Results 6,021-6,040 of 16,537 for speaker:Brian Lenihan Jnr
- Written Answers — Social Welfare Benefits: Social Welfare Benefits (8 Jul 2009)
Brian Lenihan Jnr: It is generally acknowledged that as income levels rise, the marginal propensity to consume declines. Therefore, I would tend to agree that the marginal propensity to consume of welfare recipients is higher than for those on higher incomes. However, the overall impact on aggregate demand is far less certain given the high degree of import intensity in Ireland. As I have pointed on many...
- Written Answers — Social Welfare Benefits: Social Welfare Benefits (8 Jul 2009)
Brian Lenihan Jnr: The decision on pass through of ECB rate reductions to variable rate mortgages is a commercial decision for the financial institution concerned. This decision will reflect a range of different factors including funding costs, market conditions, profitability and business strategy as well as the competitive environment overall. The Deputy will appreciate it is a core function of the Board...
- Written Answers — Financial Services Regulation: Financial Services Regulation (8 Jul 2009)
Brian Lenihan Jnr: I propose to take Questions Nos. 51, 54 and 69 together. I announced on 18 June last that the Government had agreed a range of reforms of the regulatory structures for financial regulation. A new single fully integrated regulatory institution, the Central Bank of Ireland, will be established, replacing the current two pillar structure of the Central Bank and the Financial Services Regulatory...
- Written Answers — Banking Sector: Banking Sector (8 Jul 2009)
Brian Lenihan Jnr: Loans will be transferred to NAMA at an appropriate written down value which will ensure value for money for the taxpayer and take into account the risk being transferred to the State. The NTMA has engaged experts to assist the interim Managing Director of NAMA in the development of an appropriate valuation methodology, which will be fair and independent. The valuation methodology will have...
- Written Answers — Economic Outlook: Economic Outlook (8 Jul 2009)
Brian Lenihan Jnr: I propose to take Questions Nos. 53, 71 and 86 together. The Supplementary Budget forecast that total tax revenue for the year would amount to â¬34.4 billion. Monthly profiles for individual tax-heads were published at the end of April. The end-June Exchequer Returns showed that in the first half of the year total tax revenues of â¬15.8 billion were collected. At this stage, tax revenues...
- Written Answers — Public Service Staff: Public Service Staff (8 Jul 2009)
Brian Lenihan Jnr: On the 27 March 2009, I announced a moratorium on recruitment and promotion in the public service with certain exceptions in the health and education sectors. The information to hand indicates that, by the end of June, the Department of Finance had received approximately 620 applications for the filling of specific posts comprehended by the moratorium, of which, the filling of 191 have been...
- Written Answers — Banking Sector: Banking Sector (8 Jul 2009)
Brian Lenihan Jnr: As the Deputy will be aware the Government decided to provide up to â¬4bn by way of capital injection to Anglo Irish Bank. â¬3bn of this amount was provided from the Central Fund to the Bank for capital purposes on the 29 June 2009. The balance of up to â¬1bn will be provided subject to agreement on a proposed buy-back of Anglo debt aimed at improving the Bank's Core Tier 1 capital...
- Written Answers — Financial Services Regulation: Financial Services Regulation (8 Jul 2009)
Brian Lenihan Jnr: The Financial Regulator has the statutory authority and responsibility to regulate and supervise credit institutions. The Financial Regulator recently carried out a review of loans to directors in financial institutions and is imposing conditions on banks and building societies following this review. With regard to staff, the Financial Regulator has informed me that it expects the Board and...
- Written Answers — Unemployment Levels: Unemployment Levels (8 Jul 2009)
Brian Lenihan Jnr: In June of this year, the seasonally-adjusted number on the Live Register was 413,500 resulting in a standardised unemployment rate of 11.9 per cent. The monthly increase in June was the lowest since September last year. In other words, the rate of labour market deterioration is not as bad as in the first quarter of this year. The latest quarterly national household survey relates to the...
- Written Answers — Tax Code: Tax Code (8 Jul 2009)
Brian Lenihan Jnr: I propose to take Questions Nos. 60 and 77 together. The position in relation to Child Benefit is as set out in my Supplementary Budget on 7 April 2009. The Government does not believe that it is fair to pay the same level of benefit irrespective of the level of income of the recipient. In times of scarce resources the Government believes support should be targeted at those most in need....
