Results 2,561-2,580 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — Tobacco Smuggling: Tobacco Smuggling (15 Jun 2010)

Brian Lenihan Jnr: I am advised by the Revenue Commissioners that they are familiar with the UK strategy paper on tackling tobacco smuggling referred to and that in many respects its content mirrors the overall approach taken by Revenue in regard to tobacco smuggling. With regard to particular aspects outlined, I can advise the Deputy that Revenue works closely with the legitimate tobacco industry, including...

Written Answers — National Solidarity Bond: National Solidarity Bond (15 Jun 2010)

Brian Lenihan Jnr: In Budget 2010, I announced the Government's intention to launch a National Solidarity Bond, the purpose of which is to allow citizens an opportunity to invest and provide money to the State to stimulate economic recovery and to assist in the maintenance and creation of employment. The necessary legislative basis was provided in this year's Finance Act and the Bond was launched on Tuesday 4...

Written Answers — Pension Provisions: Pension Provisions (15 Jun 2010)

Brian Lenihan Jnr: I refer the Deputy to my reply to a similar question on 13th May, 2010. While some of the Bodies have produced preliminary estimated figures for the value of the assets and liabilities of the funds, final valuations as at the transfer dates will only be available when the audited accounts of the funds are finalised. I would be happy to advise the Deputy when I receive the final audited...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (15 Jun 2010)

Brian Lenihan Jnr: As part of the recapitalisation package announced on 11 February, Allied Irish Bank and Bank of Ireland committed to increase lending capacity to small and medium enterprises (SMEs) by 10% and to provide an additional 30% capacity for lending to first time buyers in 2009. AIB and Bank of Ireland also committed to public campaigns to actively promote small business lending at competitive...

Written Answers — National Assets Management Agency: National Assets Management Agency (15 Jun 2010)

Brian Lenihan Jnr: Participating institutions have a duty under section 71 of the NAMA Act 2009 to administer, service and deal with all eligible bank assets with professional skill, care and diligence. In addition, NAMA has powers under section 141 of the Act to take measures to protect the value or conditions of land or buildings where it has acquired bank assets secured by a charge over land. The transfer...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (15 Jun 2010)

Brian Lenihan Jnr: The Financial Services Ombudsman has requested the power to name institutions where it is in the public interest to do so. I am now reviewing the issue. My officials have sought legal advice to help inform the deliberations to formulate a clear policy position. This is a complex issue which requires detailed examination prior to bringing forward legislation. For example, the criteria for...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (15 Jun 2010)

Brian Lenihan Jnr: The Financial Services Ombudsman Council determines, by regulation, the levies and charges payable by each financial service provider. The regulations do not take effect until I consent to their making. The regulations prescribe the amount of the levies and the charges that are to apply to specified classes of financial service providers. All such providers contribute towards the funding...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (15 Jun 2010)

Brian Lenihan Jnr: Primary legislation would not be necessary to achieve 100% industry funding of financial regulation and the Central Bank Reform Bill 2010 does not contain any specific proposals in this regard. However, I have asked officials in my Department to undertake a process of consultation with the Central Bank and Financial Services Regulatory Authority and representatives of the financial services...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (15 Jun 2010)

Brian Lenihan Jnr: The provision for the curtailment of performance bonuses for senior executives of the named institutions is contained in the respective Subscription Agreements for the preference share investment by the National Pensions Reserve Fund Commission in each of these institutions. These Agreements specify that no performance bonuses for senior executives are to be paid for the years 2009 and 2010....

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (15 Jun 2010)

Brian Lenihan Jnr: I propose to take Questions Nos. 187 and 188 together. Under the terms of the Credit Institutions (Financial Support) Scheme [the Scheme], I established the Covered Institutions Remuneration Oversight Committee (CIROC) to oversee all remuneration plans of senior executives of the covered institutions. Paragraph 47 of the Scheme 2008 required that each covered institution prepare a plan to...

Written Answers — Corporate Governance: Corporate Governance (15 Jun 2010)

Brian Lenihan Jnr: I propose to take Questions Nos. 189 to 191, inclusive, together. The Financial Regulator is currently undertaking a public consultation on corporate governance through its consultation paper, Corporate Governance in Financial Institutions, published in April 2010. The consultation paper has been prepared and issued directly by the Financial Regulator, on foot of a commitment in the renewed...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (15 Jun 2010)

Brian Lenihan Jnr: My Department and the Financial Regulator have set up mechanisms for monitoring the financial institutions in relation to the Guarantee. The Scheme requires that covered institutions submit a compliance certificate to the Financial Regulator each quarter which must be certified by the CEO and Chairman of the institutions and reviewed by the institutions external auditors. The requirement...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (15 Jun 2010)

Brian Lenihan Jnr: In accordance with Paragraph 45 of the Credit Institutions (Financial Support) Scheme 2008, the biannual reports on Corporate Social Responsibility are published on each institution's website. Copies of the reports are also available on the IBF website. In relation to progress on the specific issues mentioned, in 2009 the Social Finance Foundation reached agreement with twelve banks and...

Written Answers — Corporate Governance: Corporate Governance (15 Jun 2010)

Brian Lenihan Jnr: I propose to take Questions Nos. 194 and 195 together. As regards the bodies under the aegis of my Department, the following is the position in relation to compliance with the Code of Practice for the Governance of State Bodies. National Treasury Management Agency The National Treasury Management Agency's legal structure does not follow the general semi-state model in all respects. The...

Written Answers — Corporate Governance: Corporate Governance (15 Jun 2010)

Brian Lenihan Jnr: In accordance with the Central Bank Act 1942 (as amended), the Treaty of Rome and the Statute of the European System of Central Banks, the Irish Financial Services Regulatory Authority as a constituent part of the Central Bank and Financial Services Authority of Ireland is an independent body and not subject to direction by the Minister for Finance in this regard. The Central Bank Reform...

Written Answers — Economic Policy: Economic Policy (15 Jun 2010)

Brian Lenihan Jnr: The European Council has taken a number of steps in recent weeks and months to safeguard the financial stability of the euro area. However, there is a broad understanding that economic governance within the euro area needs to be improved. The Commission has contributed a Communication (2010) 250 on reinforcing economic policy coordination to which I assume the Deputy refers. The President...

Written Answers — Tax Code: Tax Code (15 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 — Tax Code: Tax Code (10 Jun 2010)

Brian Lenihan Jnr: As I understand matters, the Deputy's Question relates to payments to individuals. The position is that section 192B of the Taxes Consolidation Act 1997 provides that payments made to a foster parent by the Health Service Executive (HSE) in accordance with Article 14 of the Child Care (Placement of Children in Foster Care) Regulations 1995 are exempt from tax. Section 192B of the Taxes...

Written Answers — EU Directives: EU Directives (9 Jun 2010)

Brian Lenihan Jnr: The Consumer Credit Directive establishes a harmonised legal framework in the European Union for the provision of consumer credit ranging from €200 up to €75,000. (It does not apply to mortgages). It replaces a 1987 Directive (87/102/EEC), which laid down minimum rules for consumer credit arrangements within the EU. In consultation with the Office of the Attorney General, my Department...

Written Answers — Tax Code: Tax Code (9 Jun 2010)

Brian Lenihan Jnr: I can confirm that officials in my Department continue to work with relevant officials in the Revenue Commissioners, the Department of Justice and the Office of the Attorney General on 'gambling' issues and this includes appropriate taxation arrangements.