Results 3,981-4,000 of 16,537 for speaker:Brian Lenihan Jnr

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

Brian Lenihan Jnr: Participation in Monetary Union led to a structural shift whereby interest rates in this economy which had been set by the Central Bank of Ireland were reduced to the lower levels pertaining in the euro area. While lower interest rates are clearly beneficial for an economy in the medium and longer term, clearly nominal interest rates over most of the last decade were lower than they would...

Written Answers — Price Inflation: Price Inflation (3 Feb 2010)

Brian Lenihan Jnr: Prices as measured by the consumer price Iidex (CPI) fell by 4.5% in 2009 compared with the previous year while the harmonised European measure (HICP) fell by 1.7% over the same period. ECB rates are now at historic lows and there is broad consensus that they will rise at some stage. When this happens there will be an impact on the CPI but not on the HICP as the latter excludes mortgage...

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

Brian Lenihan Jnr: To date in 2010, no funds have been provided to Anglo Irish Bank. As the Deputy will be aware, €4 billion in capital was provided to Anglo in 2009, to protect the economy from the wider losses that would have occurred in the event of a failure of the bank, to protect the deposit base of the bank, and to prevent the bank becoming a systemic threat to the financial system. As I stated in my...

Written Answers — Capital Expenditure: Capital Expenditure (3 Feb 2010)

Brian Lenihan Jnr: The budget for 2010 gave details of capital expenditure allocations by Department for 2010. At 5% of gross national product, the 2010 allocation of €6.4 billion is proportionally very high in comparison to levels of capital investment across the EU. The budget also includes a commitment of Exchequer capital investment of over €39 billion for the period 2010-2016. A review of capital...

Written Answers — Cross-Border Trade: Cross-Border Trade (3 Feb 2010)

Brian Lenihan Jnr: As the Deputy may be aware, the Central Statistics Office (CSO) published on 4 December 2009 the results of a survey of cross-Border shopping as part of its quarterly national household survey (QNHS) Q2 2009. The results show that 16% of households in the Republic made a shopping trip to Northern Ireland in the 12 months to Q2 2009, with 41% in the Border area and 21% in Dublin so doing....

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

Brian Lenihan Jnr: With regard to the payment of the next coupon, my Department and the recapitalised banks are in continuing discussions with the Commission in respect of the banks' restructuring plans and this issue is a part of that discussion. In the normal course, if payments were permitted, the impact of the dividends payable on the preference shares in AIB and Bank of Ireland is estimated to improve the...

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

Brian Lenihan Jnr: The Deputy will be aware that the named covered institution is not in receipt of state funding nor has it applied for participation in the NAMA programme. It operates as a commercial financial institution subject to relevant regulatory approval. It has indicated publicly that it is involved with other parties in discussing options for restructuring within the banking sector, which is an...

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

Brian Lenihan Jnr: No changes were made to the artists exemption scheme in Budget 2010. However, the exempt income of artists is one of the specified reliefs which are subject to the restriction of reliefs measure. I announced significant changes in the Budget to the operation of the restriction from the 2010 tax year. The adjusted income level at which the restriction will now come into operation was reduced...

Written Answers — Credit Availability: Credit Availability (3 Feb 2010)

Brian Lenihan Jnr: The second Mazars report on credit availability, published in December, confirmed that while some SMEs are facing significant challenges accessing credit, and the sector in general is more conservative in its borrowing, nevertheless new lending is still taking place. However, the proportion refused credit, especially in certain sectors, remains a concern for Government. Under the NAMA...

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 money 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...

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

Brian Lenihan Jnr: The definition of a public servant in the legislation governing the pension levy and the pay reductions is the same. Therefore, in general the reductions in pay under the Financial Emergency Measures in the Public Interest (No. 2) Act 2009 will apply to employees who are paying the pension related deduction. However, there are a small number of situations where the pay reductions could apply...

Written Answers — Financial Services Regulation: Financial Services Regulation (3 Feb 2010)

Brian Lenihan Jnr: The legislative proposal to create a European Systemic Risk Board (ESRB) is designed to put a regime in place to monitor and assess risks to the stability of the financial system as a whole (what is called "macro-prudential supervision"). This proposal was one of the key recommendations contained in the Report of the High Level Group on Financial Supervision in the EU, which was published on...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (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 in 2009. The Restructuring Plan considers all options for the future of the bank. The submission of the plan marked the beginning of a detailed and comprehensive evaluation process in advance...

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

Brian Lenihan Jnr: I understand from the Chief State Solicitor's office that advertising for next of kin has been undertaken. The Chief State Solicitor is in the process of applying to the High Court this week for a grant of Letters of Administration in this case. Following this, the applicant's case for a waiver of the State's interest in the estate under Section 73 of the Succession Act, 1965 will be...

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

Brian Lenihan Jnr: The increased cost to the Exchequer of mortgage interest tax relief arising from an increase in interest rates would depend on a variety of factors, including the numbers of mortgages affected, the rate of relief applying to those mortgages and the extent to which additional relief would arise within the current ceilings. Accordingly, it is not possible to provide an accurate estimate of the...

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

Brian Lenihan Jnr: I propose to take Question Nos 185 to 187, inclusive, together. I refer to my reply to Parliamentary Question Nos. 4578/10, 5095/10 and 5137/10 of 2 February 2010.

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

Brian Lenihan Jnr: All tax reliefs and incentives are reviewed regularly, in line with the annual Budget and Finance Bill process and I will bear the Deputy's suggestion in mind in the context of such reviews. I note, however, that the Report of the Commission on Taxation, did not recommend any change to the scheme.

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

Brian Lenihan Jnr: Public servants who are members of public service pension schemes are liable to pay the pension-related deduction legislated for in the Financial Emergency Measures in the Public Interest Act 2009. On this basis, third-level researchers on fixed-term and temporary contracts must pay the deduction, since they are members of the relevant occupational pension schemes. Distinctions between public...

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

Brian Lenihan Jnr: I am advised by the Revenue Commissioners that a direct swap of land, in the circumstances outlined, would have implications for a number of taxes. I will look at each in turn. Capital Gains Tax The exchange of land is a chargeable occasion for both parties involved. Where the parties are connected or the bargain is not at arms length the disposal proceeds are taken as the market value, at...

Written Answers — European Central Bank Policy: European Central Bank Policy (3 Feb 2010)

Brian Lenihan Jnr: I have noted recent developments in Greece. I fully support the Greek Authorities in their efforts to redress a difficult economic and fiscal situation. I understand that they are being encouraged to implement swiftly the necessary measures to ensure that their targets for budgetary consolidation are achieved, and I am confident that they will succeed in overcoming the fiscal and...