- Written Answers — Banking Sector: Banking Sector (8 Jul 2009)
Brian Lenihan Jnr: As the Deputy will be aware the Government decided to provide up to â¬4bn by way of capital injection to Anglo Irish Bank. â¬3bn of this amount was provided from the Central Fund to the Bank for capital purposes on the 29 June 2009. The balance of up to â¬1bn will be provided subject to agreement on a proposed buy-back of Anglo debt aimed at improving the Bank's Core Tier 1 capital...
- Written Answers — Tax Yield: Tax Yield (8 Jul 2009)
Brian Lenihan Jnr: I am informed by the Revenue Commissioners that the air travel tax arising from travel undertaken in any month is payable by the 23rd of the following month. The yields from the air travel tax received in May and June 2009 were â¬9.6 million and â¬11.5 million respectively, in respect of travel undertaken during the months of April and May 2009. The tax due for travel undertaken during June...
- Written Answers — Tax Code: Tax Code (8 Jul 2009)
Brian Lenihan Jnr: All taxes and potential taxation measures continue to be reviewed on an ongoing basis. However, as the Deputy will be aware, it is not customary for the Minister of Finance to comment on possible tax and expenditure changes in advance of the Budget.
- Written Answers — Unemployment Levels: Unemployment Levels (8 Jul 2009)
Brian Lenihan Jnr: Quarterly national household survey data show that in the first quarter of this year, economy-wide employment fell by 158,500 on an annual basis, a fall of 7.5 per cent. Seasonally adjusted unemployment was 223,000 in the first quarter, compared with 110,000 in the same period last year. The unemployment rate stood at 10.2 per cent in the first quarter. There is no question that the...
- Written Answers — Public Service Staff: Public Service Staff (8 Jul 2009)
Brian Lenihan Jnr: In the April 2009 Supplementary Budget, I announced a range of initiatives which are intended to lead to savings in the public service pay bill. The Government has decided to offer an Incentivised Scheme of Early Retirement in the public service to reduce the public service pay bill and facilitate a permanent, structural reduction in the numbers of staff serving in the civil service, local...
- Written Answers — Pre-Budget Submissions: Pre-Budget Submissions (8 Jul 2009)
Brian Lenihan Jnr: As I have already outlined in my response to a Priority Question today, the broad parameters for Budget 2010 were set out in the Supplementary Budget which for the first time set out a multi-annual plan which will achieve a General Government deficit of 3% of GDP by end-2013. In terms of the next two years, the Supplementary Budget set out the indicative split between the necessary further...
- Written Answers — Freedom of Information: Freedom of Information (8 Jul 2009)
Brian Lenihan Jnr: Given the significant pressure on the Central Bank and Financial Services Authority of Ireland (CBFSAI) at this time, arising from the financial crisis and the operation of the Bank Guarantee Scheme, and the significant change in the financial regulatory framework as proposed by Government, it is not considered that this would be the most appropriate time to consider the possible extension of...
- Written Answers — Banking Sector: Banking Sector (8 Jul 2009)
Brian Lenihan Jnr: A core Government objective is to free up lending on a commercial basis into the economy to support economic growth and a number of actions have been taken to achieve this objective. In the context of the bank guarantee scheme and recapitalisation the banks have made important commitments to support business lending. An independent review of credit availability was agreed in the context of...
- Written Answers — Financial Services: Financial Services (8 Jul 2009)
Brian Lenihan Jnr: The decision on the interest rate to be charged by lending institutions for mortgages is a commercial decision for the financial institution concerned. This decision will reflect a range of different factors including funding costs, market conditions, profitability and business strategy as well as the competitive environment overall. The Deputy will appreciate it is a core function of the...
- Written Answers — Banking Sector: Banking Sector (8 Jul 2009)
Brian Lenihan Jnr: I refer to my answer to Question No. 121 of 13 May 2009. As I set out in that answer, data on the deposit base of bank offices resident in Ireland is published in the Monthly Statistics and Quarterly Bulletins of the Central Bank and Financial Services Authority of Ireland (CBFSAI). The latest available monthly statistics (May 2009) indicates that total deposits held in credit institutions...