Results 1,181-1,200 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — Financial Services Regulation: Financial Services Regulation (10 Nov 2010)

Brian Lenihan Jnr: To secure EBS's immediate capital position, the State on 27 May 2010 provided EBS with €100 million of capital through the issuance of Special Investment Shares in a manner consistent with the EU State aid rules. A Promissory Note to the amount of €250 million was issued to the society on 17 June 2010 to enable EBS to continue to meet its capital adequacy requirements. The State is...

Written Answers — Sovereign Borrowing Costs: Sovereign Borrowing Costs (10 Nov 2010)

Brian Lenihan Jnr: The extreme volatility on euro sovereign bond markets in recent days has seen yields on Irish Government bonds rise significantly, along with those of other so-called peripheral countries. While yields in the secondary market are currently at an elevated level, it must be borne in mind that no new Government debt is being issued at these rates. The purpose of the end-September Banking...

Written Answers — Exchequer Savings: Exchequer Savings (10 Nov 2010)

Brian Lenihan Jnr: The actual roll-out of capital expenditure is a matter for other Departments, operating within a delegated sanction that covers not only capital investment this year but contractual commitments for the next three years. While the level of shortfall is high to date this year, it is not unprecedented and there will be some catch-up before year-end. I understand from the reports from other...

Written Answers — Company Administration: Company Administration (10 Nov 2010)

Brian Lenihan Jnr: On 3 June the High Court granted the Joint Administrators permission to appoint advisors on any prospective sale of Quinn Insurance Ltd (QIL). The advisors, on behalf of the Joint Administrators, issued an information memorandum on 27 August on the sale of the company to interested parties which set out a two stage process for selecting a purchaser. The first stage required the submission of...

Written Answers — Tax Collection: Tax Collection (10 Nov 2010)

Brian Lenihan Jnr: I am assuming that the reference by the Deputy to "further measures announced in Budget 2010 with respect to the treatment of non residents for tax purposes" is a reference to the Domicile Levy introduced by section 150 of the Finance Act 2010. The Domicile Levy is charged on an individual: * who in any year is Irish domiciled and an Irish citizen, * whose worldwide income in the year...

Written Answers — Banking Sector: Banking Sector (10 Nov 2010)

Brian Lenihan Jnr: The Deputy will appreciate that as Minister for Finance it is not appropriate for me to discuss the liquidity positions of Irish banks. The Deputy will be aware that procedures have been in place since the establishment of the eurozone to deal with any problems which may occur, from time to time, for any member country. This is a normal feature of Central Banking for any currency.

Written Answers — Credit Availability: Credit Availability (10 Nov 2010)

Brian Lenihan Jnr: In the subscription agreement, AIB and Bank of Ireland were tasked with making available 10% additional capacity for SME lending in 2009. While the figures are not audited as such, both banks report to the Financial Regulator and to my Department on a quarterly basis on progress on SME lending. The banks stated that there were no constraints on lending to viable businesses. However, the 10%...

Written Answers — Legislative Programme: Legislative Programme (10 Nov 2010)

Brian Lenihan Jnr: As far as my Department is concerned, a number of measures have been taken over recent years to ensure that appropriate measures are taken to address the economic and budgetary challenges which we are facing, including the challenges arising in respect of the financial services sector. These include; Credit Institutions (Financial Support) Act 2008; Financial Emergency Measures in the...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (10 Nov 2010)

Brian Lenihan Jnr: I have indicated previously that I am examining options for the introduction of a legislative regime to deal in a systematic way with distressed financial institutions. This is to ensure the State has in place a range of tools to address problem institutions effectively in the interests of maintaining financial stability, minimising reliance on public moneys and ensuring continuity of key...

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (10 Nov 2010)

Brian Lenihan Jnr: The Eligible Liabilities Guarantee Scheme has been an important support to the Irish banking system, facilitating its access to both short and longer term funding to help maintain the overall stability of the banking sector. It complements the broad Government Strategy to restore fully the banking system and maximise its contribution to overall economic recovery. On the advice of the...

