Results 8,121-8,140 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — Fiscal Policy: Fiscal Policy (10 Feb 2009)

Brian Lenihan Jnr: The breakdown of estimated capital Appropriations-in-Aid for 2009 is shown by Department in the following table and was published in Budget 2009. We provide an aggregate estimate for 2010 and 2011 as determination of capital A in A's by Department will be part of future annual Estimates processes. The aggregate figure for 2010 amounts to €481m and €479m for 2011. The aggregate 2012 and...

Written Answers — Fiscal Policy: Fiscal Policy (10 Feb 2009)

Brian Lenihan Jnr: The Exchequer Balance is the traditional domestic budgetary aggregate which measures Central Government's net surplus or borrowing position. It is the difference between total receipts into and total expenditure out of the Exchequer Account of the Central Fund. The projected Exchequer Balance for the year 2009 to 2013 is as follows. 2009 2010 2011 2012 2013 €m €m €m €m €m...

Written Answers — Fiscal Policy: Fiscal Policy (10 Feb 2009)

Brian Lenihan Jnr: The assumptions underlying the addendum to the Irish Stability Programme Update 2009 in relation to public sector pay allow for the cost associated with the Review and Transitional pay agreement, agreed in September 2008, over all years of the forecast horizon. Last week the Government decided to defer this pay agreement until 2011, when further discussions will take place. As this decision...

Written Answers — Fiscal Policy: Fiscal Policy (10 Feb 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 201 and 255 together. The Addendum to the Stability Programme Update forecast an Exchequer Borrowing Requirement of €17,980 million for 2009. This took into account the requirement for a €2 billion adjustment. The forecast for debt service costs in 2009, estimated at €4,500 million, takes into account the fiscal consolidation objective. The expenditure...

Written Answers — Fiscal Policy: Fiscal Policy (10 Feb 2009)

Brian Lenihan Jnr: The exchange rate and price developments are the main variables used to assess competitiveness. With regard to exchange rates, the norm is for my Department to use the Commission's assumptions. These hold constant the averages from a 10 day reference period. However, for the economic projections produced in the Addendum, updated assumptions were not available from the Commission. As such, and...

Written Answers — Tax Code: Tax Code (10 Feb 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 206 to 211, inclusive, together. I am informed by the Revenue Commissioners that the estimated full year cost to the Exchequer of a reduction in the standard rate of Value Added Tax by 1%, 2%, 3%, 4%, 5% and 6% is as follows. Estimated cost to the Exchequer of reductions in Standard rate of VAT Existing Rate Reduction New Rate Cost % % % â'¬m 21.5 1.0...

Written Answers — : (10 Feb 2009)

Brian Lenihan Jnr: I am informed by the Revenue Commissioners that the data from the 2007 tax returns filed by the high earners in question are currently being processed and analysed. They plan to have the results of a provisional study on the effect of this first year of the restriction ready, by the end of April 2009, for submission to my Department for consideration. I would hope to be in a position to...

Written Answers — Political Funding: Political Funding (10 Feb 2009)

Brian Lenihan Jnr: The annual allowance to a parliamentary leader of a qualifying party ceases with the dissolution of that party except where there is an amalgamation of the party or the acceptance of all of the members of that party into a specified other qualifying party. There is however, no provision for the transfer of an allowance payable on behalf of an elected member of Dáil Éireann or Seanad...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (10 Feb 2009)

Brian Lenihan Jnr: The Deputy will be aware that the remuneration of directors and senior executive staff of Anglo Irish Bank Corporation is being considered in the Covered Institution Remuneration Oversight Committee, established under the Credit Institutions (Financial Support) Scheme 2008. The Scheme provides for controls on executive remuneration in institutions covered by the Guarantee. The Scheme requires...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (10 Feb 2009)

Brian Lenihan Jnr: The Financial Regulator has informed me that it is examining certain issues that have arisen at Anglo Irish Bank including where loans have been made to Directors. The Office of the Director of Corporate Enforcement is also conducting an investigation into issues at the bank. The new Board of the bank and I as shareholder will ensure that any issues identified on foot of these...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (10 Feb 2009)

Brian Lenihan Jnr: Anglo Irish Bank is being run on an arm's length commercial basis and I have issued no such direction. The Board of Anglo is preparing a comprehensive business plan which will be required to demonstrate how the Board will oversee the continued commercial operation of the bank in the best interests of the bank, the financial sector generally and the State. This business plan will provide an...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (10 Feb 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, corporate entertainment or credit card expense entitlement in respect of Anglo- Irish Bank executives, are matters for the Board of Anglo. Notwithstanding this I am informed that there will be no corporate sponsorship this year. The...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (10 Feb 2009)

Brian Lenihan Jnr: Anglo Irish Bank is being run on an arm's length basis to allow the full potential of the bank's business to be realised. Accordingly, the normal ongoing business of the bank, which includes the pay and conditions of staff, is a matter for the Board of Anglo. It would therefore not be appropriate for me to place such commercially sensitive information in the public domain. As the Deputy...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (10 Feb 2009)

Brian Lenihan Jnr: Anglo Irish Bank is being run on an arm's length commercial basis. I have delegated the function of appointing a chief executive officer under section 20 (b) of the Anglo Irish Bank Corporation Act 2009, to the Chairman of Anglo Irish Bank. I will continue to support the efforts of the Board in appointing a chief executive officer with a view to ensuring the continued commercial operation...

Written Answers — Tax Code: Tax Code (10 Feb 2009)

Brian Lenihan Jnr: I propose to take Questions Nos. 221 and 225 together. The provisions of section 31 of the 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...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (10 Feb 2009)

Brian Lenihan Jnr: The Financial Regulator is examining issues that have arisen in Anglo Irish Bank including where loans were made to former directors. These issues span a considerable period of time are complex and it will take time to investigate them fully. The Office of the Director of Corporate Enforcement is also investigating this and related matters. In order to ensure that the investigations of...

Written Answers — Departmental Equipment: Departmental Equipment (10 Feb 2009)

Brian Lenihan Jnr: I am advised by the Revenue Commissioners that construction of the second Revenue cutter is proceeding well. Delivery is expected in September 2009 and, on that basis, plans are in place to have the cutter in service by the end of the year. Revenue will be going to tender shortly for the purchase of the new scanner. Pending the outcome of the tender process, it is not possible to be precise...

Written Answers — Tax Code: Tax Code (10 Feb 2009)

Brian Lenihan Jnr: I understand the Deputy is referring to the income levy which took effect from 1 January 2009. The position is that the income levy applies to gross income and constitutes an additional tax. The income base on which the income levy is applied is different to that of income tax or, indeed Pay Related Social Insurance (PSRI) contributions and health levy contributions. Gross income in the...

Written Answers — Tax Code: Tax Code (10 Feb 2009)

Brian Lenihan Jnr: I announced in Budget 2009 that the betting duty would be increased from 1 to 2%. Subsequently, I met a wide range of representatives from the betting industry where the problems faced by the sector, including those arising from the Budgetary changes, were discussed. The Finance (No. 2) Act 2008 provides that the betting duty rate will be increased from 1% to 2% on 1 May 2009. The Act also...

Written Answers — Tax Code: Tax Code (10 Feb 2009)

Brian Lenihan Jnr: I am informed by the Revenue Commissioners that money that is received by an individual in respect of the letting, for residential purposes, of part of that individual's home is exempt from income tax, income levy, PRSI and the health levy where it is below €10,000. Any amount received for meals, cleaning, laundry or other similar goods and services that are incidentally provided in...