Results 121-140 of 9,948 for in 'Written Answers' speaker:Brian Lenihan Jnr

Written Answers — Tax Reliefs: Tax Reliefs (13 Jan 2011)

Brian Lenihan Jnr: The level of tax relief investors can claim on the interest for mortgages and loans on residential rental properties was reduced to 75% of the interest accrued from 7th April 2009 under Section 5 of the Finance Act 2009. Applying the reduction in relief to rents from commercial properties would have provided some additional revenue to the Exchequer. However, the mechanisms for rent levels...

Written Answers — Tax Code: Tax Code (13 Jan 2011)

Brian Lenihan Jnr: As the Deputy is aware, I announced in Budget 2011 a major reform of the charge to Stamp Duty on residential property transactions, which applies to all instruments executed on or after 8 December 2010. These changes have simplified the system by lowering the rates applicable and abolishing a number of exemptions and reliefs. The changes in rates are as follows: Stamp Duty rates on...

Written Answers — National Asset Management Agency: National Asset Management Agency (13 Jan 2011)

Brian Lenihan Jnr: I am informed that NAMA proposes to increase the number of its staff to 150 from the original staffing target of 100 which has now been achieved. This is due to the fact that the Board of NAMA has decided that a larger number of debtors should be managed directly by the Agency rather than by the participating institutions. In particular, the Agency wishes to manage closely the performance of...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (12 Jan 2011)

Brian Lenihan Jnr: It has been clear for some time that the banks were facing serious challenges in terms of their liquidity position. Lingering concerns in the market regarding their capital position has led to negative market sentiment. The Deputy may be aware from Central Bank statistics that deposits by Irish residents in December 2009 fell from €310,657 billion to €297, 035 billion in November 2010...

Written Answers — Official Engagements: Official Engagements (12 Jan 2011)

Brian Lenihan Jnr: I propose to take Questions Nos. 74 and 290 together. It is now over two months since the meeting to which the Deputies refer took place and there have been very substantial developments during that period. However, the purpose of Commissioner Rehn's visit at the start of November was to gather information and exchange views. To that end, the Commissioner not only met with myself, but also...

Written Answers — Price Inflation: Price Inflation (12 Jan 2011)

Brian Lenihan Jnr: My Department regularly updates its estimates for inflation as price developments occur and will next publish a revised estimate in the context of the Stability Programme Update which will be submitted to the European Commission in April of 2011. I would like to point out that Ireland is in a unique position in the European Union in that prices are continuing to fall - down 0.8% on a...

Written Answers — National Asset Management Agency: National Asset Management Agency (12 Jan 2011)

Brian Lenihan Jnr: NAMA has its own Board and has a commercial remit to manage its portfolio of acquired loans and property. To date NAMA, has only acquired loans not properties. It is a matter for the Board of NAMA to manage and deal with acquired properties in a commercial fashion and on a case by case basis with the intention of generating the best achievable financial return for the State. I am informed...

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (12 Jan 2011)

Brian Lenihan Jnr: I propose to take Questions Nos. 77 and 84 together. As Minister for Finance, it would not be appropriate for me to speculate on future capital injections for 2011, as such my reply is based on those institutions covered by the Eligible Liabilities Guarantee (ELG) Scheme. The Central Bank has advised me that as at the end of November 2010, the total debt guaranteed under the ELG is €124...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (12 Jan 2011)

Brian Lenihan Jnr: Capitalisation of Credit Institutions Credit Institution Cost of Share Acquisition Cost of Preference Shares Value of Promissory Notes Issued Capital Provided to 31 December 2010 Additional CT1 required by Central Bank Return on Investment to date* Projected Total Assistance €bn €bn €bn €bn €bn €bn Anglo Irish Bank 4 - 25.28 29.280 - - 29.28 Allied Irish Banks 3.7...

Written Answers — Banking Charges: Banking Charges (12 Jan 2011)

Brian Lenihan Jnr: I am disappointed that the bank is increasing charges for its current account customers but can understand why they are doing so. The Government operates an arm's length relationship with the banks in which the State has a shareholding and the commercial decisions on how best to operate the bank remain a matter for management and the board. I have no role in approving or setting bank...

