Lenihan, Brian Joseph

Thursday, 30 September 2010

Dáil Éireann Debate
Vol. 717 No. 1

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Economic Strategy: Motion (Resumed)

Amendment put.
Yes IndicatorVoted Yes More Button

Business of Dáil: Motion

If they can be construed as arising under the question.More Button

It has to be somewhere within the question.More Button

Announcement by Minister for Finance on Banking of 30 September 2010: Statements

My statement issued earlier today, along with statements issued by the Central Bank on the capital requirements of the Irish banks, brings closure to the process of determining the level of State supp...More Button

It is not a matter of bluff when the solvency of the country has to be protected. In keeping with this approach, my Department, in conjunction with the Attorney General, is working on resolution and ...More Button

The Deputy knows well that the reckless lending did not happen on my watch.More Button

I take full responsibility for that.More Button

It is not in broken pieces on the floor.More Button

It will not be like the Fine Gael Party’s policies.More Button

They are.More Button

That is not the existing law.More Button

That cannot be done in legislation.More Button

The National Asset Management Agency started its work six months ago.More Button

That is not permitted under European Commission rules.More Button

The Financial Regulator has indicated it does not affect——More Button

Yes. More Button

Yes.More Button

That is a direct investment under the pension fund.More Button

Yes.More Button

No, it is a capital investment.More Button

No, because there is no borrowing. It is accumulated reserves.More Button

We are using existing accumulated reserves. The EBS is on a promissory note structure as well, or will be in the absence of a successful bid.More Button

Deputy Noonan will have to ask the Regulator about that. It is his practice. More Button

I can arrange a briefing if the Deputy wishes me to do that.More Button

A lot of Deputy Noonan’s friends appear to be about to be shot as well.More Button

I am sorry. The Deputy is quoting figures I did not give.More Button

I did not give those figures.More Button

I have them.More Button

Nothing.More Button

Neither do I.More Button

The Deputy misstates everything. I did not suggest that the Attorney General ruled out any negotiation.More Button

I referred to the legislation governing this matter and the limits relating thereto.More Button

I am glad they have lifted for the Deputy.More Button

I rely on the advice of the Attorney General in respect of this matter.More Button

No figures in that report were attributed to me.More Button

I did not suggest that.More Button

The Deputy will need to show some respect for truth in her utterances in this House.More Button

It is the advice of the Attorney General.More Button

If the Deputy furnishes me with her legal advice I will have the Attorney General look at it.More Button

That is a terrible slur on the public service.More Button

Shocking.More Button

It is a shocking slur on the public service.More Button

That is what we have used.More Button

Priority Questions - Fiscal Policy

Was asked: the discussions he has had with the Governor of the Central Bank regarding the Governor’s comment, that a budgetary adjustment of greater than €3 billion may be required to calm the bond markets; i...More Button

I am aware of the suggestion made by the Governor of the Central Bank, Professor Patrick Honohan, both in an address on 20 September last and in his comments earlier today, that reprogramming of the b...More Button

As I stated, work is under way on the four-year budgetary plan which will set out the annual measures required to restore order to the public finances and ensure we meet the commitment we have given t...More Button

I am glad the Deputy asked that question. Brussels has not required anything in terms of this process. It is a decision of the Government to introduce a four-year plan. I certainly discussed the ma...More Button

Was asked: if his attention has been drawn to the fact that the most recent Quarterly National Accounts indicated a contraction of 1.2% in GDP in the three months to June 2010 and a further contraction in GNP...More Button

First, I assure the Deputy that my attention is, of course, drawn to all of the important economic and fiscal data as they become available. The quarterly national accounts figures published by the C...More Button

On turning the corner, any country with a GNP decline in its economy of the scale of 10% which then stabilised it at approximately 0% in the ensuing year would certainly be judged by any fair economic...More Button

——to ensure that the banking system recovers and, above all, that the real economy recovers and the public finances are corrected. A growth strategy is essential and must form part of the multi-annua...More Button

The Deputy has asked a number of questions. My Department did not err on the side of optimism in its growth forecast for this year. In fact, the first quarter GDP out-performed the departmental fore...More Button

There are at all stages ongoing discussions with the Commission. Naturally, there were intensive discussions between the Commission and myself prior to this morning’s important announcement. I made ...More Button

I would like to respond to one other question. The credibility of that trackway requires a detailed programme of decisions over a number of years. On the request made by Deputy Burton, on her own be...More Button

Priority Questions - State Banking Sector

Was asked: his latest estimate of the gross and net cost of the Anglo Irish Bank’s restructured wind-down; the time line to the conclusion of the wind down; and if he will make a statement on the matter. More Button

On 8 September last, I announced the Government’s decision on the restructuring and resolution of Anglo Irish Bank, which remains subject to European Commission approval. This envisages the splitting...More Button

I do not agree it is superfluous. The Deputy’s question is why the National Asset Management Agency loans are not simply left in the recovery bank. The whole purpose of NAMA is to deal on a systemat...More Button

The premise of the question, which permeates the Deputy’s contribution, is erroneous. That premise was that the purpose of the National Asset Management Agency was to rescue Anglo Irish Bank to enabl...More Button

Let us be clear about this. When Anglo Irish Bank was nationalised early in 2009, it did not thereafter substantially expand its existing loan book. The question of whether the bank was being downsi...More Button

Priority Questions - Public Service Pay

Was asked: the estimated public service payroll savings in each year, from 2010 to 2015, inclusive, arising from the Croke Park agreement; in which sections of the public service he will introduce redundancy ...More Button

As the Deputy will be aware, over the past two years, the Government has taken a series of difficult but critical steps which have generated significant reductions in the potential public service pay ...More Button

The reduction of 11,000 has been achieved since March 2009. I will undertake to provide the Deputy with the information he seeks as I do not have information on projected reductions in numbers to han...More Button

The agreement includes a clause that in extraordinary circumstances the Government has certain options. There are no proposals before my Department at present to activate it.More Button

Priority Questions - State Banking Sector

Was asked: the action he is taking to replace directors of banks in which the State has an interest who served as directors during the development of the banking crisis; and if he will make a statement on the...More Button

I have said previously that Ireland as a country has been let down badly by certain individuals who held senior appointments — both at executive and director level — at some of our covered institution...More Button

