Results 7,801-7,820 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — Banking Sector Regulation: Banking Sector Regulation (18 Feb 2009)

Brian Lenihan Jnr: The Irish banking system comprises multiple and varied institutions, each of which has a balance sheet with differing degrees of exposure to particular asset classes. Any stress-test, whether by the institutions themselves or otherwise would have to take into account the type of assets on the balance sheet and the risk rating of those assets. It is a matter for each institution's own Board...

Written Answers — House Repossessions: House Repossessions (18 Feb 2009)

Brian Lenihan Jnr: Measures are already in place to support those who have recently become unemployed and who may experience difficulties in meeting their mortgage payments. For example FÁS has a specific policy in place to deal with redundancies and/or company closures. It offers a tailored approach as early as possible to the workers affected with a view to assisting them to access alternative employment...

Written Answers — National Pensions Reserve Fund: National Pensions Reserve Fund (18 Feb 2009)

Brian Lenihan Jnr: The National Pensions Reserve Fund was established on 2 April 2001 under the National Pensions Reserve Fund Act 2000 with the objective of meeting as much as possible of the cost to the Exchequer of social welfare pensions and public service pensions to be paid from the year 2025 until at least 2055. A preliminary 2008 end-year valuation of €16,355 million was published in the National...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (18 Feb 2009)

Brian Lenihan Jnr: The primary concern of both the Central Bank and the Financial Regulator and the Government is the stability of the financial system. Clearly the markets are still very fragile and the authorities continue to monitor this situation very closely. With respect to the general regulatory framework, the Credit Institutions (Financial Support) Scheme has provided for a more direct engagement with...

Written Answers — Tax Code: Tax Code (18 Feb 2009)

Brian Lenihan Jnr: I am informed by the Revenue Commissioners that the most recent year for which the necessary detailed information is available on tax relief for trade union subscriptions is the income tax year 2005, in respect of which some 272,100 claims for tax relief were allowed at an estimated cost to the Exchequer of approximately €11.8 million. Corresponding information is not yet available for...

Written Answers — Public Sector Review: Public Sector Review (18 Feb 2009)

Brian Lenihan Jnr: Under its Terms of Reference, the Special Group on Public Sector Numbers and Expenditure Programmes is required to report to me by end-June 2009. I have received no reports to date but have been kept advised of the Group's progress. The Group has just commenced its work on individual Votes and is working with expedition so as to be in a position to present its recommendations to me as soon...

Written Answers — Financial Institutions Investigations: Financial Institutions Investigations (18 Feb 2009)

Brian Lenihan Jnr: The matters in question are under investigation by the Financial Regulator and the Office of the Director of Corporate Enforcement. These investigations will be followed up by both the regulatory authorities, which have extensive powers. It would not be appropriate for me to comment further pending the outcome of these investigations.

Written Answers — Tax Code: Tax Code (18 Feb 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 126 and 127 together. I have been informed by the Revenue Commissioners that deposit interest retention tax (DIRT) at the rate of 23%, or 20% up to 31 December 2008, is deducted at source by deposit takers — for example, banks, building societies, credit unions, and post offices — from interest paid or credited on deposits of Irish residents. The gross...

Written Answers — Tax Code: Tax Code (18 Feb 2009)

Brian Lenihan Jnr: I am advised by the Revenue Commissioners that the VAT claimed by the person concerned under the Value Added Tax (Refund of Tax) (No 15) Order 1981, in respect of the purchase mentioned, has been repaid. A cheque in the amount of €120.33 issued on 10 February 2009, representing a full refund of the VAT paid.

Written Answers — Tax Code: Tax Code (18 Feb 2009)

Brian Lenihan Jnr: I have been advised by the Revenue Commissioners that the taxpayer is jointly assessed with her spouse for income tax purposes. Her spouse is self-employed and therefore, as a chargeable person, must submit an annual Tax Return. A Tax Return Form 11 for 2008 has issued on 16 February 2009. On receipt of completed form a notice of assessment will issue for 2008.

