Press Releases issued by the Department of Finance
The outturn Exchequer surplus is £747 million or €949 million. This is £836 million better than the target EBR of £89 million and £79 million better than the £668 million estimated outturn surplus published on 2 December. The most notable features of the outturn are the £747 million surplus is the largest cash surplus on record the General
END-DECEMBER EXCHEQUER RETURNS
The Minister for Finance has indicated on a number of occasions in recent months that discussions were taking place with the EU Commission about various tax reliefs relating to property. These include the new urban renewal scheme and the new rural renewal scheme as well as the property tax reliefs for the Custom House Docks Area. As regards the Custom House Docks Area, the Minister for Finance confirmed today that his Department was still in
I would like to take this opportunity to thank you for asking me to address this important conference on profit sharing. As you will all be aware this Government is very committed to employee share ownership and profit sharing generally. The Social Partners commitment to profit sharing is set out in paragraph 3.15 of
I move that the Bill be now read a second time. On 16 September, 1998 the Minister for Foreign Affairs and I announced a major package of debt relief measures in favour of the Heavily Indebted Poor Countries of the world. Our motivation was simple. In our view the time had long past when it was appropriate for Ireland merely to call for
"I was with you in September of last year to launch your range of publications on CD-ROM, and to congratulate you on the "Taxfind online" service, which brings those publications to subscribers on the World Wide Web. Today, not five months later, I find myself here again to launch another technological innovation. You certainly don't let the grass grow under your
Finance Bill 1999 The Minister for Finance, Mr Charlie McCreevy, TD, published the Finance Bill 1999 today, Thursday 11 February, 1999.
The Minister for Finance announced today that he has appointed ABN AMRO Corporate Finance (Ireland) Limited and McCann FitzGerald as his advisers on the sale of ICC Bank plc. The Minister thanked all the firms which expressed their interest in the project and congratulated ABN AMRO Corporate Finance (Ireland) Limited and McCann FitzGerald on their appointment. The Minister added that he hoped to bring the sale process to a successful conclusion on a basis which is
I am glad to be able to introduce my third Finance Bill to the House since taking office. The Bill is one of the largest Finance Bills ever published and contains a series of important initiatives which reform the tax system in favour of the lower paid, cut personal taxes for all taxpayers, introduce significant new tax reliefs, set a new agenda for tax relieved pension provision and strengthen considerably the
END-MARCH EXCHEQUER RETURNS The following statement was issued today by the Minister for Finance, Mr Charlie McCreevy, TD.
"It is with reluctance and genuine regret that I accept the resignation of Ms. Gary Joyce as Chairperson of ACCBank with effect from the Annual General Meeting on 28 April. Ms. Joyce was appointed Chairperson at a crucial stage in the Bank's development and she has discharged her tasks with energy, commitment and enthusiasm. The work she has done, with the support of the management and staff, has been of major importance in
I am delighted to have this opportunity to open the annual NCB Irish Equity Market Conference. This Conference has established itself as an important event, both for companies in the Irish equity market and for investors and I am confident you will find the Conference worthwhile. I would, in particular, like to welcome our international visitors to Dublin. This year's conference takes place in a profoundly
At today's Government meeting, it was agreed to draft a Customs and Excise Mutual Assistance Bill to give legal effect in Ireland to two international Conventions (namely The CIS Convention and The Convention on Mutual Assistance and Co-operation between Customs Administrations (known informally as "The Naples II Convention") and three related instruments prior to this country adopting them at European Union level. For many years, there
The Minister for Finance, Mr Charlie McCreevy TD, today welcomed the publication by the OECD of its two-yearly comprehensive survey of the Irish economy...
The Minister of State at the Department of Finance, Martin Cullen TD today spoke with the Prime Minister of Poland, Mr Jerzy Buzek on the issue of Public Private Partnerships. Minister Cullen was addressing the Second Euro Atlantic Conference on the potential for Public Private Co-operation in Central and Eastern European Countries, which was held in Warsaw. Speaking in
I am delighted to have been invited here today by Business and Finance to open this Conference on pensions. The Conference organisers have focused in on a number of key issues associated with recent developments in the pensions area and have asked a number of expert speakers to give their views on these important topics. I am sure that you will find the Conference to be relevant, interesting and
I would like to welcome you all this morning to this important Seminar on the next National Development Plan. My Department has organised this Seminar to facilitate an exchange of views from a wide and representative range of interests on the strategy and priorities for the Plan . You will have the benefit, in the course of today, of presentations by
Chairman, Members of the Committee I am pleased to accept the invitation from the Joint Committee on Finance and the Public Service to address you on the National Development Plan 2000-2006. Consultation Process It might be helpful to begin with if I sketch out briefly the background against which the Plan is being developed. The consultation process has been an extensive one. Written submissions have been received
I am delighted to have been invited here today by LIMRA to open your 1999 Europe Annual Meeting. I must commend LIMRA for emphasising the importance of the consumer in organising a Conference Programme entitled "Our Customers Our Future". LIMRA has invited a distinguished group of Irish and international speakers to talk to you on various aspects of this
Chairperson and Committee Members, I am pleased to come before you today to introduce the 1999 Estimates for the Finance Group of Votes, excluding Vote No 10, the Office of Public Works, and Vote 44, Flood Relief, which I understand will be taken later today by my colleague, Mr Martin Cullen TD, Minister of State at the Office of
The Fiscal and Taxation Environment by Michael G Tutty, Second Secretary General, Department of Finance Introduction I am glad to have the opportunity to address this Seminar on the Strategy for the Development of International Financial Services in Ireland. The Strategy document itself is the product of a unique partnership between the public and private sectors that has been fostered throughout the
I would like to thank the Association of Irish Risk Management for inviting me to launch the new association here today.I am conscious, like everybody else at the launch here this morning, that Insurance is not everybody's cup of tea and that most people - including many who might be regarded as shrewd business managers - tend to shy away from or be turned off by the
"Government receives EU approval for major Business Tax Incentives and Reliefs which are now available under the Rural Renewal Scheme, the New Urban Renewal Scheme and the Cork Airport Enterprise Area The Minister for Finance, Mr Charlie McCreevy TD, announced today the commencement of important business tax incentives for three Irish development schemes following EU Commission clearance. These are the business
Publication of the Report of the Implementation Advisory Group on a Single Regulatory Authority for Financial Services
On 20 October, 1998 the Government agreed in principle to the establishment of a single regulatory authority for the financial services sector at the earliest date possible; and agreed to the immediate establishment of an Implementation Advisory Group to progress the necessary work.
