Results 4,501-4,520 of 16,537 for speaker:Brian Lenihan Jnr

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

Brian Lenihan Jnr: I propose to take Questions Nos. 36 and 48 together. I have received a copy of the report titled "Over-Capacity in the Irish Hotel Industry and Required Elements of a Recovery Programme" by Dr. Peter Bacon & Associates. The Deputy will be aware that this report was commissioned by the Irish Hotels Federation. Officials in the Department of Arts, Sport and Tourism and in my own Department of...

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

Brian Lenihan Jnr: The windfall tax rate of 80% was introduced under the National Asset Management Agency Act. The 80% rate will apply to the portion of any profit or gain made on the disposal of land which is attributable to a rezoning, where both the rezoning and the disposal of land giving rise to the windfall occur after 30 October 2009. The 80% rate only applies to the portion of the profit or gain on...

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

Brian Lenihan Jnr: As the Deputy is aware, the Credit Institutions (Eligible Liabilities Guarantee) Scheme or ELG Scheme was brought before the Houses of the Oireachtas earlier today. The ELG scheme was approved in accordance with EU State aid rules on 20 November 2009. The ELG Scheme is intended to facilitate the ability of credit institutions in Ireland to issue debt securities and take term deposits with...

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

Brian Lenihan Jnr: The proposal in the Revised Programme for Government to introduce a site value tax is being considered at present. The issues raised by the Deputy will be examined as part of the deliberation process. Question No. 40 answered with Question No. 34.

Written Answers — Pension Provisions: Pension Provisions (3 Dec 2009)

Brian Lenihan Jnr: The Report referred to by the Deputy was published by the ESRI on 25 November last. The Report deals mainly with the question of whether existing tax incentives for private pension provision would be better targeted to encourage improved coverage by allowing relief on contributions at the standard income tax rate or at a hybrid rate of 30% rate. While apparently seeing merit in both...

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

Brian Lenihan Jnr: I propose to take Questions Nos. 42, 117 and 118 together. Ireland's loss of competitiveness and the need to improve it is something that has been signalled already. Prices grew faster than those in the euro area for most of the last decade. In general, inflation over the last ten years was driven more by developments in the non-traded (services) sector of the economy, while the price of...

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

Brian Lenihan Jnr: Capital Gains Tax (CGT) and Capital Acquisitions Tax (CAT) are, in effect, taxes on wealth, in that they are levied on an individual or company when they dispose of an asset (CGT) or acquire an asset through gift or inheritance (CAT). The rate of both taxes was increased to 25% in the last Budget and Finance Act. Asset values increase and decrease over time and in the context of recent...

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

Brian Lenihan Jnr: As far as I am aware the Corporate Governance Association of Ireland expressed concerns about the appointment of an executive chairman in that Bank despite the fact that the Combined Code requires that the two top roles in a company, the chairman and the chief executive should be filled by different people. I share these concerns but would like to make clear that this arrangement has been...

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

Brian Lenihan Jnr: In the light of events which have arisen in the context of the international financial markets crisis, the concept of 'living wills' or recovery and resolution plans for financial institutions is being examined in a number of international fora. At EU level a recent Commission Communication on a EU framework for cross-border crisis management in the banking sector suggests powers for...

Written Answers — Pension Provisions: Pension Provisions (3 Dec 2009)

Brian Lenihan Jnr: Legislation regarding pension funds is principally a matter for the Minister for Social and Family Affairs.

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

Brian Lenihan Jnr: It is important to say that NAMA has never been predicated on extraordinary liquidity measures. These measures were introduced at the discretion of the ECB to deal with the liquidity crisis affecting the European wide banking system. A distinction needs to be drawn between extraordinary liquidity and normal liquidity operations of the ECB. The securities provided to financial institutions...

Written Answers — Debt Management: Debt Management (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 repossessions. 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. The commitments contained in the...

Written Answers — Public Service Reform: Public Service Reform (3 Dec 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 50 and 101 together. The report of the Task Force on the Public Service, Transforming Public Services, defined shared services as the bringing together of activities that have been previously performed in many Departments or agencies into a single or small number of centres in order to perform routine processes more efficiently and effectively. It identified...

Written Answers — Social Insurance: Social Insurance (3 Dec 2009)

Brian Lenihan Jnr: The abolition of the PRSI ceiling for employees would yield some €119.5 million additional contribution income in a full year. There is no ceiling on employer contributions.

Written Answers — Benchmarking Awards: Benchmarking Awards (3 Dec 2009)

Brian Lenihan Jnr: Earlier this year I requested the Review Body on Higher Remuneration in the Public Sector to conduct an examination of the pay of the top public service groups covered by its terms of reference including a comparison of how their remuneration compared with that of comparable posts in other countries. The report of the Review Body has recently been received and is under consideration at...

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

Brian Lenihan Jnr: The revised Programme for Government is based on the broad macroeconomic framework set out in the April budget, taking account of the latest fiscal trends. The guiding principles of the Programme are 1. Correction of the public finances; 2. Repair of the banking system; 3. Regaining competitiveness; 4. Protecting jobs and investing in retraining those who have lost their jobs. The Programme...

Written Answers — Planning Issues: Planning Issues (3 Dec 2009)

Brian Lenihan Jnr: NAMA is being established to purchase certain portfolios of risky loan assets from the balance sheets of participating institutions. Loans will be valued in accordance with the valuation methodology set out in Part 5 of the National Asset Management Agency Act 2009. The security for eligible loan assets will include property and as part of the valuation process the security of each eligible...

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

Brian Lenihan Jnr: The Government took steps in October 2007, via an amendment to the Central Bank Act 1997, to provide for an appropriate system of authorisation and supervision of retail credit firms engaged in specialist or so-called sub-prime lending by the Financial Regulator. Such lenders were not previously subject to financial regulation in respect of lending activities. The primary purpose of this...

Written Answers — National Asset Management Agency: National Asset Management Agency (3 Dec 2009)

Brian Lenihan Jnr: It is envisaged that the NAMA Master SPV will be set up shortly after NAMA is established. It will be jointly owned by private investors, who will own 51% of its ordinary equity, and by NAMA, which will hold the remaining 49% ordinary equity. The Master SPV will have its own Board, with members appointed by NAMA and possibly members appointed by the private sector equity investors. The...

Written Answers — National Asset Management Agency: National Asset Management Agency (3 Dec 2009)

Brian Lenihan Jnr: I understand that a number of interested parties have indicated an interest in becoming shareholders in the NAMA Master SPV. However, the final decision on the private sector investors will be a matter for the Board of NAMA when appointed.