Results 541-560 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — Banking Sector Regulation: Banking Sector Regulation (12 Jan 2011)

Brian Lenihan Jnr: The recent €3.7 billion investment in AIB was made only after the High Court, on my application, made a direction order to AIB for the issuance of additional share capital in the Bank to ensure that the bank continued to meet its capital requirements as prescribed by the Central Bank. The direction order was made in accordance with the provisions of Section 9 of the Credit Institutions...

Written Answers — Tax Code: Tax Code (12 Jan 2011)

Brian Lenihan Jnr: The position is that the Universal Social Charge applies to all emoluments of an employment, including anything treated as a taxable benefit-in-kind. The Universal Social Charge is applied to aggregate income before granting relief in respect of pension contributions. In this regard, an individual's personal contributions to a personal retirement savings account (PRSA), personal pension...

Written Answers — Tax Code: Tax Code (12 Jan 2011)

Brian Lenihan Jnr: The Deputy's proposal favours tax revenue being solely based on usage of a car, through fuel consumption, rather than ownership upon which motor tax is determined. This is often argued as the most favourable option from an environmental perspective as it embraces the 'polluter pays principle'. In an Irish context motor tax revenue is allocated to local authorities so this complicates the...

Written Answers — Tax Code: Tax Code (12 Jan 2011)

Brian Lenihan Jnr: I am advised by the Revenue Commissioners that the VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. In so far as the supply of printed matter is concerned, three different rates may apply. The general position is that books are zero-rated, newspapers and periodicals are subject to VAT at the reduced rate (currently 13.5%)...

Written Answers — Tax Code: Tax Code (12 Jan 2011)

Brian Lenihan Jnr: I propose to take Questions Nos. 304 and 307 together. The changes to section 23-type reliefs announced in the Budget and which are contained in Financial Resolution No. 20 are broadly as follows. Firstly, for chargeable periods ending on or after 1 January 2011, section 23-type relief will be restricted to set-off against rental income only from the section 23 property itself. Up until now...

Written Answers — Tax Code: Tax Code (12 Jan 2011)

Brian Lenihan Jnr: The National Recovery Plan contains proposals for changes to the tax and other relief arrangements for private or supplementary pension provision over the period of the Plan, including a gradual reduction to standard rate income tax (20%) relief on employee/individual contributions to pension arrangements commencing in 2012. Pension contributions are made by certain employees in both the...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (12 Jan 2011)

Brian Lenihan Jnr: I have been informed that information given to my Department by Bank of Ireland to the effect that no performance related bonuses were paid to staff was incorrect. It did not take account of contractual bonuses which probing by my Department revealed did in fact have a performance element. This failure by the bank led to erroneous information being placed on the Dáil record on 1 December...

Written Answers — Legal Services: Legal Services (12 Jan 2011)

Brian Lenihan Jnr: I propose to take Question Nos. 308 and 310 together. In general, My Department uses the Services of the Office of the Attorney General and the Office of the Chief State Solicitor. However it seek outside legal advisors in circumstances requiring legal services of a specific nature. The costs associated with the Office of the Attorney General and Office of the Chief State Solicitor are borne...

Written Answers — Legal Proceedings: Legal Proceedings (12 Jan 2011)

Brian Lenihan Jnr: In the time available it has not been possible to collate all the data requested by the Deputy. As soon as this process has been completed the information will be forwarded directly to the Deputy.

Written Answers — Departmental Expenditure: Departmental Expenditure (12 Jan 2011)

Brian Lenihan Jnr: The savings of approximately €4 billion announced by the Government in the National Recovery Plan 2011 – 2014 are allocated across each Department and Office in the 2011 Budget, with details set out in the 2011 Budget Estimates. The €4 billion savings will accordingly be delivered in full by each Department and Office in 2011 as part of the normal process of expenditure management.

