Results 9,901-9,920 of 16,537 for speaker:Brian Lenihan Jnr

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

Brian Lenihan Jnr: As the Deputy is aware, the sale of vehicles, especially of new vehicles, in Ireland and indeed internationally has, due to the contraction in economic activity, declined significantly in the first four months of 2009 compared to previous years. I am informed by the Revenue Commissioners that the level of VRT received up to 1 May 2009 and the receipts during the same period in 2007 and 2008...

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 — Insurance Industry: Insurance Industry (13 May 2009)

Brian Lenihan Jnr: The position under EU law is that both life and non-life insurers must maintain solvency equal to the higher of a fixed Minimum Guarantee Fund or a Required Minimum Solvency Requirement (based on premiums or claims depending on circumstances). In addition to these EU mimima, the Financial Regulator requires that firms maintain solvency of 150% of the Required Minimum Solvency Requirement...

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

Brian Lenihan Jnr: NAMA will have a commercial mandate to recover debt and in doing so it will actively manage the loan portfolios that it acquires, taking all necessary steps to ensure the maximum return for the taxpayer. This role may, on occasion, result in NAMA taking possession of certain incomplete sites or developments. To fully realise the value of such sites or developments NAMA will need the power...

Written Answers — Services for People with Disabilities: Services for People with Disabilities (13 May 2009)

Brian Lenihan Jnr: The Multi–Annual Investment Programme for Disability 2006-2009 to support the development of high priority disability support services, as announced in budget 2005, provided for a total investment of close to €900 million in current and capital expenditure over the period. Development and implementation of the programme in each sector is a matter for the relevant Departments and agencies...

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

Brian Lenihan Jnr: As the Deputy will be aware, the focus over the past year has been on making progress with those 20 specific services included in the European Commission's eGovernment Benchmarks and those eight specific services identified in the Dáil Joint Motion on eGovernment of 30 April 2008. Good progress has already been achieved with a number of these and work is ongoing with others. Therefore, at...

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

Brian Lenihan Jnr: As the Deputy may be aware, the Revenue Commissioners and the CSO prepared a report, at my request, on the Implications of cross-Border shopping for the Irish Exchequer. The report was published on my Department's website on 20 March 2009. The report estimated the likely value of cross-Border shopping in 2009 to be in the range of €450 million to €700 million, with a potential loss in...

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

Brian Lenihan Jnr: The objective of NAMA is to strengthen the banks' balance sheets which will considerably reduce uncertainty over bad debts and as a consequence ensure the flow of credit on a commercial basis to the real economy, to protect and grow employment while protecting the interest of taxpayers. As I announced in early April, the potential book value of loans that will be transferred to NAMA is in...

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 — Bank Deposits: Bank Deposits (13 May 2009)

Brian Lenihan Jnr: I take it that the Deputy is referring to data in the latest Quarterly Bulletin (Q2) of the Central Bank and Financial Services Authority of Ireland (CBFSAI), which indicates that there was a reduction of some €14.7 billion in deposits held in credit institutions reporting to the CBFSAI for statistical purposes from December 2008 to March 2009. This figure includes a reduction of €6.3...

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

Brian Lenihan Jnr: Tax receipts at end-April, at €10.1 billion, are down 24% on the same period last year. This represents 29% of the supplementary budget's forecast of €34.4 billion and is generally in line with the average percentage of the end-year outturn received after four months over recent years. When looking at the tax revenue figures to end-April it must be borne in mind that the revenue-raising...

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

Brian Lenihan Jnr: Paragraph 47 of the Credit Institutions (Financial Support) Scheme 2008 provides that bonuses for directors or senior executives must be measurably linked to reductions in guarantee charges, reduction in excessive risk-taking and encouraging the long-term sustainability of the covered institutions. The Deputy will appreciate that the terms of the scheme relate in this regard only to...

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

Brian Lenihan Jnr: I have noted the write downs on commercial property and the development loan book in the institution referred to by the Deputy for the first quarter 2009. These write-downs led to loan loss impairments of €198m. This figure is specific to the institution concerned and it would be inappropriate for me to comment. With regard to the institutions covered by the Government guarantee, it is...

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

Brian Lenihan Jnr: A core Government objective is to free up lending on a commercial basis into the economy to support economic growth. In the context of the bank guarantee scheme and recapitalisation the banks have made important commitments to support business lending. A Code of Conduct for Business Lending to Small and Medium Enterprises was published by the Financial Regulator on 13 February and took...

Written Answers — Budgetary Measures: Budgetary Measures (13 May 2009)

Brian Lenihan Jnr: A number of budgetary measures have been implemented which will support economic growth. It is, however, difficult to quantify the impact of these measures. For instance, the introduction of the pensions levy in the public sector earlier this year will lower the cost of running the public sector and send a positive demonstration effect in terms of private sector wages. In addition, the...

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

Brian Lenihan Jnr: Under the terms of the Anglo Irish Bank Corporation Act 2009 there is provision for the appointment of an independent assessor to determine the fair and reasonable aggregate value of the Anglo shares transferred and rights extinguished under the terms of the Act, for the purpose of fair and reasonable compensation, if any, in respect of those shares. The outcome of this process is one...

Written Answers — Live Register: Live Register (13 May 2009)

Brian Lenihan Jnr: In the recent budget, survey based employment was projected to fall by 7.8% this year and by 4.6 % next year. As a result unemployment on this basis was forecast to rise to 12.6 % this year and to 15.5 % next year. While not designed to measure unemployment, trends in the live register provide an indication as to the more recent labour market trends. The latest figures refer to April and...

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

Brian Lenihan Jnr: Anglo Irish Bank is being run on an arms length commercial basis. Accordingly, normal commercial decisions, which include determining the retail and commercial deposit rates, are matters for the board of Anglo. Notwithstanding this, I have been made aware that Anglo Irish Bank has been reducing its rates since the start of the year in line with falling money markets rates. Most recently on...

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

Brian Lenihan Jnr: As the Deputy will be aware, fixed rate mortgages can be regarded as a form of insurance against interest rate changes as fixed rate mortgages provide certainty and security to borrowers regarding the level of their repayments. As referred to in the Deputy's question in circumstances where many households are faced with significantly increased financial pressures, the current environment of...

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

Brian Lenihan Jnr: As the Deputy will be aware, Anglo Irish Bank is being run on an arms length commercial basis. Consequently, normal commercial decisions, which include those in relation to management and control of the loans and collateral held by the bank, are a matter for the Board of Anglo.