I will have to provide that information for the Deputy and will arrange to do so. Clearly, in the case of Anglo Irish Bank no one remains. In the other banks, as I said, there has been a substantial...More Button

It is a matter, in the first instance, for the board of the particular institution to decide what is in the best interests of that institution. Government policy is that persons of the highest compet...More Button

I am not aware of the severance packages that apply. That is a matter, I take it, for their contractual terms and the remuneration committees of the relevant institution.More Button

Ní lá fós é, a Theachta. The position is that persons have contractual rights as well.More Button

Other Questions

I think I undertook to allow probing on all questions today.More Button

Other Questions - Bank Guarantee Scheme

Was asked: the liabilities of banks that will be covered by the extended bank guarantee; his plans to phase out the guarantee; the charges being paid by the banks which avail of the guarantee; and if he will ...More Button

The Deputy will be aware that a statutory instrument which extends the eligible liabilities guarantee (ELG) scheme to 31 December 2010 was approved by both Houses of the Oireachtas yesterday, having p...More Button

I can give the Deputy figures for the total covered liabilities for each scheme, which may be of assistance to him. The total covered liabilities under the original CIFS scheme were €103 billion, of ...More Button

I never said that.More Button

I am somewhat alarmed that the Deputy has introduced the figure of €36 billion to the discussion. That amount relates to senior debt in all of the covered institutions — including Bank of Ireland and...More Button

I take it the Deputy is not suggesting that bondholders with these institutions should be informed by the management thereof that they should now face a haircut.More Button

I want to be clear about the matter.More Button

I am trying to assist the Deputy who, I take it, is referring to senior bondholders in distressed institutions such as Anglo Irish Bank and Irish Nationwide where the total amount is substantially les...More Button

The Attorney General provided advice with regard to legislative arrangements in respect of the treatment of bondholders in resolution law. His advice is that in the context of such resolution regimes...More Button

As the Deputy states, “pari passu” is the expression used by lawyers. That is the position. The relevant EU directive on the reorganisation of financial institutions makes clear that in reorganising ...More Button

Deputy Burton raised the matter of negotiation. Of course it is open to any financial institution to negotiate. I was not suggesting anything different. We must be careful with regard to how we use...More Button

I operated a one-man business for a substantial period of my existence so I am familiar with the factors to which the Deputy refers. Subordinated debt clearly ranks behind that relating to other cred...More Button

When one states that one is inviting somebody to enter into negotiations, the outcome depends on how big a gun one is wielding.More Button

That is the reality. If one invites somebody to enter into negotiations and one states that one will not pay, an element of coercion creeps into the equation.More Button

I used the word “discussion” in substitution for that of “negotiation”, which Deputy Burton used. It is clear that discussions take place and arrangements which may be of mutual advantage can be arri...More Button

——agree to a longer term by way of guaranteed deposit.More Button

Two distinct issues arise. First, in the context of the current guarantee scheme, which, as a result of the House’s decision last evening, provides for a comprehensive guarantee for all deposits, I a...More Button

It is not a change in policy.More Button

In respect of the charge of there being a change of policy, which the Deputy has repeated and which Deputy Burton made earlier——More Button

I can deal with it now.More Button

It is a very big number of questions. On the suggestion that there is a change of policy, there is no change of policy. It is always open to senior bondholders and bank management to discuss arrange...More Button

A suggestion of an invitation to negotiation under a threat is not in the same equation.More Button

Deputy English asked about the cost of the guarantee. Taking the guarantee in isolation, clearly the State earned €1.025 billion in total fees under the two guarantee schemes to date.More Button

It is pure profit because there was not cost for the guarantee.More Button

I am. On the night the legislation was introduced in the House Deputy Burton asked about the question of capital. I replied to her by saying that it was in the first instance a matter for the instit...More Button

The core central case scenario identified by the regulator is the figure in respect of which the Government is capitalising the bank. On a cash basis, a return of capital to the Exchequer at the conc...More Button

The figure for the Irish Nationwide Building Society was put this morning. I appeal to Deputies to be careful on this subject for the following reason. I say this in an entirely non-partisan way. O...More Button

NAMA will wash its face.More Button

Other Questions - Banking Sector Regulation

Was asked: the discussions he has had with the Department of Enterprise, Trade and Innovation in respect of the introduction of a small and medium enterprise loan guarantee scheme; if he has made provision fo...More Button

Was asked: if he will make a statement on the current small and medium enterprise lending environment; if he is considering any proposals which would ameliorate this lending environment; if he has discussed w...More Button

I propose to take Questions Nos. 7 and 23 together. The Department of Enterprise, Trade and Innovation and Forfás have carried out a detailed examination of loan guarantee schemes and my Department ha...More Button

I will certainly give it consideration and draw it to the attention of the Credit Reviewer, who is engaged in discussions with the Department of Enterprise, Trade and Innovation on this matter. Both ...More Button

I have heard anecdotally that there is some evidence of a difference between AIB and Bank of Ireland in their treatment of business customers. This morning’s announcement will help enormously in that...More Button

It was to put the bank back into funds. This comes back to Deputy O’Donnell’s point about a national recovery bank. Cash is king and generates the capacity for a bank to lend. Setting up a new bank...More Button

That has been the experience of the Credit Review Office. In some of its appeal cases, it had to assist in the preparation of such documentation.More Button

I am well aware the pattern of repayment and credit has extended during this recession. I would not say it has frozen in the payment of debtor-creditor balances in the general economy.More Button

I accept there has been a big extension in the times of payment. There are different approaches to this problem, such as the loan guarantee schemes as proposed by Deputy Burton. Another approach is ...More Button

I have been rather busy recently but I will be in contact with the Credit Review Office about this matter.More Button

Other Questions - National Pensions Reserve Fund

Was asked: if he has instructed the National Treasury Management Agency to prepare an exit strategy for the National Pension Reserve Fund which would see the fund liquidated at relatively short notice to ease...More Button

The Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Act 2009 made the necessary legislative changes to the National Pensions Reserve Fund Act 2000 to enable the fund to b...More Button

I was pleased that Professor Fitzgerald agreed to serve as a member of the new Central Bank Commission but he did not express his opinion on the liquidation of the pension fund to me.More Button

