Results 2,341-2,360 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — National Asset Management Agency: National Asset Management Agency (17 Jun 2010)

Brian Lenihan Jnr: NAMA has a commercial remit and generating a return for the taxpayer is a key objective. However, within this context NAMA will seek to facilitate public bodies seeking the creation of desirable developments that encourage vibrant sustainable communities. I have previously indicated that such bodies could be given first option for a limited period on properties which NAMA has acquired....

Written Answers — Commissions of Investigation: Commissions of Investigation (17 Jun 2010)

Brian Lenihan Jnr: The Government agreed at its meeting on Wednesday 9 June that the preliminary reports, The Irish banking crisis: regulatory and financial stability policy 2003 – 2008, by the Governor of the Central Bank, and A preliminary report on the sources of Ireland's banking crisis, by Klaus Regling and Max Watson, be laid before both Houses of the Oireachtas. These reports are preliminary, scoping...

Written Answers — Disabled Drivers: Disabled Drivers (17 Jun 2010)

Brian Lenihan Jnr: I am advised by the Revenue Commissioners that, following a review of the Disabled Drivers scheme, some changes in the administrative arrangements have been gradually introduced to achieve efficiencies and to simplify the process for disabled claimants, so that claiming is easier and more customer-friendly. The changes included dispensing with the submission of receipts with every fuel...

Written Answers — Tax Code: Tax Code (17 Jun 2010)

Brian Lenihan Jnr: I am advised by the Revenue Commissioners that they are aware of the recent Supreme Court decision involving the leasing of the premises in Dublin known as the National Aquatic Centre. However, in keeping with the obligation on them to respect the right of all persons to have their tax affairs dealt with in confidence, the Commissioners are unable to comment on the tax affairs of any of the...

Written Answers — Departmental Staff: Departmental Staff (17 Jun 2010)

Brian Lenihan Jnr: Since 2008 the staffing levels in the Financial Services Division of my Department, within which responsibility for banking and insurance lies, have increased from 34.20 to 51.73 (whole time equivalents) in 2010 - a 51.5% increase. In addition to an overall increase in staffing levels within these areas, my Department has so far recruited the services of three experts in the financial...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (17 Jun 2010)

Brian Lenihan Jnr: As indicated in my Banking Statement on 30 March 2010 Anglo Irish Bank will need further capital which could be of the order of €10bn. On 31 May 2010 an additional €2bn in capital support was provided to Anglo Irish Bank. This took place by way of an adjustment to the existing Promissory Note of €8.3bn which issued to the Bank on the 31 March 2010. This brings the total value of the...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (17 Jun 2010)

Brian Lenihan Jnr: I propose to take Questions Nos. 51 and 59 together. In the context of NAMA and the associated recapitalisations I sought further contributions to economic recovery from the banks. In my statement on 30 March I announced further specific lending targets on the main business banks, AIB and Bank of Ireland. They will make available for targeted lending not less than €3 billion each for...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (17 Jun 2010)

Brian Lenihan Jnr: In accordance with EU State aid requirements, my officials formally notified the European Commission of the recapitalisation of Bank of Ireland and Allied Irish Banks on 11 March 2009 and 22 April 2009, respectively. In both cases the Commission concluded that the measures in question constituted State aid pursuant to the relevant state aid articles of the EC Treaty. Consequently, both banks...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (17 Jun 2010)

Brian Lenihan Jnr: As the Deputy may be aware, at the time the Credit Institutions Financial Support (CIFS) Scheme was put in place, I highlighted the intention that guarantee fees of at least €1 billion would be raised in respect of the two year period of the guarantee. In the context of the six month review of the charge under the CIFS Scheme, which was undertaken by my Department in September 2009, and...

Written Answers — Flood Relief: Flood Relief (17 Jun 2010)

Brian Lenihan Jnr: My Department made an application to the EU Commission on 27th January 2010 for funding under the EU Solidarity Fund based on estimates of damage received from Departments and local authorities. The application was formally acknowledged by the Commission on 24th February 2010. The EU Solidarity Fund does not fund full reconstruction nor does it fund prevention works. It funds emergency...