Written Answers — Public Sector Remuneration: Public Sector Remuneration (12 Jan 2011)

Brian Lenihan Jnr: My position on higher pay in the public sector was set out in the Budget speech on 7 December last in which I indicated that the Government believes there should be a maximum salary rate of €250,000 in the public sector. Only a few office holder posts have salaries above this level at present with further posts in the State Agencies. While there are issues about the contractual position...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (12 Jan 2011)

Brian Lenihan Jnr: I propose to take Questions Nos. 81 and 82 together. On 31 December 2010 further capital of €6.42 billion was provided to Anglo Irish Bank and €2.7 billion to Irish Nationwide Building Society. The consideration for the further capital was provided through a final increase in the Promissory Notes in each institution. As set out in the technical note published on my Department's website...

Written Answers — Illicit Trade in Tobacco: Illicit Trade in Tobacco (12 Jan 2011)

Brian Lenihan Jnr: I am informed by the Revenue Commissioners, who are responsible for the collection of tobacco products tax and for tackling the illicit trade in cigarettes and tobacco products, that Revenue employs a multifaceted strategy to deal with this problem. It includes ongoing analysis of the nature and extent of the problem, developing and sharing intelligence on a national, EU and international...

Written Answers — Tax Code: Tax Code (12 Jan 2011)

Brian Lenihan Jnr: There are no plans to remove VAT and VRT on the purchase of new taxi vehicles.

Written Answers — Fiscal Policy: Fiscal Policy (12 Jan 2011)

Brian Lenihan Jnr: Under the terms of the programme of financial support which we have agreed with our European partners and the IMF, there is a recommendation that we should introduce a fiscal rule such that any additional unplanned revenues which arise will be allocated to deficit and debt reduction. In Budget 2010, published in December 2009, it was outlined that as part of the ongoing reform of the...

Written Answers — Financial Services Regulation: Financial Services Regulation (12 Jan 2011)

Brian Lenihan Jnr: Based on information supplied to me by the 6 covered institutions, 31 directors (including 3 public interest appointments made in December 2008) who were in place at end December 2008 remain in situ. It has to be accepted that a complete turnover of all of the respective appointments at the covered institutions was neither practical nor desirable. Contrary to public perception, a lot of...

Written Answers — Croke Park Agreement: Croke Park Agreement (12 Jan 2011)

Brian Lenihan Jnr: The Public Service Agreement (Croke Park Agreement) provides a sustainable framework to manage the provision and delivery of our essential public services in a period of unprecedented pressure on public resources. In this regard, the Exchequer Pay Bill will be approximately 8% less in 2010 over 2009 while the number of public servants has reduced by almost 12,000 since March 09, resulting in...

Written Answers — Banking Sector: Banking Sector (12 Jan 2011)

Brian Lenihan Jnr: As the Deputy is aware, the Government has devoted considerable effort, over the last two years, to ensuring the future viability of Irish banks. Furthermore, the Deputy will also be aware that, in November 2010, the Central Bank of Ireland set new enhanced minimum capital requirements for Allied Irish Banks, Bank of Ireland, EBS and Irish Life and Permanent (ILP) at 10.5% Core Tier 1....

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (12 Jan 2011)

Brian Lenihan Jnr: I refer the Deputy to the money and banking statistics published by the Irish Central Bank on a monthly basis. The figure for borrowing from the Eurosystem relating to monetary policy operations for the domestic group of credit institutions (listed at - http://www.centralbank.ie/data/site/cmbs/Credit%20Institutio ns%20Resident%20in%20the%20Republic%20of%20Ireland.pdf) at the end of November...

Written Answers — National Asset Management Agency: National Asset Management Agency (12 Jan 2011)

Brian Lenihan Jnr: I have been advised that NAMA has now completed the transfer of loans from debtors with a nominal value of €71.2 billion. As consideration for these loans NAMA has issued €30.2 billion in bonds to the five participating institutions. NAMA issued 95% of this value in Senior Notes totalling €28.65 billion with a further 5% totalling €1.51 billion being issued in subordinated...