Results 14,081-14,100 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — Tax Yield: Tax Yield (15 Jun 2010)

Brian Lenihan Jnr: The existing restriction of reliefs, or horizontal measure is activated where individuals have an adjusted income of €125,000 and claim specified reliefs of €80,000 or more. Those subject to the full restriction, at adjusted incomes of €400,000 or greater, will pay an effective income tax rate of 30% in addition to PRSI and levies. The list of specified reliefs that are subject to the...

Written Answers — Tax Code: Tax Code (15 Jun 2010)

Brian Lenihan Jnr: I am informed by the Revenue Commissioners that the most recent year for which the necessary detailed information is available regarding the rent relief for private accommodation scheme is the income tax year 2006, in which the cost to the Exchequer is estimated at approximately € 64 million. On this basis, the full year yield to the Exchequer of abolishing the rent relief for private...

Written Answers — State Banking Sector: State Banking Sector (15 Jun 2010)

Brian Lenihan Jnr: As the Deputy is aware under the Relationship Framework the day-to-day operations of the bank are the responsibility of the Board of Anglo Irish Bank. In view of this it is the responsibility of the Bank to ensure that the content on the website is regularly reviewed and changed in response to the changing business environment facing the Bank. Some of the content highlighted by the Deputy...

Written Answers — Tax Code: Tax Code (15 Jun 2010)

Brian Lenihan Jnr: I understand that the Deputy is referring to the tax treatment of disablement payments from the Department of Social Protection. The position is that where the Department of Social Protection pays a disablement pension to an individual, such pension is taxable. However, where the Department of Social Protection does not pay a disablement pension to an individual but instead pays that...

Written Answers — Tax Yield: Tax Yield (15 Jun 2010)

Brian Lenihan Jnr: I am informed by the Revenue Commissioners that the amount of tax payable, on a price range of cars valued between €15,000 and €45,000 as requested, for each of the CO2 Emissions Categories is shown in the table below. CO2 Emissions 0-120g 121-140g 141-155g 156-170g 171-190g 191-225g 226g and Over VRT Rate 14% 16% 20% 24% 28% 32% 36% € € € € € € € Sample...

Written Answers — Motor Fuels: Motor Fuels (15 Jun 2010)

Brian Lenihan Jnr: In early January 2010 petrol was on average around 122.9 cent per litre and auto-diesel 114.9 cent per litre. Currently they are around 133.9 and 124.9 cent per litre respectively. The carbon tax, inclusive of VAT, amounted to around 4.2 cent in the case of petrol and 4.9 cent on auto-diesel. However it should be noted that the carbon tax applied to such fuels released from warehouse after...

Written Answers — Tax Code: Tax Code (15 Jun 2010)

Brian Lenihan Jnr: CHP is an energy efficient process that I have supported through the introduction of generous tax reliefs such as capital allowances and consequently I do not think it appropriate to put in place a further tax subsidy. We need to ensure the carbon tax has a broad base and I don't want to undermine that principle. I would also like to point out that a long-term impact of the carbon tax will...

Written Answers — Tax Code: Tax Code (15 Jun 2010)

Brian Lenihan Jnr: It is estimated that the carbon tax, inclusive of VAT, will yield approximately €250 million in 2010. The revenue will, amongst other things, be used to boost energy efficiency, to support rural transport and to alleviate fuel poverty. It is the general practice not to ring-fence revenues for specific purposes but rather take an overall view on priorities in the context of Expenditure...

Written Answers — Tobacco Smuggling: Tobacco Smuggling (15 Jun 2010)

Brian Lenihan Jnr: I am advised by the Revenue Commissioners that they are familiar with the UK strategy paper on tackling tobacco smuggling referred to and that in many respects its content mirrors the overall approach taken by Revenue in regard to tobacco smuggling. With regard to particular aspects outlined, I can advise the Deputy that Revenue works closely with the legitimate tobacco industry, including...

