Results 16,041-16,060 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — Banks Recapitalisation: Banks Recapitalisation (12 Jan 2011)

Brian Lenihan Jnr: I propose to take Questions Nos. 81 and 82 together. On 31 December 2010 further capital of €6.42 billion was provided to Anglo Irish Bank and €2.7 billion to Irish Nationwide Building Society. The consideration for the further capital was provided through a final increase in the Promissory Notes in each institution. As set out in the technical note published on my Department's website...

Written Answers — Illicit Trade in Tobacco: Illicit Trade in Tobacco (12 Jan 2011)

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 Revenue employs a multifaceted strategy to deal with this problem. It includes ongoing analysis of the nature and extent of the problem, developing and sharing intelligence on a national, EU and international...

Written Answers — Tax Code: Tax Code (12 Jan 2011)

Brian Lenihan Jnr: There are no plans to remove VAT and VRT on the purchase of new taxi vehicles.

Written Answers — Fiscal Policy: Fiscal Policy (12 Jan 2011)

Brian Lenihan Jnr: Under the terms of the programme of financial support which we have agreed with our European partners and the IMF, there is a recommendation that we should introduce a fiscal rule such that any additional unplanned revenues which arise will be allocated to deficit and debt reduction. In Budget 2010, published in December 2009, it was outlined that as part of the ongoing reform of the...

Written Answers — Financial Services Regulation: Financial Services Regulation (12 Jan 2011)

Brian Lenihan Jnr: Based on information supplied to me by the 6 covered institutions, 31 directors (including 3 public interest appointments made in December 2008) who were in place at end December 2008 remain in situ. It has to be accepted that a complete turnover of all of the respective appointments at the covered institutions was neither practical nor desirable. Contrary to public perception, a lot of...

Written Answers — Croke Park Agreement: Croke Park Agreement (12 Jan 2011)

Brian Lenihan Jnr: The Public Service Agreement (Croke Park Agreement) provides a sustainable framework to manage the provision and delivery of our essential public services in a period of unprecedented pressure on public resources. In this regard, the Exchequer Pay Bill will be approximately 8% less in 2010 over 2009 while the number of public servants has reduced by almost 12,000 since March 09, resulting in...

Written Answers — Banking Sector: Banking Sector (12 Jan 2011)

Brian Lenihan Jnr: As the Deputy is aware, the Government has devoted considerable effort, over the last two years, to ensuring the future viability of Irish banks. Furthermore, the Deputy will also be aware that, in November 2010, the Central Bank of Ireland set new enhanced minimum capital requirements for Allied Irish Banks, Bank of Ireland, EBS and Irish Life and Permanent (ILP) at 10.5% Core Tier 1....

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (12 Jan 2011)

Brian Lenihan Jnr: I refer the Deputy to the money and banking statistics published by the Irish Central Bank on a monthly basis. The figure for borrowing from the Eurosystem relating to monetary policy operations for the domestic group of credit institutions (listed at - http://www.centralbank.ie/data/site/cmbs/Credit%20Institutio ns%20Resident%20in%20the%20Republic%20of%20Ireland.pdf) at the end of November...

Written Answers — National Asset Management Agency: National Asset Management Agency (12 Jan 2011)

Brian Lenihan Jnr: I have been advised that NAMA has now completed the transfer of loans from debtors with a nominal value of €71.2 billion. As consideration for these loans NAMA has issued €30.2 billion in bonds to the five participating institutions. NAMA issued 95% of this value in Senior Notes totalling €28.65 billion with a further 5% totalling €1.51 billion being issued in subordinated...

Written Answers — Tax Code: Tax Code (12 Jan 2011)

Brian Lenihan Jnr: As the Deputy is aware, the National Recovery Plan included a proposal for a site value tax which will be introduced with a fixed household charge of €100 per annum in 2012, with a value-based addition being introduced in 2013. Initial consultation on the implications of a recurrent annual tax on property has taken place with relevant stakeholders. The Non-Principal Private Residence...

