Results 2,661-2,680 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — National Debt: National Debt (27 May 2010)

Brian Lenihan Jnr: Expenditure on national debt interest amounted to some €1.6 billion in 2007, some €1.5 billion in 2008 and to some €2.5 billion in 2009. In relation to bond maturities in each of the past three years, the position is set out in the table below. Bond Maturities 2007-2009 €m 2007 6,041 2008 31 2009 5,072 Based on the projections for the Exchequer Borrowing Requirement for the...

Written Answers — National Asset Management Agency: National Asset Management Agency (27 May 2010)

Brian Lenihan Jnr: NAMA purchases eligible land and development loans and certain associated loans from participating institutions and manages these loans with the intention of generating the best possible return. NAMA does not directly purchase property or land. I am advised by NAMA that there are no local authority loans due for transfer to NAMA from a participating institution. Furthermore, there is no...

Written Answers — European Council Meetings: European Council Meetings (27 May 2010)

Brian Lenihan Jnr: President Van Rompuy's Task Force met for the first time last Friday. I am the Irish representative on the Task Force. The work of the Task Force has only just begun, but there is a willingness by all to consider ways to strengthen the Stability and Growth Pact, and to put in place an effective crisis management mechanism for dealing with the kind of problems we see today in the euro area....

Written Answers — Pension Provisions: Pension Provisions (27 May 2010)

Brian Lenihan Jnr: I assume the Deputy is referring to the Standard Fund Threshold in respect of which Budget and Finance Act 2006 introduced a maximum allowable pension fund on retirement for tax purposes. A limit of €5 million was placed on the total capital value of pension benefits that an individual can draw upon in their lifetime from tax-relieved pension arrangements. This is known as the Standard Fund...

Written Answers — Tax Code: Tax Code (27 May 2010)

Brian Lenihan Jnr: I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer from increasing the Capital Acquisitions Tax rate by 1%, 2%, 3%, 4%, 5%, 6%, 7%, 8%, 9% or 10%, based on the Budget estimate of €240 million for 2010, could be in the region of €9.5 million, €19 million, €29 million, €38 million, €48 million, €58 million, €67 million, €77million,...

Written Answers — Departmental Communications: Departmental Communications (27 May 2010)

Brian Lenihan Jnr: The following tables list the information requested by the Deputy both in relation to my own Department and bodies under the aegis of my Department. Department of Finance Web address and Function Maintenance costs www.finance.gov.ieDepartment of Finance web site €5,800 (exclusive of VAT) for 2009. www.training.gov.ieprovides information in relation to training matters €0 – Hosted...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (27 May 2010)

Brian Lenihan Jnr: As the Deputy will be aware the original Guarantee under the Covered Institutions Financial Support Scheme (CIFS) is due to expire on 29 September. However, a new Guarantee, the eligible Liabilities Guarantee Scheme (ELG) has been introduced. Liabilities guaranteed under ELG are covered up to their maturity date, to a maximum of five years. In addition, customer deposits up to €100,000...

Written Answers — Tax Yield: Tax Yield (27 May 2010)

Brian Lenihan Jnr: It is estimated that the carbon tax, inclusive of VAT, will yield approximately €250 million in 2010. The revenue will, amongst other things, be used to boost energy efficiency, to support rural transport and to alleviate fuel poverty. It is the general practice not to ring-fence revenues for specific purposes but rather take an overall view on priorities in the context of Expenditure...

Written Answers — Pension Provisions: Pension Provisions (27 May 2010)

Brian Lenihan Jnr: The Deputy is seeking data on pension fund values over a 10 year period. In reply I would say that pension fund values cannot be derived from data on retirement lump sum information available to the Revenue Commissioners as data on lump sum payments made by pension fund administrators are not required to be returned to the Revenue Commissioners. Consequently, there is no data available to...

Written Answers — Tax Code: Tax Code (27 May 2010)

Brian Lenihan Jnr: As the Deputy may be aware, I met with the former British Chancellor of the Exchequer, Alastair Darling, over the course of the last year and discussed a range of financial and budgetary matters with him. I also met the current Chancellor George Osborne at the recent meetings in Brussels regarding the Euro and will continue to meet with him and the other European Finance Ministers at the...

