Results 9,661-9,680 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — Pension Provisions: Pension Provisions (25 Sep 2008)

Brian Lenihan Jnr: I take it that the Deputy is referring to small self-administered pension schemes. I am advised by the Revenue Commissioners that such schemes are a particular type of occupational pension scheme in respect of which special Revenue Commissioners' requirements already apply as regards their approval for tax relief purposes, operation and supervision. The reason for the extra rules is to...

Written Answers — Capital Expenditure: Capital Expenditure (25 Sep 2008)

Brian Lenihan Jnr: The development of mental health projects is a matter for the Minister for Health and Children. It is a matter for the Minister for Health and Children to consider proposals for capital expenditure in mental health care and other areas for decision in the context of the annual Estimates.

Written Answers — Banking Sector Regulation: Banking Sector Regulation (25 Sep 2008)

Brian Lenihan Jnr: EU Finance Ministers have adopted an extensive roadmap of actions incorporating a work programme aimed at putting in place a comprehensive response to developments in financial markets. This programme includes reviewing along with the EU's international partners how to further improve transparency of complex financial instruments, valuation standards, the prudential framework, risk...

Written Answers — Live Register: Live Register (25 Sep 2008)

Brian Lenihan Jnr: In view of the changing global economic environment and the slowing domestic construction sector, the prospects for employment have weakened during 2008. Based on the latest information available at the end of June, my Department published a mid-year technical economic update. At that stage, unemployment was forecast to average 5.8% for the year as a whole. Since then, later data has been...

Written Answers — Tax Yield: Tax Yield (25 Sep 2008)

Brian Lenihan Jnr: The Deputy's question is concerned with an increase of 5% in the tax rates that currently apply to deposit interest. I am informed by the Revenue Commissioners that, on the basis of an estimated yield of €525 million from DIRT in 2008, the additional yield would be of the order of €130 million, assuming no behavioural change on the part of depositors.

Written Answers — Financial Services Regulation: Financial Services Regulation (25 Sep 2008)

Brian Lenihan Jnr: In Ireland the Central Bank and Financial Services Authority of Ireland integrates within a single institutional structure both the supervision of individual financial firms by the Financial Regulator and the monitoring of overall financial stability, which is the independent responsibility of the Governor of the Central Bank. It is important to emphasise that the framework for financial...

Written Answers — Financial Services Regulation: Financial Services Regulation (25 Sep 2008)

Brian Lenihan Jnr: My Department continually monitors the emerging economic position and advises accordingly. But the Deputy will note that economic forecasting is not an exact science and this time last year the vast majority of commentators were not expecting the scale of the slowdown we are currently experiencing. In fact the forecasts produced at Budget time last December were seen as being conservative and...

Written Answers — Price Inflation: Price Inflation (25 Sep 2008)

Brian Lenihan Jnr: I propose to take Questions Nos. 91 and 95 together. House price inflation was well ahead of the general level of inflation in the economy during the period in question. However, the latest data shows that prices fell 9.9 per cent in the twelve months to August 2008 and that they are around 13 per cent below their peak levels. The Government has in the past implemented measures to bring...

Written Answers — Fiscal Policy: Fiscal Policy (25 Sep 2008)

Brian Lenihan Jnr: The swift actions by international central banks, including the European Central Bank, to provide major injections of liquidity have contributed to greater stability in financial markets internationally, though they continue to remain subject to significant uncertainties. Agreement on the extensive and far-reaching plans announced recently by the US authorities should help to stabilise...

Written Answers — Tax Yield: Tax Yield (25 Sep 2008)

Brian Lenihan Jnr: Net VRT receipts to end of August are €1bn. My Department will publish an updated view on expected tax and Exchequer positions at the end of this quarter. A comprehensive assessment of the fiscal and economic position will be contained in the Budget which will be published on 14 October 2008. As is normal, I will not comment on the contents of the Budget in advance of that date.