Written Answers — Financial Services Regulation: Financial Services Regulation (17 Jun 2010)

Brian Lenihan Jnr: The Central Bank and Financial Services Authority of Ireland (CBFSAI) is governed by the Central Bank Act 1942 (as amended), the Statute of the European System of Central Banks and the Treaty of Rome and is not directly responsible to me for the cost of financial regulation. However, the Central Bank Act 1942 requires my approval for an annual statement by the Irish Financial Services...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (17 Jun 2010)

Brian Lenihan Jnr: As I pointed out in my Banking Statement on 30 March, the unavoidable reality is that the bank has incurred losses from its large-scale property lending and needs substantial further capital. I also made clear that unpalatable as it is, only the taxpayer can provide this capital and in view of the huge costs of an immediate liquidation or wind-down of the bank which I set out in my statement...

Written Answers — Fiscal Policy: Fiscal Policy (17 Jun 2010)

Brian Lenihan Jnr: According to the latest Quarterly National Household Survey (QNHS), released earlier this week, the number of people in employment in Ireland fell by 108,000 (-5.5 per cent) in the year to the first quarter of 2010. While there is no doubt that this is a disappointing figure, it should be noted that the rate of employment loss is slowing compared to last year, when employment fell by 8.1%. A...

Written Answers — Fiscal Policy: Fiscal Policy (17 Jun 2010)

Brian Lenihan Jnr: To date in 2010, I have issued a Promissory Note with a principal amount of €10.3 billion to Anglo Irish Bank. I have also provided capital of €2.7 billion to Irish Nationwide Building Society which comprises €100 million for Special Investment Shares and a Promissory Note of €2.6 billion. The recapitalisation of INBS and Anglo Irish Bank has been made pending the agreement of the...

Written Answers — Fiscal Policy: Fiscal Policy (17 Jun 2010)

Brian Lenihan Jnr: While there are no specific proposals for a speculative currency transaction tax, considerations of how to ensure that the financial sector contributes to the cost of dealing with crises is underway in various fora internationally. The IMF is due to report to the G20 Summit later this month. In a preliminary report in April the IMF focused on two possible contributions from the financial...

Written Answers — Tax Code: Tax Code (17 Jun 2010)

Brian Lenihan Jnr: As I have stated previously, I believe there is little or no scope for increases in marginal income tax rates, so it will be necessary to examine other ways of broadening our tax base. A property tax is one means of doing so. As the Deputy will be aware, the Government has already successfully introduced a levy on second homes which yielded of the order of €63 million in 2009 and €18...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (17 Jun 2010)

Brian Lenihan Jnr: Returns for the end of April were submitted to the Financial Regulator on 28 May and are being analysed at present. The end May figures are not yet available. As of the end March, liabilities guaranteed under the Covered Institutions (Financial Support) Scheme (CIFS) amounted to €130 billion while liabilities under the Eligible Liabilities Guarantee Scheme (ELG) amounted to €139 billion....

Written Answers — Tax Code: Tax Code (17 Jun 2010)

Brian Lenihan Jnr: I have no plans to abolish the air travel tax. The air travel tax was one of a number of Budgetary measures introduced recently that was necessary in the context of an overall response to the fiscal challenges we face. I have stated before that the impact of the tax on passenger numbers is being overstated.

Written Answers — Fiscal Policy: Fiscal Policy (17 Jun 2010)

Brian Lenihan Jnr: While the past few years have been difficult for us all, with many challenges to be addressed, this Government has developed, and is implementing successfully, a number of strategies to tackle effectively the budgetary, banking and competitiveness issues we face. These strategies have been welcomed by many commentators and by bodies such as the European Commission, the OECD and the IMF. In...

Written Answers — Mortgage Arrears: Mortgage Arrears (17 Jun 2010)

Brian Lenihan Jnr: The continued rise in arrears levels is disappointing, but in line with expectations. The numbers in arrears and the amount of lending involved are still at relatively low levels. Mortgage arrears are reckoned to track unemployment, with a lag of 6 months or so and the expectation is that mortgage arrears should stabilise in the course of this year as the unemployment position improves. The...