He did not express his opinion to me and I had not read the article to which Deputy Burton drew my attention. My officials did not draw his opinion to my attention either and the Central Bank Commiss...More Button

As has been pointed out, the investment by the pension fund in the banks is restricted to banks listed on the stock exchange.More Button

The sums I envisaged being invested are those invested to date, subject to the case that in AIB there is an issue about the disposal of M&T.More Button

Yes, but the contingency is fully within the existing cash capacity of the pension fund.More Button

I will be guided by the advice of the NTMA in the matter.More Button

It is unlikely because we are funded until the middle of next year and it is important that we demonstrate not just the credibility of the banking policy, but the credibility of budgetary policy as we...More Button

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (Resumed)

In any bank.More Button

I do not go into it when it is not of benefit.More Button

We all have a lot.More Button

Why do we need to go?More Button

That is not the minimum. It is a central case scenario.More Button

That is why we have a problem.More Button

He is also on record as saying he did not believe he should communicate this to anyone. More Button

That is coming out of the pension fund.More Button

If you take 5%, that is correct.More Button

Written Answers - Consultancy Contracts

Was asked: his views on the 2009 annual report of the Comptroller and Auditor General; if he is satisfied that he has received value for money on financial advisory services, totalling some €33 million; the ste...More Button

The C&AG report states that the cumulative expenditure on consulting services for banking stabilisation services provided to the NTMA, Financial Regulator, Central Bank, the NPRFC and my Department wa...More Button

Written Answers - Financial Institutions Recapitalisation.

Was asked: if he will provide an update on the progress made with the disposal of the EBS Building Society; and if he will make a statement on the matter. More Button

The Financial Regulator on 30 March 2010 determined that EBS must raise additional equity capital of at least €875 million by the end of 2010 in order to meet the new base case capital standards. The...More Button

Was asked: if he will provide an estimate of the full cost to taxpayers of recapitalising Irish Nationwide Building Society; and if he will make a statement on the matter. More Button

I addressed the position regarding the estimated level of capital support required by Irish Nationwide Building Society in my Statement on Banking earlier today. To date, I have provided €2.7bn capit...More Button

Written Answers - Banking Sector Regulation

Was asked: the progress that has been made with preparations for the introduction of a special resolution regime for Irish banks; and if he will make a statement on the matter. More Button

Was asked: if he intends bringing in a bank resolution scheme; the details of such a scheme; when such a scheme will be introduced by way of legislation; if it will be confined to specific financial institution...More Button

I propose to take Questions Nos. 12 and 141 together. I have indicated previously that I am examining options for the introduction of a legislative regime to deal in a systematic way with distressed f...More Button

Written Answers - Public Sector Staff

Was asked: the number of public servants that have been redeployed under the new redeployment scheme agreed in the Croke Park agreement; and if he will make a statement on the matter. More Button

The Public Service Agreement 2010-14 (the “Croke Park” Agreement) provides for agreed redeployment arrangements to apply in the Civil Service and in the Health, Education, Non-Commercial State Sponsor...More Button

Written Answers - Financial Institutions Support Scheme

Was asked: his plans to extend the taxpayer guarantee for unsecured senior bonds in Anglo Irish Bank issued before September 2008 beyond the 30 September 2010 expiry date; and if he will make a statement on the...More Button

To qualify as an eligible liability under the ELG Scheme, a bond must be issued between the date the participating institution joined the scheme and midnight on 31 December 2010. Unsecured senior bond...More Button

Written Answers - Tax Code

Was asked: if he will provide an update on the implementation of further measures announced in budget 2010 with respect to the treatment of non-residents for tax purposes; the revenues that have been raised fro...More Button

I assume that the measure to which the Deputy refers is the Domicile Levy which I announced in Budget 2010 and introduced in Finance Act 2010. The Deputy will be aware that the Domicile Levy of €200,...More Button

Written Answers - Fiscal Policy

Was asked: his views on the falling GDP in the second quarter; the reason such a significant drop occurred; in view of the drop, if he will estimate the annual growth rate in GDP for 2010; and if he will make a...More Button

National accounts data published last week by the Central Statistics Office show that GDP declined by 1.2 per cent between the first and second quarters of this year. I would point out that this foll...More Button

Written Answers - National Pensions Reserve Fund

Was asked: the total State investment to date by the National Pensions Reserve Fund in Allied Irish Banks and in Bank of Ireland; the total current value of each of these investments on a market basis; and if h...More Button

On 30 March 2009, I directed the National Pensions Reserve Fund Commission to invest €3.5 billion in preference shares issued by Bank of Ireland and on 12 May 2009 I directed the Commission to invest ...More Button

Written Answers - Mortgage Arrears

Was asked: the number of households that are one month, three months and six months behind in their mortgage payments; his plans to address the mortgage crisis; and if he will make a statement on the matter. More Button

There are no statistics available for mortgage accounts in arrears for one month. The latest mortgage arrears data from the Central Bank and Financial Regulator for period end June 2010 published on ...More Button

Written Answers - Exchequer Savings

Was asked: the savings for 2010 and for a full year from implementing recommendations of the special group on public service numbers and expenditure programmes broken down between social welfare and non-social ...More Button

Was asked: the number of public bodies that have been merged or closed in line with recommendations of the special group on public service numbers and expenditure programmes; the associated savings and reductio...More Button

I propose to take Questions Nos. 19 and 71 together. The Report of the Special Group on Public Service Numbers and Expenditure Programmes was published in July 2009 and outlined 271 options with poten...More Button

Written Answers - Freedom of Information

Was asked: the procedures in his Department for dealing with freedom of information requests; and if he will make a statement on the matter. More Button

When an FOI request is received in the Department it is initially examined by the Freedom of Information Officer who will, providing it is a valid request as set out in the legislation, pass it on to ...More Button

Written Answers - Credit Availability

Was asked: his views on the current lending environment for small and medium enterprises for persons seeking mortgages; and if he will make a statement on the matter. More Button

With regard to the provision of business credit, both AIB and Bank of Ireland have committed to providing not less than €3 billion each for new or increased credit facilities to SMEs in both 2010 and ...More Button

Written Answers - Fiscal Policy

Was asked: if he will provide an update on the discussions between him and his officials with their EU counterparts in respect of the proposed common consolidated corporate tax base; and if he will make a state...More Button

