Results 1,901-1,920 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — National Debt: National Debt (30 Sep 2010)

Brian Lenihan Jnr: The National Treasury Management Agency (NTMA) has advised that, as is usual, the estimates for debt servicing costs in the Stability Programme Update were prepared on the basis of the market conditions for Irish Government bonds prevailing at the time of the preparation of the Budget. For reasons of commercial sensitivity, the NTMA does not disclose the assumptions underlying the estimates....

Written Answers — Departmental Staff: Departmental Staff (30 Sep 2010)

Brian Lenihan Jnr: In October 2009, the Government approved the appointment of a banking analyst, with extensive knowledge and experience in the banking field, on a 3 year employment contract. This specialist has a Bachelor of Commerce degree, and also a Masters in Economic Science. In addition, my Department has recently secured the services (since 1 March 2010) of a banking accountant for a period of 12...

Written Answers — Fiscal Policy: Fiscal Policy (30 Sep 2010)

Brian Lenihan Jnr: The restoration of sustainable public finances is a key prerequisite to returning the economy to growth. Ireland remains fully committed to reducing our deficit to below 3% of GDP by end-2014. It is important that we have a credible path to show how we propose to meet this commitment. Accordingly, work is underway on a four-year plan that will set out the annual measures required to...

Written Answers — State Boards: State Boards (30 Sep 2010)

Brian Lenihan Jnr: I propose to take Questions Nos. 67 and 72 together. The Committees of the Houses of the Oireachtas (Compellability, Privileges and Immunities of Witnesses) Act, 1997, provides the necessary legislative framework to compel persons to attend before Oireachtas Committees, once the relevant Committee has the appropriate powers conferred on it by the Oireachtas. I have no plans at present to...

Written Answers — Unemployment Levels: Unemployment Levels (30 Sep 2010)

Brian Lenihan Jnr: The recent release of the Quarterly National Household Survey for the second quarter of this year provided further evidence of the stabilisation of the labour market. The year-on-year decline in employment in the second quarter of 2010, while unwelcome, was not unexpected. It was, it should be noted, the smallest annual decline in employment since Q3 2008. Last week's Quarterly National...

Written Answers — Pension Provisions: Pension Provisions (30 Sep 2010)

Brian Lenihan Jnr: The latest estimate for the gross accrued liability for public service occupational pensions is €116bn as of December 2009. This estimate is set out in the recent annual report of the Comptroller and Auditor General. This figure was arrived at on the basis of a detailed actuarial valuation of public service schemes in the light of present terms and conditions. The valuation followed the...

Written Answers — Tax Yield: Tax Yield (30 Sep 2010)

Brian Lenihan Jnr: The Eurostat and European Commission publication "Taxation Trends in the European Union, 2010 edition", contains inter alia information on indirect taxes as a percentage of total taxation. Based on that publication the table below sets out the data on indirect taxes as a percentage of total taxation for each Member State and the EU weighted average for 2008, the most recent year for which...

Written Answers — Tax Code: Tax Code (30 Sep 2010)

Brian Lenihan Jnr: The Report of the Innovation Taskforce, published on 11th March 2010, recommended that the incremental spend requirement of the Research and Development (R&D) tax credit scheme should be removed entirely, making the scheme volume-based in terms of rewarding R&D expenditure. The scheme was introduced in 2004 and provides for a tax credit of 25% of the increase in expenditure incurred by a...

Written Answers — Fiscal Policy: Fiscal Policy (30 Sep 2010)

Brian Lenihan Jnr: I propose to take Questions Nos. 74 and 145 together. Work is under way on a four-year budgetary plan that will set out the annual measures required to restore order to the public finances and ensure we meet the commitment we have given to reduce the General Government Deficit to below 3% of GDP by the end of 2014. Restoring sustainability to the public finances is essential to underpin...