Written Answers — Asset Disposals: Asset Disposals (12 Jan 2011)

Brian Lenihan Jnr: The once-off measures announced in Budget 2011 total €660 million and are comprised of asset disposals, the sale of mobile telephony licences, debt servicing savings and increased dividends. The expected yield from each of these components is set out in Table 4 on page D.17 of the Budget book. Receipts from asset disposals will be considered during 2011 and could arise from a variety of...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (12 Jan 2011)

Brian Lenihan Jnr: The Deputy will be aware that the Memorandum of Understanding sets out a deadline of end December 2010 for agreement with the Irish authorities and the ECB, European Commission and the IMF on agreed loan to deposit ratios for each bank. However following further discussions with the ECB/EU/IMF, it has been agreed that it would be more appropriate to decide on the loan to deposit ratios for...

Written Answers — Fiscal Policy: Fiscal Policy (12 Jan 2011)

Brian Lenihan Jnr: I propose to take Questions Nos. 95, 99 and 131 together. On January 5th the EFSM launched a 5 year bond, of which it sold €5 billion. These funds were raised at a cost of 5.51per cent to Ireland. Ireland will be in receipt of this on January 12th. A receipt equivalent to about €5.8 billion is expected from the IMF on January 18th. The cost of these funds will depend on market...

Written Answers — Personal Debt: Personal Debt (12 Jan 2011)

Brian Lenihan Jnr: The Memorandum of Understanding document, attached to the EU/IMF Programme of Financial Support for Ireland which the Deputy refers to, identifies the early publication of the in-depth review of the personal debt regime as well the commencement of work on reform of legislation which will balance the interests of both creditors and debtors as actions to be delivered by end of the first quarter...

Written Answers — State Banking Sector: State Banking Sector (12 Jan 2011)

Brian Lenihan Jnr: As the Deputy is aware a number of investigations are ongoing into matters at Anglo Irish Bank. These include investigations by the Garda Bureau of Fraud Investigation, the Office of the Director of Corporate Enforcement and the Chartered Accountants Regulatory Board of the Chartered Accountants of Ireland. The Department of Justice has informed me that two Investigation Files relating to...

Written Answers — Bank Deposits: Bank Deposits (12 Jan 2011)

Brian Lenihan Jnr: It has been clear for some time that our banks were facing serious challenges in terms of their liquidity position. Lingering concerns in the market regarding their capital position has led to negative market sentiment. In addition unfavourable, and in some cases, irresponsible media reports have contributed to this negative sentiment. The Deputy will be aware that the Central Bank of...

Written Answers — Fiscal Policy: Fiscal Policy (12 Jan 2011)

Brian Lenihan Jnr: Debt servicing costs are made up of three separate components: (i) debt interest payments, (ii) the sinking fund provision and (iii) debt management expenses. I have been advised by the NTMA that the debt service estimate underpinning the Budget 2011 public finance forecasts amounts to €5.6 billion in 2011, with €5 billion coming from the Exchequer and €0.6 billion from the Capital...

Written Answers — National Asset Management Agency: National Asset Management Agency (12 Jan 2011)

Brian Lenihan Jnr: NAMA has its own Board and has a commercial remit and will make decisions on asset disposals on a case-by-case basis with the debtor where disposal is the best option for maximising value. I am advised that the Board of NAMA has set targets that it wants to realise 25% of its portfolio by end 2013 and this has been factored into the Debtor Business Plan process. The rate of progress in this...

Written Answers — Fiscal Policy: Fiscal Policy (12 Jan 2011)

Brian Lenihan Jnr: The end-year Exchequer Returns of revenues and expenditure for 2010 provide further evidence of the stabilisation in the public finances. The overall Exchequer Balance of €18.7 billion is in line with my Department's estimates set out in December 2009. Tax receipts were €703 million or 2.3% above target while voted expenditure of Government Departments was almost €730 million or 1.5%...

Written Answers — Insurance Industry: Insurance Industry (12 Jan 2011)

Brian Lenihan Jnr: On 3 June 2010 the High Court granted the Joint Administrators permission to appoint advisers on any prospective sale of Quinn Insurance Ltd (QIL). The advisers, 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...