Commissioner Semeta was in Dublin on Monday 20th September last to address a joint EU-USA conference for investigators and prosecutors on the subject of tobacco fraud which was organised by the Europe...More Button

Written Answers - State Banking Sector

Was asked: the effects on the domestic economy and the international borrowing markets of the open-ended exposure to the private liabilities of bondholders in Anglo Irish Bank; and if he will make a statement o...More Button

There is no doubt that the perceived uncertainty about the total cost of addressing the problems at Anglo Irish Bank has been cited as adversely impacting on the cost of Sovereign borrowing and for I...More Button

Written Answers - National Asset Management Agency

Was asked: the steps he and the National Asset Management Agency have taken to ensure that NAMA’s debtors do not, or have not, transferred assets offshore, to friends and family or otherwise potentially beyond ...More Button

The National Asset Management Agency Act 2009, Section 211(1) specifies that NAMA has recourse through the High Court in the event that a debtor has disposed of an eligible bank asset, in order to def...More Button

Written Answers - State Banking Sector

Was asked: the effects on the economy here of defaulting on Anglo Irish Bank bondholders in the short term; the effects on the economy of defaulting on Anglo Irish bank bondholders in the medium term; and if he...More Button

As I indicated in my Statement earlier today much has been said about senior debt obligations in Anglo Irish Bank. The position is that senior debt obligations rank equally with deposits and other cre...More Button

Written Answers - Financial Institutions Recapitalisation

Was asked: the discussions he has had with EUROSTAT on the accounting treatment of the recapitalisation costs of Anglo Irish Bank and Irish Nationwide Building Society in 2010 and the estimated general Governme...More Button

In April of this year following consultations with the Irish authorities, Eurostat published an estimated General Government Deficit for 2010 of €18.5 billion. At that stage the significant capital su...More Button

Written Answers - Public Sector Staff

Was asked: his views of the Central Statistics Office estimate in the latest quarterly national household survey that the number of persons working in public administration and defence was at an all-time high i...More Button

Following the recent publication of the Quarterly National Household Survey (QNHS) by the Central Statistics Office, officials from my Department contacted officials of the Central Statistics Office t...More Button

Written Answers - Commissions of Investigation

Was asked: the compensation arrangements in respect of a person (details supplied) as sole member of the Commission of Investigation into the banking sector here; and if he will make a statement on the matter. More Button

On 7 July 2010, the Government announced its decision to establish a Commission of Investigation into the banking sector in Ireland. The Commission was formally established on 21 September 2010 by Gov...More Button

Written Answers - Credit Availability

Was asked: his views on the European Central Bank lending survey which showed that bank lending conditions for Irish enterprise in July 2010 were worse than at any stage since the credit crunch began; and if he...More Button

The Government is concerned about conditions for enterprise and has taken a series of initiatives to increase the flow of credit to the real economy, most notably, the establishment of the Credit Revi...More Button

Written Answers - National Asset Management Agency

Was asked: the projected transactions cost related to the transfer of loans from Anglo Irish Bank to the National Asset Management Agency for 2010; and if he will make a statement on the matter. More Button

To date loan assets belonging to Anglo with a nominal value of €16 billion have transferred to NAMA for a consideration of €7 billion representing an overall discount of 58%. As I announced in my stat...More Button

Written Answers - State Banking Sector

Was asked: if his attention has been drawn to reports (details supplied) that Anglo Irish Bank disposed of its Austrian private banking subsidiary, with a deposit book of some €600 million, at a time in Septemb...More Button

The Deputy will be aware that the particulars of the disposal of the Austrian subsidiary were disclosed in the Notes to the 2009 Annual Reports & Accounts. Note 14 to these accounts (page 75) provide...More Button

Written Answers - Bank Guarantee Scheme

Was asked: the covered credit institutions, if he will set out the level of senior and subordinated debt issued prior to 30 September 2008 that will remain on the books of those institutions and outside the sco...More Button

The amount of sub debt and senior debt issued before September 2008 and which will remain on the books of the six covered institutions after 1 October 2010 is as follows: Senior debt —€25.88 Subordina...More Button

Written Answers - Decentralisation Programme

Was asked: when he expects the 2011 overall review of the decentralisation programme to be completed; the progress made to date in the deferred decentralisation projects to Fermoy, Mallow and Youghal, County Co...More Button

I expect the review of the decentralisation programme to be completed before the end of 2011. The decentralisation projects to Fermoy, Mallow and Youghal, County Cork are comprehended by the deferral ...More Button

Written Answers - Economic Forecasts

Was asked: if he will make a statement on the recently published quarterly national accounts for the second quarter of 2010, which showed a 1.2% fall in GDP in the three months to June 2010 and which showed a c...More Button

Recently published quarterly national accounts figures show that GDP declined by 1.2 per cent between the first and second quarters of this year. However, this decline follows an increase of 2.2 per ...More Button

Written Answers - Tobacco Smuggling

Was asked: the steps being taken by the Revenue Commissioners and the Customs Service to eliminate the illegal trade in cigarette and other tobacco products; and if he will make a statement on the matter. More Button

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 the information re...More Button

Written Answers - Financial Services Regulation

Was asked: if he will provide an update on the progress made on the restructuring of an insurance group (details supplied); and if he will make a statement on the matter. More Button

The position is that on 3 June the High Court granted the Joint Administrators permission to appoint advisers on any prospective sale of the company in question. As a consequence of this appointment, ...More Button

Written Answers - National Pensions Reserve Fund

Was asked: if he envisages a role for the investment on a commercial basis, of funds in the National Pensions Reserve Fund in infrastructure projects here; if this will require amending legislation; and if he w...More Button

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...More Button

Written Answers - State Banking Sector

Was asked: if he has ordered an investigation into Anglo Irish Bank to ensure that after the guarantee was provided to Anglo Irish Bank and prior to its nationalisation in 2009, securities held by the banks aga...More Button

I have been informed by the bank that it is not aware of any issues in relation to the adequacy of securities held by the Bank against its loan portfolio during the time period from the introduction o...More Button

Written Answers - Fiscal Policy

Was asked: his views on the latest Exchequer returns. More Button

Was asked: the extent to which the projections outlined and provided for in the current year’s budget are on target; and if he will make a statement on the matter. More Button

