Results 12,701-12,720 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — Tax Code: Tax Code (10 Feb 2010)

Brian Lenihan Jnr: I presume the Deputy is referring to the windfall tax rate of 80% which applies to disposals of rezoned land where both the rezoning and the disposal take place after 30 October 2009. The windfall tax applies to the portion of any profit or gain which arises from the rezoning. The balance of the profit or gain is taxable at the appropriate income tax, corporation tax, or capital gains tax...

Written Answers — Insurance Industry: Insurance Industry (11 Feb 2010)

Brian Lenihan Jnr: I propose to take Questions Nos. 92 and 103 together. Early indications to date from the insurance industry suggest that many of those affected by the flooding will retain coverage albeit with a higher premium or a higher level of excess to reflect the increased risk. However, further consultation with the industry is to take place in order to determine the extent of the non renewal of flood...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (11 Feb 2010)

Brian Lenihan Jnr: While I have no role in relation to the collection of the data referred to by the Deputy, I am informed by the Central Bank that both average retail interest rates for each instrument category and balance sheet data, which set out the different categories of liabilities and assets attributable in aggregate form to credit institutions, is published on an aggregate basis in the Central Bank's...

Written Answers — Employment Rights: Employment Rights (11 Feb 2010)

Brian Lenihan Jnr: It is Civil Service policy that every employee has the right to carry out her or his duties free from any form of harassment, sexual harassment or bullying. Harassment, sexual harassment or bullying are totally unacceptable forms of behaviour, are in many instances illegal, in breach of Civil Service policy and will not be tolerated in the Service. Such behaviour harms professional working...

Written Answers — Credit Unions: Credit Unions (11 Feb 2010)

Brian Lenihan Jnr: The principal legislation under which credit unions are regulated in Ireland is the Credit Union Act 1997 as amended (the Act). One of the objects referred to in the conditions of registration of a credit union is the creation of sources of credit for the mutual benefit of its members at a fair and reasonable rate of interest. In relation to interest on loans under Section 38 of the Act, a...

Written Answers — Credit Unions: Credit Unions (11 Feb 2010)

Brian Lenihan Jnr: I have requested the Financial Regulator to initiate a strategic review of the credit union sector in Ireland. This will involve an examination of the structure, operation, regulation and legislation of the credit union sector with a view to providing a report making recommendations, including specific proposals to strengthen prudential soundness. This will advise and inform an assessment of...

Written Answers — Car Scrappage Scheme: Car Scrappage Scheme (11 Feb 2010)

Brian Lenihan Jnr: The provisions of the scheme as set out in Section 102 of the Finance Bill as published on 4 February 2010, provide that the car being scrapped, must be registered in the State in the name of the registered owner of the new car for at least 18 months previous to the date of scrappage; must be 10 years old or more from the date of first registration; must be scrapped on or after 10 December...

Written Answers — Tax Code: Tax Code (11 Feb 2010)

Brian Lenihan Jnr: In Budget 2010, I announced that I would be extending mortgage interest relief up to the end of 2017 for those whose entitlement to relief was due to end in 2010 or after. Qualifying loans taken out on or before 31 December 2011 will continue to get relief at current levels. Qualifying loans taken out after 31 December 2011 but before the end of 2012 will received the relief at a reduce...

Written Answers — Car Scrappage Scheme: Car Scrappage Scheme (11 Feb 2010)

Brian Lenihan Jnr: The provisions of the scheme as set out in Section 102 of the Finance Bill as published on 4 February 2010, provide that the car being scrapped, must be registered in the State in the name of the registered owner of the new car for at least 18 months previous to the date of scrappage; must be 10 years old or more from the date of first registration; must be scrapped on or after 10 December...

Written Answers — Pension Provisions: Pension Provisions (11 Feb 2010)

Brian Lenihan Jnr: Budget 2010 provided for a reduction in the pay of public servants with effect from 1 January 2010. Public servants who retire on or before 31 December 2010 will have their pension benefits calculated based on pensionable remuneration, i.e. the aggregate of retiring salary and pensionable allowances, by reference to the scales applying on 31 December 2009, with incremental credit on those...

