Results 12,321-12,340 of 19,445 for speaker:Brian Cowen

Written Answers — Proposed Legislation: Proposed Legislation (20 Nov 2007)

Brian Cowen: The Financial Services Ombudsman (FSO), established in April 2005 to deal with consumer complaints about financial service providers, has made a very significant contribution to protecting and promoting the interests of consumers of financial services. Where a complaint is upheld the Financial Services Ombudsman can direct the financial service provider to pay compensation to the complainant...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (20 Nov 2007)

Brian Cowen: The most recent assessment of the financial markets was reflected in the Central Bank and Financial Services Authority of Ireland's Financial Stability Report published last week. The Report states that, when assessed by the usual indicators of financial health such as asset quality, profitability, solvency, liquidity and credit ratings, the stability and health of the Irish banking system...

Written Answers — Pension Provisions: Pension Provisions (20 Nov 2007)

Brian Cowen: The Deputy will recall that my Department's projections of future pension liabilities were published in the Stability Programme Update of last December and presented to the Dáil on Budget Day. The Government's Green Paper on Pensions, which was launched in October of this year, updates these projections to take account of more recent developments. The projections presented in the Green Paper...

Written Answers — Tax Code: Tax Code (20 Nov 2007)

Brian Cowen: An Agreed Programme for Government contains a commitment to increase in Budget 2008 the ceiling on mortgage interest relief for first-time buyers and those who bought a house in the past seven years, from €8,000 to €10,000 for single people and from €16,000 to €20,000 for couples or widowed persons. I am informed by the Revenue Commissioners that the estimated cost of this measure on...

Written Answers — Tax Code: Tax Code (20 Nov 2007)

Brian Cowen: The question of equity in the treatment of housing, of which the stamp duty code is a part, must be seen in the context of the overall tax treatment of property owners. The OECD has reported that Ireland "has some of the most generous tax provisions for owner-occupied housing". Ireland is the only country to allow tax relief on rent, mortgage interest payments, capital gains and capital...

Written Answers — House Repossessions: House Repossessions (20 Nov 2007)

Brian Cowen: The Financial Stability Report 2007 recently published by the Central Bank and Financial Services Authority of Ireland (CBFSAI) points out that there are no firm indications of a significantly higher level of mortgage arrears in the banking system. The report notes that although the rate of non-performing assets on mortgage credit has picked up slightly over the last year or so, this increase...

Written Answers — Economic Competitiveness: Economic Competitiveness (20 Nov 2007)

Brian Cowen: The Director General of the Central Statistics Office (CSO) has sole responsibility for, and is independent in, deciding the statistical methodology and professional standards to be used in compiling the Consumer Price Index (CPI). The CPI is designed to measure the change in the average level of the prices paid by consumers for goods and services. It measures in index form the monthly...

Written Answers — Tax Code: Tax Code (20 Nov 2007)

Brian Cowen: 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 2008 or their impact on the cost of mortgage interest relief for next year. I am informed by the...

Written Answers — Tax Code: Tax Code (20 Nov 2007)

Brian Cowen: As part of the work on the Green Paper on Pensions, a review was carried out into the current regime of incentives for supplementary pension provision. This was done with a view to developing more comprehensive and reliable estimates of the cost of reliefs in this area. The review examined, among other things, the current reliefs and incentives for investment in supplementary pensions and...

Written Answers — Tax Code: Tax Code (20 Nov 2007)

Brian Cowen: I propose to take Questions Nos. 84, 145 and 146 together. I am informed by the Revenue Commissioners that where rents are paid directly to a person who is resident outside the State, the tenant is obliged to deduct income tax at the standard rate of 20% from the rental payment and to give the landlord a certificate of the tax deducted. Direct payments include a situation where rent is paid...

Written Answers — Taxation Commission: Taxation Commission (20 Nov 2007)

Brian Cowen: I will be bringing proposals to Government in the near future on matters relating to the establishment of the proposed Commission on Taxation including its membership and terms of reference and preparatory work towards this end is underway in my Department. Pending consideration by the Government of these proposals, I am not in a position to elaborate further on matters pertaining to the...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (20 Nov 2007)

Brian Cowen: I propose to take Questions Nos. 86 and 169 together. I would draw the Deputy's attention to the comprehensive and positive assessment of the health of the Irish financial system contained in the Financial Stability Report 2007 published in the last week by the Central Bank and Financial Services Authority of Ireland. I welcome the CBFSAI's overall assessment in the Report, based on key...

Written Answers — Tax Code: Tax Code (20 Nov 2007)

Brian Cowen: I will be bringing proposals to Government in the near future on matters relating to the establishment of the proposed Commission on Taxation including its membership and terms of reference. Pending consideration by the Government of these proposals, I am not in a position to elaborate further on matters pertaining to the Commission.

Written Answers — Taxation Commission: Taxation Commission (20 Nov 2007)

Brian Cowen: I will be bringing proposals to Government in the near future on matters relating to the establishment of the proposed Commission on Taxation including its membership and terms of reference. Pending consideration by the Government of these proposals, I am not in a position to elaborate further on matters pertaining to the Commission.

Written Answers — Decentralisation Programme: Decentralisation Programme (20 Nov 2007)

Brian Cowen: A progress report by the Decentralisation Implementation Group (DIG) was submitted to me and published on 8th October last. The Group reported that implementation of the civil service element of the Decentralisation Programme is progressing satisfactorily. At the end of October 2007, over 3,000 staff had been assigned to decentralising posts. Almost 1,300 of these are currently in place, in...

Written Answers — Tax Code: Tax Code (20 Nov 2007)

Brian Cowen: I am informed by the Revenue Commissioners that the most recent year for which complete information on the cost of rent relief to the Exchequer is available is for the income tax year 2004. Using that data, the full year cost to the Exchequer of rent relief is projected at €69 million in 2007 terms. On this basis, a doubling of the allowance could cost in the region of an additional €69...

Written Answers — Investment Policy: Investment Policy (20 Nov 2007)

Brian Cowen: Under the National Pensions Reserve Fund Act 2000, the National Pensions Reserve Fund Commission controls and manages the National Pensions Reserve Fund. The Commission has discretionary authority to determine the Fund's investment strategy in accordance with the Fund's statutory investment policy of securing the optimal total financial return provided the level of risk to the moneys held or...

Written Answers — Project Appraisals: Project Appraisals (20 Nov 2007)

Brian Cowen: The responsibility for undertaking project appraisals rests in the first instance with the individual Departments and Agencies. They are prepared to facilitate and inform the internal decision making process. It has not been the practice to publish these appraisals as they generally contain commercially sensitive information, the publication of which could be prejudicial to the State's...

Written Answers — Tax Yield: Tax Yield (20 Nov 2007)

Brian Cowen: While taxes are likely to be below target this year, reflecting developments in some taxes, such as stamp duty, it must be remembered that we expect to collect over €48 billion in overall tax revenue this year, around 51⁄2 per cent up on last year's very strong performance. This significant level of tax revenue will enable the Government to continue to make adequate provision for...

Written Answers — Tax Code: Tax Code (20 Nov 2007)

Brian Cowen: The Programme for Government contains a commitment to examine the scope for reducing the VAT rate on environmental goods and services from the standard VAT rate of 21 per cent to the reduced rate of 13.5 per cent. I should mention that this is just one of a number of initiatives in the Programme aimed at delivering a cleaner environment. In carrying out this examination account will be taken...