Results 4,061-4,080 of 16,537 for speaker:Brian Lenihan Jnr

Banking Sector Recapitalisation. (3 Feb 2010)

Brian Lenihan Jnr: However, the whole point about the preference share arrangement is that it provided the taxpayers with an immediate return on that particular investment they made in Bank of Ireland and Allied Irish Banks. I believe the coupon was set at 8% and that particular coupon was a return to the pension fund from the institutions in question.

Banking Sector Recapitalisation. (3 Feb 2010)

Brian Lenihan Jnr: The NTMA does not decide that. Under the terms of the capitalisation arrangement the Allied Irish Bank dividend on preference shares is payable annually in advance on the anniversary of the 2009 issue date, which is 13 May, or the next business day. The Bank of Ireland dividend on preference shares is payable annually in arrears on 20 February or on the next business day. That is the position.

Banking Sector Recapitalisation. (3 Feb 2010)

Brian Lenihan Jnr: I will have to write to the Deputy about this as I do not have the information to hand.

Banking Sector Recapitalisation. (3 Feb 2010)

Brian Lenihan Jnr: There is no provision in the recapitalisation agreement for the conversion of the preference shares into ordinary shares. The banks can repurchase at par up to the fifth anniversary of the issue and thereafter at 125% of par. The effect of the restrictions by the banks would be to trigger the dividend stopper provisions of the Government's preference stocks and the pension fund would then...

Banking Sector Recapitalisation. (3 Feb 2010)

Brian Lenihan Jnr: It has been managing my shareholding for the past year in practice also. There is no constitutional revolution here. The NTMA is subject to ministerial direction as an arm of the Minister for Finance.

Banking Sector Recapitalisation. (3 Feb 2010)

Brian Lenihan Jnr: I will not hazard any speculation on a percentage share that the State might or might not have in any particular institution as a result of capitalisation. I am in consultation with the Governor of the Central Bank, the regulator and my officials about the extent of capitalisation which will be required. The structural plans and their approval will have a bearing on that. Work on the...

Banking Sector Recapitalisation. (3 Feb 2010)

Brian Lenihan Jnr: Deputy O'Donnell is speculating about the future capital structures of institutions.

Banking Sector Recapitalisation. (3 Feb 2010)

Brian Lenihan Jnr: We must determine the level of capital they require in the first place. With regard to the payment, it is set out in the agreement that an arrangement exists which will come into operation in default of payment. However, the question may still have to be determined as to whether the effect of European intervention is simply to freeze matters for a relatively short period of time. Whether...

Written Answers — Public Service Contracts: Public Service Contracts (2 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 — Motor Vehicle Registration: Motor Vehicle Registration (2 Feb 2010)

Brian Lenihan Jnr: I am advised by the Revenue Commissioners that there are no plans to amend the existing format of vehicle registration plates. The registration-numbering format under the existing system has a number of very important advantages. Firstly, it provides a fast and efficient method of vehicle identification for the State agencies involved in the management of the national vehicle fleet, namely,...

Written Answers — Motor Industry: Motor Industry (2 Feb 2010)

Brian Lenihan Jnr: The draft legislation as outlined on the Revenue Commissioners website (and reproduced below); shows that the scheme contains a number of conditions which must be fully complied with in order to qualify for the scrappage allowance. The car being scrapped: must be registered in the State in the name of the registered owner of the new car for at least 18 months previous to the date of...

Written Answers — Liquor Licensing: Liquor Licensing (2 Feb 2010)

Brian Lenihan Jnr: I am advised by the Revenue Commissioners that all Excise Licence Licensees should apply to the Revenue Commissioners' National Excise Licence Office in order to renew their Excise Licence. This office deals with the application and renewal procedure for customers requiring an Excise Duty Licence. The contact details are as follows: Revenue Commissioners, National Excise Licence Office,...

Written Answers — Local Authority Staff: Local Authority Staff (2 Feb 2010)

Brian Lenihan Jnr: There is no record of any correspondence from FÁS or from the Council mentioned by the Deputy having been received in my office in recent times with regard to the recruitment of staff to supervise FÁS work placement and training programmes. As the Deputy is aware there is a moratorium in force in relation to recruitment and promotion in the public service. While I have authority from the...

Written Answers — Departmental Expenditure: Departmental Expenditure (2 Feb 2010)

Brian Lenihan Jnr: Monthly profiles of tax revenue and debt servicing expenditure will be published with the end-January Exchequer Returns. The monthly expenditure profiles will be based on the allocations published in the Revised Estimates for Public Services 2010, and will be published shortly thereafter.

Written Answers — Tax Code: Tax Code (2 Feb 2010)

Brian Lenihan Jnr: Farmers who are registered for VAT are accountable persons for VAT in respect of all their taxable activities, whether those activities consist solely of farming or both farming and other activities such as the generation of electricity for provision to the national grid. As accountable persons for VAT, they would be entitled to claim input credit for VAT charged on the installation of an...

Written Answers — National Asset Management Agency Staff: National Asset Management Agency Staff (2 Feb 2010)

Brian Lenihan Jnr: The NAMA Act 2009 provides that NAMA staff members will be assigned to it from the NTMA. I am advised by NAMA that the NTMA currently has assigned ten staff to NAMA. The NAMA draft business plan published in October 2009 set out details on the proposed staffing in NAMA and its different operational units.

Written Answers — National Aquatic Centre: National Aquatic Centre (2 Feb 2010)

Brian Lenihan Jnr: The Valuation Office is the State property valuation agency, headed by the Commissioner of Valuation. The office provides statutory valuations under the provisions of the Valuation Act 2001. It also provides a valuation consultancy service to Government Departments and public bodies. The Valuation Office provided a valuation for VAT purposes on the National Aquatic Centre dated 25 October...

Written Answers — Public Sector Pay: Public Sector Pay (2 Feb 2010)

Brian Lenihan Jnr: Section 10 of the Financial Emergency Measures in the Public Interest (No 2) Act 2009 provides that the Minister for Finance can by Order bring the Act into operation on day or days appointed by the Minister. I brought the Act into operation on 21 December 2009 by Statutory Instrument No. 590 of 2009. No other regulations have been made by me under the Act. For the information of the...

Written Answers — Tax Code: Tax Code (2 Feb 2010)

Brian Lenihan Jnr: I have been advised by the Revenue Commissioners that a PAYE Balancing Statement P21 for the year 2009 together with any refund due will issue to the person concerned shortly.

Written Answers — Pension Provisions: Pension Provisions (2 Feb 2010)

Brian Lenihan Jnr: Section 22 of the Social Welfare and Pensions Act 2009 provides for a Pensions Insolvency Payment Scheme (PIPS) for the making of payments to or in respect of the relevant pensioners of participating pension schemes. I have recently signed the statutory instrument giving effect to PIPS from 1 February 2010 for a pilot period of three years. From that date, it is open to any pension scheme...