Results 14,781-14,800 of 16,537 for speaker:Brian Lenihan Jnr
- Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (30 Sep 2010)
Brian Lenihan Jnr: â¬3.5bn was invested by way of preference shares in AIB on 13 May 2009. On the 13 May 2010 the NPRFC received 198 million ordinary shares of AIB in lieu of a cash payment of the dividend on the preference shares. The payment was made in the form of ordinary shares as the European Commission requested that discretionary coupon payments on Tier 1 and Upper Tier 2 capital instruments in Bank of...
- Written Answers — State Banking Sector: State Banking Sector (30 Sep 2010)
Brian Lenihan Jnr: As indicated in my statement of the 8th September the Government believes that it is essential to identify, with as much certainty as possible, the final cost for the restructuring and resolution of the bank. This will underpin international financial confidence in Ireland. Accordingly, the Central Bank/Financial Regulator was asked to determine the appropriate levels of capital needed in...
- Written Answers — National Debt: National Debt (30 Sep 2010)
Brian Lenihan Jnr: The National Treasury Management Agency (NTMA) advise that the national debt was â¬75.2 billion at end-2009 and was â¬87.2 billion at end-August 2010. The weighted average cost of bonds raised in 2010 to date is 4.7% which is the same as the average cost achieved in 2009. The weighted average maturity of the debt is 7.6 years. Based on the Budget 2010 estimates, Table 1 below outlines the...
- Written Answers — Economic Growth: Economic Growth (30 Sep 2010)
Brian Lenihan Jnr: As I've already indicated, my Department is assessing all relevant information and will publish revised macro-economic forecasts in the coming weeks. The Government has a clear economic growth strategy in place. The four key elements of the strategy are: fiscal consolidation in order to put the public finances on a sustainable path; repairing the banking system to ensure that credit is...
- Written Answers — Banks Recapitalisation: Banks Recapitalisation (30 Sep 2010)
Brian Lenihan Jnr: On 30 March 2009 I directed the National Pensions Reserve Fund Commission to invest â¬3.5 billion in preference shares issued by Bank of Ireland and on 12 May 2009 I directed the Commission to invest â¬3.5 billion in preference shares issued by Allied Irish Banks plc (AIB). I gave these directions having consulted the Governor of the Central Bank and the Regulatory Authority and having...
- Written Answers — Financial Services Regulation: Financial Services Regulation (30 Sep 2010)
Brian Lenihan Jnr: The Financial Regulator has advised me that the number of licences granted each year from 2008 to end August 2010 is as follows:- No of licensed moneylenders 2008 52 2009 52 2010 51 (as at 31 August 2010) The Deputy might wish to note that money lending licences must be renewed annually and that the number of valid licences at a particular time does not vary significantly....
- Written Answers — Tax Code: Tax Code (30 Sep 2010)
Brian Lenihan Jnr: I am informed by the Revenue Commissioners that statistical data is not available to distinguish the amount of dividends associated with pension funds. Accordingly, the specific information requested by the Deputy is not available.
- Written Answers — Tax Code: Tax Code (30 Sep 2010)
Brian Lenihan Jnr: I am advised by the Revenue Commissioners that sufficiently detailed figures are not captured on the statutory return of DIRT filed by the financial institutions in such a way as to provide a basis for compiling estimates of the impact on the Exchequer from the change mentioned in the question. Accordingly, the specific information requested by the Deputy is not available. An individual aged...
- Written Answers — Tax Code: Tax Code (30 Sep 2010)
Brian Lenihan Jnr: I propose to take Questions Nos. 151 and 152 together. I am informed by the Revenue Commissioners that the aggregate amount of trading losses for Corporation Tax returned by companies for accounting periods ending in 2008 (the latest year for which figures are available) was approximately â¬17.4 billion and the aggregate amount of losses carried forward from earlier accounting periods was...
- Written Answers — Tax Code: Tax Code (30 Sep 2010)
Brian Lenihan Jnr: I am informed by the Revenue Commissioners that figures are not captured in such a way as to provide a dedicated basis for compiling an estimate of the gain to the Exchequer from the change mentioned in the question. Accordingly, the specific information requested by the Deputy is not available.
