Results 10,901-10,920 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — Tax Code: Tax Code (6 Oct 2009)

Brian Lenihan Jnr: The position is that all tax policies are reviewed in the context of the annual budget and Finance Bill. It should be noted that the issue of individualisation of the income tax bands was considered by the Commission on Taxation. The commission concluded that the current partly individualised system represents a balance between, on the one hand, acknowledging the choices families make in...

Written Answers — Departmental Expenditure: Departmental Expenditure (6 Oct 2009)

Brian Lenihan Jnr: Budget 2008 marked the introduction of a unified budget whereby all of the key announcements on both the spending and the revenue side of the budget are announced together on budget day. The detailed expenditure allocations that had previously appeared in the Abridged Estimates Volume (AEV) were presented as Budget Estimates as part of the budget documentation. In advance of the budget, an...

Written Answers — Tax Code: Tax Code (6 Oct 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 288 to 292, inclusive, together. The proposed 80% windfall tax to which the Deputy refers is being considered as part of the NAMA legislation and it will be discussed on Committee Stage of the Bill. The analysis of the Commission on Taxation will help inform my consideration of the measure. However, it is not customary for the Minister of Finance to comment...

Written Answers — Pension Provisions: Pension Provisions (6 Oct 2009)

Brian Lenihan Jnr: Tax relief on employee contributions to occupational pension schemes are subject to age-related percentage limits and to an overall annual earnings limit. This annual earnings cap was introduced in the tax year 1999-2000 at an amount equivalent to €254,000. Finance Act 2006 introduced indexation of the annual earnings cap from 2007. For the 2008 tax year, the annual earnings cap for...

Written Answers — Tax Code: Tax Code (6 Oct 2009)

Brian Lenihan Jnr: I am advised by the Revenue Commissioners that owner occupier tax relief, if any, will be determined when all information requested from the person in question is received. Information requested by Revenue on 14 September 2009, and discussed with the person in question during a telephone call on 17 September 2009, has not yet been received.

Written Answers — National Asset Management Agency: National Asset Management Agency (6 Oct 2009)

Brian Lenihan Jnr: The National Asset Management Agency (NAMA) is being established to purchase all land and development loans and certain associated exposures from participating institutions. It is often the case in financial markets that loans would have certain derivative instruments attached to them. In relation to the €77 billion loan portfolio projected to transfer to NAMA, the NTMA has indicated that...

Written Answers — National Asset Management Agency: National Asset Management Agency (6 Oct 2009)

Brian Lenihan Jnr: When I initially announced, on 7 April, the Government's intention to establish NAMA, I indicated that the potential maximum book value of loans for transfer to the agency was estimated to be in the region of €80 to €90 billion. Since then, it has repeatedly been made clear, including on my Department's website and the NAMA website, that this was an indicative figure and that further...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (6 Oct 2009)

Brian Lenihan Jnr: The Government has given legal effect to the announcement of 20 September 2008 to extend the deposit guarantee scheme to credit union savers. This was done by the enacting of the Financial Services (Deposit Guarantee Scheme) Act 2009 and the European Communities (Deposit Guarantee Schemes) (Amendment) Regulations 2009 last June. This measure has had a very significant effect in providing...

Written Answers — Tax Yield: Tax Yield (6 Oct 2009)

Brian Lenihan Jnr: It is assumed that the Deputy is referring to the restriction of reliefs measure relating to higher income earners announced in budget 2006, which took effect on 1 January 2007. It is estimated by the Revenue Commissioners that reducing the existing threshold of €250,000 by the stated amounts, assuming double the stated amounts as the appropriate marginal relief limit and applying the...

Written Answers — Tax Yield: Tax Yield (6 Oct 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 299 to 301, inclusive, together. I am informed that, where available, costings of the various recommendations made by the Commission have been provided in its report. The estimates are generally to be found adjacent to the specific recommendation concerned. In the case of tax expenditures they are presented in a tabular form at the beginning of each relevant...

