Results 11,001-11,020 of 16,537 for speaker:Brian Lenihan Jnr
- Written Answers — Insurance Industry: Insurance Industry (13 Oct 2009)
Brian Lenihan Jnr: The company has been in run-off since March 1985 following the failure of the Insurance Corporation of Ireland. It is operating under the aegis of a court appointed administrator. The administration has been funded by a range of sources, including the sale of profitable parts of the business, moneys borrowed on normal commercial terms, two advances from the Exchequer which have been repaid,...
- Written Answers — Tax Code: Tax Code (13 Oct 2009)
Brian Lenihan Jnr: I am advised by the Revenue Commissioners that there has been no change made in the extent to which refurbishment expenditure is tax allowable against rental income. The Commissioners have informed me that expenditure, that is revenue in nature, on the refurbishment of a rental property, for example repairs and maintenance, remains an allowable expense in calculating a person's taxable...
- Written Answers — National Asset Management Agency: National Asset Management Agency (13 Oct 2009)
Brian Lenihan Jnr: The National Asset Management Agency (NAMA) is being set up to remove land and development loans and associated loans from the balance sheets of participating institutions. The uncertainty associated with these loans has prevented banks from lending and supporting economic recovery. The Government has no plans at present to extend the scope of NAMA beyond land and development loans and...
- Written Answers — National Asset Management Agency: National Asset Management Agency (13 Oct 2009)
Brian Lenihan Jnr: Eligible assets for transfer to NAMA will be restricted to land and development books and associated loans of participating institutions. The NAMA Bill provides that other classes of bank assets may be prescribed as eligible assets in the future. However there are no plans at present to extend the classes of bank assets eligible for transfer beyond land and development loans and associated...
- Written Answers — National Asset Management Agency: National Asset Management Agency (13 Oct 2009)
Brian Lenihan Jnr: The proposed 80% windfall tax to which the Deputy refers is being considered as part of the NAMA legislation. However, it is not customary for the Minister of Finance to comment on the specific details of tax changes prior to publication of the legislation.
- Written Answers — National Asset Management Agency: National Asset Management Agency (13 Oct 2009)
Brian Lenihan Jnr: The organisation in question has already been in contact with my Department concerning the proposed windfall tax to be included in the NAMA legislation. As the Deputy is aware, it is not customary for the Minister for Finance to comment on the specific details of any tax changes prior to the publication of a legislative proposal.
- Written Answers — Public Service Contracts: Public Service Contracts (13 Oct 2009)
Brian Lenihan Jnr: As costs of arbitration in relation to public procurement can be significant, alternative and more cost effective dispute resolution procedures should be explored by contracting authorities before disputes are referred to arbitration. Section 3.3.6 of Guidance Note 1.5 in the Capital Works Management Framework published on my Department's website www.constructionprocurement.gov.ie is...
- Written Answers — National Asset Management Agency: National Asset Management Agency (13 Oct 2009)
Brian Lenihan Jnr: The decision as to whether or not a loan is acquired will be a matter for the NAMA Board to determine. The NAMA valuation process will take into account all relevant aspects of a borrower's circumstances and the quality of assets which may be eligible for NAMA acquisition. Where a loan has been written down, e.g. by way of a receivership, NAMA will take that into account when determining...
- Written Answers — Tax Code: Tax Code (13 Oct 2009)
Brian Lenihan Jnr: I am informed by the Revenue Commissioners that the estimated full year yield from increasing the Capital Gains Tax (CGT) rate to 40% for individuals could be in the region of â¬190 million, assuming no significant behavioural change on the part of taxpayers. CGT is very dependent on individual behaviour and a change in rate may not produce a corresponding increase or decrease in tax yield....
- Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (13 Oct 2009)
Brian Lenihan Jnr: As the Deputy is aware on 16 September last, I published an outline of the main elements of the proposed new guarantee scheme for longer term funding, called the draft Credit Institutions (Eligible Liabilities Guarantee) Scheme or ELG scheme. The ELG scheme must be approved in accordance with EU State aid rules and discussions are continuing in this regard with the European Commission. The...
