Results 16,181-16,200 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — EU-IMF Fund: EU-IMF Fund (12 Jan 2011)

Brian Lenihan Jnr: As is normal in these circumstances, officials of my Department are in ongoing contact with their counterparts in the EU Commission, the IMF and the ECB in relation to implementation of the joint programme of financial assistance which has been agreed for Ireland. I understand that frequent contact is also taking place between the staff of the Central Bank, the Financial Regulator's Office...

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

Brian Lenihan Jnr: The following table sets out the amount of capital injected by the State into the Irish Banking System to date. The Central Bank has set out the further capital that will be required by AIB, BOI and EBS in order for them to meet a 12% core tier 1 ratio by the end of February 2011 as agreed in the Programme for Financial Support with the IMF, EU and the ECB. Capitalisation of Credit...

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

Brian Lenihan Jnr: I propose to take Questions Nos. 317, 318 and 320 together. 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, the Government's actions in the banking area are designed, while minimising the cost to the taxpayer, to support the development of a reformed and...

Written Answers — Legislative Programme: Legislative Programme (12 Jan 2011)

Brian Lenihan Jnr: The Central Bank Reform Act 2010 established a single, integrated, Central Bank of Ireland ("the Bank") to replace the dual Central Bank and Irish Financial Services Regulatory Authority structure. That Act was the first in a proposed three stage legislative programme. The day-to-day regulation of banks and other financial service providers is primarily a matter for the Bank and in June of...

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

Brian Lenihan Jnr: I would like to advise the Deputy that private sector debt is not counted as part of the National Debt. 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. Figures for the National Debt over the past five years are detailed in the following table. ...

Written Answers — Pension Provisions: Pension Provisions (12 Jan 2011)

Brian Lenihan Jnr: The individual case raised by the Deputy which refers to the reduction in pension is a matter for consideration by the Minister for Transport, as employer, in the first instance. The Government decided, in the context of the serious national budgetary position, that retired public service pensioners should make a contribution to the overall required fiscal adjustment. This decision was...

Written Answers — Consultancy Contracts: Consultancy Contracts (13 Jan 2011)

Brian Lenihan Jnr: I have been advised by the Central Bank of Ireland that the first company to which the Deputy refers will perform reviews of asset and data quality of those banks participating in the Prudential Capital Assessment Review ("PCAR") and the Prudential Liquidity Assessment Review ("PLAR"), the second will provide project management resources for the Central Bank's Financial Measures...

Written Answers — Pension Provisions: Pension Provisions (13 Jan 2011)

Brian Lenihan Jnr: The Financial Emergency Measures in the Public Interest Act 2010 gave statutory effect to the public service pension reduction announced in the National Recovery Plan 2011-2014 and Budget 2011. It is a tapered measure which makes a greater reduction from those with more substantial public service pensions. The measure will play an important part in the task of bringing Ireland's public...

Written Answers — Tax Code: Tax Code (13 Jan 2011)

Brian Lenihan Jnr: I announced in Budget 2011 a major reform of the charge to Stamp Duty on residential property transactions, which applies to all instruments executed on or after 8 December 2010. These changes have simplified the system by lowering the rates applicable and abolishing a number of exemptions and reliefs. The changes in rates are as follows: Stamp Duty rates on transfers of residential...

Written Answers — Tax Code: Tax Code (13 Jan 2011)

Brian Lenihan Jnr: I propose to take Questions Nos. 93 to 95, inclusive, together. I have received submissions from industry groups and professional bodies and my officials have met with a broad spectrum of stakeholders including the Irish Taxation Institute, Irish Hotels Federation, Construction Industry Federation, Irish Property Owners' Association, Irish Auctioneers and Valuers Institute and Society of...

Written Answers — Ministerial Appointments: Ministerial Appointments (13 Jan 2011)

Brian Lenihan Jnr: The information requested by the Deputy is as follows: Mr Ultan Herr was appointed to the Decentralisation Implementation Group (DIG) on 26 November 2007 for a period of 2 years. Although he continued to serve on the DIG, due to an oversight, the extension of his membership was not formally approved until 17 December 2010 when his membership was extended until the end of 2011 or the...

