Results 7,181-7,200 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (26 Mar 2009)

Brian Lenihan Jnr: As the Deputy will be aware, the Government has announced detailed proposals for the recapitalisation of Allied Irish Bank and Bank of Ireland. As I have noted previously, the Government's approach to the recapitalisation of these institutions has been structured and considered and based on a detailed assessment of the institutions concerned. This included work undertaken for the Financial...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (26 Mar 2009)

Brian Lenihan Jnr: There is provision in Paragraph 22 of the Scheme that I may review the guarantee charging model every six months. I expect that the first of these reviews will be completed during April 2009. The review process will require advice from the Central Bank, Financial Regulator and the NTMA. The thinking behind the Charging Model is set out in some detail in the Annexe to the Scheme. The charge...

Written Answers — Fiscal Policy: Fiscal Policy (26 Mar 2009)

Brian Lenihan Jnr: There is no universally accepted definition of the term depression, but my own view is that the experience of the 1930s in many countries is an accurate description of the term. In Ireland after a very long period of sustained growth we are now experiencing a deep recession. As a result living standards will decline significantly and we will all have to adjust our expectations of what can be...

Written Answers — Tax Code: Tax Code (26 Mar 2009)

Brian Lenihan Jnr: Consultations between my Department and the Department of the Environment, Heritage and Local Government with regard to the implementation of the levy are well advanced and details of its introduction will be announced shortly. As previously indicated, the levy will apply in the five urban areas of Dublin, Waterford, Cork, Limerick and Galway. Within these urban areas, regard will be had to...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (26 Mar 2009)

Brian Lenihan Jnr: As I have noted previously, the Government's approach to recapitalisation has been structured and considered and based on a detailed assessment of the institutions concerned. The Financial Regulator engaged PricewaterhouseCoopers to examine the capital position of the institutions covered under the Guarantee Scheme. This examination included an assessment of the level of impairment of assets...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (26 Mar 2009)

Brian Lenihan Jnr: The Government is in discussions with the covered institutions referred to including with regards to their respective capital positions and in relation to the review of the guarantee scheme. The Government will bring forward proposals to strengthen these institutions if required. As previously announced, capital is available, through the National Pension Reserve Fund, or otherwise and subject...

Written Answers — Financial Institutions Remuneration: Financial Institutions Remuneration (26 Mar 2009)

Brian Lenihan Jnr: The Report of the Covered Institutions Remuneration Committee (CIROC) was published by my Department on 13 March 2009. The Government welcomed the recommendation by CIROC for reductions in the prevailing base salary, pension levels and bonuses for Chairs, Chief Executives and ordinary Board members in those financial institutions covered by the Bank Guarantee Scheme. As the Deputy is aware,...

Written Answers — Banking Sector Investigations: Banking Sector Investigations (26 Mar 2009)

Brian Lenihan Jnr: The reports which the Deputy refers to were prepared on behalf of the Financial Regulator who has indicated that because of the commercially sensitive nature of the information contained in the reports, they will not be publishing or making the contents of the reports generally available. As the Deputy is aware, extracts from a series of reports on Anglo Irish Bank prepared by Pricewaterhouse...

Written Answers — Fiscal Policy: Fiscal Policy (26 Mar 2009)

Brian Lenihan Jnr: In the normal course of events, officials in my Department regularly brief and meet with representatives of international credit rating agencies in order to provide information on the Irish economy. As part of my function as Minister for Finance, I meet with a wide variety of organisations, including on occasion, credit ratings agencies. In the past six months I have only met with...

Written Answers — Fiscal Policy: Fiscal Policy (26 Mar 2009)

Brian Lenihan Jnr: In line with normal budgetary practice, the Government will consider and decide upon expenditure policy options, and the decisions will be announced on Tuesday 7 April next.