Written Answers — National Solidarity Bond: National Solidarity Bond (15 Jun 2010)

Brian Lenihan Jnr: In Budget 2010, I announced the Government's intention to launch a National Solidarity Bond, the purpose of which is to allow citizens an opportunity to invest and provide money to the State to stimulate economic recovery and to assist in the maintenance and creation of employment. The necessary legislative basis was provided in this year's Finance Act and the Bond was launched on Tuesday 4...

Written Answers — Pension Provisions: Pension Provisions (15 Jun 2010)

Brian Lenihan Jnr: I refer the Deputy to my reply to a similar question on 13th May, 2010. While some of the Bodies have produced preliminary estimated figures for the value of the assets and liabilities of the funds, final valuations as at the transfer dates will only be available when the audited accounts of the funds are finalised. I would be happy to advise the Deputy when I receive the final audited...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (15 Jun 2010)

Brian Lenihan Jnr: As part of the recapitalisation package announced on 11 February, Allied Irish Bank and Bank of Ireland committed to increase lending capacity to small and medium enterprises (SMEs) by 10% and to provide an additional 30% capacity for lending to first time buyers in 2009. AIB and Bank of Ireland also committed to public campaigns to actively promote small business lending at competitive...

Written Answers — National Assets Management Agency: National Assets Management Agency (15 Jun 2010)

Brian Lenihan Jnr: Participating institutions have a duty under section 71 of the NAMA Act 2009 to administer, service and deal with all eligible bank assets with professional skill, care and diligence. In addition, NAMA has powers under section 141 of the Act to take measures to protect the value or conditions of land or buildings where it has acquired bank assets secured by a charge over land. The transfer...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (15 Jun 2010)

Brian Lenihan Jnr: The Financial Services Ombudsman has requested the power to name institutions where it is in the public interest to do so. I am now reviewing the issue. My officials have sought legal advice to help inform the deliberations to formulate a clear policy position. This is a complex issue which requires detailed examination prior to bringing forward legislation. For example, the criteria for...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (15 Jun 2010)

Brian Lenihan Jnr: The Financial Services Ombudsman Council determines, by regulation, the levies and charges payable by each financial service provider. The regulations do not take effect until I consent to their making. The regulations prescribe the amount of the levies and the charges that are to apply to specified classes of financial service providers. All such providers contribute towards the funding...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (15 Jun 2010)

Brian Lenihan Jnr: Primary legislation would not be necessary to achieve 100% industry funding of financial regulation and the Central Bank Reform Bill 2010 does not contain any specific proposals in this regard. However, I have asked officials in my Department to undertake a process of consultation with the Central Bank and Financial Services Regulatory Authority and representatives of the financial services...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (15 Jun 2010)

Brian Lenihan Jnr: The provision for the curtailment of performance bonuses for senior executives of the named institutions is contained in the respective Subscription Agreements for the preference share investment by the National Pensions Reserve Fund Commission in each of these institutions. These Agreements specify that no performance bonuses for senior executives are to be paid for the years 2009 and 2010....

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (15 Jun 2010)

Brian Lenihan Jnr: I propose to take Questions Nos. 187 and 188 together. Under the terms of the Credit Institutions (Financial Support) Scheme [the Scheme], I established the Covered Institutions Remuneration Oversight Committee (CIROC) to oversee all remuneration plans of senior executives of the covered institutions. Paragraph 47 of the Scheme 2008 required that each covered institution prepare a plan to...

Written Answers — Corporate Governance: Corporate Governance (15 Jun 2010)

Brian Lenihan Jnr: I propose to take Questions Nos. 189 to 191, inclusive, together. The Financial Regulator is currently undertaking a public consultation on corporate governance through its consultation paper, Corporate Governance in Financial Institutions, published in April 2010. The consultation paper has been prepared and issued directly by the Financial Regulator, on foot of a commitment in the renewed...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (15 Jun 2010)

Brian Lenihan Jnr: My Department and the Financial Regulator have set up mechanisms for monitoring the financial institutions in relation to the Guarantee. The Scheme requires that covered institutions submit a compliance certificate to the Financial Regulator each quarter which must be certified by the CEO and Chairman of the institutions and reviewed by the institutions external auditors. The requirement...