Results 2,361-2,380 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — Credit Provision: Credit Provision (17 Jun 2010)

Brian Lenihan Jnr: As the Deputy is aware, both AIB and Bank of Ireland have each submitted SME lending plans for 2010 and 2011 in light of the €3 billion target. These plans are being reviewed by my officials and Mr John Trethowan, and are the subject of ongoing discussions. It is my firm intention that summary versions of the plans when finalised will be laid before the Houses of the Oireachtas....

Written Answers — General Government Deficit: General Government Deficit (17 Jun 2010)

Brian Lenihan Jnr: On April 22nd Eurostat published fiscal data which showed a General Government Deficit of 14.3% of GDP for Ireland in 2009. This figure is a revision of the Budget day estimate of 11.7% of GDP due to a technical reclassification of a €4 billion investment by the government in Anglo Irish Bank. However, there is no additional borrowing as a result of this technical reclassification. The...

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

Brian Lenihan Jnr: The transfer of the first tranche of loans from the five participating institutions concluded on 31 May 2010. Tranche 2 will begin to transfer this month. NAMA is on schedule to complete all transfers by the end of this year and by February 2011 at the latest.

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

Brian Lenihan Jnr: On 30 March 2010 I gave details to the House of the further capital needs of the banks in order to meet the Financial Regulator's requirement of a Tier 1 capital ratio of 8%, of which 7% must be equity. In the case of AIB I said the Regulator has determined that AIB must raise additional equity capital of at least €7.4 billion by the end of the year to meet the new base case capital...

Written Answers — Credit Union Sector: Credit Union Sector (17 Jun 2010)

Brian Lenihan Jnr: The Deputy will be aware that I have requested the Financial Regulator to carry out this Strategic Review of the Credit Union Sector in Ireland, that the Project is being managed by the Registrar of Credit Unions and that my officials are liaising closely with him in relation to the project. (Your similar PQ Ref. 17227 dated 28 April 2010 refers.) The Registrar has received tenders from the...

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

Brian Lenihan Jnr: To-date, I have issued Promissory Notes with a principal amount at €2.6 billion in the case of Irish Nationwide Building Society and €10.3 billion in the case of Anglo Irish Bank. The Notes are payable, on demand from the institutions concerned, at the rate of 10% of the principal amount per annum over a ten-year period commencing on March 31st, 2011, from the Central Fund. An annual...

Written Answers — General Government Deficit: General Government Deficit (17 Jun 2010)

Brian Lenihan Jnr: On April 22nd this year Eurostat published a revised estimate of a General Government Deficit of 11.5% for Ireland in 2010. The forecasts for the General Government Balance for the years 2011 to 2014 published in Budget 2010 remain unchanged. The 2010 recapitalisation of Irish Nationwide Building Society and Anglo Irish Bank has been made pending the agreement of the respective restructuring...

Written Answers — Price Inflation: Price Inflation (17 Jun 2010)

Brian Lenihan Jnr: The Deputy is correct to note that both the consumer price index (CPI) as well as the harmonised European measure (HICP) have risen since January of this year. Much of this effect is seasonal. Consumer prices almost always rebound in February and March after the January sales. The CPI has risen by more than the HICP, mainly due to the rise in market mortgage interest rates after the...

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

Brian Lenihan Jnr: As the Deputy is aware, since 29 September 2008, the State has guaranteed certain liabilities of credit institutions in Ireland initially under the Credit Institutions (Financial Support) Scheme (the 'CIFS' Scheme) but more recently under the Credit Institutions (Eligible Liabilities Guarantee) Scheme (the 'ELG' Scheme). Both Schemes set out extensive terms and conditions. The CIFS scheme...

Written Answers — Appointments to State Boards: Appointments to State Boards (17 Jun 2010)

Brian Lenihan Jnr: Under the Relationship Framework the Board of the bank must obtain the prior approval of the Minister for any Board appointments it proposes. In this instance the Board recommended the appointment of the individuals referred to in the Deputy's question, and submitted names including background details, for approval. Further the Deputy will be aware that as a regulated entity, all proposed...

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

Brian Lenihan Jnr: I announced in the budget that a carbon tax at a rate of €15 per tonne was introduced on fossil fuels. The tax was applied to petrol and auto-diesel with effect from midnight, 9 December 2009; and applied from 1 May 2010 to kerosene, marked gas oil (also known as 'green diesel' or 'agricultural diesel'), liquid petroleum gas (LPG), fuel oil and natural gas. The application of the tax to...

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

Brian Lenihan Jnr: On 30 March, the Financial Regulator outlined the new capital requirements for all Irish banks and I made a full statement on the capital needs of the covered institutions. The plans outlined in that statement are currently being implemented. The Government has provided capital to five banks since the start of 2009 and I will outline these injections by individual institution below. In...

Written Answers — National Debt: National Debt (17 Jun 2010)

Brian Lenihan Jnr: The National Treasury Management Agency (NTMA) has advised that the national debt for the period from end-2005 to end-May 2010 was as follows: Year-End â'¬bn 2005 38.2 2006 35.9 2007 37.6 2008 50.4 2009 75.2 End-May 2010 82.9 The NTMA advise that the national debt is a measurement of the indebtedness of the Exchequer i.e. the total outstanding amount of principal borrowed by Central...

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

Brian Lenihan Jnr: The Disabled Drivers and Disabled Passengers (Tax Concessions) Scheme provides relief from VAT and Vehicle Registration Tax (up to a certain limit), and exemption from motor tax, on the purchase of an adapted car for transport of a person with specific severe and permanent physical disabilities. The disability criteria for these concessions are set out in the Disabled Drivers and Disabled...

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 — Price Inflation: Price Inflation (17 Jun 2010)

Brian Lenihan Jnr: Over much of the last decade, inflation in Ireland exceeded that in the euro area as a whole. Some of this was due to convergence effects. Exchange rate movements also had an impact. In addition, the strength of demand and the low level of unemployment pushed up domestic prices. Over the last two years this situation has reversed. On a year-on-year basis the consumer price index (CPI) fell by...

Written Answers — Crime Prevention: Crime Prevention (17 Jun 2010)

Brian Lenihan Jnr: EU action in the area of anti-money laundering is primarily contained in the Third Money Laundering Directive (Directive 2005/60/EC). Primary responsibility for domestic legislation in the anti-money laundering area lies with the Minister for Justice and Law Reform who has transposed the Directive into Irish law in the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010...

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

Brian Lenihan Jnr: The Renewed Programme for Government sets out the Government's commitments for introducing new measures to protect families having difficulties with their mortgage repayments and personal indebtedness under the headings Protecting the Family Home and Helping Those in Debt. I have spoken extensively about the Government's intentions in this regard, including during the passage of the National...

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

Brian Lenihan Jnr: The table shows the performance of the main tax-heads against profile for the first five months of the year. As the Deputy can see, in overall terms, €12,117 million in tax revenue was collected, meaning there is a shortfall of €148 million or 1 per cent. Thus, tax revenues are broadly in line with expectations at this point in the year and the budgetary targets for the year as a whole...

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

Brian Lenihan Jnr: Over the last two years tax receipts have been severely impacted by the sharp deterioration in the economic environment. The table sets out the trend in tax receipts over the last five years and the 2010 forecast for tax revenue: 2005 2006 2007 2008 2009 2010 Budget forecast Total Exchequer Tax Receipts €m 39,254 45,539 47,249 40,777 33,043 31,050 Year-on-Year change 10% 16% 4% -14%...