Results 6,621-6,640 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — Election Management System: Election Management System (13 May 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 82 and 137 together. The legislative position governing expenditure on elections is mainly the statutory responsibility of the Minister for Environment, Heritage and Local Government. Arising from the statutory position election expenses are charged against the Central Fund under in 3 main headings – · Expenses of running the elections which comprises of...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (13 May 2009)

Brian Lenihan Jnr: The institutions to which the Deputy refers are covered under the Government's guarantee Scheme. This has led to increased scrutiny and oversight of the operations of the institutions and to increased engagement with its management including with regard to each of the institution's capital positions. As the Deputy will be aware, the Government announced on 7 April 2009 its intention to...

Written Answers — Financial Services Regulation: Financial Services Regulation (13 May 2009)

Brian Lenihan Jnr: I propose to take Questions No. 84, 87 and 117 together. I outlined the principles for major reform to our financial regulatory structures in my Budget Statement of 7 April, which provide for new structures for banking regulation that will place a reformed Central Bank, under the direction of a new Central Bank Commission, at the centre of financial supervision and financial stability...

Written Answers — National Asset Management Agency: National Asset Management Agency (13 May 2009)

Brian Lenihan Jnr: The National Asset Management Agency (NAMA) will be established on a statutory basis, under the aegis of the National Treasury Management Agency (NTMA). NAMA will be an independent commercial entity run on an arms-length basis. It will be staffed by professionals whose objectives will be to maximise returns. Like any commercial entity it will want loan agreements honoured in full and will...

Written Answers — Corporate Responsibility: Corporate Responsibility (13 May 2009)

Brian Lenihan Jnr: I am satisfied that the existing procedures used by public authorities in awarding contracts adequately reflect the general issues of ethics and social concern raised by the Deputy. EU Treaties and Public Procurement Directives stipulate that the core principles which must be observed in the award of public contracts are openness, competition and non-discrimination. Consistent to these...

Written Answers — Financial Services Regulation: Financial Services Regulation (13 May 2009)

Brian Lenihan Jnr: I take it that the Deputy is referring to the investigation initiated by Revenue in 2005, focussing on the tax affairs of policyholders who used certain life assurance investment products to evade tax. I am advised that the following is the current position. Prior to the commencement of the investigation into these Single Premium Insurance Policies, Revenue launched a voluntary disclosure...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (13 May 2009)

Brian Lenihan Jnr: Firstly the NPRF Commission will hold the shares on the State's behalf and develop a shareholder/company relationship with the banks. Also arrangements will be put in place to monitor closely the commitments made by the banks in relation to the recapitalisation and to monitor the State's interests as a stakeholder. I will appoint 25% of the members of the Boards of these banks. Initially...

Written Answers — Tax Code: Tax Code (13 May 2009)

Brian Lenihan Jnr: As I outlined in the recent Budget, with effect from 1st May 2009, mortgage interest relief is being limited so that the interest payable on a qualifying home loan qualifies for tax relief for the first seven years only of the life of that loan. A qualifying home loan is a loan used for the purchase, repair, development or improvement of an individual's principal private residence. The...

Written Answers — Financial Services Regulation: Financial Services Regulation (13 May 2009)

Brian Lenihan Jnr: As the Deputy will be aware, 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 by the Financial Regulator engaged in specialist or so-called sub-prime lending. Such lenders were not previously subject to financial regulation in respect of lending activities. The...

Written Answers — Pension Provisions: Pension Provisions (13 May 2009)

Brian Lenihan Jnr: As published in the Revised Estimates for Public Services 2009 on 23 April 2009, it is currently estimated that receipts from the Public Service pension-related deduction will come to just under €940 million in 2009 and over €1.1 billion in 2010. These estimates allow for the revisions introduced in the April 2009 Supplementary Budget. The arrangements for the pension-related deduction...

Written Answers — Social Welfare Benefits: Social Welfare Benefits (13 May 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 93 and 103 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. My...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (13 May 2009)

Brian Lenihan Jnr: As the Deputy will be aware, in my Supplementary Budget speech on 7 April I announced that the Government intends to put a guarantee in place for the future issuance of debt securities with a maturity of up to five years. Work is currently underway to deliver this commitment which is subject to State aid approval from the European Commission. An amendment to the Credit Institutions Financial...

Written Answers — Tax Code: Tax Code (13 May 2009)

Brian Lenihan Jnr: I am sure that the Deputy will appreciate that it is important to make a distinction between action against tax havens and the proposed changes to the system of tax deferral announced by the US Administration last week. Ireland is not a tax haven. It is not included among the OECD list of tax havens; was not included in a recent G20 summit list of tax havens and in fact during the recent...

Written Answers — Freedom of Information: Freedom of Information (13 May 2009)

Brian Lenihan Jnr: I have noted the suggestions made in the Information Commissioner's annual report for 2008. I intend to bring proposals to Government shortly on an extension of the application of the Freedom of Information Acts. In considering this matter, the Government will take into account the views of the Information Commissioner as well as other important considerations such as the confidential and...

Written Answers — Economic Forecasts: Economic Forecasts (13 May 2009)

Brian Lenihan Jnr: New economic forecasts were issued by the European Commission on May 4th last. The forecast by the Commission of a General Government Balance (GGB) deficit of 15.6% of GDP in 2010 was made on the assumption of no-policy-change. However, the Supplementary Budget of April 7th contained provisions for additional tax and expenditure measures which it is estimated will yield €4 billion in 2010....

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (13 May 2009)

Brian Lenihan Jnr: As the Deputy will be aware, in my Supplementary Budget speech on 7 April I announced that the Government intends to put a guarantee in place for the future issuance of debt securities with a maturity of up to five years. Work is currently underway to deliver this commitment which is subject to State aid approval from the European Commission. An amendment to the Credit Institutions...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (13 May 2009)

Brian Lenihan Jnr: Under paragraph 8 of the Credit Institutions Financial Support the Minister for Finance may review and vary the terms and conditions of the Scheme to ensure that it is achieving the purposes of the Credit Institutions Financial Support Act, 2008. The Scheme states that at such a review, the Minister shall consider, inter alia, the continued requirement for the provision of financial support...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (13 May 2009)

Brian Lenihan Jnr: My Department is in ongoing discussions with Anglo Irish Bank on a range of matters, including the bank's capital position. To date, no significant direct cost has arisen to the Exchequer in respect of the nationalisation of Anglo. As the Deputy may be aware, the main exposures at Anglo relate to lending for Land and Development and connected exposures. As for all banks, the treatment of such...

Written Answers — Motor Industry: Motor Industry (13 May 2009)

Brian Lenihan Jnr: As the Deputy will be aware the Supplementary Budget announced that a Margin Scheme for second-hand cars was being introduced, with effect from 1 July 2009, whereby dealers would be taxed for VAT purposes on their margin in regard to second-hand cars they acquire and resold after that date. The margin is the difference between the price the dealer purchased and resold the second-hand car for....

Written Answers — Banking Sector: Banking Sector (13 May 2009)

Brian Lenihan Jnr: Notwithstanding the severe budgetary problems we face, this Government is spending very substantial amounts on public infrastructure over the next five years. This year, we will be spending 5% of GNP from the Exchequer on public infrastructure, one of the highest ratios in the EU15. Over the next four years, Exchequer capital investment will amount to an annual average of over 4% of GNP....