Results 6,981-7,000 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (22 Apr 2009)

Brian Lenihan Jnr: I would like to draw to the Deputy's attention that it is open to credit unions to invest in government bonds, which are issued by the National Treasury Management Agency. Government bonds are fixed-term, fixed-rate investment instruments which are part of the National Debt.

Written Answers — Financial Services Regulation: Financial Services Regulation (22 Apr 2009)

Brian Lenihan Jnr: Any person who carries on the business of money transmission is subject to the money laundering provisions of the Criminal Justice Act 1994 and accordingly is required to identify their customers, keep records, train staff and report suspicious transactions to the Garda Síochána and to the Revenue Commissioners. Money transmitters are also subject to EU Regulation 1781/2006 which requires...

Written Answers — Pension Provisions: Pension Provisions (22 Apr 2009)

Brian Lenihan Jnr: The Minister for Communications, Energy and Natural Resources has primary responsibility for matters relating to RTÉ, including its pension schemes. However I have a role because of my responsibility for public service pension policy and for public service expenditure generally. Under the terms of the Broadcasting Authority Act 1960 (as amended) RTÉ pension schemes and arrangements are...

Written Answers — Pension Provisions: Pension Provisions (22 Apr 2009)

Brian Lenihan Jnr: I can inform the Deputy that I have now written to him about this matter. The new public service pension-related deduction was introduced earlier this year. As you know, this was done by the Financial Emergency Measures in the Public Interest Act 2009 which was signed into law on 27 February 2009. The recent Supplementary Budget changed the pension-related deduction to ameliorate its...

Written Answers — Financial Services Regulation: Financial Services Regulation (22 Apr 2009)

Brian Lenihan Jnr: The Deputy's question refers to the redemption fee applied by mortgage providers in circumstances that a customer seeks to break a fixed rate mortgage. Mortgage lenders in Ireland generally seek to recover costs of funds when a borrower with a fixed rate mortgage agreement seeks to terminate the agreement some time before the term agreed. Traditionally redemption fees were articulated with...

Written Answers — Tax Code: Tax Code (22 Apr 2009)

Brian Lenihan Jnr: The position is that mortgage interest tax relief, through the tax relief at source system, would be granted at the appropriate rate of relief for a period of 7 years where, in the circumstances outlined, a new loan is taken out on a newly purchased home. In the circumstances described, the person would now be classified as a non first time buyer and therefore would qualify for relief at a...

Written Answers — Tax Code: Tax Code (22 Apr 2009)

Brian Lenihan Jnr: I assume the Deputy is referring to my budget speech on 7th April where I outlined the Government's decision in relation to Mortgage Interest Relief for principal private residences. While this relief has not been abolished, with effect from 1st May 2009, its availability will be restricted to the first seven years of any qualifying loan. I also stated that, as house prices fall, the...

Written Answers — Pension Provisions: Pension Provisions (9 Apr 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 13 and 16 together. Public servants who are members of public service pension schemes are liable to pay the pension-related deduction legislated for in the Financial Emergency Measures in the Public Interest Act 2009. On this basis, third-level researchers on fixed-term and temporary contracts must pay the deduction, since they are members of the relevant...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (8 Apr 2009)

Brian Lenihan Jnr: As the Deputy will be aware, the mutual society he refers to is not one of the institutions covered by the Government's Bank Guarantee Scheme. The Government's decision to safeguard deposits and specified funding instruments in systemically important credit institutions was taken to maintain financial stability for the benefit of depositors and business in the best interests of the Irish...

Written Answers — Tax Rebates: Tax Rebates (8 Apr 2009)

Brian Lenihan Jnr: I have been informed by the Revenue Commissioners that the person in question is not entitled to a refund of tax at present as income tax has not been paid in this tax year. A claim for a refund of PRSI cannot be made until year end. Claims are submitted to: Dept of Social & Family Affairs, Oisin House, 212-213 Pearse St, Dublin 2.

