Results 15,341-15,360 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — Fiscal Policy: Fiscal Policy (10 Nov 2010)

Brian Lenihan Jnr: I propose to take Questions Nos. 78 and 91 together. Income tax receipts amounted to €8.6 billion for the first ten months of the year. This represented a decline of €579 million or 6.3% on the level collected in the same period of 2009. Budget 2010 forecast that income tax receipts would decline by 2.6% in 2010. At end-October, income tax receipts were €369 million or 4.1% below...

Written Answers — Economic Competitiveness: Economic Competitiveness (10 Nov 2010)

Brian Lenihan Jnr: I propose to take Questions Nos. 79 and 155 together. My officials continuously monitor and analyse how cost developments are impacting on our economic performance and I am briefed accordingly. The standardised methodology for monitoring relative competitiveness across the euro area is the Harmonised Competitiveness Indicator. While it cannot be denied that Ireland had its competitive edge...

Written Answers — Government Deficit: Government Deficit (10 Nov 2010)

Brian Lenihan Jnr: With regards to the 3% target by 2014 - this benchmark was agreed by all EU Member States and the EU Commission. Ireland is not alone in the need to reduce its deficit – some 24 of 27 Member States are in excessive deficit. Some of these countries have committed to reducing their deficit to 3% by 2012 or 2013. There is clearly a wide gap between what we are spending and our income, such...

Written Answers — Financial Services Sector: Financial Services Sector (10 Nov 2010)

Brian Lenihan Jnr: The Board of Irish Nationwide Building Society has commenced a process to investigate certain "legacy" issues in the Society. As a first step in this, the Board engaged a firm of investigating accountants to delineate appropriate areas for inquiry. An initial report was presented to the Board of the Society in June 2010, copies of which were presented to the Central Bank, the NTMA, to whom...

Written Answers — European Financial Stability Facility: European Financial Stability Facility (10 Nov 2010)

Brian Lenihan Jnr: The Report of the Van Rompuy Task Force, on which I represented Ireland, was endorsed by the European Council meeting of 28-29 October 2010. The Report concluded that in the light of the Greek crisis that a more robust framework is needed for crisis management, notwithstanding the establishment of the European Financial Stability Facility which was put in place earlier this year and covers...

Written Answers — Debt Interest Payments: Debt Interest Payments (10 Nov 2010)

Brian Lenihan Jnr: The information requested by the Deputy is set out in the table as published on the Department of Finance website on 4th November last: Table: Impact of Promissory Notes and Special Investment Shares on Public Finances Promissory NotePayments(cash borrowings) Incremental AnnualDebt InterestCosts on Payments **(cash borrowings) CumulativeDebt Interest Costs on Payments(cash...

Written Answers — Fiscal Policy: Fiscal Policy (10 Nov 2010)

Brian Lenihan Jnr: Corporation tax receipts in the first ten months of the year, at €2.6 billion, were €206 million or 7.3% below the level collected in the same period of 2009. The Budget 2010 forecast anticipated a decline of 19% in corporation tax receipts this year. This assessment was made having regard to a number of factors including a weak economic environment and 2009's receipts receiving a...

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

Brian Lenihan Jnr: I am informed by the Revenue Commissioners that the yield from the air travel tax for the nine months it was in place in 2009 was €84.4 million and that the yield to date in 2010 is €88.2 million - total yield €172.6 million. The air travel tax was one of a number of Budgetary measures introduced that was necessary in the context of an overall response to the fiscal challenges we face...

Written Answers — Public Service Staff: Public Service Staff (10 Nov 2010)

Brian Lenihan Jnr: In the matter raised by the Deputy my Department has direct responsibility in respect of the civil service only. Accordingly, the Department of Finance wrote to Personnel Officers of Government Departments and Offices on 27 April 2010 and 6 May 2010 with regard to civil servants who were stranded abroad as a result of the volcanic ash disruption. Civil Servants who were absent abroad on...