- Written Answers — National Asset Management Agency: National Asset Management Agency (13 Oct 2009)
Brian Lenihan Jnr: Yields are a factor of both property prices and rental income. As I have indicated previously, yields are now significantly above their long term averages. The final outcome of the adjustment of rents and yields and its effects will not be known for some time, and is interlinked with the performance of the economy generally. The valuation process will take into account the individual...
- Written Answers — National Asset Management Agency: National Asset Management Agency (13 Oct 2009)
Brian Lenihan Jnr: Various stress tests have been carried out on the interest rate exposure likely to be faced by NAMA and a summary of the results will be provided in the NAMA Business Plan which will be published in the coming days. One of the responsibilities of the NAMA Board will be to assess the extent of its interest rate risk and to provide direction as to how it should be managed. It is the intention...
- Written Answers — Tax Code: Tax Code (13 Oct 2009)
Brian Lenihan Jnr: I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer from increasing the capital acquisitions tax rate from 25% to 30% could be in the region of â¬50 million. However, it should be noted that this estimate is based upon an assumption that there would be no behavioural impact of such an increase, which could lead to a less than expected result from a...
- Written Answers — Tax Code: Tax Code (13 Oct 2009)
Brian Lenihan Jnr: It is assumed that the Deputy is referring to property based tax incentive schemes that remain in the tax code: *Convalescent Homes *Qualifying (Private) Hospitals *Qualifying Mental Health Centres Qualifying Specialist Palliative Care Units (subject to Commencement Order) Buildings used for Child care Purposes *Registered Nursing Homes *Qualifying (Nursing Home) Residential Units, and...
- Written Answers — Tax Code: Tax Code (13 Oct 2009)
Brian Lenihan Jnr: I announced in my Budget Statement of 7 April that with effect from 1 May 2009, the number of tax years in respect of which mortgage interest relief may be claimed is seven years for first-time and non-first time buyers. Revenue subsequently worked with the lending institutions and mortgage account holders on the implementation of the measure. The objective was to make the implementation...
- Written Answers — Banking Sector Regulation: Banking Sector Regulation (13 Oct 2009)
Brian Lenihan Jnr: While this is not an issue that has been raised by the relevant stakeholders to my Department, I understand that the length of time it takes to clear an electronic transaction is dependant on whether the financial institution is a member of the Irish Retail Electronic Payments Clearing Company Ltd (IRECC). IRECC is responsible for the clearing and settlement of domestic low-value payments in...
- Written Answers — Departmental Staff: Departmental Staff (13 Oct 2009)
Brian Lenihan Jnr: My attention has been drawn to the matter previously by the Deputy, by the person in question and by others. I am also aware that the matter has been investigated by the Revenue Commissioners and is also the subject of a complaint to the Ombudsman.
- Written Answers — Stability and Growth Pact: Stability and Growth Pact (13 Oct 2009)
Brian Lenihan Jnr: I propose to take Questions Nos. 119 and 120 together. I assume that the Deputy is referring to Ireland's obligations under the Stability and Growth Pact (SGP) and in particular the excessive deficit procedure which is governed by Article 104 of the Treaty. Council Regulations Nos.1466/97 and 1467/97 as amended by Council Regulations Nos.1055/2005 and 1056/2005 respectively govern the...
- Written Answers — Banking Sector Regulation: Banking Sector Regulation (13 Oct 2009)
Brian Lenihan Jnr: The loans referred to by the Deputy are loans currently on the books of the banks concerned. Should an investor seek to negotiate a purchase of these loans, it is a matter for the boards of the institutions to deal with on a commercial basis.
- Written Answers — Exchequer Savings: Exchequer Savings (13 Oct 2009)
Brian Lenihan Jnr: I propose to take Questions Nos. 122 and 123 together. Based on the current membership of both Houses of the Oireachtas, the estimated saving in a full year from capping salaries of TDs at â¬75,000 would be â¬4.6 million, while the estimated saving in a full year from capping salaries of Senators at â¬60,000 would be â¬0.7 million. Section 2 of the Oireachtas (Allowances to Members) and...