Results 14,841-14,860 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (7 Oct 2010)

Brian Lenihan Jnr: The various banking interventions by the Government since the introduction of the State guarantee for the domestic banking system in 2008 have served to protect the banking system and to avoid even greater financial and indeed other costs, for the public which would otherwise have occurred. A failure to meet the bank capital requirements could have resulted in bank failures and an even...

Written Answers — Public Procurement: Public Procurement (7 Oct 2010)

Brian Lenihan Jnr: There are no requirements for a minimum average turnover, in order to qualify for the award of contracts, in either the EU Directives or Statutory Instruments mentioned. The general rule is that any financial capacity levels required must be relevant and proportionate to the needs of the contract. My Department recently issued new guidelines to public bodies which are aimed at facilitating...

Written Answers — Fiscal Policy: Fiscal Policy (7 Oct 2010)

Brian Lenihan Jnr: There are two principal measures of government debt. The National Debt is the total outstanding amount of principal borrowed by Central Government and not repaid to date less liquid assets available for redemption of those liabilities at the same date. The General Government Debt (GGD) is the standard measurement of gross indebtedness used for comparative purposes within the EU. It also...

Written Answers — Fiscal Policy: Fiscal Policy (12 Oct 2010)

Brian Lenihan Jnr: The Central Bank of Ireland publishes data on domestic institutions (note that this includes both institutions covered by the guarantee schemes and other domestic institutions). This data states that the total securities issued by general government held by these domestic institutions totalled €9.3 billion at end August 2010. With regard to the indebtedness of credit institutions, I...

Written Answers — Credit Review Office: Credit Review Office (12 Oct 2010)

Brian Lenihan Jnr: While attending at the Joint Committee on Enterprise, Trade and Innovation on 21 September, Mr Trethowan informed the Committee that "Approximately 20 applications have been sent to the office for review, of which we have dealt with about ten, of which five have been upheld." It is important to be clear that Mr Trethowan does not offer loan assistance, he can only make a recommendation after...

Written Answers — National Solidarity Bond: National Solidarity Bond (12 Oct 2010)

Brian Lenihan Jnr: I propose to take Questions Nos. 215 and 234 together. 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...

Written Answers — Tax Collection: Tax Collection (12 Oct 2010)

Brian Lenihan Jnr: The Income Levy is collected by the Revenue Commissioners as a component of Income Tax. In Budget 2010, it was forecast that Income Tax receipts of €11,530 million would be collected in 2010 and it was projected that the yield from the Income Levy would account for about €11⁄2 billion of the overall amount forecast for Income Tax. The 2010 Budget and Revised Estimates for Public...

Written Answers — Tax Code: Tax Code (12 Oct 2010)

Brian Lenihan Jnr: The full year gain to the Exchequer from increasing the current standard rate of corporation tax from 12.5 per cent to 15 per cent is tentatively estimated to be about €590 million. The gain includes the effect of increasing the standard rate for manufacturing companies from 12.5% to 15%, with the termination of the 10% rate of corporation tax for these companies taking effect from 31st...

Written Answers — Tax Code: Tax Code (12 Oct 2010)

Brian Lenihan Jnr: I am informed by the Revenue Commissioners that the basis for any estimate of the corporation tax yield from the action suggested by the Deputy would be the corporation tax returns filed for the year 2008 (the latest year for which such information is available). Assuming that the proposed additional tax rate would apply to the same taxable income of financial institutions to which current...

Written Answers — Tax Code: Tax Code (12 Oct 2010)

Brian Lenihan Jnr: I stated in my Budget speech that the revenue from the carbon tax will, amongst other things, be used to boost energy efficiency, to support rural transport and to alleviate fuel poverty. I would point out that the lowest income households tend to be more dependent on solid fuels such as coal and peat. In that regard the carbon tax has yet to be applied to those products. There is ongoing...