Written Answers — Consumer Sentiment Index: Consumer Sentiment Index (10 Nov 2010)

Brian Lenihan Jnr: The KBC Ireland/ ESRI consumer sentiment index for October was disappointing. This reflects uncertainty about the short term economic prospects among consumers which is also reflected in the present high savings ratio as they seek to reduce their personal debt levels and also hold off making purchases. There is, however, some good news on the economic front. Labour market conditions - that...

Written Answers — Financial Services Regulation: Financial Services Regulation (10 Nov 2010)

Brian Lenihan Jnr: The Government has brought in a series of measures to ensure that viable businesses, especially SMEs, get the credit they need. As part of the Government's strategy, announced last March, both AIB and Bank of Ireland have committed to lending €12 billion for new or increased credit facilities to SMEs over two years (from March 2010). This lending is being monitored on a monthly basis by...

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (10 Nov 2010)

Brian Lenihan Jnr: The Eligible Liabilities Guarantee Scheme has been an important support to the Irish banking system, facilitating its access to both short and longer term funding to help maintain the overall stability of the banking sector. It complements the broad Government Strategy to restore fully the banking system and maximise its contribution to overall economic recovery. On the advice of the...

Written Answers — Budget Statement: Budget Statement (10 Nov 2010)

Brian Lenihan Jnr: My Department will publish an assessment of 2011 income tax measures using poverty impact assessment criteria. Other Departments may publish further examinations at that time.

Written Answers — Banking Sector Regulation: Banking Sector Regulation (10 Nov 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 of 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...

Written Answers — Budget Statement: Budget Statement (10 Nov 2010)

Brian Lenihan Jnr: The Government will publish a Four-Year Budgetary Plan in the coming weeks which will set out the expenditure and revenue measures required to meet the deficit target of 3% of GDP by end-2014. The Plan is not being prepared at the behest of the EU Commission, nor has the Commission dictated the contents, or indeed any aspect of the Plan's format. Publishing a four-year plan was a decision...

Written Answers — Financial Services Regulation: Financial Services Regulation (10 Nov 2010)

Brian Lenihan Jnr: To secure EBS's immediate capital position, the State on 27 May 2010 provided EBS with €100 million of capital through the issuance of Special Investment Shares in a manner consistent with the EU State aid rules. A Promissory Note to the amount of €250 million was issued to the society on 17 June 2010 to enable EBS to continue to meet its capital adequacy requirements. The State is...

Written Answers — Sovereign Borrowing Costs: Sovereign Borrowing Costs (10 Nov 2010)

Brian Lenihan Jnr: The extreme volatility on euro sovereign bond markets in recent days has seen yields on Irish Government bonds rise significantly, along with those of other so-called peripheral countries. While yields in the secondary market are currently at an elevated level, it must be borne in mind that no new Government debt is being issued at these rates. The purpose of the end-September Banking...

Written Answers — Exchequer Savings: Exchequer Savings (10 Nov 2010)

Brian Lenihan Jnr: The actual roll-out of capital expenditure is a matter for other Departments, operating within a delegated sanction that covers not only capital investment this year but contractual commitments for the next three years. While the level of shortfall is high to date this year, it is not unprecedented and there will be some catch-up before year-end. I understand from the reports from other...

Written Answers — Company Administration: Company Administration (10 Nov 2010)

Brian Lenihan Jnr: On 3 June the High Court granted the Joint Administrators permission to appoint advisors on any prospective sale of Quinn Insurance Ltd (QIL). The advisors, on behalf of the Joint Administrators, issued an information memorandum on 27 August on the sale of the company to interested parties which set out a two stage process for selecting a purchaser. The first stage required the submission of...

Written Answers — Tax Collection: Tax Collection (10 Nov 2010)

Brian Lenihan Jnr: I am assuming that the reference by the Deputy to "further measures announced in Budget 2010 with respect to the treatment of non residents for tax purposes" is a reference to the Domicile Levy introduced by section 150 of the Finance Act 2010. The Domicile Levy is charged on an individual: * who in any year is Irish domiciled and an Irish citizen, * whose worldwide income in the year...