Results 7,221-7,240 of 16,537 for speaker:Brian Lenihan Jnr

Fiscal Policy. (26 Mar 2009)

Brian Lenihan Jnr: I have a particular concern that large companies — particularly banks, for which I bear ministerial responsibility — are overly reliant on a small circle of persons for appointments to their boards. It is important, in the long-term interest of the companies themselves and in the interest of the public and stakeholders, that there should be an opportunity for new voices to be heard and...

Fiscal Policy. (26 Mar 2009)

Brian Lenihan Jnr: I refute the Deputy's assertion that there has been little change in the management of the six institutions which were guaranteed as and from 30 September 2008. In the less than six-month period since then, there has been a change of chairman or chief executive officer, or both, in five of those institutions. There have been substantial changes in the board of Anglo Irish Bank. This...

Fiscal Policy. (26 Mar 2009)

Brian Lenihan Jnr: I am not willing to get into personalities on the floor of the House. I am making the point that there has been substantial change in the board management structure of five of the six institutions since the guarantee was given. The Attorney General, the legal adviser to the Government under the Constitution, was present throughout the discussions on the guarantee. Lest there be further...

Financial Institutions Remuneration. (26 Mar 2009)

Brian Lenihan Jnr: I received the report of the covered institutions remuneration oversight committee, CIROC, on 3 March. It was common knowledge that remuneration levels for senior bankers based on salary, bonus, pension and other payments were high long before the Government guarantee. Some of the relevant material was in the public domain. The CIROC was established as part of the guarantee scheme for the...

Financial Institutions Remuneration. (26 Mar 2009)

Brian Lenihan Jnr: The Deputy asked a number of interesting questions. With regard to the position of the two directors appointed to the board of the society at my request, neither held the office of director at the time of the payment of the guarantee or execution of whatever arrangement was arrived at to promise the bonus.

Financial Institutions Remuneration. (26 Mar 2009)

Brian Lenihan Jnr: I do not have the date to hand in my brief today. On receipt of detailed information I will be in a position to advise the Deputy. He will appreciate I do not have the information at this stage. The two directors were not members of the board at the time when any payment was made, so they are entirely strangers to this transaction. In regard to the position of Mr. Casey and Irish Life &...

Financial Institutions Remuneration. (26 Mar 2009)

Brian Lenihan Jnr: I have made it clear in my reply that all options will be considered. In the first instance it is a matter for the society and its board to investigate these transactions and see what options are available to the society. In default of any action by the society I will, on legal advice, see what options are available to me.

Unemployment Levels. (26 Mar 2009)

Brian Lenihan Jnr: The latest forecasts for EU labour market developments are those published by the European Commission in January. At the time, the European Union unemployment rate was forecast to average 8.7% this year. On a survey basis, the latest data show a sharp contraction in employment in the final quarter of last year — employment in this quarter was over 4% lower than in the same quarter a year...

Unemployment Levels. (26 Mar 2009)

Brian Lenihan Jnr: Yes.

Unemployment Levels. (26 Mar 2009)

Brian Lenihan Jnr: I agree with Deputy Bruton that the protection of existing jobs and the retraining of those who do not have jobs must form the cornerstone of our job strategy. We already have programmes in place to protect businesses already providing employment through the Department of Enterprise, Trade and Employment. We already have training and retraining arrangements in place. We must examine how...

Written Answers — Tax Code: Tax Code (25 Mar 2009)

Brian Lenihan Jnr: The Deputy will be aware that a revised VRT system for Category A vehicles was announced in Budget 2008 and came into effect on 1 July 2008. I have no plans to change the criteria in relation to the VRT categories at this time.

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (25 Mar 2009)

Brian Lenihan Jnr: As part of the recapitalisation package announced on 11 February, Allied Irish Bank and Bank of Ireland reconfirmed their December commitment to increase lending capacity to small and medium enterprises (SMEs) by 10% and to provide an additional 30% capacity for lending to first time buyers in 2009. If the mortgage lending is not taken up, then the extra capacity will be available to SMEs....

Written Answers — Insurance Industry: Insurance Industry (25 Mar 2009)

Brian Lenihan Jnr: I presume the Deputy is referring to Homebond who provides structural defect cover for certain new homes in association with the Construction Industry Federation. The Financial Services Ombudsman (FSO) deals with consumer complaints about financial service providers. The Homebond Insurance Scheme is regulated by the Financial Regulator and a consumer can contact the Financial Services...

Written Answers — Banking Sector Remuneration: Banking Sector Remuneration (25 Mar 2009)

Brian Lenihan Jnr: The remuneration packages of the top executives in the six banks referred to in the Deputy's question are listed in the annual accounts for each institution. 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, bonus and pension levels for chief executives,...

Written Answers — Tax Yield: Tax Yield (25 Mar 2009)

Brian Lenihan Jnr: I am informed by the Revenue Commissioners that the amount collected in VRT in February 2009 and the comparable figures for 2006, 2007 and 2008 are set out in the following table. The figures provided in relation to 2008 and 2009 are provisional at this juncture. The fall in VRT yield in February 2008 compared to February 2007 arose mainly from a change in the method of accounting for VRT...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (25 Mar 2009)

Brian Lenihan Jnr: Generally mortgages are for long periods. To some consumers a fixed interest rate on a mortgage offers peace of mind in that the borrower benefits from certainty regarding the cost of the mortgage, does not need to be concerned with changes in mortgage interest rates and accordingly, can budget more confidently. Anyone taking a fixed rate mortgage knows that they are ensuring certainty for...

Written Answers — Pension Provisions: Pension Provisions (25 Mar 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 99 and 105 together. 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 sums paid to members of such schemes on retirement. Provided the employees and individuals referred to in the questions are members of such a scheme and the lump sum...

Written Answers — Arts Funding: Arts Funding (25 Mar 2009)

Brian Lenihan Jnr: Anglo Irish Bank is being run on an arm's length commercial basis. Accordingly, normal commercial decisions, which include decisions on corporate sponsorship, are a matter for the Board of Anglo.

Written Answers — Tax Yield: Tax Yield (25 Mar 2009)

Brian Lenihan Jnr: As the Deputy is aware, the 0.5% increase in the standard VAT rate from 21% to 21.5% was introduced in the 2009 Budget as part of a general package of revenue-raising measures to fund key public services. The UK Government, as part of a fiscal stimulus package, then reduced their standard VAT rate from 17.5% to 15% on a temporary basis with effect from 1 December 2008 to 31 December 2009. It...

Written Answers — Tax Collection: Tax Collection (25 Mar 2009)

Brian Lenihan Jnr: I have been advised by the Revenue Commissioners that a form P45 is issued by the employer and not by Revenue. Revenue have written to the employer on 23rd March 2009 in relation to the matter.