Written Answers — Exchequer Borrowing: Exchequer Borrowing (26 Mar 2009)

Brian Lenihan Jnr: The National Treasury Management Agency have advised me that the main reasons for the increase in the forecast cost of servicing the national debt for 2009 are the increase in the estimate for the 2009 Exchequer Borrowing Requirement and the higher interest rates currently prevailing on Government bonds. The current elevated yields on Irish Government bonds reflect both global factors which...

Written Answers — Tax Code: Tax Code (26 Mar 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 80, 81 and 86 together. Betting duty is payable by the bookmaker. If a bookmaker were to establish an on-line betting operation within the State, the bookmaker would be liable to pay betting duty. In general, however, the charge to pay duty does not apply to on-line betting because virtually all providers of such a service are based outside the State. A...

Written Answers — Tax Code: Tax Code (26 Mar 2009)

Brian Lenihan Jnr: Betting duty is payable by the bookmaker. If a bookmaker were to establish an on-line betting operation within the State, the bookmaker would be liable to pay betting duty. In general, however, the charge to pay duty does not apply to on-line betting because virtually all providers of such a service are based outside the State. A similar scenario occurs in the case of bets carried out by...

Written Answers — Regional Development: Regional Development (26 Mar 2009)

Brian Lenihan Jnr: Under the Regional Competitiveness and Employment Objective, Ireland has been allocated €750 million of EU Structural Funds for the period 2007-13: of this €458 million has been allocated to the Border, Midland and Western (BMW) Region and €292 million to the Southern and Eastern (S&E) Region. Ireland's National Strategic Reference Framework (NSRF), which sets out the strategy for...

Written Answers — Tax Code: Tax Code (26 Mar 2009)

Brian Lenihan Jnr: Charities and non-profit groups engaged in non-commercial activity are exempt from VAT under the EU VAT Directive, with which Irish VAT law must comply. This means they do not charge VAT on the services they provide and cannot recover VAT incurred on goods and services that they purchase. Essentially only VAT registered businesses which charge VAT are able to recover VAT. Accordingly, it is...

Written Answers — Financial Services Remuneration: Financial Services Remuneration (26 Mar 2009)

Brian Lenihan Jnr: The position is that all salaries and bonuses paid by financial institutions are taxable in the normal way. It would not be open to the Government to impose tax retrospectively on such payments already made. The Deputy will be aware that I recently published the report by the Covered Institution Remuneration Oversight Committee (CIROC) which recommended reductions in prevailing base salary,...

Written Answers — Pension Provisions: Pension Provisions (26 Mar 2009)

Brian Lenihan Jnr: The Central Bank and Financial Services Authority of Ireland complies fully with all tax requirements. Under statutory pension schemes and pension schemes approved by the Revenue Commissioners, there is no liability to income tax in respect of retirement gratuities or lump sum paid to members of such schemes on retirement provided Revenue rules are complied with. Accordingly, the pension...

Written Answers — Wealth Statistics: Wealth Statistics (26 Mar 2009)

Brian Lenihan Jnr: I have been informed that no general research has been carried out over the past ten years by either the Department of Finance or the Revenue Commissioners regarding the extent and breakdown of wealth as opposed to income. However, all of an individual's assets and liabilities are declared in a number of specific circumstances — for example: after the death of an individual, on an Inland...

Written Answers — Pension Provisions: Pension Provisions (26 Mar 2009)

Brian Lenihan Jnr: The position is that public servants are in general liable to pay the pension-related deduction introduced in the Financial Emergency Measures in the Public Interest Act 2009. University research staff are liable to pay the deduction because they meet the key qualifying conditions under the Act, which is to say that they are public servants and are members of a public service pension scheme....

Written Answers — Insurance Industry: Insurance Industry (26 Mar 2009)

Brian Lenihan Jnr: I presume the Deputy is referring to claims being made against insolvent insurers who are unable to meet policy holders claims. A compensation fund exists for non life insurance companies. However no such fund exists for life companies. The compensation fund for non life insurance companies was set up under Section 2 of the Insurance Act 1964 (the Act). Section 3 of the Act provides that...