Written Answers — Credit Availability: Credit Availability (10 Nov 2010)

Brian Lenihan Jnr: The Credit Review Office has completed reviews of a total of seventeen cases, it upheld the banks' decisions in eleven cases, in two cases it considered that more work was required by the bank and the borrower and it disputed decisions of the banks to refuse credit in four cases. In all these cases, the banks have cooperated when the Credit Review Office has asked the banks to reconsider...

Written Answers — Tax Yield: Tax Yield (10 Nov 2010)

Brian Lenihan Jnr: The Central Statistics Office (CSO) published on 4 December 2009 the results of a survey of cross-border shopping as part of their Quarterly National Household Survey (QNHS) Q2 2009. The results showed that 16% of households in the Republic made a shopping trip to Northern Ireland in the twelve months to Q2 2009, with 41% in the border area and 21% in Dublin so doing. The report estimated...

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (10 Nov 2010)

Brian Lenihan Jnr: As the Deputy is aware, the Credit Institutions (Financial Support) Scheme (CIFS) expired on 29 September 2010. Subordinated debt and secured debt are not covered under the ELG Scheme. At the end of September 2008, a total of €375.25 billion was covered by the CIFS. The most recent figures available from the Central Bank are those for the end of September 2010, and total €146.7 billion...

Written Answers — Tax Yield: Tax Yield (10 Nov 2010)

Brian Lenihan Jnr: There are no levies or charges imposed by the State on air travel apart from the air travel tax, which is the subject of the Deputy's related question to the Minister for Finance (Question No 525) Airport charges are set by the airport authority at each airport. In the case of Dublin Airport, these charges are regulated by the Commission for Aviation Regulation who sets the maximum level of...

Written Answers — National Debt: National Debt (10 Nov 2010)

Brian Lenihan Jnr: The table sets out the cost of servicing the interest on the national debt and the average interest paid on outstanding debt for the period 2000-2010 as advised by the National Treasury Management Agency (NTMA). Debt Servicing Interest Costs€bn Average Interest Rate% 2000 2.1 5.4 2001 1.9 5.2 2002 1.7 4.6 2003 1.8 4.8 2004 1.7 4.4 2005 1.7 4.5 2006 1.9 5.0 2007 1.6 4.4 2008 1.5...

Written Answers — Tax Yield: Tax Yield (10 Nov 2010)

Brian Lenihan Jnr: I am informed by the Department of Tourism, Culture & Sport that over the eight year period from 2000 to 2007 the contribution to the exchequer was estimated at €16.2 billion. Based on Fáilte Ireland's economic model, the estimated contribution for 2008 and 2009 was €2 billion. The total identified contribution to the Exchequer over the ten year period is €18.2 billion. The table below...

Written Answers — Tax Yield: Tax Yield (10 Nov 2010)

Brian Lenihan Jnr: I am informed by the Revenue Commissioners that the estimated breakdown of the net yield of VAT at the reduced and standard rate to date in 2010, for the same period in 2009 and for the full year in 2009 is set out in the following table. Reduced Rate Standard Rate Total â'¬m â'¬m â'¬m 2010 2,953 5,483 8,436 To end October 2009 3,124 5,801...

Written Answers — Tax Code: Tax Code (10 Nov 2010)

Brian Lenihan Jnr: As the Deputy is aware, a windfall tax rate of 80% was introduced under the National Asset Management Agency Act and applies to the portion of any profit or gain made on the disposal of land which is attributable to a rezoning, where both the rezoning and the disposal of land giving rise to the windfall occur after 30 October 2009. Finance Act 2010 extended this tax to portion of any profit...

Written Answers — Senior Debt Obligations: Senior Debt Obligations (10 Nov 2010)

Brian Lenihan Jnr: As the Deputy is aware I set out in my statement of 30th September 2010 that the position is that senior debt obligations of financial institutions rank equally with deposits and other creditors under Irish law. I indicated that I have no plans to change this position. This position was confirmed by the NTMA in a statement on 7th October 2010 a week later. The legal position is that in the...

Written Answers — Pension Provisions: Pension Provisions (10 Nov 2010)

Brian Lenihan Jnr: There are various arrangements in operation throughout the Civil and Public Services which can provide added years for superannuation purposes. Professional Added Years Schemes - these schemes apply to certain professional, technical and specialist posts in both the Civil and Public Service. They provide for the granting of added years in certain cases where the minimum essential...