Results 3,961-3,980 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — Pension Provisions: Pension Provisions (3 Feb 2010)

Brian Lenihan Jnr: The recently published Renewed Programme for Government includes a commitment to introduce a single 33% rate for tax relief on private pension provision. Tax relief on individual pension contributions is currently allowed at the taxpayer's marginal income tax rate, that is, at the standard or higher rate of income tax as appropriate in each case. Tax relief at 33% would result in a reduction...

Written Answers — Pension Provisions: Pension Provisions (3 Feb 2010)

Brian Lenihan Jnr: The National Pensions Reserve Fund (NPRF) was established in 2001 under the National Pensions Reserve Fund Act 2000. The purpose in establishing the NPRF was to meet as much as possible of the cost to the Exchequer of social welfare pensions and public service pensions to be paid from the year 2025 until at least 2055. The Act provided for the establishment of the National Pensions Reserve...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (3 Feb 2010)

Brian Lenihan Jnr: As the Deputy will be aware, the covered institutions have made, and will no doubt continue to make as necessary provisions for impaired loans, including impairments on expected losses on their mortgage books. It is a matter for each institution's own Board to decide as to the level of provisions to set aside for future write downs, it would therefore be inappropriate for me to comment or...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (3 Feb 2010)

Brian Lenihan Jnr: Each of the covered institutions covered by the Bank Guarantee Scheme pays a quarterly charge to the Exchequer for the guarantees under the Credit Institutions (Financial Support) Scheme 2008 (CIFS) and the Eligible Liabilities Guarantee (ELG). The amount of money paid under CIFS in the mandated Central Bank account, including interest accrued to date, is €718,360,000. We intend to collect...

Written Answers — EU Funding: EU Funding (3 Feb 2010)

Brian Lenihan Jnr: As outlined in the replies referred to by the Deputy, the INTERREG IVA Programme 2007-13 aims to support strategic cross-border co-operation and economic development. The Programme is managed by the Special EU Programmes Body (SEUPB) and implementation is overseen by a Monitoring Committee which has representatives from the Irish and Northern Ireland accountable Departments, Local...

Written Answers — Public Service Contracts: Public Service Contracts (3 Feb 2010)

Brian Lenihan Jnr: The establishment of a list of competent firms interested in tendering for a particular project is an essential part of a prequalification procedure. For transparency purposes, it is a requirement that the number of firms being short listed should be stated in the contract notice published on eTenders or, in the case of projects above the EU threshold, in the Official Journal of the European...

Written Answers — Public Sector Pay: Public Sector Pay (3 Feb 2010)

Brian Lenihan Jnr: I have previously indicated my intention to carry out a review of the pay of the chief executives of the commercial semi-State companies and will be announcing proposals in this regard shortly.

Written Answers — National Asset Management Agency: National Asset Management Agency (3 Feb 2010)

Brian Lenihan Jnr: NAMA has a commercial remit and generating a return for taxpayer's is a key objective. However, within this context NAMA could 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 on NAMA properties for a limited period. Where it can be shown that...

Written Answers — Insurance Industry: Insurance Industry (3 Feb 2010)

Brian Lenihan Jnr: The Financial Regulator does not maintain statistics on insurance premium costs, so I am not in a position to comment specifically upon the level of such increases in the past 12 months nor on the fluctuation in the past five years. However, as mentioned in previous PQs (45220/22 of 2009) the Financial Regulator has provided some background as to why insurance prices have increased in recent...

Written Answers — Flood Relief: Flood Relief (3 Feb 2010)

Brian Lenihan Jnr: I understand that the Department of Environment, Heritage and Local Government does not operate a home relocation scheme to assist households who wish to relocate in the aftermath of a flooding event. I have no plans to introduce such a grant. However, in recognition of the problems faced by people in many areas of the country due to the recent flooding, the Government allocated an initial...

