan Jnr

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

Brian Lenihan Jnr: Firstly the NPRF Commission will hold the shares on the State's behalf and develop a shareholder/company relationship with the banks. Also arrangements will be put in place to monitor closely the commitments made by the banks in relation to the recapitalisation and to monitor the State's interests as a stakeholder. I will appoint 25% of the members of the Boards of these banks. Initially...

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

Brian Lenihan Jnr: As I outlined in the recent Budget, with effect from 1st May 2009, mortgage interest relief is being limited so that the interest payable on a qualifying home loan qualifies for tax relief for the first seven years only of the life of that loan. A qualifying home loan is a loan used for the purchase, repair, development or improvement of an individual's principal private residence. The...

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

Brian Lenihan Jnr: As the Deputy will be aware, the Government took steps in October 2007 via an amendment to the Central Bank Act, 1997, to provide for an appropriate system of authorisation and supervision of retail credit firms by the Financial Regulator engaged in specialist or so-called sub-prime lending. Such lenders were not previously subject to financial regulation in respect of lending activities. The...

Written Answers — Pension Provisions: Pension Provisions (13 May 2009)

Brian Lenihan Jnr: As published in the Revised Estimates for Public Services 2009 on 23 April 2009, it is currently estimated that receipts from the Public Service pension-related deduction will come to just under €940 million in 2009 and over €1.1 billion in 2010. These estimates allow for the revisions introduced in the April 2009 Supplementary Budget. The arrangements for the pension-related deduction...

Written Answers — Social Welfare Benefits: Social Welfare Benefits (13 May 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 93 and 103 together. The position in relation to Child Benefit is as set out in my Supplementary Budget on 7 April 2009. The Government does not believe that it is fair to pay the same level of benefit irrespective of the level of income of the recipient. In times of scarce resources the Government believes support should be targeted at those most in need. My...

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

Brian Lenihan Jnr: As the Deputy will be aware, in my Supplementary Budget speech on 7 April I announced that the Government intends to put a guarantee in place for the future issuance of debt securities with a maturity of up to five years. Work is currently underway to deliver this commitment which is subject to State aid approval from the European Commission. An amendment to the Credit Institutions Financial...

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

Brian Lenihan Jnr: I am sure that the Deputy will appreciate that it is important to make a distinction between action against tax havens and the proposed changes to the system of tax deferral announced by the US Administration last week. Ireland is not a tax haven. It is not included among the OECD list of tax havens; was not included in a recent G20 summit list of tax havens and in fact during the recent...

Written Answers — Freedom of Information: Freedom of Information (13 May 2009)

Brian Lenihan Jnr: I have noted the suggestions made in the Information Commissioner's annual report for 2008. I intend to bring proposals to Government shortly on an extension of the application of the Freedom of Information Acts. In considering this matter, the Government will take into account the views of the Information Commissioner as well as other important considerations such as the confidential and...

Written Answers — Economic Forecasts: Economic Forecasts (13 May 2009)

Brian Lenihan Jnr: New economic forecasts were issued by the European Commission on May 4th last. The forecast by the Commission of a General Government Balance (GGB) deficit of 15.6% of GDP in 2010 was made on the assumption of no-policy-change. However, the Supplementary Budget of April 7th contained provisions for additional tax and expenditure measures which it is estimated will yield €4 billion in 2010....

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

Brian Lenihan Jnr: As the Deputy will be aware, in my Supplementary Budget speech on 7 April I announced that the Government intends to put a guarantee in place for the future issuance of debt securities with a maturity of up to five years. Work is currently underway to deliver this commitment which is subject to State aid approval from the European Commission. An amendment to the Credit Institutions...

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

Brian Lenihan Jnr: Under paragraph 8 of the Credit Institutions Financial Support the Minister for Finance may review and vary the terms and conditions of the Scheme to ensure that it is achieving the purposes of the Credit Institutions Financial Support Act, 2008. The Scheme states that at such a review, the Minister shall consider, inter alia, the continued requirement for the provision of financial support...

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

Brian Lenihan Jnr: My Department is in ongoing discussions with Anglo Irish Bank on a range of matters, including the bank's capital position. To date, no significant direct cost has arisen to the Exchequer in respect of the nationalisation of Anglo. As the Deputy may be aware, the main exposures at Anglo relate to lending for Land and Development and connected exposures. As for all banks, the treatment of such...

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

Brian Lenihan Jnr: As the Deputy will be aware the Supplementary Budget announced that a Margin Scheme for second-hand cars was being introduced, with effect from 1 July 2009, whereby dealers would be taxed for VAT purposes on their margin in regard to second-hand cars they acquire and resold after that date. The margin is the difference between the price the dealer purchased and resold the second-hand car for....

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

Brian Lenihan Jnr: Notwithstanding the severe budgetary problems we face, this Government is spending very substantial amounts on public infrastructure over the next five years. This year, we will be spending 5% of GNP from the Exchequer on public infrastructure, one of the highest ratios in the EU15. Over the next four years, Exchequer capital investment will amount to an annual average of over 4% of GNP....

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

Brian Lenihan Jnr: My understanding is that the Deputy may be referring to the provision of a debt management service whereby a firm acts as a "middleman" between an individual and his or her creditors. In such cases the debt management service receives, say, a fixed monthly sum from the individual and in return pays off various debts of the individual on a scheduled basis. For its service, the firm receives a...

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

Brian Lenihan Jnr: As the Deputy is aware, I announced in Budget 2009 that an air travel tax would come into force in respect of passengers departing from Irish airports on and from 30 March 2009. A general rate of €10 per passenger would apply, with a lower rate of €2 for shorter journeys. The Finance (No.2) Act 2008 confirms the introduction of an air travel tax from 30 March 2009. However, I took account...

Written Answers — Pension Provisions: Pension Provisions (13 May 2009)

Brian Lenihan Jnr: Receipts from the Income Levy are included within the Income Tax heading of the Exchequer Returns. As previously indicated in response to PQ 14171/09 on 7 April, the Revenue Commissioners have advised me that the monthly apportionment between payments of PAYE tax and Income Levy for the 2009 tax year is determined by applying a breakdown formula derived from a tax-forecasting model maintained...

Written Answers — Departmental Purchases: Departmental Purchases (13 May 2009)

Brian Lenihan Jnr: I am informed by the Revenue Commissioners that the procurement process for the acquisition of a second mobile scanner is progressing. The Project Team responsible for the acquisition is currently assessing a number of tenders.

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

Brian Lenihan Jnr: In Ireland, labour intensive services are in general subject to the reduced rate of VAT of 13.5% including hairdressing, small repair services, window cleaning, and repair/renovation of private dwellings and restaurant services. The reduced VAT rate for labour intensive services is available on the basis that Ireland applied a reduced rate to those services on 1 January 1991. Prior to the...

Written Answers — Pension Provisions: Pension Provisions (13 May 2009)

Brian Lenihan Jnr: As the Deputy will be aware, the pension arrangement referred to was dealt with in the institution's annual report and accounts for 2008. The report notes that the net after tax contributions made by the institution to this scheme was approximately €3 million. In addition, I asked the Directors appointed under the bank guarantee Scheme to promote the public interest to investigate certain...