Results 14,741-14,760 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — State Banking Sector: State Banking Sector (30 Sep 2010)

Brian Lenihan Jnr: On the 8th of September last I announced the Government's decision on the restructuring and resolution of Anglo Irish Bank, which remains subject to European Commission approval. This envisages the splitting of the bank into two licensed and regulated credit institutions: an Asset Recovery Bank focussed on recovering maximum value for the State from the loan assets and business of Anglo not...

Written Answers — Tobacco Smuggling: Tobacco Smuggling (30 Sep 2010)

Brian Lenihan Jnr: I am informed by the Revenue Commissioners who are responsible for the collection of tobacco products tax, and for tackling the illicit trade in cigarettes and tobacco products that the information requested by the Deputy is as follows. Firstly, the Revenue Commissioners acknowledge that there is no internationally recognised method for precisely determining the amount of tax lost as a...

Written Answers — Tax Code: Tax Code (30 Sep 2010)

Brian Lenihan Jnr: In my Budget 2010 speech last year, I stated that the income tax system had become imbalanced. It is estimated that in 2010, approximately 45% of income earners will be exempt from tax and 42% of income earners will pay tax at the standard rate. I consider that this shift in the income tax burden is unsustainable and the income tax base needs to be widened. As I also stated in Budget 2010,...

Written Answers — Outward Migration: Outward Migration (30 Sep 2010)

Brian Lenihan Jnr: At Budget time last year, my Department assumed net outward migration of 45,000 this year and net outward migration of 10-15,000 next year. Clearly this will have an impact on the public finances, with both the revenue and expenditure sides of the Government's balance sheet being affected. All these impacts have been factored into fiscal projections. Recently released figures from the CSO...

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (30 Sep 2010)

Brian Lenihan Jnr: Given the strong constitutional protection of the confidentiality of Cabinet discussions I am constrained in what I can reveal about the meetings that took place on 29/30 September 2008. The application of this protection to the records of meetings on 29/30 September was upheld by the Information Commissioner in her decision of 22 January 2010 (Case 090028). The Information Commissioner's...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (30 Sep 2010)

Brian Lenihan Jnr: In my statement on banking this morning, I have provided a comprehensive report on the capital needs of AIB and have outlined how these capital needs will be met. To date, AIB has announced the sale of its Polish subsidiary BZWBK which is expected to generate capital of €2.5bn, leaving a further €4.9bn to meet the capital target of €7.4bn set by the Financial Regulator on 30 March...

Written Answers — Mortgage Arrears: Mortgage Arrears (30 Sep 2010)

Brian Lenihan Jnr: The Deputy will be aware of the Government's commitments to Protecting the Family Home and Helping Those in Debt under the Renewed Programme for Government and the existence of the Mortgage Arrears and Personal Debt Expert Group (Expert Group) which I established last February to give effect to those commitments. Central to the Experts Group's terms of reference is a requirement to make...

Written Answers — Public Sector Staff: Public Sector Staff (30 Sep 2010)

Brian Lenihan Jnr: There are no such proposals before Government at present.

Written Answers — Banking Sector Regulation: Banking Sector Regulation (30 Sep 2010)

Brian Lenihan Jnr: The State's primary consideration in its involvement in the banking system is to protect, in the public interest, the financial and economic system of the State. Therefore, all the Government's actions in the banking area are designed to support the development of a reformed and reinvigorated banking system that can serve our economy in a proper manner and, within which, there is scope for...

Written Answers — National Debt: National Debt (30 Sep 2010)

Brian Lenihan Jnr: The National Treasury Management Agency (NTMA) has advised that, as is usual, the estimates for debt servicing costs in the Stability Programme Update were prepared on the basis of the market conditions for Irish Government bonds prevailing at the time of the preparation of the Budget. For reasons of commercial sensitivity, the NTMA does not disclose the assumptions underlying the estimates....