Written Answers — Tax Code: Tax Code (16 Feb 2010)

Brian Lenihan Jnr: The latest information available with regard to the impact of the restriction of reliefs measure on effective income tax rates of those earning in excess of €250,000, and using restricted reliefs, is set out in the report "Analysis of High Income Individuals' Restriction 2007" which is available on my Department's website at http://www.finance.gov.ie/documents/publications/reports/200...

Written Answers — Flood Relief: Flood Relief (16 Feb 2010)

Brian Lenihan Jnr: The question of providing cover to new policyholders or renewing it for existing ones is a matter for each insurance company to decide on a case by case basis as this allows a company to properly assess the risk it is considering accepting. Consequently I am not in a position to comment on particular cases as neither I nor the Financial Regulator has any influence over such matters. However,...

Written Answers — Cycle to Work Scheme: Cycle to Work Scheme (16 Feb 2010)

Brian Lenihan Jnr: The cycle to work scheme came into operation on 1 January 2009. With a view to keeping the scheme simple and reducing administration on the part of employers, there is no notification procedure for employers involved. Accordingly, the Revenue Commissioners do not have statistics on the uptake of the scheme. The scheme operates on a self-administration basis, and relief is automatically...

Written Answers — Tax Code: Tax Code (16 Feb 2010)

Brian Lenihan Jnr: Packaging, including biodegradable packaging, is liable to VAT at the standard rate of 21%. However, where goods are supplied packed for sale and no separate charge is made for the package in which the goods are contained, the rate of VAT chargeable on that packaging is the rate that applies to those goods. With regard to incentivising environmentally friendly goods or packaging, there is no...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (16 Feb 2010)

Brian Lenihan Jnr: The meeting referred to in recent media reports took place in April 2009, almost 10 months ago. At that meeting, I agreed with the IMF delegation that a surge in lending designed to re-inflate the property market to near "boom" levels was not going to happen and neither was it desirable. Furthermore the IMF delegation agreed with me that NAMA was critical to the Government's objective of...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (16 Feb 2010)

Brian Lenihan Jnr: As the Deputy will be aware, Anglo Irish Bank is run on an arms length commercial basis. Consequently, decisions which relate to the normal business of the bank are a matter for the Board of Anglo, and the Board is responsible for making such decisions in the best commercial interests of the Bank. I understand from the bank that in order to reduce its exposure on certain property assets it...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (16 Feb 2010)

Brian Lenihan Jnr: The Irish Credit Bureau (ICB) is an independent, commercial organisation which provides credit history information to its members and helps credit institutions to be better informed when making decisions on the provision of credit. I, as Minister for Finance, have no role in determining its operations or the scope of its activities. However, my officials have been in consultation with...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (16 Feb 2010)

Brian Lenihan Jnr: I announced the appointment of Mr. Klaus Regling to conduct one of the preliminary investigations into the crisis in our banking system on 29 January 2010. Mr Regling brings extensive experience of senior economic and financial positions in the German Ministry of Finance and the European Union to this role which will ensure a robust preliminary report that identifies the key causes of the...

Written Answers — Consumer Protection: Consumer Protection (16 Feb 2010)

Brian Lenihan Jnr: The consumer information and education functions currently carried out within the Consumer Directorate in the Financial Regulator are to be transferred to the National Consumer Agency (NCA) in the forthcoming Bill to reform the structures for financial regulation. I expect that the Bill will be published in the current session. In the interim, and in the interests of making the transfer of...

Written Answers — Financial Services Regulation: Financial Services Regulation (16 Feb 2010)

Brian Lenihan Jnr: I have requested the Financial Regulator to carry out a strategic review of the credit union sector in Ireland. This will involve an examination of the structure, operation, regulation and legislation of the credit union sector with a view to providing a report making recommendations, including specific proposals to strengthen prudential soundness, which will advise and inform an assessment...