Chapter 3 The range of financial service providers to be overseen by the Single Regulatory Authority (SRA). The Government decided, in principle, that a single regulatory authority should be established and asked the Group to advise the Government on, inter alia, the range of financial service providers to be overseen by the authority.
Chapter 4 Single Regulatory Authority - Roles and FunctionsIn considering the role and functions of the SRA, the Group undertook an analysis of the current arrangements with regard to the supervision of financial services (see Chapter 2). multiplicity of regulatory
Structure and Location of the Single Regulatory Authority Introduction. Having considered the role and functions of the SRA (see Chapter 4) and the range of financial service providers to be overseen by it (see Chapter 3), the Group gave lengthy consideration to the most appropriate structure for the SRA and its location.
Outline of Legislation Required and Timeframe for Establishment of SRA. The Group recognises that the establishment will involve complex and comprehensive legislation. Nevertheless, it is anxious that the SRA should be established as a matter of urgency.
The Minister for Finance, Mr Charlie McCreevy TD, has announced that the 30 June deadline for entering into qualifying leases for the double rent relief for certain multi-storey car parks will be extended by 3 months to 30 September 1999 and the allowable period for expenditure for capital allowance purposes for these car parks will also be extended to 30 September 1999.
Charlie Mc Creevy TD, Minister for Finance, today welcomed the high level of interest in ICC Bank plc. No details on the tenders are being released at this stage.Following the Government decision last year to dispose of the State's interest in ICC Bank, the Minister and his advisers ABN AMRO Corporate Finance (Ireland) Limited and McCann
The Minister for Finance welcomed the decision of the MSF Committee in ICC Bank today to recommend to staff the terms of his offer to transfer 14.9% of the shares in the bank to an Employee Share Option Plan on agreed terms.The Minister said"I very much welcome the decision of the MSF Committee in ICC Bank today to recommend to staff the terms of my offer to transfer 14.9% of the shares in the bank to an ESOP for their benefit. My offer is made in the context of the sale of the
"Importance of Ireland's Financial Sector The growth of Ireland's financial and banking sector, including the International Financial Services Centre, mirrors that experienced by the Irish economy generally. Total employment in Ireland has increased by more than one third over the last
The Returns show an Exchequer surplus of £2,028 million (€2,575 million) during the first half of 1999.
As announced in the 1999 Budget the 1999 Finance Act made provision for certain tax exemptions for SAYE share option schemes. These schemes contain two elements. The first is an approved savings related share option which employers offer their employees and can include a discount of up to 25% on the price of the shares when the option is offered. The second element is a certified
Charlie McCreevy TD, Minister for Finance today welcomed the overwhelming vote in favour of the Employee Share Ownership Plan by ICC Staff. He also welcomed the staff's endorsement of the Transformation and Flexibility Agreement which he believes represents a major opportunity for any new purchaser to develop the business of ICC with the full support of the staff. Following the Government decision last year to dispose of the
The Government today announced that they have accepted proposals to introduce new legislation which will extend substantially the role of the NTMA to provide for the establishment of: (1) A State Claims Agency(2) A Central Treasury Service, and(3) A Fund Management Service.As regards the State Claims Agency, the intention is to enable the NTMA to handle common law accidental personal injury and property damage compensation claims
The Government has approved a new approach to the determination of the remuneration of the chief executives of commercial State bodies. The boards of these State bodies are to be given a greater degree of flexibility in fixing the pay of their chief executives by reference to the salaries of chief executives with jobs of comparable size across the private sector. This flexibility will only apply in
Programme of change in Financial Management in the Civil Service under the Strategic Management Initiative BackgroundSince the foundation of the State, the public finances have been accounted for on a cash-based system. A major role of the Oireachtas is to hold the Government to account in financial matters, with a view to ensuring that no more than the amounts assigned for specific purposes were spent and that they were spent for the particular purpose intended by the Oireachtas. This
Details of the Formal Approval by the EU Commission of the Business Reliefs for the Pilot Rural Renewal Scheme and New Urban Renewal SchemeThe EU Commission have recently issued to the Department of Finance formal notification of their recent approval of both the Pilot Rural Renewal Scheme and the new Urban Renewal Scheme. The Commission indicated their approval of the business tax reliefs on the grounds that the capital allowances provided for under both schemes comply with the
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