Written Answers — Financial Regulator Staff: Financial Regulator Staff (18 Feb 2009)

Brian Lenihan Jnr: The approved manpower complement for the Financial Regulator for 2009 is 380. Of this 380, 30.6 (8%) are at senior management level; 225 (59%) at senior officer level and 124.4 (33%) clerical/administrative support. The actual staffing level in the Financial Regulator at 31st January 2009 was 371.6, resulting in 8.4 vacancies. In November 2008, the Financial Regulator advertised to fill...

Written Answers — Departmental Expenditure: Departmental Expenditure (18 Feb 2009)

Brian Lenihan Jnr: The following tables set out the details requested by the Deputy in relation to the five highest contracts for capital and current spending by my Department for 2008. Contracts from Capital Expenditure Company or Body awarded contract Value Nature of Work € Farrell Brothers 440,309 Provision of office furniture for new building to facilitate optimum use of floor space Storage Systems...

Written Answers — Tax Code: Tax Code (18 Feb 2009)

Brian Lenihan Jnr: The provisions of section 31 of Finance (No 2) Act 2008 provide for relief from corporation tax for their first 3 years of operation for companies incorporated on and from 14 October 2008 that commence to carry on a new trade in 2009. The relief is granted by reducing the corporation tax on the profits of the new trade and on the gains from disposal of assets used for the purpose of the new...

Written Answers — Tax Code: Tax Code (18 Feb 2009)

Brian Lenihan Jnr: The Exchequer yield from VRT in 2008 was €1.1bn. Given the sharp decline in car sales internationally and in the State, while it is difficult to estimate, a significant reduction in VRT yield is expected in 2009. A revised VRT system was introduced with effect from 1 July 2008. The aim of the revised VRT system was to rebalance VRT so that consumers would be rewarded for choosing lower CO2...

Written Answers — Tax Code: Tax Code (18 Feb 2009)

Brian Lenihan Jnr: As the Deputy may be aware the application of VAT in EU member States is governed by the VAT Directive which provides that VAT is chargeable on the acquisition of a new motor vehicle by a purchaser in Ireland. Under the Directive VAT is not chargeable on second hand vehicles acquired by an individual in Ireland from another member State. This is to avoid double imposition of VAT in the EU on...

Written Answers — Banking Services: Banking Services (18 Feb 2009)

Brian Lenihan Jnr: I have had no specific discussions concerning the introduction of such mortgages. However, I understand that the Irish Banking Federation has been considering the issue of Sharia compliant mortgages and I look forward to the outcome of their examination of this issue in due course. The Deputy may wish to note that there are various types of Sharia compliant mortgages including the Ijara...

Written Answers — Financial Regulator Staff: Financial Regulator Staff (18 Feb 2009)

Brian Lenihan Jnr: Since the implementation of the Government Guarantee Scheme, the Financial Regulator has set up a dedicated unit to supervise and monitor the institutions covered under the Scheme. The unit has responsibility for the ongoing prudential supervision of the covered institutions as well as addressing the responsibilities of the Financial Regulator under the Scheme. There are currently 26 people...

Written Answers — Departmental Bodies: Departmental Bodies (18 Feb 2009)

Brian Lenihan Jnr: There is one regulatory body under the control of my Department, The Irish Financial Regulatory Authority, (Financial Regulator). The functions and powers of the Financial Regulator are specified in Section 33C of the Central Bank Act 1942. The approved manpower complement for the Financial Regulator for 2009 is 380. The actual staffing level in the Financial Regulator at 31st January 2009...

Written Answers — Pension Provisions: Pension Provisions (18 Feb 2009)

Brian Lenihan Jnr: It is proposed that the new pension related deduction will apply to all remuneration including allowances. Sums paid in respect of travel and subsistence allowances will not be subject to the deduction. The deduction will be made from gross pay before income tax, PRSI and health levies are calculated. Thus, pension contributions will be effectively relieved of tax at the marginal rate. It is...

Written Answers — Tax Collection: Tax Collection (18 Feb 2009)

Brian Lenihan Jnr: I am advised by the Revenue Commissioners that in 2008, a total of 373 taxpayers notified Revenue that they had paid rent to a non-resident landlord. In such circumstances, a reduction in tax credits is automatically created in order to collect the tax that has/should have been withheld by the tenant. This meets the tenant's liability in relation to the tax withheld.