- Written Answers — Tax Code: Tax Code (30 Sep 2010)
Brian Lenihan Jnr: If an employee is given free shares by his or her employer, the employee is normally chargeable to income tax on the value of the shares, just as the employee would be chargeable to income tax on the value of a cash bonus. However, where the shares are awarded through a Revenue approved profit sharing scheme, the employees are not chargeable to income tax on the value of the shares awarded,...
- Written Answers — Tax Code: Tax Code (30 Sep 2010)
Brian Lenihan Jnr: Given that holding companies of domestic groups do not generally have profits chargeable to Corporation Tax, thus imposing a 1% levy would not provide a yield for the Exchequer, I am presuming that the Deputy is referring to holding companies with foreign subsidiaries. It is not possible to predict the effect such a levy would have on the behaviour and decisions of holding companies with...
- Written Answers — Tax Code: Tax Code (30 Sep 2010)
Brian Lenihan Jnr: The rationale behind the Stamp Duty exemption for transfers of loan capital is to facilitate business by avoiding the imposition of a Stamp Duty charge in cases where it was not intended that such a charge should apply. I am informed by the Revenue Commissioners that figures are not captured in such a way as to provide a dedicated basis for compiling estimates of the impact on the Exchequer...
- Written Answers — Tax Code: Tax Code (30 Sep 2010)
Brian Lenihan Jnr: The rationale for the changes introduced in Finance Act 2010 arises principally from the new European UCITS (Undertakings for Collective Investment in Transferable Securities) IV Directive which will become operational on 1 July 2011. The measures extended the circumstances in which Irish investment undertakings can avail of existing Stamp Duty relief following a merger or reorganisation...
- Written Answers — Tax Code: Tax Code (30 Sep 2010)
Brian Lenihan Jnr: I propose to take Questions Nos. 158 and 159 together. I am informed by the Revenue Commissioners that figures are not captured in such a way as to provide a dedicated basis for compiling estimates of the impact on the Exchequer from the changes mentioned in the questions. Accordingly, the specific information requested by the Deputy is not available.
- Written Answers — Tax Code: Tax Code (30 Sep 2010)
Brian Lenihan Jnr: The Taxes Consolidation Act 1997 provides that Corporation Tax is not charged on dividends received by a company from another company resident in the State, subject to certain exceptions. The reason for this exemption is that such dividends are paid out of profits of the dividend-paying company which have already been subject to Corporation Tax and to apply a corporation tax charge on the...
- Written Answers — Tax Code: Tax Code (30 Sep 2010)
Brian Lenihan Jnr: I propose to take Questions Nos. 161 and 163 together. Deferral of Capital Gains Tax is provided for in a company reorganisation or amalgamation that does not involve a cash payment. These are generally referred to as "paper for paper" transactions. If the company reorganisation or amalgamation involves a cash payment, the cash element is taxed in the normal way. Deferring tax in the case...
- Written Answers — Tax Code: Tax Code (30 Sep 2010)
Brian Lenihan Jnr: As transfers between Group Companies are not taxable transactions, the Revenue Commissioners do not have information regarding such transactions that would enable the figure requested to be estimated. The Capital Gains Tax Acts permit the transfer of assets within a Corporate Group on a no gain/no loss basis for Capital Gains Tax purposes and tax is then levied when assets are sold outside...
- Written Answers — Tax Code: Tax Code (30 Sep 2010)
Brian Lenihan Jnr: I propose to take Questions Nos. 164 and 165 together. I am informed by the Revenue Commissioners that figures are not captured in such a way as to provide a dedicated basis for compiling estimates of the impact on the Exchequer from the changes mentioned in the questions. Accordingly, the specific information requested by the Deputy is not available.
- Written Answers — Tax Code: Tax Code (30 Sep 2010)
Brian Lenihan Jnr: I am informed by the Revenue Commissioners that figures are not captured in such a way as to provide a dedicated basis for compiling an estimate of the gain to the Exchequer from the change mentioned in the question. Accordingly, the specific information requested by the Deputy is not available.