Written Answers — EU Directives: EU Directives (8 Apr 2009)

Brian Lenihan Jnr: The Insurance Mediation Directive was transposed into Irish law by way of the European Communities (Insurance Mediation) Regulations 2005 (S.I. No. 13 of 2005), so I assume that the Deputy is referring to the current proposal to amend those Regulations. Although it had been hoped to finalise the amending Regulations before now, a number of significant policy issues arose which delayed...

Written Answers — Pension Provisions: Pension Provisions (8 Apr 2009)

Brian Lenihan Jnr: The Deputy will be aware that the report of the Covered Institution Remuneration Oversight Committee (CIROC) considered that pension arrangements for top management should be reviewed. Specifically, the Report stated that: "We have become aware of a practice in which cash allowances were paid to compensate for the effects of the "pensions cap" imposed by the Finance Act, 2006. Pension...

Written Answers — State Companies: State Companies (7 Apr 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 31 and 61 together. I assume that the Deputy's question refers to bodies with a commercial mandate: a list of such bodies is set out as follows. The list refers to bodies in which the State has a direct holding. Some bodies may have subsidiaries or holdings in other companies or may have entered into joint-ventures with other companies. Parent Department...

Written Answers — Banking Sector: Banking Sector (7 Apr 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 32 and 33 together. The Financial Regulator has informed me that on 19 October 2001 AIB Capital Markets plc in accordance with the obligations imposed in the Central Bank's Handbook for Investment and Stockbroking firms, submitted a copy of an AIB Group Internal Report entitled "Special Investigation Goodbody Stockbrokers - Trading in AIB Shares" and a copy of...

Written Answers — Tax Code: Tax Code (7 Apr 2009)

Brian Lenihan Jnr: Section 848A of the Taxes Consolidation Act 1997 allows tax relief on donations made by either individuals or corporate bodies to eligible charities and other approved bodies, including first and second level schools and third level institutions. The minimum qualifying donation for relief purposes to an eligible charity or approved body is €250 per annum. Reducing the threshold to allow tax...

Written Answers — Departmental Funding: Departmental Funding (7 Apr 2009)

Brian Lenihan Jnr: I have noted the proposal regarding the Global Disaster Funding Bank Corporation, however I cannot support it. At this time of unprecedented economic and financial crisis, it is imperative that we respond quickly in an effective, cooperative and coordinated manner to bring about a resolution to this crisis and restore economic and financial stability as soon as possible. Ireland is committed...

Written Answers — Pension Provisions: Pension Provisions (7 Apr 2009)

Brian Lenihan Jnr: The pension related deduction has been introduced as one of a range of measures required to help address the economic crisis, including the serious imbalance in the Exchequer finances. The deduction applies generally given the fact that public servants enjoy the benefits of a public service pension which provides for greater security and more favourable terms than the generality of private...

Written Answers — Tax Code: Tax Code (7 Apr 2009)

Brian Lenihan Jnr: As the Deputy will be aware the income levy is effective from 1 January 2009. I am advised by the Revenue Commissioners that the arrangements for the introduction of the Income Levy were focused on limiting administrative and compliance costs for employers. Employers incorporate the payment of the Income Levy into the existing monthly form P30 and the Income Levy is included with PAYE tax...

Written Answers — Credit Ratings: Credit Ratings (7 Apr 2009)

Brian Lenihan Jnr: The National Treasury Management Agency (NTMA) have advised me that it is not possible at this stage to quantify the effect of the downgrade on funding costs. Yields have been falling recently from the levels reached in late January and, at this point, the NTMA are of the view that it appears that the effect of the downgrade had already been priced in by the market. All the rating agencies...

Written Answers — Pension Provisions: Pension Provisions (7 Apr 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 39, 43, 46 and 55 together. Public servants who are members of public service pension schemes are liable to pay the pension-related deduction legislated for in the Financial Emergency Measures in the Public Interest Act 2009. On this basis, third-level researchers on fixed-term and temporary contracts must pay the deduction, since they are members of the...