Results 20,101-20,120 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Mortgage Interest Rates Issues (4 Oct 2012)

Michael Noonan: As the Deputy will be aware, the Bank of Ireland’s policies in relation to lending rates is a matter for the board and management of the institution. Notwithstanding the fact that the State is a significant shareholder, I must ensure that the bank is run on a commercial, cost effective and independent basis to ensure the value of the bank as an asset to the State, as set out in the...

Written Answers — Department of Finance: Banking Sector Staff Issues (4 Oct 2012)

Michael Noonan: As the Deputy will be aware, Relationship Frameworks have been specified that define the nature of the relationship between the Minister for Finance and the banks. These Frameworks were published on 30 March 2012 and can be found at; . Per the Relationship Framework with AIB, “the Minister will continue to work with the Board to strengthen its membership through the appointment of...

Written Answers — Department of Finance: Budget 2013 (4 Oct 2012)

Michael Noonan: I propose to take Questions Nos. 30 and 59 together. With regard to budgetary matters, when focusing on the primary objectives of reducing the deficit and returning sustainability to the public finances, it has been of vital importance to the Government to spread the burden of the adjustments made in as fair and equitable a manner as possible, while also seeking to minimise their negative...

Written Answers — Department of Finance: House Sales (4 Oct 2012)

Michael Noonan: I would not accept that the low level of transactions in the housing market reflects a failure to communicate to potential first time buyers the impending end of mortgage interest relief for owner occupiers on 31 December 2012. In Budget 2012, I confirmed that mortgage interest relief would no longer be available to house purchasers who purchase after the end of 2012 and that it will be...

Written Answers — Department of Finance: Tax Reliefs Cost (4 Oct 2012)

Michael Noonan: The issue of cost benefit analysis of tax expenditures was considered by the Commission on Taxation. The Commission was of the opinion that tax expenditures should be the subject of ongoing evaluation and appropriate and timely cost benefit analysis. This is to ensure that they are both economically efficient and that parliamentary oversight can be well informed. However, there is an...

Written Answers — Department of Finance: Credit Union Numbers (4 Oct 2012)

Michael Noonan: The Final Report of the Commission on Credit Unions was agreed unanimously by its members, including representatives of the credit union movement. The Commission recommended that the credit union sector should be restructured on a voluntary, time-bound and incentivised basis and that the Credit Union Restructuring Board (ReBo) should be established to facilitate and oversee the...

Written Answers — Department of Finance: Budget 2012 (4 Oct 2012)

Michael Noonan: The Government framed Budget 2012 in such a way as to make it as job-friendly as possible, with various sectoral measures aimed at job creation. As I stated on Budget day, the primary purpose of the Budget was to support the creation and retention of jobs in the short-, medium- and long-term. It should be acknowledged that while restoring the public finances to a sound footing is crucial...

Written Answers — Department of Finance: Tax Collection (4 Oct 2012)

Michael Noonan: I propose to take Questions Nos. 35 and 57 together. The Government has decided, as part of our commitment under the EU/IMF programme of financial support to Ireland, to introduce an annual recurring property tax. This forms part of a long term policy to broaden the tax base, to provide a stable funding base for local government and to assist the strengthening of democracy at local level....

Written Answers — Department of Finance: Bank Branch Closures (4 Oct 2012)

Michael Noonan: As you will be aware, operational decisions for the covered banks – AIB, Bank of Ireland, IBRC and Permanent TSB - remain the responsibility of the boards and managements of the institutions. Notwithstanding the fact that the State is a significant shareholder in these institutions, I must ensure that the banks are run on a commercial, cost effective and independent basis to ensure the...

Written Answers — Department of Finance: Stock Markets Regulation (4 Oct 2012)

Michael Noonan: As outlined to the Deputy previously, food securities trading forms part of the regulation of derivatives. These can be divided into OTC (over-the-counter) derivatives and derivatives traded on exchanges. The regulation of both types of derivatives features in formal proposals by the EU Commission. OTC derivatives are now regulated by the European Markets Infrastructure Regulation (EMIR)....