Written Answers — Bank Gaurantee Scheme: Bank Gaurantee Scheme (30 Sep 2010)

Brian Lenihan Jnr: A healthy banking system is vital to the functioning of the economy and the Irish Government is fully committed to a strategy of restoring fully the Irish banking system. Much progress has been made to date: NAMA has been established and the first tranches of loans have been transferred, restructuring or viability plans have been prepared for all of the guaranteed institutions and plans have...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (30 Sep 2010)

Brian Lenihan Jnr: The Central Bank yesterday announced that it has advised the Irish banks that have been subject to Prudential Capital Assessment Review (PCAR) that the year-end deadline for meeting the PCAR standards remains in place despite recent developments in international capital standards. The Central Bank also advised the banks as to the capital treatment of any adverse development in NAMA haircuts...

Written Answers — Capital Expenditure: Capital Expenditure (30 Sep 2010)

Brian Lenihan Jnr: While the rate of capital spending is a matter for individual Ministers, I am informed that the underspend so far is due essentially to timing issues and better value for money from lower prices. There is no deliberate policy of delaying of spending to minimise the year end Exchequer deficit.

Written Answers — State Banking Sector: State Banking Sector (30 Sep 2010)

Brian Lenihan Jnr: As the Deputy will be aware I have instructed Anglo Irish Bank to prepare, in conjunction with the NTMA, the Central Bank/Financial Regulator and my Department, a detailed plan to reflect the restructuring approach decided by Government. Work is continuing on this plan which will address in detail the respective roles and operations of the Asset Recovery Bank and the Funding bank. When this...

Written Answers — National Asset Management Agency: National Asset Management Agency (30 Sep 2010)

Brian Lenihan Jnr: Section 73 of the NAMA Act provides that NAMA may set a date by reference to which the market value of a bank asset or property is to be determined. The NAMA Board set this date as 30 November 2009. It follows that any property price changes after 30 November 2009 will not be reflected in the NAMA market valuations. Commercial property price indices suggest that prices in Ireland may have...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (30 Sep 2010)

Brian Lenihan Jnr: On 30 March this year, in the context of the capital requirements imposed on the banks by the Financial Regulator and the transfer of eligible loans to NAMA at a discount, I made it clear that, insofar as any capital requirements could not be sourced privately, the Government would make up the shortfall. In my comprehensive banking statement earlier today, I set out with clarity and...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (30 Sep 2010)

Brian Lenihan Jnr: I assume the Deputy is referring to the responses of the financial institutions to commitments in relation to small and medium enterprises (SME) lending following recapitalisation. The only recapitalised banks which are significant lenders to the SME sector are AIB and Bank of Ireland. As you are aware, on foot of the bank recapitalisations previously announced, I imposed specific lending...

Written Answers — Credit Availability: Credit Availability (30 Sep 2010)

Brian Lenihan Jnr: Both myself and my officials are in regular contact with the recapitalised banks on lending to the SME sector. Both Mr. John Trethowan and my Department receive monthly progress reports from the two banks which allow us to ensure they deliver on the strong commitments given in their €3bn lending plans to support viable businesses in all sectors of the economy and in every area of the...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (30 Sep 2010)

Brian Lenihan Jnr: A total of €22.9 billion has already been provided by the State to support Anglo Irish Bank since the bank was nationalised early in 2009. The additional €6.4 billion announced earlier today brings the projected total cost of the restructuring of Anglo Irish Bank to €29.3bn in the base case scenario that I announced today. In the case of Irish Nationwide Building Society, the National...

Written Answers — Data Protection Act: Data Protection Act (30 Sep 2010)

Brian Lenihan Jnr: I am advised by the Revenue Commissioners that all processing of personal information by Revenue is carried out in accordance with Data Protection legislation. A general principle of Irish Data Protection law is that a data controller needs the consent of the data subject in order to disclose personal information to a third party. Furthermore taxpayer information can be extremely sensitive,...

Written Answers — Tax Collection: Tax Collection (30 Sep 2010)

Brian Lenihan Jnr: I propose to take Questions Nos. 125 and 126 together. I am advised by the Revenue Commissioners that data is not separately maintained on the enforcement action taken by them against small businesses. However, I am informed that a total of 22,668 certificates in respect of €385m. in unpaid tax liabilities were issued by Revenue to the Sheriffs in the period from 1 January to 31 August 2010...