Results 141-160 of 9,948 for in 'Written Answers' speaker:Brian Lenihan Jnr

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

Brian Lenihan Jnr: As the Deputy is aware, the National Recovery Plan included a proposal for a site value tax which will be introduced with a fixed household charge of €100 per annum in 2012, with a value-based addition being introduced in 2013. Initial consultation on the implications of a recurrent annual tax on property has taken place with relevant stakeholders. The Non-Principal Private Residence...

Written Answers — Asset Disposals: Asset Disposals (12 Jan 2011)

Brian Lenihan Jnr: The once-off measures announced in Budget 2011 total €660 million and are comprised of asset disposals, the sale of mobile telephony licences, debt servicing savings and increased dividends. The expected yield from each of these components is set out in Table 4 on page D.17 of the Budget book. Receipts from asset disposals will be considered during 2011 and could arise from a variety of...

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

Brian Lenihan Jnr: The Deputy will be aware that the Memorandum of Understanding sets out a deadline of end December 2010 for agreement with the Irish authorities and the ECB, European Commission and the IMF on agreed loan to deposit ratios for each bank. However following further discussions with the ECB/EU/IMF, it has been agreed that it would be more appropriate to decide on the loan to deposit ratios for...

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

Brian Lenihan Jnr: I propose to take Questions Nos. 95, 99 and 131 together. On January 5th the EFSM launched a 5 year bond, of which it sold €5 billion. These funds were raised at a cost of 5.51per cent to Ireland. Ireland will be in receipt of this on January 12th. A receipt equivalent to about €5.8 billion is expected from the IMF on January 18th. The cost of these funds will depend on market...

Written Answers — Personal Debt: Personal Debt (12 Jan 2011)

Brian Lenihan Jnr: The Memorandum of Understanding document, attached to the EU/IMF Programme of Financial Support for Ireland which the Deputy refers to, identifies the early publication of the in-depth review of the personal debt regime as well the commencement of work on reform of legislation which will balance the interests of both creditors and debtors as actions to be delivered by end of the first quarter...

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

Brian Lenihan Jnr: As the Deputy is aware a number of investigations are ongoing into matters at Anglo Irish Bank. These include investigations by the Garda Bureau of Fraud Investigation, the Office of the Director of Corporate Enforcement and the Chartered Accountants Regulatory Board of the Chartered Accountants of Ireland. The Department of Justice has informed me that two Investigation Files relating to...

Written Answers — Bank Deposits: Bank Deposits (12 Jan 2011)

Brian Lenihan Jnr: It has been clear for some time that our 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. In addition unfavourable, and in some cases, irresponsible media reports have contributed to this negative sentiment. The Deputy will be aware that the Central Bank of...

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

Brian Lenihan Jnr: Debt servicing costs are made up of three separate components: (i) debt interest payments, (ii) the sinking fund provision and (iii) debt management expenses. I have been advised by the NTMA that the debt service estimate underpinning the Budget 2011 public finance forecasts amounts to €5.6 billion in 2011, with €5 billion coming from the Exchequer and €0.6 billion from the Capital...

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 and will make decisions on asset disposals on a case-by-case basis with the debtor where disposal is the best option for maximising value. I am advised that the Board of NAMA has set targets that it wants to realise 25% of its portfolio by end 2013 and this has been factored into the Debtor Business Plan process. The rate of progress in this...

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

Brian Lenihan Jnr: The end-year Exchequer Returns of revenues and expenditure for 2010 provide further evidence of the stabilisation in the public finances. The overall Exchequer Balance of €18.7 billion is in line with my Department's estimates set out in December 2009. Tax receipts were €703 million or 2.3% above target while voted expenditure of Government Departments was almost €730 million or 1.5%...

Written Answers — Insurance Industry: Insurance Industry (12 Jan 2011)

Brian Lenihan Jnr: On 3 June 2010 the High Court granted the Joint Administrators permission to appoint advisers on any prospective sale of Quinn Insurance Ltd (QIL). The advisers, 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...

Written Answers — State Assets: State Assets (12 Jan 2011)

Brian Lenihan Jnr: I am advised that the Review Group is currently finalising its report which I hope to receive in due course. I expect it to be published thereafter following appropriate Government consideration.

Written Answers — Departmental Expenditure: Departmental Expenditure (12 Jan 2011)

Brian Lenihan Jnr: The savings of approximately €4 billion announced by the Government in the National Recovery Plan 2011 – 2014 are allocated across each Department and Office in the 2011 Budget, with details set out in the 2011 Budget Estimates. The €4 billion savings will accordingly be delivered in full by each Department and Office in 2011 as part of the normal process of expenditure management.

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

Brian Lenihan Jnr: The Prudential Liquidity Assessment Review (PLAR) process is ongoing and proceeding according to schedule. The Deputy will be aware that within the EU/IMF Programme of Financial Assistance to Ireland, the Central Bank will complete the PLAR for 2011 by the end of March 2011. The PLAR process will look at the measures to be implemented with a view to steadily deleveraging the banking system...

Written Answers — National Pensions Reserve Fund: National Pensions Reserve Fund (12 Jan 2011)

Brian Lenihan Jnr: The National Pensions Reserve Fund (NPRF) was established in 2001 under the National Pensions Reserve Fund Act 2000. The purpose in establishing the NPRF was to meet as much as possible of the cost to the Exchequer of social welfare pensions and public service pensions to be paid from the year 2025 until at least 2055. The legislation was amended by the Investment of the National Pensions...

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

Brian Lenihan Jnr: I am aware of the issue the Deputy has raised concerning the Universal Social Charge and I will be considering it in the context of the Finance Bill and also in the overall context of income earners final liability to tax.

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

Brian Lenihan Jnr: I do not accept that the air travel tax has a material impact on tourism numbers. Prospective visitors will base their choice of destination on a range of issues. These will include the cost of travelling to a destination but are more likely to be influenced by the cost structure within that destination, and the range of activities and visitor attractions on offer. However, taking account...

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 €bn €bn €bn €bn Anglo Irish Bank 4 - 25.28 29.280 - Allied Irish Banks 3.7 3.5 - 7.200 6.065 Bank of Ireland 1.7 1.8 - 3.500 2.199 Irish Nationwide...

Written Answers — Proposed Legislation: Proposed Legislation (12 Jan 2011)

Brian Lenihan Jnr: The Credit Institutions (Stabilisation) Act 2010 provides the legislative basis for the reorganisation and restructuring of the banking system agreed in the EU-IMF Programme. It is the first step in putting in place an extensive Special Resolution Regime that will provide for a comprehensive framework to facilitate the orderly management and resolution of distressed credit institutions. In...

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

Brian Lenihan Jnr: I propose to take Questions Nos. 113 and 114 together. The State's primary consideration in its involvement in the banking system is to protect, in the public interest, the financial and economic system of the State. Therefore, the Government's actions in the banking area are designed, while minimising the cost to the taxpayer, to support the development of a reformed and reinvigorated...