Written Answers — Tax Yield: Tax Yield (6 Oct 2009)

Brian Lenihan Jnr: I am informed that, where available, costings of the various recommendations made by the Commission have been provided in its report. The estimates are generally to be found adjacent to the specific recommendation concerned. In the case of tax expenditures they are presented in a tabular form at the beginning of each relevant section of Part 6 of the report. I am informed by the Revenue...

Written Answers — Tax Yield: Tax Yield (6 Oct 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 303 and 304 together. I am informed that, where available, costings of the various recommendations made by the Commission have been provided in its report. The estimates are generally to be found adjacent to the specific recommendation concerned. In the case of tax expenditures they are presented in a tabular form at the beginning of each relevant section of...

Written Answers — Financial Services Regulation: Financial Services Regulation (6 Oct 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 338, 339 and 340 together. My Department has been informed by the Central Bank which was responsible for the prudential regulation of mortgage lending institutions during the period referred to in the Deputy's questions that it is not aware of any such agreements and in addition no guidance or directions were issued by the Central Bank in relation to this...

Written Answers — Tax Collection: Tax Collection (6 Oct 2009)

Brian Lenihan Jnr: I am informed by the Revenue Commissioners that whilst there is no national project currently underway, local compliance interventions may be carried out. However, the details of any such interventions would not be disclosed for operational and confidentiality reasons. If the Deputy has details on a case of particular concern, he may contact the Revenue Commissioners.

Written Answers — Financial Services Regulation: Financial Services Regulation (6 Oct 2009)

Brian Lenihan Jnr: The data which the Deputy has requested is not available as far back as 2000. Data on mortgage defaults is not compiled by the Financial Regulator on a routine basis. However, in December 2008, the Financial Regulator published the findings of an examination of procedures for handling arrears and repossessions across credit institutions and other mortgage lenders. This examination showed...

Written Answers — Tax Collection: Tax Collection (6 Oct 2009)

Brian Lenihan Jnr: I have been advised by the Revenue Commissioners that they have no record of tax payments by the person concerned for the past three years. Tax has been paid by the person during the current year, 2009, and they are writing to the person concerned in relation to the matter.

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (6 Oct 2009)

Brian Lenihan Jnr: The current position of property yields was based on an assessment of information indices published by organisations such as IPD (Independent Property Database) and JLL (Jones Lang LaSalle). Tables setting out details on property yields were included in the supplementary documentation circulated to Deputies at the beginning of the Second Stage debate on the NAMA Bill. The figures show that...

Written Answers — Consultancy Contracts: Consultancy Contracts (6 Oct 2009)

Brian Lenihan Jnr: The following table sets out the consultancy firms commissioned by my Department during 2008, the work completed by them and the total cost of such work to date. Name of Firm Purpose of the Contract Total Cost € Arthur Cox Legal Advice in respect of the Bank Guarantee Scheme 3,882,000 Hay Group Ireland, Lr. Mount Street, Dublin 2 Job evaluation of senior posts in the public sector for...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (6 Oct 2009)

Brian Lenihan Jnr: As per the Government announcement of 29 May last, €4 billion in capital has been provided to Anglo, in three tranches; €3 billion on 29 June, €827 million on 6 August following completion of the bank's debt buy back exercise, and the remainder, €173 million, on 25 September. This capital was provided to Anglo to protect the economy from the wider losses that would occur in the event...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (6 Oct 2009)

Brian Lenihan Jnr: Anglo Irish Bank currently has €2.35 billion of subordinated debt, made up of €600 million in Tier 1 debt, €43 million in Upper Tier 2 debt, and €1.7 billion in Lower Tier 2 debt. As the Deputy will be aware, Anglo recently undertook a debt buy back exercise, which crystallised losses for bondholders, who received payments significantly less than the face value of the bonds they held,...