Results 5,641-5,660 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — Consultancy Contracts: Consultancy Contracts (6 Oct 2009)

Brian Lenihan Jnr: The following table sets out the consultancy firms commissioned by my Department during 2008, the work completed by them and the total cost of such work to date. Name of Firm Purpose of the Contract Total Cost € Arthur Cox Legal Advice in respect of the Bank Guarantee Scheme 3,882,000 Hay Group Ireland, Lr. Mount Street, Dublin 2 Job evaluation of senior posts in the public sector for...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (6 Oct 2009)

Brian Lenihan Jnr: As per the Government announcement of 29 May last, €4 billion in capital has been provided to Anglo, in three tranches; €3 billion on 29 June, €827 million on 6 August following completion of the bank's debt buy back exercise, and the remainder, €173 million, on 25 September. This capital was provided to Anglo to protect the economy from the wider losses that would occur in the event...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (6 Oct 2009)

Brian Lenihan Jnr: Anglo Irish Bank currently has €2.35 billion of subordinated debt, made up of €600 million in Tier 1 debt, €43 million in Upper Tier 2 debt, and €1.7 billion in Lower Tier 2 debt. As the Deputy will be aware, Anglo recently undertook a debt buy back exercise, which crystallised losses for bondholders, who received payments significantly less than the face value of the bonds they held,...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (6 Oct 2009)

Brian Lenihan Jnr: The Government decided to provide €4bn in capital to Anglo to protect the economy from the wider losses that would occur in the event of a failure of the bank, to protect the €64bn of customer and interbank deposits in the bank, and to prevent Anglo becoming a systemic threat to the financial system. As part of the process of obtaining EU approval for the capital injection to Anglo, the...

Written Answers — Commercial Property Yields: Commercial Property Yields (6 Oct 2009)

Brian Lenihan Jnr: As Minister for Finance, I have no function in relation to rental contracts on private commercial property. However, as I said during the Second Stage debate on the National Asset Management Agency Bill 2009, yields are now above their long term average, which suggests that values are bottoming out. I also provided statistical tables in the published supplementary documentation which...

Written Answers — Tax Code: Tax Code (6 Oct 2009)

Brian Lenihan Jnr: I would point out that any proposed changes in VAT must be considered in the context of EU law, with which Irish VAT law must comply. There is no provision in European VAT law that would allow the application of a reduced VAT rate, or an exemption from VAT, on supplies of goods or services based on their environmental impact per se. While Member States can retain the zero rating provisions...

Written Answers — Departmental Staff: Departmental Staff (6 Oct 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 353 and 354 together. There is no direct cost to my Department arising from the payment of pensions and lump sums to retiring civil servants as the cost of such benefits are met from the Vote for Superannuation and Retired Allowances. However the lump sum costs arising in respect of my Department and bodies under its aegis are as set out in the following...

Written Answers — National Asset Management Agency: National Asset Management Agency (6 Oct 2009)

Brian Lenihan Jnr: Firstly, I should clarify that it is not the case that borrowers whose loans are transferred to NAMA will in some way benefit from the transfer or have improved terms and conditions. It is important to note that the establishment of NAMA is in no way intended to protect or bailout borrowers. The amount a borrower owes will not change because of the transfer of a loan to NAMA. The NAMA Bill...

Written Answers — Departmental Staff: Departmental Staff (6 Oct 2009)

Brian Lenihan Jnr: The information requested by the Deputy is being collated and will be forwarded to him later this week.

Written Answers — Departmental Agencies: Departmental Agencies (6 Oct 2009)

Brian Lenihan Jnr: As the Deputy is aware, the Department of Enterprise, Trade and Employment approved a severance package for the person concerned which was recommended to my Department. My Department gave its consent on condition that the case was exceptional and that the Department of Enterprise, Trade and Employment was satisfied that the terms were appropriate in the circumstances.

Written Answers — Tax Code: Tax Code (6 Oct 2009)

Brian Lenihan Jnr: In general the provision of any benefit is subject to income tax in accordance with the provisions of section 118 of the Taxes Consolidation Act 1997. Benefits provided by an employer including payment of taxi fares for non-business journeys (e.g. travel to and from work) constitutes a taxable benefit and the cost of the taxi paid by the employer is subject to PAYE/PRSI. However, PAYE/PRSI...

Written Answers — Departmental Expenditure: Departmental Expenditure (6 Oct 2009)

Brian Lenihan Jnr: The Special Group on Public Service Numbers and Expenditure Programmes was established to make recommendations for savings on public expenditure and public service numbers with a view to restoring sustainability to the public finances. In the context of the 2010 Estimates process, Government Departments have been asked by my Department to identify options for making the necessary expenditure...

Written Answers — Departmental Staff: Departmental Staff (6 Oct 2009)

Brian Lenihan Jnr: There are specific provisions within the Civil Service Superannuation Acts for added years in the following circumstances: · Retirement before normal pension age with immediate payment of superannuation benefits may be permitted on medical grounds. · Superannuation benefits may also be paid to a Civil Servant before normal pension age as a consequence of the abolition of his or her post or...

Written Answers — Departmental Staff: Departmental Staff (6 Oct 2009)

Brian Lenihan Jnr: There have been no dismissals of staff in my Department in the period 2004 to date in 2009.

Written Answers — Tax Yield: Tax Yield (6 Oct 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 362 and 363 together. I am informed by the Revenue Commissioners that as they have no statistical basis for compiling estimates in relation to a potential wealth tax, it is not possible to provide the information requested by the Deputy. I have also been informed that no general research has been carried out recently by either the Department of Finance or...

Written Answers — Tax Yield: Tax Yield (6 Oct 2009)

Brian Lenihan Jnr: I am informed by the Revenue Commissioners that the cost to the Exchequer arising from abolition of the 2% income levy on persons earning up to €75,036 would be €975 million in a full year. The figure is an estimate from the Revenue tax-forecasting model using actual data for the year 2007 adjusted as necessary for income and employment trends for the year 2010. It is therefore...

Written Answers — Tax Yield: Tax Yield (6 Oct 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 365 and 366 together. It is assumed that the threshold for the proposed new tax bands mentioned by the Deputy would not alter the existing standard rate band structure applying to single and widowed persons, to lone parents and married couples. I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer, estimated by...

Written Answers — Departmental Expenditure: Departmental Expenditure (6 Oct 2009)

Brian Lenihan Jnr: Data for the tax year 2008 on which to provide an adequate response to the Deputy's question is not yet available. For example, the tax returns incorporating 2008 claims for tax relief on pension contributions to personal pension plans such as RACs and PRSAs are not due to be returned by taxpayers until the end of this month. The following table provides a breakdown of the estimated cost of...

Written Answers — Tax Code: Tax Code (6 Oct 2009)

Brian Lenihan Jnr: I am advised by the Revenue Commissioners that the deductions and reliefs which are allowable for tax at an individual's marginal rate of income tax and for which estimates of cost can be provided are set out below together with estimated costs for the year 2006, the most recent year for which the necessary detailed information is available. If relief for these deductions and reliefs was...

Written Answers — Tax Code: Tax Code (6 Oct 2009)

Brian Lenihan Jnr: At present the taxation of insurance policies is as follows: (i) 1% life insurance levy (ii) 3% non –life insurance levy In addition, a stamp duty is charged on insurance policies. The life insurance levy was only introduced part-way through 2009. At the time of the Supplementary Budget, the estimated full year impact on the Exchequer from the withdrawal of the life insurance levy is...