Results 4,481-4,500 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — Tax Code: Tax Code (3 Dec 2009)

Brian Lenihan Jnr: On considering the introduction of a new tax or indeed an increase in current taxes a wide variety of factors are taken into consideration including the impact on cross-border trade. When new taxes are being introduced there are always practical issues in relation to implementation that require consideration. In that regard, as is normal practice, my officials in conjunction with the Office...

Written Answers — Banking Sector: Banking Sector (3 Dec 2009)

Brian Lenihan Jnr: As far as the development of a third banking force is concerned, the Deputy will be aware two Building Societies have recently announced their intention to commence merger talks. In these circumstances where significant commercial considerations apply, it would not be appropriate for me to comment further on the matter. With regard to the question of pay roll savings, the discussions with...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (3 Dec 2009)

Brian Lenihan Jnr: At all stages of the international financial crisis, I have had contact with my UK counterpart regarding all aspects of the response to this crisis, including the respective State support schemes in both jurisdictions for financial institutions. In addition, there has been close contact on issues of mutual interest between representatives of the central banks, financial services regulators...

Written Answers — National Pensions Reserve Fund: National Pensions Reserve Fund (3 Dec 2009)

Brian Lenihan Jnr: The value of the Fund at 30 September 2009, the most recent value published by the National Pensions Reserve Fund (NPRF) Commission, was €20.9 billion. In relation to this figure, it should be noted that the National Pensions Reserve Fund Act 2000 was amended by the Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Act 2009. The amendments in the 2009 Act allow...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (3 Dec 2009)

Brian Lenihan Jnr: In accordance with EU State aid requirements the financial institutions which were recapitalised by the State, namely Allied Irish Banks, Anglo Irish Bank and Bank of Ireland are obliged under State aid rules to submit a restructuring plan to the European Commission within six-months of receiving that recapitalisation. The restructuring plans have been prepared by all three banks and...

Written Answers — Exchequer Returns: Exchequer Returns (3 Dec 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 21 and 58 together. The Exchequer Returns for the period to end-November, which were published yesterday, showed an Exchequer deficit of €22.1 billion. This compared to a deficit of €7.9 billion for the same period last year. The deterioration reflects an €8.1 billion decline in tax receipts along with a €4 billion capital injection for Anglo Irish...

Written Answers — Bond Options: Bond Options (3 Dec 2009)

Brian Lenihan Jnr: The details of the various bond issues conducted by the National Treasury Management Agency since the beginning of 2008 are set out in the tables below. Table 1 gives details of the bonds issued by syndication and Table 2 the bonds issued by auction over the relevant period. Table 1: Syndicated Bond Issues 2008 & 2009 Launch Date Treasury Bond Amountâ'¬m 8 April 2008 4.4% June 2019...

Written Answers — National Debt: National Debt (3 Dec 2009)

Brian Lenihan Jnr: The National Treasury Management Agency (NTMA) have advised that in the last eighteen months, investors in Irish bonds have sought an increased premium relative to German bonds. The Agency advises that this "spread" rose sharply in the early part of 2009 as a result of a number of factors, including the deterioration in the public finances and uncertainty about the cost to the Exchequer of...

Written Answers — Departmental Expenditure: Departmental Expenditure (3 Dec 2009)

Brian Lenihan Jnr: Data received from the Department of Environment, Heritage and Local Government shows that by end 2009, construction tender prices are expected to be about 20 percent lower than in 2006. According to this information, total construction inflation was 6.2 percent for 2006; 2 percent for 2007; minus 8.2 percent for 2008 and minus 9.6 percent for the current year. Again, based on consultation...

Written Answers — Mortgage Arrears: Mortgage Arrears (3 Dec 2009)

Brian Lenihan Jnr: The National Asset Management Agency is being set up to remove land and development loans and associated loans from the balance sheets of participating financial institutions. There are no plans, at present, to extend the scope of NAMA beyond land and development loans and associated loans. The Government is conscious of the high value Irish people place on home ownership and has committed...

