Results 2,941-2,960 of 16,537 for speaker:Brian Lenihan Jnr
- Written Answers — Tax Code: Tax Code (29 Apr 2010)
Brian Lenihan Jnr: Section 235 of the Taxes Consolidation Act, 1997 provides an income tax exemption to sporting bodies, which have been approved by Revenue on the basis that the body has been established and exists, for the sole purpose of promoting athletic or amateur games or sports. The exemption extends to the amount of income applied to the sole purpose of promoting athletic or amateur games or sports....
- Written Answers — Banks Recapitalisation: Banks Recapitalisation (29 Apr 2010)
Brian Lenihan Jnr: On March 31st this year the Government issued promissory notes to Anglo Irish Bank and Irish Nationwide Building Society for â¬8.3 and â¬2.6 billion respectively to help meet their capitalisation requirements over the coming years. Although the effect of this is to increase General Government Debt by â¬10.9 billion in 2010 there will be no actual drawing down of funds associated with these...
- Written Answers — Pension Provisions: Pension Provisions (29 Apr 2010)
Brian Lenihan Jnr: Additional Voluntary Contributions (AVCs) are made by an employee in addition to any compulsory contributions the employee may be required to make under the rules of an occupational pension scheme of which he or she is a member. AVCs can be made in order to improve the benefits of scheme members over and above those provided by the scheme rules but within Revenue limits. Where an employer...
- Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (29 Apr 2010)
Brian Lenihan Jnr: Under the Credit Institutions (Financial Support) Scheme 2008 the remuneration packages of directors and executives, including total salary, bonuses, pension payments and any other benefits were subject to review by the Covered Institutions Remuneration Oversight Committee [CIROC] arising from the provisions of the Credit Institutions (Financial Support) Act, 2008. CIROC reported on 27...
- Written Answers — Money Laundering: Money Laundering (29 Apr 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, Equality and Law Reform who has transposed the Directive into Irish law in the Criminal Justice (Money Laundering and Terrorist Financing)...
- Written Answers — Economic Competitiveness: Economic Competitiveness (29 Apr 2010)
Brian Lenihan Jnr: Until 2008, Ireland lost competitiveness as our prices grew ahead of other euro area countries and our wages increased at rates above that justified by our productivity. Our price levels were almost a quarter higher than the euro area average in that year. As has been said for some time there is an urgent need to improve the competitiveness of the Irish economy and this is a job for all in...
- Written Answers — Fiscal Policy: Fiscal Policy (29 Apr 2010)
Brian Lenihan Jnr: Budget 2010 forecast an Exchequer Borrowing Requirement of just under â¬19 billion and a General Government Deficit of some 111â2% of GDP in 2010. The most recently published fiscal data for 2010 are the Exchequer Returns for the end of the first quarter of the year, published on 2 April and these were broadly in line with my Department's expectations for the first quarter of the year. My...
- Written Answers — Banks Recapitalisation: Banks Recapitalisation (29 Apr 2010)
Brian Lenihan Jnr: I propose to take Questions Nos. 108 and 109 together. I announced earlier this month under the NAMA Act that AIB and Bank of Ireland are to make available a minimum of â¬3 billion each for new or increased credit facilities, including working capital targeted at SMEs, in the real economy in the next two years. Both Bank of Ireland and AIB are required to prepare a SME lending plan, broken...
- Written Answers — Mortgage Arrears: Mortgage Arrears (29 Apr 2010)
Brian Lenihan Jnr: The Renewed Program for Government which was published in October 2009 sets out the Government's priorities in relation to the issues facing families having difficulties with their mortgage repayments and personal indebtedness under the headings Protecting the Family Home and Helping Those in Debt. I have referred to the Government's intentions in this regard on many occasions in this House,...
- Written Answers — National Asset Management Agency: National Asset Management Agency (29 Apr 2010)
Brian Lenihan Jnr: The first tranche of loans has now been transferred to NAMA from all but one of the participating institutions. I am informed by NAMA that they intend to transfer the first tranche of Anglo loans over the next two weeks- commencing this coming weekend. The nominal value of loans already transferred from four institutions in tranche 1 is â¬6 billion; the total consideration paid for these...
- Written Answers — National Asset Management Agency: National Asset Management Agency (29 Apr 2010)
Brian Lenihan Jnr: The estimated aggregate discount of 30% that I announced last September is a top-down aggregate estimate of the potential discount that the institutions will face. I always made it clear that the actual valuation would be determined on a loan by loan basis. Only after a significant number of loan-by-loan valuations have been carried out will it be possible to get a full sense of the overall...
- Written Answers — National Debt: National Debt (29 Apr 2010)
Brian Lenihan Jnr: The level of national debt for the period from 2005 to end-March 2010 is set out in the table below. Year Level of National Debt*â¬bn 2005 38 2006 36 2007 38 2008 50 2009 75 End-March 2010 79 *Figures have been rounded to nearest â¬bn Expenditure on national debt interest amounted to â¬21â2 billion in 2009. Based on the projections for the Exchequer Borrowing Requirement for the...
- Written Answers — Fiscal Policy: Fiscal Policy (29 Apr 2010)
Brian Lenihan Jnr: l presume the Deputy is referring the recent publication of the Maastricht returns which included a decision by the Irish authorities to reclassify the injection by the Government in Anglo Irish Bank in 2009 from a financial transaction to a capital transfer. Initially the Irish authorities, having regard to Eurostat guidelines, classified this injection as a financial transaction and as...
- Written Answers — Tax Code: Tax Code (29 Apr 2010)
Brian Lenihan Jnr: I have received correspondence from the County Managers Association which deals with a number of matters in relation to the application of VAT to services provided by public bodies including local authorities. The European Court of Justice ruled, in the case C-544/07 against Ireland on 16 July 2009, that Ireland should amend its VAT legislation to provide that State and public bodies are in...
- Written Answers — National Asset Management Agency: National Asset Management Agency (29 Apr 2010)
Brian Lenihan Jnr: I am informed by NAMA that they intend to transfer the first tranche of Anglo loans over the next two weeks - commencing this coming weekend. The nominal value of the loans to be transferred in Tranche 1 from Anglo is of the order of â¬10 billion. NAMA in their statement on 30th March indicated that the anticipated discount on the first tranche of loans to transfer to NAMA from Anglo will be...
- Fiscal Policy. (28 Apr 2010)
Brian Lenihan Jnr: Budget 2010 set out the forecasts for the general Government deficit for the period to 2014. The target for 2011 is for the general Government deficit to be 10% of GDP, which is an improvement over the planned deficit for this year of 11.5% of GDP. The most recently published fiscal data, the Exchequer returns for the first quarter, were broadly in line with expectations and demonstrate...
- Fiscal Policy. (28 Apr 2010)
Brian Lenihan Jnr: The Deputy raises two broad questions. First, our commitments under the Stability and Growth Pact remain unchanged as a result of this, and the reclassification which has already taken place does not affect in any way our Stability and Growth Pact obligations. Deputy Bruton went on to ask what impact this will have on the accounting treatment of the recapitalisation of Anglo Irish Bank and...
- Fiscal Policy. (28 Apr 2010)
Brian Lenihan Jnr: I am not suggesting I have already obtained such assurance. I am saying to the Deputy that the target is perfectly attainable without taking these matters into account.
- Fiscal Policy. (28 Apr 2010)
Brian Lenihan Jnr: It does not affect the budgetary targets.
- Fiscal Policy. (28 Apr 2010)
Brian Lenihan Jnr: The EU has not even raised the issue with us.