Written Answers — Department of Finance: Tax Yield (4 Oct 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the estimated full year yield from reducing Business Relief and Agricultural Relief from 90% to 50% would be in the region of €30 million and €70 million respectively. In arriving at an estimate of yield from these changes it has been taken into account that a reduction in the Business and Agricultural Reliefs may not produce a...

Written Answers — Department of Finance: Bank Debt Restructuring (4 Oct 2012)

Michael Noonan: I will oversee Irish Life in a manner similar to the Covered Banks with a relationship framework detailing the roles and responsibilities of the board which will operate on an independent commercial basis and with certain matters requiring approval or consultation with me. Operational decisions will remain the responsibility of the board and management.

Written Answers — Department of Finance: Insurance Industry Issues (4 Oct 2012)

Michael Noonan: Management of the wind down of Quinn Insurance, including claims management, is the responsibility of the Joint Administrators, under the supervision of the High Court. However the State is required to advance funds to meet the cost of the wind down. While these funds are ultimately recovered through the industry levy, it is a matter of concern to ensure in as much as is possible that the...

Written Answers — Department of Finance: Universal Social Charge Payments (4 Oct 2012)

Michael Noonan: I am informed by the Revenue Commissioners that sufficient basic data are not available on which to base a reliable estimate of the yield to the Exchequer from this proposal, as information is not required on tax returns in relation to all capital gains. Accordingly, it is not possible to provide the specific information requested by the Deputy.

Written Answers — Department of Finance: Tax Code (4 Oct 2012)

Michael Noonan: I am precluded from discussing the tax affairs of any particular individual or company nor can I discuss the tax administration regimes established in other jurisdictions. However, in general terms I would like to advise the Deputy that a recently published report of the United States Senate Permanent Sub-Committee on Investigations of their hearing on Offshore Profit Shifting and the U.S....

Written Answers — Department of Finance: Tax Collection Forecast (4 Oct 2012)

Michael Noonan: The deputy should be aware that I issued a joint press release with my colleague, the Minister for Public Expenditure and Reform on Tuesday 02 October to coincide with the release of the end-September returns. As outlined, the Exchequer Returns for the period to end-September provide further evidence that the Government is restoring the public finances to a more sustainable position. The tax...

Written Answers — Department of Finance: National Pensions Reserve Fund Administration (4 Oct 2012)

Michael Noonan: I am informed by the National Treasury Management Agency (NTMA), as Manager of the National Pensions Reserve Fund (NPRF), that the recommendations of the Comptroller and Auditor General on the issues that have arisen in respect of the portfolio liquidation of the National Pensions Reserve Fund are set out in section 4.60 of the Report of the Comptroller and Auditor General for 2011. The NTMA...

Written Answers — Department of Finance: Bank Debt Restructuring (4 Oct 2012)

Michael Noonan: As you will be aware, the three PLAR banks are required to deleverage their balance sheets, including inter alia by disposal of loan portfolios as outlined in the Central Bank’s Financial Measures Programme 2011. IBRC is subject to an EC Restructuring Plan which requires it to work out its balance sheet over time, including where possible via disposal of loan books. To this end, each...

Written Answers — Department of Finance: Job Creation Issues (4 Oct 2012)

Michael Noonan: I should say at the outset that ultimately it is the industry itself that creates employment by growing existing business and developing new initiatives such as the Green IFSC and Islamic Finance which the Deputy refers to in his question. The Government's new strategy for the development of the International Financial Services sector was issued approximately 14 months ago. Over this period,...

Written Answers — Department of Finance: Debt Relief (4 Oct 2012)

Michael Noonan: I propose to take Questions Nos. 47 and 88 together. When the Programme of Financial Support was initially agreed in late 2010, the average interest rate on the €67.5 billion available to drawdown from the external sources was estimated by the EU Commission to be 5.82% on the basis of market rates at the time of the agreement. The average life of the borrowings, which involve a...