I propose to take Questions Nos. 40 and 122 together. The most recent Exchequer Returns covering the period to end-August show that the corrective budgetary actions taken by the Government to date ar...More Button

Written Answers - Public Sector Staff

Was asked: the cost efficiencies from outsourcing some areas of service delivery following the Croke Park agreement; and if he will make a statement on the matter. More Button

Was asked: his understanding of the commitment from the Government in the Croke Park agreement that compulsory redundancy will not apply within the public service, save when existing exit provisions apply; and ...More Button

Was asked: the number of times the implementation body established by the Croke Park agreement to oversee performance verification has met; the outcomes of these meetings; and if he will make a statement on the...More Button

I propose to take Questions Nos. 41, 62 and 66 together. The Implementation Body provided for under the Public Service Agreement 2010 to 2014 (Croke Park Agreement) has met three times since July and ...More Button

Written Answers - EU Directives

Was asked: if he will report on the progress of the Alternative Investment Fund Managers Directive; and if he will make a statement on the matter. More Button

The Alternative Investment Fund Managers (AIFM) Directive proposal remains the subject of intense negotiation between the European Council, the European Parliament and the European Commission. Presen...More Button

Written Answers - Public Sector Staff

Was asked: the projections for public service numbers for 2010 to 2014, consistent with the Employment Control Framework and the Croke Park Agreement; and if he will make a statement on the matter. More Button

The information for the years 2010 to 2012 is presented in table 1 below on a functional classification basis. The ceilings for 2013 and 2014 are currently under consideration and will take account of...More Button

Written Answers - Bank Guarantee Scheme

Was asked: if he envisages the extension of the eligible liabilities guarantee scheme beyond end 2010; and if he will make a statement on the matter. More Button

Was asked: if he intends to extend the eligible liabilities guarantee scheme beyond 31 December 2010. More Button

I propose to take Questions Nos. 44 and 143 together. The Deputies will be aware that a Statutory Instrument which extends the Eligible Liabilities Guarantee Scheme to 31 December 2010 was approved by...More Button

Written Answers - Tax Code

Was asked: the timetable for the delivery of his promise to publish a paper setting out the options for the introduction of a universal social contribution in advance of budget 2011; if this paper will include ...More Button

As the Deputy will be aware, I announced in the last Budget that, with a view to restoring balance in the income tax system, to simplify it, to make it fairer and more broadly based, I intended to int...More Button

Was asked: his views on the introduction of a financial transactions tax at EU level; and if he will make a statement on the matter. More Button

Consideration of how to ensure that the financial sector contributes to the cost of dealing with crises is underway in various fora internationally including the EU. The European Council in June agre...More Button

Written Answers - Tax Yield

Was asked: if he will provide an estimate for 2010 of the level of tax revenue foregone resulting from the legacy costs of property related tax reliefs; and if he will make a statement on the matter. More Button

I am informed by the Revenue Commissioners that the relevant information available on the cost to the Exchequer of all property related tax schemes is based on personal income tax returns filed by non...More Button

Written Answers - Debit Card Charges

Was asked: his views on the imposition of handling charges or booking fees for laser card transactions; and if he will make a statement on the matter. More Button

I understand the Deputy is referring to transaction-based charges imposed by merchants at the point of sale for the use of debit or credit cards as a payment instrument. The Government’s policy is to ...More Button

Written Answers - National Pensions Reserve Fund

Was asked: the amount of funds in the National Pension Reserve Fund; and if he will make a statement on the matter. More Button

The National Pensions Reserve Fund was established on 2 April 2001 under the National Pensions Reserve Fund Act 2000 with the objective of meeting as much as possible of the cost to the Exchequer of s...More Button

Written Answers - State Banking Sector

Was asked: when his attention was first drawn to the fact that €15 million in cash held by Anglo Irish Bank as security against loans to a person (details supplied) has been moved to act as security against oth...More Button

As the Deputy will appreciate this matter relates to a specific individual as such I am obliged to respect all clients’ confidential relationships with their respective banks. Therefore I am unable to...More Button

Written Answers - Public Sector Staff

Was asked: the number of staff across the public sector at principal officer grade or equivalent in 2000 and 2009; and if he will make a statement on the matter. More Button

According to our records, there were approximately 845 Principal Officer and equivalent grades in the Civil Service in 2000 compared with 1,322 in 2009. However, because of changes in grading and org...More Button

Written Answers - Price Inflation

Was asked: his views on the recent return of annualised price inflation; and if he will make a statement on the matter. More Button

Recently published data show that in the year to August, consumer prices increased by 0.2 per cent, the first annual increase in prices since end-2008. This was not unexpected, and a number of factor...More Button

Written Answers - State Banking Sector

Was asked: if he is in a position to provide certainty on the total bill for taxpayers for the recapitalisation of Anglo Irish Bank; and if he will make a statement on the matter. More Button

On the 8th of September last I announced the Government’s decision on the restructuring and resolution of Anglo Irish Bank, which remains subject to European Commission approval. This envisages the s...More Button

Written Answers - Tobacco Smuggling

Was asked: the estimated annual cost to the Exchequer arising from cigarette smuggling; and if he has any further proposals to deal with same. More Button

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 the information re...More Button

Written Answers - Tax Code

Was asked: his views on whether low income families should be subject to direct taxation; his views on whether there is scope to introduce a third level of direct tax on high income earners; and if he will make...More Button

In my Budget 2010 speech last year, I stated that the income tax system had become imbalanced. It is estimated that in 2010, approximately 45% of income earners will be exempt from tax and 42% of inco...More Button

Written Answers - Outward Migration

Was asked: his forecast for net migration patterns here for 2010 and 2011; the way he expects these patterns to impact on tax revenues, welfare payments, demand for and cost of public service provision; the ove...More Button

At Budget time last year, my Department assumed net outward migration of 45,000 this year and net outward migration of 10-15,000 next year. Clearly this will have an impact on the public finances, wit...More Button

Written Answers - Bank Guarantee Scheme

Was asked: the detail of the meetings he conducted on the day of the bank guarantee on 29 September 2008; the information that was made available to him, his Department and the Taoiseach in relation to the solv...More Button

Given the strong constitutional protection of the confidentiality of Cabinet discussions I am constrained in what I can reveal about the meetings that took place on 29/30 September 2008. The applicat...More Button

