Results 20,141-20,160 of 27,019 for speaker:Michael Noonan

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

Michael Noonan: I am advised by the Revenue Commissioners that accelerated capital allowances were available in respect of capital expenditure incurred on the construction or refurbishment of certain health related facilities including private registered nursing homes, residential units associated with registered nursing homes and approved convalescent homes. However, all these schemes have now come to an...

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

Michael Noonan: The day to day responsibility for the supervision and authorisation of financial institutions is a matter for the Central Bank which is statutorily independent in the exercise of its regulatory functions. As such the matter was referred to the Bank for its views. The Bank has indicated that there is no basis for an investigation into this matter as it does not believe there has been any...

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

Michael Noonan: As the Deputy will be aware, the Irish banks were required to raise €24 billion in capital following the 2011 Prudential Capital Assessment Review to remain above a minimum capital target of 10.5% Core Tier 1 in the base scenario and 6% Core Tier 1 in the stress Scenario. The Central Bank made its decision on required recapitalisation based on loan-loss projections along with further...

Written Answers — Department of Finance: Bank Guarantee Scheme (4 Oct 2012)

Michael Noonan: I note similarities between the Deputy’s question and the Deputy's Question No. 65 of 26 April last. In this context, I propose to answer the Deputy’s question by giving an update on the position since my reply on 26 April last. The total fees received to date from the covered banks in respect of both the CIFS and ELG schemes amount to €3.362 billion, which does not...

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

Michael Noonan: As the Deputy is aware, in response to the Nyberg report and with regard to the restructuring of the banking sector, I stated: "A programme of rotation of board members, commencing with board members appointed before September 2008, will be expected to be part of the plan. This should apply to both Executive and Non Executive Board members and provides a process to ensure a smooth succession...

Written Answers — Department of Finance: NAMA Staff Remuneration (4 Oct 2012)

Michael Noonan: I propose to take Questions Nos. 81 and 82 together. I refer the Deputy to my responses to Parliamentary Questions from Deputy Patrick O’Donovan on 18 September last on the same topic which I have set out below. All NAMA staff are employees of the NTMA. Under Section 42 of the NAMA Act 2009, the NTMA assigns staff to NAMA. Other than a small number of staff reassigned from other...

Written Answers — Department of Finance: NAMA Portfolio Value (4 Oct 2012)

Michael Noonan: The Deputy will note that NAMA has acquired loans that are secured, in the vast majority of cases, by property assets, a detailed breakdown of which is available in NAMA's Annual Report and Financial Statements 2011. NAMA advises that, in the case of debtors that it manages directly, the value of art that it currently holds as security for its loans is of the order of €7.5 million....

Written Answers — Department of Finance: NAMA Court Cases (4 Oct 2012)

Michael Noonan: As advised to the Deputy in July (36075/12, 19th July 2012) NAMA is currently pursuing a number of cases in the Courts to effect the reversal of asset transfers by NAMA debtors that appear to have been designed to put the assets beyond the reach of the Agency, including the following cases: - High Court proceedings for the reversal of an asset transfer of shares - High Court proceedings for...

Written Answers — Department of Finance: NAMA Portfolio Value (4 Oct 2012)

Michael Noonan: As with a bank, NAMA does not own nor does it sell property assets securing its loans. The sale of these assets is conducted by their owners, that is, NAMA debtors, or, in enforcement cases, on behalf of these debtors by duly appointed Receivers/Administrators. I am advised by NAMA that its debtors and receivers have recorded over 2,500 cash receipts in respect of asset sales totalling...

Written Answers — Department of Finance: European Council Meetings (4 Oct 2012)

Michael Noonan: Every economics and finance minister in the European Union is a member of the Economic and Financial Affairs Council (Ecofin). Each month the Ecofin Council meets to discuss economic policy coordination, economic surveillance, monitoring of Member States' budgetary policy and public finances, financial markets and capital movements, as well as other matters. In addition, the Eurogroup -...

Written Answers — Department of Finance: EU-IMF Programme of Support Issues (4 Oct 2012)

Michael Noonan: As the Deputy will be aware, Ireland’s implementation of the EU/IMF Programme has been recognised and indeed lauded both at the ECOFIN and Eurogroup meetings. There has been an all-round acknowledgement of our commitment to the Programme which has ensured that all the conditions have been met at each quarterly review. We too, repeatedly acknowledge the support we get from other...

Written Answers — Department of Finance: EU-IMF Programme of Support Issues (4 Oct 2012)

Michael Noonan: Ireland continues to be fully engaged in the process by the Eurogroup and Heads of State or Government on how the commitments of 29 June will be implemented. We are pursuing a diplomatic offensive which has included officials from my Department travelling recently to several capitals; my own visits to Paris, Berlin, Rome and onto the Informal Ecofin in Cyprus; and the Taoiseach’s...

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

Michael Noonan: Substantial progress has been made in terms of improving our competitiveness over the past five years. Relatively lower price inflation over this period means that Irish price levels have fallen relative to our major trading partners. At the same time there has been a significant improvement in our cost competitiveness. Indeed, the European Commission earlier this year forecast that our...

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

Michael Noonan: I propose to take Questions Nos. 91, 94 and 95 together. Actions taken at the European level since the onset of the sovereign debt crisis clearly show that policy makers across Europe accept the necessity of a European response to the prevailing crisis. This is evident from the establishment of various institutions, such as EFSF and ESM, as well as from ECB involvement from the outset,...

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

Michael Noonan: Recent years have seen inflationary pressure remain quite muted given the weakness in the domestic economy. Nevertheless, there are specific areas where inflationary pressures are emerging. Over the past year wholesale energy prices have remained elevated on account of tensions in the Middle East. Coupled with the depreciation of the euro, these higher prices have fed through to consumer...

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

Michael Noonan: The end-September Exchequer Returns published on Tuesday 2 October show that tax revenues are €385 million (1.5%) ahead of target. Three of the ‘big four’ tax-heads – income tax, corporation tax and VAT – are ahead of profile at end-September. This is a positive development. As regards expenditure, while the majority of Departments continue to manage...

Written Answers — Department of Finance: Public Services Provision (4 Oct 2012)

Michael Noonan: I propose to take Questions Nos. 96 and 97 together. In response to the Deputy’s question my Department does not work with or engage with local authorities in the delivery or provision of services.

Written Answers — Department of Finance: Departmental Staff Recruitment (3 Oct 2012)

Michael Noonan: Information regarding the number of retired public servants who have been re-hired is detailed in the Appropriation Accounts. The Appropriation Accounts are available online at www.audgen.gov.ie. During the period January 2012 to date, one former staff member provided contractual services to this Department for 1.5 days and was paid at a per diem rate. The Deputy may wish to contact other...

Written Answers — Department of Finance: Tax Code (3 Oct 2012)

Michael Noonan: Based on an estimate of around €170 million of bets having been placed with on-course bookmakers at race meetings in 2011, it is estimated that applying the 5% betting duty to such bets would yield the Exchequer approximately €8.5 million. However, this is a straight line calculation and does not take account of the impact of such a duty on betting activity, attendance at race...

Written Answers — Department of Finance: Tax Yield (3 Oct 2012)

Michael Noonan: The estimated full year costs and/or yields of the tax revenue measures introduced in Budget 2012 are set out on pages B5 – B11 of the Summary of 2012 Budget and Estimates Measures Policy Changes section of the Budget 2012 book. In the context of producing the Budget 2013 tax revenue forecasts in the coming weeks, the Revenue Commissioners will advise my Department if the estimated...