Written Answers — Pension Provisions: Pension Provisions (27 May 2010)

Brian Lenihan Jnr: Benchmarking increases were applied to public service pensioners at the time in the light of general policy of linking post-retirement increases in pensions to pay. The Postal and Telecommunications Services Act 1983 provided for the transfer of certain staff from the former Department of Posts and Telegraphs to An Post. The Act also provides for not less favourable conditions in respect...

Written Answers — Financial Services Regulation: Financial Services Regulation (27 May 2010)

Brian Lenihan Jnr: Any additional bonds regardless of the currency they are issued in would have to be issued by the NTMA and as with all bonds issued by them would add to our General Government debt. In light of the current Government deficit situation, the Deputy's suggestion would not be an appropriate solution for counteracting the risk of rising mortgage interest rates. The Deputy will be aware that in...

Written Answers — Tax Collection: Tax Collection (27 May 2010)

Brian Lenihan Jnr: I have been advised by the Revenue Commissioners that the procedures in respect of allowances have not been altered in the current year. Self-Assessment applies in the case of this taxpayer and following an audit deductions incorrectly claimed have been withdrawn.

Written Answers — Pension Provisions: Pension Provisions (26 May 2010)

Brian Lenihan Jnr: As regards the Civil Service for which I am directly responsible, prior to 1974 female officers were required to resign on marriage and, depending on their service, received a marriage gratuity in lieu of any pension benefits. Following the abolition of the marriage bar, any officer appointed before 1974 has the option of resigning within two years of marriage and receiving a marriage...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (26 May 2010)

Brian Lenihan Jnr: The Government announced the establishment of an investigation into the banking crisis on 19 January 2010. This investigation will have two stages. For the first stage, the Government has commissioned two separate preliminary reports: · One report is being prepared by Professor Patrick Honohan, Governor of the Central Bank and Financial Services Authority of Ireland, on the performance of...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (26 May 2010)

Brian Lenihan Jnr: As the Deputy is aware under the Relationship Framework the Board of the bank is responsible for the day-to-day operations of the Bank, including in this context the appointment of consultants. I am informed by the Bank that it did not appoint the company, referred to in the Deputy's question, to carry out a forensic examination into their accounts. However, in October 2009, the bank did...

Written Answers — Official Engagements: Official Engagements (26 May 2010)

Brian Lenihan Jnr: There have not been any formal discussions at EU level on the formation of an independent EU ratings agency. A proposal to establish such an agency would present a number of important issues which would need to be examined very carefully. I would like to bring the Deputy's attention to the fact that the EU has already agreed on a regulatory regime for Credit Rating Agencies and that this new...

Written Answers — Official Engagements: Official Engagements (26 May 2010)

Brian Lenihan Jnr: I meet senior personnel in the Offices and Agencies within the ambit of my Department as appropriate from time to time. The records in my office indicate that I have met formally with the Financial Regulator on four occasions in the period since May 2008. The Minister of State at my Department has also met the Financial Regulator on occasion over the same period.

Written Answers — Tax Collection: Tax Collection (26 May 2010)

Brian Lenihan Jnr: Revenue's power to attach, in certain circumstances, third party debts owing to a defaulting taxpayer is set out in section 1002 of the Taxes Consolidation Act 1997. The number of Notices of Attachment issued by Revenue for 2008, 2009 and Jan – Apr 2010 is set out in the table below. Year Number 2008 2362 2009 3199 Jan - Apr 2010 1331 The Deputy's question refers to attachment orders...

Written Answers — EU Directives: EU Directives (26 May 2010)

Brian Lenihan Jnr: The Solvency II Framework Directive was published in the EU Official Journal on 17 December 2009. The most essential features of the Directive are: (i) the introduction of an economic/risk based approach to the measurement of assets and liabilities. Capital requirements will be determined by an evaluation of a company's level of risk using a consistent set of measurement principles,...