Written Answers — EU Budget: EU Budget (13 Jan 2011)

Brian Lenihan Jnr: Ireland's contribution to the EU Budget is a charge on the Central Fund under the European Communities legislation. It is a requirement of our membership of the Union through the Treaties and related legislation. As the contribution is an obligation of EU membership, there are provisions for sanction of a Member State that does not fulfil these obligations. There have not been any...

Written Answers — Tax Code: Tax Code (13 Jan 2011)

Brian Lenihan Jnr: I am assuming the Deputy is referring to the tax-free thresholds for Capital Acquisitions Tax. Assuming the enactment of the changes to these thresholds announced in the 2011 Budget I am advised by the Revenue Commissioners that the estimated full year gains to the Exchequer from reducing the Group A and Group B thresholds for Capital Acquisitions Tax by the stated amounts would be of the...

Written Answers — Tax Code: Tax Code (13 Jan 2011)

Brian Lenihan Jnr: The position is that having an entitlement to a medical card will not exempt an individual from the Universal Social Charge (USC). However, it should be noted that payments from the Department of Social Protection such as job seeker's benefit, job seeker's allowance and the contributory and non-contributory State pension will be exempt from the USC. Therefore, the Universal Social Charge...

Written Answers — Prize Bonds: Prize Bonds (13 Jan 2011)

Brian Lenihan Jnr: The Prize Bond scheme has been running since March 1957. Prize Bonds are part of the range of State Savings products offered by the National Treasury Management Agency (NTMA) to personal savers. All Prize Bond money is placed directly with the Irish State and forms part of the National Debt under the management of the NTMA. The repayment of Prize Bond money and cash prizes is a direct...

Written Answers — Tax Reliefs: Tax Reliefs (13 Jan 2011)

Brian Lenihan Jnr: I propose to take Questions Nos. 101, 102, 104 and 106 together. I should point out that the phased abolition of property-based tax reliefs announced in the recent Budget relates to both residential and non-residential property. I am informed by the Revenue Commissioners that the latest relevant information available on the tax relief allowable for residential property related tax schemes is...

Written Answers — Tax Reliefs: Tax Reliefs (13 Jan 2011)

Brian Lenihan Jnr: The level of tax relief investors can claim on the interest for mortgages and loans on residential rental properties was reduced to 75% of the interest accrued from 7th April 2009 under Section 5 of the Finance Act 2009. Applying the reduction in relief to rents from commercial properties would have provided some additional revenue to the Exchequer. However, the mechanisms for rent levels...

Written Answers — Tax Code: Tax Code (13 Jan 2011)

Brian Lenihan Jnr: As the Deputy is aware, I announced in Budget 2011 a major reform of the charge to Stamp Duty on residential property transactions, which applies to all instruments executed on or after 8 December 2010. These changes have simplified the system by lowering the rates applicable and abolishing a number of exemptions and reliefs. The changes in rates are as follows: Stamp Duty rates on...

Written Answers — National Asset Management Agency: National Asset Management Agency (13 Jan 2011)

Brian Lenihan Jnr: I am informed that NAMA proposes to increase the number of its staff to 150 from the original staffing target of 100 which has now been achieved. This is due to the fact that the Board of NAMA has decided that a larger number of debtors should be managed directly by the Agency rather than by the participating institutions. In particular, the Agency wishes to manage closely the performance of...

Written Answers — Local Authority Charges: Local Authority Charges (18 Jan 2011)

Brian Lenihan Jnr: The Valuation Act, 2001 which came into effect on 2nd May, 2002, provides for the revaluation of all commercial and industrial property in the State. The Commissioner of Valuation has sole responsibility for all valuation matters under the Act, which includes the implementation of the revaluation programme. The purpose of revaluation is to bring more equity, fairness and transparency into...