Written Answers — Fiscal Policy: Fiscal Policy (3 Feb 2010)

Brian Lenihan Jnr: The Report of the Special Group on Public Service Numbers and Expenditure Programmes was published in July 2009 and outlined 271 recommendations with potential savings of up to €5.3 billion in a full year along with associated staffing reductions of over 17,300 in public service numbers. The Special Group's Report is advisory in nature. The Special Group's analysis and recommendations...

Written Answers — Flood Relief: Flood Relief (3 Feb 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. A regional application was made as the estimate of the extent of the damage does not meet the Solidarity Fund's threshold of 0.6% of GNI or €935.5m for a national disaster. There are specific...

Written Answers — Tax Code: Tax Code (3 Feb 2010)

Brian Lenihan Jnr: Stamp duty net receipts for 2009 are in the region of €930 million. Of this amount, the yield from property is c. €329 million, of which residential property accounts for c. €150 million and non-residential property for c. €179 million. I have no immediate plans to change the stamp duty regime but it should be noted that no stamp duty is payable by first time purchasers of new or...

Written Answers — National Asset Management Agency: National Asset Management Agency (3 Feb 2010)

Brian Lenihan Jnr: The estimates I provided in September in relation to the prospective NAMA portfolio were based on aggregate information provided by the relevant financial institutions. At all times I stressed that information on the actual price to be paid for loans would only become clear following a loan by loan assessment once NAMA was established. Preparatory work on the transfer of assets is now under...

Written Answers — Tax Code: Tax Code (3 Feb 2010)

Brian Lenihan Jnr: I assume the Deputy is referring to the qualification criteria for the awarding of the artists exemption in respect of particular works that are considered to be original and creative. Section 195 of the Taxes Consolidation Act 1997 provides an exemption from tax for the profits or gains arising to a person from the publication, production or sale of an original and creative work which has...

Written Answers — Departmental Agencies: Departmental Agencies (3 Feb 2010)

Brian Lenihan Jnr: The proposed merger of the Competition Authority and the National Consumer Agency is a matter in the first instance for the Minister for Enterprise, Trade and Employment. However, as the Deputy may be aware, I intend to initiate legislation to reform the institutional structures for financial regulation early this year and, in this regard, I will bring proposals to Government shortly. Part...

Written Answers — National Asset Management Agency: National Asset Management Agency (3 Feb 2010)

Brian Lenihan Jnr: NAMA was established to purchase portfolios of impaired loan assets from relevant institutions. The draft NAMA business plan published in October set out a projected loan transfer schedule indicating how loans are expected to transfer to NAMA in tranches. The initial transfer of the first tranche of loans is now envisaged to commence in February, subject to EU approval. NAMA has confirmed...

Written Answers — Banking Sector: Banking Sector (3 Feb 2010)

Brian Lenihan Jnr: As the Deputy may be aware, on 30 November last Anglo Irish Bank submitted its restructuring plan to the European Commission. This was a condition for State aid approval of the bank's recapitalisation last year. In line with EU Commission guidelines, the restructuring plan considers all options for the future of the bank. The submission of the plan marked the beginning of a detailed and...

Written Answers — Banking Sector: Banking Sector (3 Feb 2010)

Brian Lenihan Jnr: As independent bodies, it is a matter in the first instance for the financial institutions themselves, subject to regulatory, competition and other relevant requirements, to discuss and agree their strategic arrangements. In that regard, there have been a number of recent developments. For example, Irish Life and Permanent has taken steps to form a new group holding company to allow it...

Written Answers — Tax Yield: Tax Yield (3 Feb 2010)

Brian Lenihan Jnr: I assume that the measure to which the Deputy refers is the domicile levy which I announced in budget 2010, full details of which will be announced in the Finance Bill on Thursday. The levy of €200,000 will apply to Irish nationals and domiciled individuals whose worldwide income exceeds €1 million and whose Irish-located property is worth greater than €5 million. I am informed by...