Written Answers - Banks Recapitalisation

Was asked: if he will provide an update regarding the progress made with the recapitalisation of Allied Irish Banks, its disposal of assets, suggestions that the recapitalisation timescale could be altered; and...More Button

In my statement on banking this morning, I have provided a comprehensive report on the capital needs of AIB and have outlined how these capital needs will be met. To date, AIB has announced the sale...More Button

Written Answers - Mortgage Arrears

Was asked: his plans to introduce measures to protect householders whose mortgage payments are in default; and if he will make a statement on the matter. More Button

The Deputy will be aware of the Government’s commitments to Protecting the Family Home and Helping Those in Debt under the Renewed Programme for Government and the existence of the Mortgage Arrears an...More Button

Written Answers - Public Sector Staff

Was asked: if he is considering voluntary redundancy arrangements within the public sector to facilitate the rationalisation of public bodies; the provisions that would apply; and if he will make a statement on...More Button

There are no such proposals before Government at present.More Button

Written Answers - Banking Sector Regulation

Was asked: if he will provide an update on the progress made with the restructuring and consolidation of the banking system; and if he will make a statement on the matter. More Button

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, all the Government’s actio...More Button

Written Answers - National Debt

Was asked: the average sovereign interest rate assumed in the elaboration of the estimated spending on servicing the national debt as set out in the most recent stability programme update; the annual cost to th...More Button

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 conditio...More Button

Written Answers - Departmental Staff

Was asked: the steps he has taken to strengthen expertise in his Department in relation to banking and otherwise; and if he will make a statement on the matter. More Button

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 Bac...More Button

Written Answers - Fiscal Policy

Was asked: his view on whether a stimulus package is necessary to lift the economy and to create jobs; and if he will make a statement on the matter. More Button

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...More Button

Written Answers - State Boards

Was asked: the steps he is taking to compel directors of State companies to appear before their sectoral Oireachtas committees when requested; and if he will make a statement on the matter. More Button

Was asked: if he will amend legislation to compel directors of State boards to appear before the sectoral committees when requested; and if he will make a statement on the matter. More Button

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 legislati...More Button

Written Answers - Unemployment Levels

Was asked: his views on the recently published quarterly national household survey for Q2, 2010, including recent trends in employment, long-term unemployment, labour market participation and migration; and if ...More Button

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 empl...More Button

Written Answers - Pension Provisions

Was asked: his estimate of the accrued liability of public sector pensions at the end of 2009 and 2010; his views on policy developments in the area of public sector pensions; and if he will make a statement on...More Button

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...More Button

Written Answers - Tax Yield

Was asked: the percentage of indirect taxation in the State in comparison with both the EU average and other EU member states; and if he will make a statement on the matter. More Button

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 t...More Button

Written Answers - Tax Code

Was asked: if he has undertaken to review the incremental spend requirement in respect of research and development tax credits in view of the recommendation of the innovation taskforce report to remove this req...More Button

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 entir...More Button

Written Answers - Fiscal Policy

Was asked: his views on the maximum fiscal adjustment for 2011; and if he will make a statement on the matter. More Button

Was asked: the total budget deficit reduction in value terms; the balance between spending savings on the current and on the capital side and the additional tax measures which will be contained in his forthcomi...More Button

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 ...More Button

Written Answers - Bank Gaurantee Scheme

Was asked: the full extent to which he has committed to a bank guarantee support or rescue package; the extent to which this has affected or is likely to affect economic recovery; the degree, if any, to which c...More Button

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 ...More Button

Written Answers - Banking Sector Regulation

Was asked: the discussions he has had with the various banking interests with a view to absolute determination of the fullest possible extent of their indebtedness with particular reference to the need to take ...More Button

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...More Button

Written Answers - Capital Expenditure

Was asked: if he will make a statement on the capital underspend to date in 2010; if this underspend is the result of a deliberate strategy to delay capital projects and to minimise the year-end Exchequer defic...More Button

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. The...More Button

Written Answers - State Banking Sector

Was asked: the number of staff that will be in the asset recovery bank and in the funding bank, including the executive and board structures that will be established; the person who will be heading the asset re...More Button

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 restruct...More Button

Written Answers - National Asset Management Agency

Was asked: the extent to which the value of properties acquired through National Asset Management Agency has fluctuated since acquisition; if the original discounts compare with current valuations; and if he wi...More Button

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. I...More Button

Written Answers - Banks Recapitalisation

Was asked: when he expects the banking system to return to normal in the wake of recapitalisation; and if he will make a statement on the matter. More Button

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, insofa...More Button

Was asked: if he has sought or is likely to seek a positive response from financial institutions receiving or likely to receive funding under the bank recapitalisation programme; and if he will make a statement...More Button

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 recapitali...More Button

Written Answers - Credit Availability

Was asked: the discussions he has had with various financial institutions to encourage lending to the business and job creation sector; and if he will make a statement on the matter. More Button

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 ...More Button

Written Answers - Banks Recapitalisation

Was asked: the extent of funds provided to each financial institutions on foot of the banking recapitalisation agreement; the full extent of future funds likely to be required by each institution; and if he wil...More Button

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 th...More Button

Written Answers - Data Protection Act

Was asked: the extent to which that Data Protection Act is used as a means to prevent public representatives from accessing information on behalf of constituents with particular reference to the Revenue Commis...More Button

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 Prote...More Button

Written Answers - Tax Collection

Was asked: the number of cases in respect of which instructions have issued to the Sheriff for collection of taxes from small businesses in 2010; the number of cases in which such taxpayers have gone into liqu...More Button

Was asked: if the Revenue Commissioners have been instructed to enforce collection of outstanding taxes through the office of the Revenue Sheriff; if cognisance is taken of the current economic situation and t...More Button

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...More Button

Written Answers - Credit Availability

Was asked: the steps he has taken or proposes to take to ensure the availability of adequate work capital for the hotel and catering sector in the aftermath of the withdrawal of a bank (details supplied) from ...More Button

The withdrawal of any bank from the Irish market is a matter of regret because it reduces the level of competition between banks and causes disruption for the customers of the bank concerned. I note, ...More Button

Written Answers - Bank Guarantee Scheme

Was asked: the full extent of funding transferred to each financial institution under the banking guarantee scheme; and if he will make a statement on the matter. More Button