Written Answers — Departmental Expenditure: Departmental Expenditure (3 Dec 2009)

Brian Lenihan Jnr: The returns from Departments, received by my Department, regarding the implementation of the Incentivised Scheme of Early Retirement indicate that some 1,902 Public Servants have applied for the Scheme and 1,231 applications have been approved. Detailed information has been received by my Department in relation to 914 of the approved cases. Based on these returns, gross salary savings will...

Written Answers — Mortgage Arrears: Mortgage Arrears (3 Dec 2009)

Brian Lenihan Jnr: It is a particular priority of the Government to ensure as far as possible that difficulties in relation to mortgage arrears do not result in legal proceedings for home repossession. Home repossession should be and generally is the last resort for the lender. The preferred method of dealing with cases of arrears should be early intervention and engagement. In the revised Programme for...

Written Answers — Unemployment Levels: Unemployment Levels (3 Dec 2009)

Brian Lenihan Jnr: The Pre-Budget Outlook recently outlined the likely economic and fiscal position for next year and for the following three years based on information available at end October. The labour market projections contained in the analysis are consistent with the quarterly national household survey measure of labour market developments. As is the norm, annual averages are projected, as opposed to...

Written Answers — Anglo Irish Bank: Anglo Irish Bank (3 Dec 2009)

Brian Lenihan Jnr: As the Deputy will be aware I stated in my Second Stage speech on the NAMA Bill on 16 September last that it is likely that some institutions will require additional capital in order to absorb the losses arising from the transfer of their impaired assets to NAMA and in order to maintain appropriate levels of capital. I also made clear in the speech to the extent that sufficient capital...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (3 Dec 2009)

Brian Lenihan Jnr: A considerable effort has been made by a number of different agencies aimed at ensuring that banks do not foreclose as a first alternative. I would point out that where a customer gets into difficulty, the banks are required under the respective Codes of Conduct in relation to SMEs and mortgages arrears to give the customer reasonable time and seek to agree an approach to resolve problems and...

Written Answers — Fiscal Policy: Fiscal Policy (3 Dec 2009)

Brian Lenihan Jnr: Secretary General Angel Gurriá visited Ireland on 4th November, and launched the OECD Economic Survey of Ireland and presented the conclusions and recommendations of the Environmental Performance review of Ireland, to be published early in 2010. He also met myself, the Minister for Foreign Affairs, the Taoiseach, the Tánaiste, the Minister for the Environment Heritage and Local Government...

Written Answers — Cigarette Smuggling: Cigarette Smuggling (3 Dec 2009)

Brian Lenihan Jnr: As I have previously stated in response to a number of Parliamentary Questions, it is not possible to provide a reliable estimate of the loss to the Exchequer as a result of cigarette smuggling. This arises from the fact that there is no proven internationally recognised method for determining such an estimate. The Revenue Commissioners have given a tentative estimate that up to 20% of...

Written Answers — Central Bank Commission: Central Bank Commission (3 Dec 2009)

Brian Lenihan Jnr: I expect that a bill providing for the establishment of the Central Bank Commission will be published early in the new-year and its enactment and implementation will follow as speedily as the legislative process allows. Once published, it will be open to anyone to comment on the proposals. However, consultation with the key stakeholders on the main issues associated with changes in regulatory...

Written Answers — Economic Competitiveness: Economic Competitiveness (3 Dec 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 34, 40 and 53 together. The Revenue Commissioners and the Central Statistics Office (CSO) prepared a report, at my request, on the Implications of Cross Border Shopping for the Irish Exchequer. The report was published on my Department's website on 20 March 2009. The report estimates the value of cross border shopping in 2008 to be in the range of €350m to...

Written Answers — Anglo Irish Bank: Anglo Irish Bank (3 Dec 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 35 and 62 together. As a condition of State Aid approval, in relation to the injection of capital of €4 billion into Anglo Irish Bank, the EU Commission required that Anglo Irish Bank submit a restructuring plan to the Commission by the 30 November 2009. The restructuring plan must comply with EU guidelines in this regard and have regard to EU competition...