Written Answers — Fiscal Policy: Fiscal Policy (12 Oct 2010)

Brian Lenihan Jnr: The Pre-Budget Outlook is usually published in late October each year in advance of the Budget. As the Deputy is aware, work is currently under way on the preparation of a four-year budgetary plan that will set out the measures required to restore order to the public finances and bring our deficit below 3% of GDP by end 2014. The information normally contained in the Pre-Budget Outlook will...

Written Answers — Budget Submissions: Budget Submissions (12 Oct 2010)

Brian Lenihan Jnr: My view is that creating certainty is of utmost importance; if consumers are clear as to their future income prospects then the need for precautionary saving will be reduced. As it stands there is no doubt that the savings rate is relatively high, thus displaying an element of caution by some in society. As has been previously stated, this Government remains fully committed to bringing the...

Written Answers — Tax Code: Tax Code (12 Oct 2010)

Brian Lenihan Jnr: I am advised by the Revenue Commissioners that on the introduction of vehicle registration tax (VRT) on 1 January 1993, there was a requirement for all vehicles to be presented for examination prior to registration. However, by the early years of this decade, the Revenue Commissioners had adopted a risk-based approach to the registration of vehicles, thus eliminating the need for all...

Written Answers — Tax Collection: Tax Collection (12 Oct 2010)

Brian Lenihan Jnr: I have been advised by the Revenue Commissioners that the taxpayer should complete a Form P50 and forward this, with Part 2 & 3 from his form P45, to East & South East Region, PAYE Mail Centre, PO Box 1, Rosslare Harbour, Co Wexford. Form P50 is available on the revenue website – www.revenue.ie. Form P45 is available from the person's employer on cessation of employment.

Written Answers — Banking Sector Regulation: Banking Sector Regulation (12 Oct 2010)

Brian Lenihan Jnr: All retail depositors (including depositors of the named institution) are covered by the Deposit Guarantee Scheme which covers all deposits per person, per institution indefinitely to a maximum of €100,000. Eligible deposits in banks which have joined the Eligible Liabilities Guarantee Scheme are fully guaranteed to the end of December 2010 under that scheme. The Deputy should also note...

Written Answers — National Asset Management Agency: National Asset Management Agency (12 Oct 2010)

Brian Lenihan Jnr: In my statement on banking on the 30th of September I set out a number of measures which are intended to reduce uncertainty in relation to the remaining transfers of bank assets to NAMA. The Government has decided after consultation with the Central Bank, the Financial Regulator, the European Commission and the NAMA Board that loans scheduled for transfer from AIB and Bank of Ireland are...

Written Answers — National Asset Management Agency: National Asset Management Agency (12 Oct 2010)

Brian Lenihan Jnr: Many of the details sought, by the Deputy, are contained in the bank's published Half Year Financial Report as at end June 2010. The relevant references in the financial statements are contained in the section entitled "Notes to the Interim Financial Statements" at Note numbers 22 and 23 (pages 72 to 80 inclusive) and Note number 26 (pages 82 – 84 inclusive). Some of the data requested is...

Written Answers — Fiscal Policy: Fiscal Policy (12 Oct 2010)

Brian Lenihan Jnr: As the Deputy is aware, I have met with the Minister for Finance and Personnel in Northern Ireland, Sammy Wilson, on a number of occasions, generally on the margins of North South Ministerial Council meetings, and we have discussed matters of mutual interest, including NAMA and the significant economic and public finance challenges facing both jurisdictions. My Department officials also have...

Written Answers — Tax Code: Tax Code (12 Oct 2010)

Brian Lenihan Jnr: The newspaper articles referred to in the question deal with the concerns raised by certain shareholders in a company about aspects of a royalty payment apparently made in respect of a patent. The Deputy raises the issue of possible tax avoidance or evasion. I am not in a position to comment on that aspect or on the tax affairs of the company in question which are confidential to it and the...

Written Answers — Departmental Correspondence: Departmental Correspondence (12 Oct 2010)

Brian Lenihan Jnr: I have met the person to whom the Deputy refers in his question on three occasions since my appointment as a member of the Government in 2007. I met him twice in 2008/2009 to discuss the future of a major employer in the State and I met him once socially this year. I have no record of any other contacts with this person.