No funding was transferred to the covered financial institutions under the bank guarantee scheme. Total liabilities guaranteed under the ELG Scheme amounted to €153 billion at the end of June. The com...More Button

Was asked: the extent to which he has received full details of assets and liabilities from all of the banking sector; if he can now identify the total likely bill for the taxpayer arising from the banks’ guara...More Button

I refer the Deputy to my statement today which sets out in detail the final costs associated with repairing the banking system and the additional support which will be required by some of our banks an...More Button

Written Answers - Tax Code

Was asked: if he will itemise all tax expenditures and reliefs, including their expected cost for 2010 and for 2011, assuming no policy change; the total revenue that would be raised on a 2011 and full-year ba...More Button

I am advised by the Revenue Commissioners that the total identifiable costs to the Exchequer of all income tax and corporation tax allowances, reliefs, exemptions and tax credits available are set out...More Button

Written Answers - Tax Reliefs

Was asked: if a taxpayer can obtain tax relief on medical expenses incurred in Northern Ireland, particularly dental expenses. More Button

The position is that, under section 469 of the Taxes Consolidation Act 1997, expenses incurred in respect of medical or dental treatment (as defined in the Act) outside the State are eligible for inco...More Button

Written Answers - National Asset Management Agency

Was asked: the number of business plans furnished to date to National Asset Management Agency in respect of acquired assets; the months and year in which such plans were submitted; the number of business plans...More Button

Was asked: the number of business plans received by National Asset Management Agency offered to date to designated accountancy firms for their consideration; the number of occasions on which such firms have de...More Button

Was asked: if his attention has been drawn to concern that has been expressed at the length of time being taken by National Asset Management Agency to consider business plans submitted to it in respect of acqu...More Button

I propose to take Questions Nos. 132 to 134, inclusive, together. I am informed by NAMA that the debtors whose loans were acquired as part of the first and second tranche transfers are at various stag...More Button

Written Answers - Public Sector Staff

Was asked: the number of employees in the civil and public service for each of the past ten years; if he will clarify if these figures include employees of State and semi-State bodies; if he will indicate the ...More Button

The Public Service Numbers reported to my Department for each of the past 10 years are set out in table 1 below. The moratorium on recruitment and promotion was introduced by the Government at the end...More Button

Written Answers - Excise Duties

Was asked: if he has quantified the loss to the Exchequer arising from the evasion of the excise duty on tobacco; and if he will make a statement on the matter. More Button

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 the information re...More Button

Written Answers - Mortgage Relief Schemes

Was asked: the efforts being made to assist those with mortgage arrears and affected by negative equity and unemployment as indicated to Dáil Éireann during the passage of the National Assets Management Agency...More Button

The Government is conscious of the high value Irish people place on owning their own homes and is currently providing support for a number of initiatives designed to assist homeowners who are finding ...More Button

Written Answers - Insurance Industry Regulation

Was asked: the legislation, if any, under which life assurance companies operate here and to list the regulations, Ombudsmen or appeal bodies provided by the State and the industry; the bodies from which perso...More Button

Life assurance companies are governed by the Insurance Acts 1909 to 2000 and regulations relating to insurance made under section 3 of the European Communities Act 1972. This body of legislation dea...More Button

Written Answers - Bank Guarantee Scheme

Was asked: the position regarding the amount of fees received to date, and expected to be received in total, by the Exchequer arising from the guarantee under the credit institutions financial support scheme 2...More Button

To date the banks have paid fees totalling €730m under the Credit Institutions (Financial Support) Scheme 2008. We have also received €296m under the ELG Scheme. This money, and that due under the n...More Button

Was asked: the position regarding the €3.5 billion invested in both Allied Irish Bank and Bank of Ireland by way of preference share capital; the income received by the Exchequer arising from the coupons assoc...More Button

€3.5bn was invested by way of preference shares in AIB on 13 May 2009. On the 13 May 2010 the NPRFC received 198 million ordinary shares of AIB in lieu of a cash payment of the dividend on the prefere...More Button

Written Answers - State Banking Sector

Was asked: his projection of the final cost to the taxpayer in respect of the Anglo Irish Bank bailout; when he will be making this announcement; and if he will make a statement on the matter. More Button

As indicated in my statement of the 8th September the Government believes that it is essential to identify, with as much certainty as possible, the final cost for the restructuring and resolution of t...More Button

Written Answers - National Debt

Was asked: the make up of the national debt in terms of total value, specific repayment periods and rate of interest payable; the expected national debt figures at the end of 2011, 2012, 2013, and 2014; the am...More Button

The National Treasury Management Agency (NTMA) advise that the national debt was €75.2 billion at end-2009 and was €87.2 billion at end-August 2010. The weighted average cost of bonds raised in 2010 t...More Button

Written Answers - Economic Growth

Was asked: the expected growth rates for the economy for the calendar years 2010 and 2011; his plans to implement a growth strategy for the economy; and if he will make a statement on the matter. More Button

As I’ve already indicated, my Department is assessing all relevant information and will publish revised macro-economic forecasts in the coming weeks. The Government has a clear economic growth strate...More Button

Written Answers - Banks Recapitalisation

Was asked: the projected cost to the taxpayer in respect of the recapitalisation of Allied Irish Bank and the Bank of Ireland; and if he will make a statement on the matter. More Button

On 30 March 2009 I directed the National Pensions Reserve Fund Commission to invest €3.5 billion in preference shares issued by Bank of Ireland and on 12 May 2009 I directed the Commission to invest €...More Button

Written Answers - Financial Services Regulation

Was asked: the number of moneylending licences currently on record; the number of new licences granted each year from 2008 to date in 2010; and if he will make a statement on the matter. More Button

The Financial Regulator has advised me that the number of licences granted each year from 2008 to end August 2010 is as follows: No. of licensed moneylenders The Deputy might wish to note that money l...More Button

Written Answers - Tax Code

Was asked: the potential gain to the Exchequer in a full year if dividend withholding tax was applied to pension funds. More Button

I am informed by the Revenue Commissioners that statistical data is not available to distinguish the amount of dividends associated with pension funds. Accordingly, the specific information requested ...More Button

Was asked: the potential gain for the Exchequer annually if the repayable DIRT for over 65 year olds was to be means tested and no longer applied to savings in excess of €300,000. More Button

