Results 11,021-11,040 of 16,537 for speaker:Brian Lenihan Jnr

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

Brian Lenihan Jnr: There are substantial provisions in the NAMA Bill to facilitate the disclosure of information and protect those involved. Section 199 allows for the appropriate disclosure of confidential information, by a person acting in good faith, to law enforcement authorities. Section 200 requires NAMA to inform the enforcement authorities where NAMA suspects that a participating institution may have...

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

Brian Lenihan Jnr: NAMA will be a State agency administered by its own board on an arms-length basis. The Bill provides that board members must have experience and expertise in such areas as finance, economics, banking, investment, property management and sale. Section 40 of the NAMA Bill provides that the NTMA will provide staff to NAMA and the Deputy will be aware that the NTMA structure was designed, among...

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

Brian Lenihan Jnr: The valuation methodology used to estimate the price paid for the loans takes into account both market conditions and subject to limits, long term economic returns which is consistent with EU guidance. The reflection of long term economic values in the valuation process is necessary to achieve the goal of stabilising the financial system to ensure it is in a position to support economic...

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

Brian Lenihan Jnr: There are no such ECB directives. NAMA is being set up to purchase loan assets from credit institutions and will not be engaged in the acquisition of bank equity.

Written Answers — Tax Exemptions: Tax Exemptions (13 Oct 2009)

Brian Lenihan Jnr: Charitable tax exempt status can be granted by the Revenue Commissioners to bodies that are wholly engaged in charitable activities. Schools, like other bodies, can apply for such status. A CHY number is issued to the body concerned, where charitable tax exempt status has been granted. A list of all bodies with such status is available on the Revenue website. The information requested by the...

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

Brian Lenihan Jnr: Section 531B(2)(b) of the Taxes Consolidation Act 1997 provides for a full exemption from the income levy for a year of assessment where a person has full eligibility to medical card services for any part of that year. Where the holder of a full medical card chooses to inform their employer or pension provider of the fact that they hold such a medical card, the Revenue Commissioners have...

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

Brian Lenihan Jnr: I have been advised by the Revenue Commissioners that a cheque in respect of tax overpaid will issue to the person concerned shortly.

National Asset Management Agency Bill 2009: Second Stage (Resumed) (14 Oct 2009)

Brian Lenihan Jnr: What is the Deputy's question?

National Asset Management Agency Bill 2009: Second Stage (Resumed) (14 Oct 2009)

Brian Lenihan Jnr: At the outset I would like to thank Deputies for their many considered and useful contributions on Second Stage. I look forward to a constructive and informed discussion on Committee Stage. In the meantime, I will respond as much as possible in the time available to the points raised by Deputies. I agree with Deputy Seán Power that, in considering the Bill on Committee Stage, we must all...

National Asset Management Agency Bill 2009: Second Stage (Resumed) (14 Oct 2009)

Brian Lenihan Jnr: Spokespersons for developers have denounced this measure.

National Asset Management Agency Bill 2009: Second Stage (Resumed) (14 Oct 2009)

Brian Lenihan Jnr: Those, like Deputy Burton, who persist in misrepresenting the Bill in this way will have a heavy burden to bear in the verdict of history because we have serious decisions to take not only as a Government, but as a Parliament and a people, and misleading the people about legislation does not assist us in this task.

National Asset Management Agency Bill 2009: Second Stage (Resumed) (14 Oct 2009)

Brian Lenihan Jnr: Several Deputies have complained that the valuation is too generous or that there are insufficient safeguards to ensure the banks have to bear an appropriate share of the risks involved but this is not the case. The valuation methodology used to estimate the price paid for the loans must accord with EU guidance. Each loan will be valued in accordance with this methodology, which takes into...

National Asset Management Agency Bill 2009: Second Stage (Resumed) (14 Oct 2009)

Brian Lenihan Jnr: That is not envisaged and it will not happen. Deputy Gilmore must produce evidence. All the evidence relating to the behaviour of the banks when it comes to repossession points to the contrary.

National Asset Management Agency Bill 2009: Second Stage (Resumed) (14 Oct 2009)

Brian Lenihan Jnr: Nothing in the NAMA legislation will result in more repossessions of family homes. A robust, statutory-based code of conduct is in place to deal with mortgage repossessions, which I introduced. The revised programme for Government, as the Taoiseach stated during Leaders' Questions, commits us to enhance protections for mortgage holders who have a genuine problem. It ill becomes any Deputy...

National Asset Management Agency Bill 2009: Referral to Select Committee (14 Oct 2009)

Brian Lenihan Jnr: Molaim an rún: That the Bill be referred to the Select Committee on Finance and the Public Service, in accordance with Standing Order 122(1) and paragraph 1(a)(i) of the Orders of Reference of that committee.

Written Answers — Social Insurance: Social Insurance (14 Oct 2009)

Brian Lenihan Jnr: An annual surplus on the Social Insurance Fund first arose in 1997 and this has been invested, subject to ministerial guidelines, since then. In 2001, the Minister for Finance delegated his investment authority to the NTMA. As a result of increases in social welfare expenditure it is now expected that the surplus will disappear during 2010. Full information on the position of the surplus...

Written Answers — Tax Code: Tax Code (14 Oct 2009)

Brian Lenihan Jnr: The VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. Under the VAT Directive, Member States may retain the zero rates on goods and services which were in place on 1 January 1991, but cannot extend the zero rate to new goods and services. As medical appliances such as the Lokomat machine were not subject to the zero rate on 1...

Written Answers — National Asset Management Agency: National Asset Management Agency (14 Oct 2009)

Brian Lenihan Jnr: No valuer firms have been appointed by NAMA to date. The appointment of valuation firms covering Ireland and foreign jurisdictions is subject to an EU public procurement process which is still underway with a closing date of 23rd October 2009. The Pre Qualification Questionnaire (PQQ) issued as part of this process is available on the www.etenders.gov.ie website. This PQQ sets out all the...

Written Answers — Tax Collection: Tax Collection (14 Oct 2009)

Brian Lenihan Jnr: Section 848A of the Taxes Consolidation Act (TCA) 1997 provides for tax relief on donations to eligible charities and other approved bodies. All primary and post primary schools providing education based on a programme prescribed or approved by the Minister for Education and Science automatically qualify as approved bodies for the purposes of the donations scheme. There is no separate tax...

Written Answers — Tax Collection: Tax Collection (14 Oct 2009)

Brian Lenihan Jnr: Section 848A of the Taxes Consolidation Act 1997 provides for tax relief on donations to eligible charities and other approved bodies. The provisions of the Donations Scheme were introduced by Section 45 of the Finance Act 2001 and became effective from 6th April 2001. The administration of this scheme is the responsibility of the Revenue Commissioners. The precise arrangements for allowing...