Written Answers — Economic Competitiveness: Economic Competitiveness (12 Jan 2011)

Brian Lenihan Jnr: I propose to take Questions Nos. 312 and 315 together. The standardised methodology for monitoring relative competitiveness across the euro area is the Harmonised Competitiveness Indicator (HCI). While it cannot be denied that Ireland had its competitive edge eroded relative to our European peers, as a country we are regaining this competitiveness. Since mid-2008, the Harmonised...

Written Answers — EU-IMF Fund: EU-IMF Fund (12 Jan 2011)

Brian Lenihan Jnr: As is normal in these circumstances, officials of my Department are in ongoing contact with their counterparts in the EU Commission, the IMF and the ECB in relation to implementation of the joint programme of financial assistance which has been agreed for Ireland. I understand that frequent contact is also taking place between the staff of the Central Bank, the Financial Regulator's Office...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (12 Jan 2011)

Brian Lenihan Jnr: The following table sets out the amount of capital injected by the State into the Irish Banking System to date. The Central Bank has set out the further capital that will be required by AIB, BOI and EBS in order for them to meet a 12% core tier 1 ratio by the end of February 2011 as agreed in the Programme for Financial Support with the IMF, EU and the ECB. Capitalisation of Credit...

Written Answers — Financial Services Regulation: Financial Services Regulation (12 Jan 2011)

Brian Lenihan Jnr: I propose to take Questions Nos. 317, 318 and 320 together. The State's primary consideration in its involvement in the banking system is to protect, in the public interest, the financial and economic system of the State. Therefore, the Government's actions in the banking area are designed, while minimising the cost to the taxpayer, to support the development of a reformed and...

Written Answers — Legislative Programme: Legislative Programme (12 Jan 2011)

Brian Lenihan Jnr: The Central Bank Reform Act 2010 established a single, integrated, Central Bank of Ireland ("the Bank") to replace the dual Central Bank and Irish Financial Services Regulatory Authority structure. That Act was the first in a proposed three stage legislative programme. The day-to-day regulation of banks and other financial service providers is primarily a matter for the Bank and in June of...

Written Answers — National Debt: National Debt (12 Jan 2011)

Brian Lenihan Jnr: I would like to advise the Deputy that private sector debt is not counted as part of the National Debt. National Debt is the total outstanding amount of principal borrowed by Central Government and not repaid to date less liquid assets available for redemption of those liabilities at the same date. Figures for the National Debt over the past five years are detailed in the following table. ...

Written Answers — Pension Provisions: Pension Provisions (12 Jan 2011)

Brian Lenihan Jnr: The individual case raised by the Deputy which refers to the reduction in pension is a matter for consideration by the Minister for Transport, as employer, in the first instance. The Government decided, in the context of the serious national budgetary position, that retired public service pensioners should make a contribution to the overall required fiscal adjustment. This decision was...

Seanad: Appropriation Bill 2010 (Certified Money Bill): Second Stage (16 Dec 2010)

Brian Lenihan Jnr: I thank Senators for their contributions. It has always been a custom of the Seanad to have a debate on the Appropriation Bill but there is not always a debate in the other House. It gives an opportunity to discuss general economic questions relating to this country so it is a very valuable opportunity. Senator Phelan was concerned about the forecast made by the Department relating to GDP...

Seanad: Appropriation Bill 2010 (Certified Money Bill): Second Stage (16 Dec 2010)

Brian Lenihan Jnr: One of the most interesting ways of discussing Ireland abroad and explaining our position is to point out the proportion of our workforce with third level qualifications, which is the second highest in the European Union after Sweden. Such qualifications only have value if the standard of the qualification is up to the mark. That is a fundamental issue that will be very important for this...

Seanad: Appropriation Bill 2010 (Certified Money Bill): Second Stage (16 Dec 2010)

Brian Lenihan Jnr: That is fundamental to public sector reform. I love to spell out what public sector reform means because it seems to me to have a somewhat fluffy meaning for some sectors of the electorate. Senator Hogan made a plea in regard to co-operatives. I would appreciate if Senator Hogan-----