I am advised by the Revenue Commissioners that sufficiently detailed figures are not captured on the statutory return of DIRT filed by the financial institutions in such a way as to provide a basis fo...More Button

Was asked: the amount lost to the Exchequer annually through the tax relief made payable for trading losses. More Button

Was asked: if the Revenue Commissioners have undertaken any kind of investigation to establish the potential losses to the Exchequer annually caused by the ability of companies to surrender trading losses to me...More Button

I propose to take Questions Nos. 151 and 152 together. I am informed by the Revenue Commissioners that the aggregate amount of trading losses for Corporation Tax returned by companies for accounting p...More Button

Was asked: the potential gains for the Exchequer of lifting the exemption on capital gains tax for transfer of pension fund rights. More Button

I am informed by the Revenue Commissioners that figures are not captured in such a way as to provide a dedicated basis for compiling an estimate of the gain to the Exchequer from the change mentioned ...More Button

Was asked: the amount lost to the Exchequer annually through the awarding of shares as opposed to cash bonuses to employees. More Button

If an employee is given free shares by his or her employer, the employee is normally chargeable to income tax on the value of the shares, just as the employee would be chargeable to income tax on the ...More Button

Was asked: the potential gain to the Exchequer annually of placing a levy of 1% on profits of holding companies here. More Button

Given that holding companies of domestic groups do not generally have profits chargeable to Corporation Tax, thus imposing a 1% levy would not provide a yield for the Exchequer, I am presuming that th...More Button

Was asked: the rationale behind the stamp duty exemption for transfers of loan capital and the potential gain to the Exchequer annually of abolishing the exemption. More Button

The rationale behind the Stamp Duty exemption for transfers of loan capitalis to facilitate business by avoiding the imposition of a Stamp Duty charge in cases where it was not intended that such a ch...More Button

Was asked: the rationale behind the exemptions on stamp duty for the transfer of units in regulated collective investment undertakings and the potential gain to the Exchequer annually if the exemption was aboli...More Button

The rationale for the changes introduced in Finance Act 2010 arises principally from the new European UCITS (Undertakings for Collective Investment in Transferable Securities) IV Directive which will ...More Button

Was asked: the potential gain to the Exchequer annually from the abolition of the exemption from stamp duty on the transfer of foreign immovable properties. More Button

Was asked: the potential gain to the Exchequer annually from the abolition of the exemption from stamp duty on transfer of intellectual property. More Button

I propose to take Questions Nos. 158 and 159 together. I am informed by the Revenue Commissioners that figures are not captured in such a way as to provide a dedicated basis for compiling estimates of...More Button

Was asked: the potential gain to the Exchequer annually from the abolition of the tax exemption applied for resident companies receiving dividends from other resident companies. More Button

The Taxes Consolidation Act 1997 provides that Corporation Tax is not charged on dividends received by a company from another company resident in the State, subject to certain exceptions. The reason f...More Button

Was asked: the rationale behind, and the potential gain to the Exchequer annually from the abolition of the capital gains tax deferment allowed to amalgamated or reorganised companies. More Button

Was asked: the rationale behind, and the potential gain to the Exchequer annually from the abolition of the corporation tax deferment where shares held as trading stock are exchanged in a corporate reorganisati...More Button

I propose to take Questions Nos. 161 and 163 together. Deferral of Capital Gains Tax is provided for in a company reorganisation or amalgamation that does not involve a cash payment. These are genera...More Button

Was asked: the rationale behind, and the potential gain to the Exchequer annually from, the abolition of the capital gains tax deferment allowed for the transfer of assets within a corporate group. More Button

As transfers between Group Companies are not taxable transactions, the Revenue Commissioners do not have information regarding such transactions that would enable the figure requested to be estimated....More Button

Was asked: if he will estimate the losses incurred to the Exchequer annually by the deferment of capital gains tax when a business is transferred from an individual to a company. More Button

Was asked: the potential gains to the Exchequer annually if a limit of €300,000 was applied to the capital gains tax exemption for the transfer of assets between married couples. More Button

I propose to take Questions Nos. 164 and 165 together. I am informed by the Revenue Commissioners that figures are not captured in such a way as to provide a dedicated basis for compiling estimates of...More Button

Was asked: the potential gains to the Exchequer annually if a limit of €300,000 was applied to the capital acquisitions tax exemption between married people. More Button

I am informed by the Revenue Commissioners that figures are not captured in such a way as to provide a dedicated basis for compiling an estimate of the gain to the Exchequer from the change mentioned ...More Button

Was asked: if the four-year write-off period for stallions is still in existence and the potential gains to the Exchequer annually from the abolition of this exemption. More Button

I am advised by the Revenue Commissioners that the 4 year write-off period for stallions for tax purposes, which was introduced on 1 August 2008 (at the time the tax exemption for stallion stud fees w...More Button

Written Answers - Public Service Contracts

Was asked: his views on the use by local authorities of randomly selected contractor sub-panels as part of a framework agreement (details supplied). More Button

The use of random selection to establish a short-list for a public sector tender competition can be appropriate and is permissible under public procurement rules and guidelines, provided that it is co...More Button

Written Answers - Tax Code

Was asked: if he has given consideration to providing income tax relief to residents on their contribution towards the maintenance by the respective residents’ association of their housing estate. More Button

It remains essential, in the context of the forthcoming Budget, to send a clear, decisive signal that Ireland is determined to continue to adopt feasible, sustainable budgetary measures to underpin th...More Button

Written Answers - Fiscal Policy

Was asked: the tax buoyancy effect of investment in infrastructure if the buoyancy is standard across different capital investments; and if he will make a statement on the matter. More Button

As regards capital expenditure, the Government published Infrastructure Investment Priorities for 2010 — 2016 in July 2010. The core rationale for the current investment in public infrastructure is to...More Button

Written Answers - Bank Guarantee Scheme

Was asked: if he will set out his exit strategy from the credit institutions financial support scheme and bank eligible liabilities guarantee scheme; if he will comment on the ongoing EU state aid approval proc...More Button

The Deputy will be aware that a Statutory Instrument which extends the Eligible Liabilities Guarantee (ELG) Scheme to 31 December 2010 was approved by both Houses of the Oireachtas yesterday, having p...More Button


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