Written Answers — Departmental Staff: Departmental Staff (30 Sep 2010)

Brian Lenihan Jnr: In October 2009, the Government approved the appointment of a banking analyst, with extensive knowledge and experience in the banking field, on a 3 year employment contract. This specialist has a Bachelor of Commerce degree, and also a Masters in Economic Science. In addition, my Department has recently secured the services (since 1 March 2010) of a banking accountant for a period of 12...

Written Answers — Fiscal Policy: Fiscal Policy (30 Sep 2010)

Brian Lenihan Jnr: The restoration of sustainable public finances is a key prerequisite to returning the economy to growth. Ireland remains fully committed to reducing our deficit to below 3% of GDP by end-2014. It is important that we have a credible path to show how we propose to meet this commitment. Accordingly, work is underway on a four-year plan that will set out the annual measures required to...

Written Answers — State Boards: State Boards (30 Sep 2010)

Brian Lenihan Jnr: I propose to take Questions Nos. 67 and 72 together. The Committees of the Houses of the Oireachtas (Compellability, Privileges and Immunities of Witnesses) Act, 1997, provides the necessary legislative framework to compel persons to attend before Oireachtas Committees, once the relevant Committee has the appropriate powers conferred on it by the Oireachtas. I have no plans at present to...

Written Answers — Unemployment Levels: Unemployment Levels (30 Sep 2010)

Brian Lenihan Jnr: The recent release of the Quarterly National Household Survey for the second quarter of this year provided further evidence of the stabilisation of the labour market. The year-on-year decline in employment in the second quarter of 2010, while unwelcome, was not unexpected. It was, it should be noted, the smallest annual decline in employment since Q3 2008. Last week's Quarterly National...

Written Answers — Pension Provisions: Pension Provisions (30 Sep 2010)

Brian Lenihan Jnr: The latest estimate for the gross accrued liability for public service occupational pensions is €116bn as of December 2009. This estimate is set out in the recent annual report of the Comptroller and Auditor General. This figure was arrived at on the basis of a detailed actuarial valuation of public service schemes in the light of present terms and conditions. The valuation followed the...

Written Answers — Tax Yield: Tax Yield (30 Sep 2010)

Brian Lenihan Jnr: The Eurostat and European Commission publication "Taxation Trends in the European Union, 2010 edition", contains inter alia information on indirect taxes as a percentage of total taxation. Based on that publication the table below sets out the data on indirect taxes as a percentage of total taxation for each Member State and the EU weighted average for 2008, the most recent year for which...

Written Answers — Tax Code: Tax Code (30 Sep 2010)

Brian Lenihan Jnr: The Report of the Innovation Taskforce, published on 11th March 2010, recommended that the incremental spend requirement of the Research and Development (R&D) tax credit scheme should be removed entirely, making the scheme volume-based in terms of rewarding R&D expenditure. The scheme was introduced in 2004 and provides for a tax credit of 25% of the increase in expenditure incurred by a...

Written Answers — Fiscal Policy: Fiscal Policy (30 Sep 2010)

Brian Lenihan Jnr: I propose to take Questions Nos. 74 and 145 together. Work is under way on a four-year budgetary plan that will set out the annual measures required to restore order to the public finances and ensure we meet the commitment we have given to reduce the General Government Deficit to below 3% of GDP by the end of 2014. Restoring sustainability to the public finances is essential to underpin...

Written Answers — Bank Gaurantee Scheme: Bank Gaurantee Scheme (30 Sep 2010)

Brian Lenihan Jnr: A healthy banking system is vital to the functioning of the economy and the Irish Government is fully committed to a strategy of restoring fully the Irish banking system. Much progress has been made to date: NAMA has been established and the first tranches of loans have been transferred, restructuring or viability plans have been prepared for all of the guaranteed institutions and plans have...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (30 Sep 2010)

Brian Lenihan Jnr: The Central Bank yesterday announced that it has advised the Irish banks that have been subject to Prudential Capital Assessment Review (PCAR) that the year-end deadline for meeting the PCAR standards remains in place despite recent developments in international capital standards. The Central Bank also advised the banks as to the capital treatment of any adverse development in NAMA haircuts...