Written Answers — Fiscal Policy: Fiscal Policy (25 Sep 2008)

Brian Lenihan Jnr: I would remind the Deputy that the Programme for Government is a five year programme, which must be judged over the full five years of this Government, taking account of the health of the public finances. Budget 2008 was the first instalment of the delivery of that programme. However, it is clear that we have now entered a period of lower economic growth than was generally envisaged in the...

Written Answers — Tax Code: Tax Code (25 Sep 2008)

Brian Lenihan Jnr: Section 130 of the Finance Act 1992 defines the various categories of motor vehicle. Three main categories of vehicle are relevant to this query: Category A, cars and minibuses with less than 12 seats; Category B, certain car-derived vans and jeep-derived vans; Category C, certain commercial vehicles, agricultural tractors and minibuses with at least 12 permanently fitted passenger seats. As...

Written Answers — Disabled Drivers: Disabled Drivers (25 Sep 2008)

Brian Lenihan Jnr: I propose to take Questions Nos. 101 and 103 together. The Disabled Drivers and Disabled Passengers (Tax Concessions) Scheme provides relief from VAT and Vehicle Registration Tax (up to a certain limit), and exemption from motor tax, on the purchase of an adapted car for transport of a person with specific severe and permanent physical disabilities. The disability criteria for these...

Written Answers — Fiscal Policy: Fiscal Policy (25 Sep 2008)

Brian Lenihan Jnr: As the Deputy is aware, inflation in Ireland is measured using the Consumer Price Index (CPI). For EU comparisons, the Harmonised Index of Consumer Prices (HICP) is used. Both measures are comprehensive measures of inflation at the economy level and are widely recognised as such. The main difference between the two is the exclusion of mortgage interest from the HICP. My Department uses both...

Written Answers — Decentralisation Programme: Decentralisation Programme (25 Sep 2008)

Brian Lenihan Jnr: There have been no monies expended or properties purchased in relation to the decentralisation programme of my Department to Tullamore and Kildare during the period 3 July 2008 to date. Since that date two (2) employees have decentralised to Tullamore. I am advised by the Revenue Commissioners that no monies have been expended or properties purchased under the decentralisation programme...

Written Answers — Price Inflation: Price Inflation (25 Sep 2008)

Brian Lenihan Jnr: The Deputy will recall that my Department's latest inflation forecasts were published on July 2nd as part of the Technical Update of Current Year Macroeconomic Forecasts. These set out its expectation that CPI inflation would average 4.3 per cent for 2008 as a whole. Since then the ECB announced a quarter percentage point increase in interest rates. Factoring this in would imply a CPI...

Written Answers — Tax Code: Tax Code (25 Sep 2008)

Brian Lenihan Jnr: As the Deputy will be aware, the determination of interest rate policy is solely a matter for the Governing Council of the European Central Bank, which is independent in these matters. Accordingly, I do not believe it would be appropriate for me to speculate on ECB interest rate movements in 2009 or their impact on the cost of mortgage interest relief for next year. I am informed by the...

Fiscal Policy. (25 Sep 2008)

Brian Lenihan Jnr: I propose to take Questions Nos. 1 and 2 together. In early July my Department published a technical economic update which set out forecasts for 2008, based on the latest information available at that time. On this basis, unemployment was expected to average 5.8%, or in numerical terms some 132,000 during 2008. This compares to unemployment of 4.5% or 101,000 over the 2007 period. At the...

Fiscal Policy. (25 Sep 2008)

Brian Lenihan Jnr: I do not accept they have been destroyed, but I accept responsibility as Minister for Finance for ensuring those fundamentals are improved and enhanced in the years ahead. With regard to the cause of our current position, Ireland is an exceptionally open economy and the deterioration in the global climate in the past year has had a major impact here. We are more exposed to global trends...

Fiscal Policy. (25 Sep 2008)

Brian Lenihan Jnr: I am glad Deputy Burton acknowledged a major contribution to the slowdown in our economy has been caused by global factors. She is correct that domestically a major adjustment to the house building sector is under way, with output likely to decline by at least one third this year. There are also strong indications of over supply and in these circumstances a further large reduction in output...