Results 20,561-20,580 of 27,019 for speaker:Michael Noonan

Written Answers — Mortgage Applications: Mortgage Applications (19 Jul 2012)

Michael Noonan: The covered Banks have supplied me with the following information regarding mortgage approval durations. In the case of IBRC residential mortgages are no longer offered. For AIB, the current mortgage approval duration is six months from the date of sanction subject to review after 3 months if approval continues to outstand. In practise, the Bank of Ireland mortgage letter of offer is...

Written Answers — European Stability Mechanism: European Stability Mechanism (19 Jul 2012)

Michael Noonan: The capital structure of the European Stability Mechanism (ESM) is set out in the ESM Treaty which was signed by Euro Area Member States on 2 February 2012. To obtain the highest possible credit rating, the capital structure of the ESM will have a total subscribed capital of €700bn. Of this amount, €80bn will be in the form of paid-in capital by the Euro Area Member States, paid in five...

Written Answers — Economic Growth: Economic Growth (19 Jul 2012)

Michael Noonan: I note the Deputy's concerns regarding the recent contraction in GNP. As has been well documented, Ireland's economic recovery will be export led. This is how growth in a small open economy such as Ireland's should be driven and we are once again seeing evidence of that, with exports growing by over 5 per cent in 2011 and by 6.1 per cent in the first three months of 2012. Indeed, recently...

Written Answers — Departmental Staff: Departmental Staff (19 Jul 2012)

Michael Noonan: The absenteeism rate for the Department of Finance from January to end June 2009 was 3.09%. The absenteeism rate for July to end December 2009 was 2.99%. These figures are inclusive of those on long term absences (i.e. absences of over 20 consecutive days). In the period 1 January to 31 December 2010, the average number of sick days per employee was 8 with an absenteeism rate of 3.6%. In...

Written Answers — Financial Services Regulation: Financial Services Regulation (18 Jul 2012)

Michael Noonan: There is already a comprehensive licensing scheme in place for moneylenders. I would refer the Deputy to Part VIII of the consumer Credit Act 1995 (as amended) for detailed information in this regard. I have no plans to amend this legislation. Moneylenders have to apply to the Central Bank annually to have their licences renewed. Section 93 of the Act sets out the Central Bank's powers...

Written Answers — Currency Exchange: Currency Exchange (18 Jul 2012)

Michael Noonan: I propose to take Questions Nos. 62, 67 to 69, inclusive, and 71 together. I have been informed by the Central Bank that amounts up to the value of IR£1,000 can be exchanged for euro on the same day subject to checking by the Central Bank for authenticity of the IR£ bank notes. Amounts in excess of IR£1,000 will be accepted by the Central Bank, however value in euro will not be provided in...

Written Answers — Tax Collection: Tax Collection (18 Jul 2012)

Michael Noonan: With regard to the VAT treatment of below cost selling, VAT is a tax on the value added to a supply, and the collection and recovery of VAT takes place at each stage of the chain of supply from manufacturing to retailer. Under EU and domestic VAT rules traders who are registered for VAT collect VAT on the goods and services that they sell. In turn such traders are entitled to recover the...

Written Answers — State Banking Sector: State Banking Sector (18 Jul 2012)

Michael Noonan: The Government announced the establishment of the Strategic Investment Fund in September 2011. The SIF will channel commercial investment from the National Pensions Reserve Fund (NPRF) towards productive investment in the Irish economy. As well as money from the NPRF, the SIF will seek matching commercial investment from private investors and target investment in areas of strategic...

Written Answers — Ministerial Expenditure: Ministerial Expenditure (18 Jul 2012)

Michael Noonan: In the time available, it has not been possible to provide the information requested by the Deputy. Every effort is being made to collate the information and I will reply directly to the Deputy when this process is completed.

Written Answers — Banking Sector Regulation: Banking Sector Regulation (18 Jul 2012)

Michael Noonan: I have been advised by the Central Bank that the Bank will assist the Irish Payments Services Organisation (IPSO) in the development of terms of reference for the review and will consider the outcomes in conjunction with IPSO. Both the Central Bank and IPSO agree that they should be open and transparent with the findings where it is practical to do so e.g. the anonymity of member institutions...

Written Answers — Departmental Expenditure: Departmental Expenditure (18 Jul 2012)

Michael Noonan: In the period in question my Department did not spend money in relation to the structures of local Government.

Written Answers — Tax Reliefs: Tax Reliefs (18 Jul 2012)

Michael Noonan: I am informed by the Revenue Commissioners that there are no provisions which allow the offset of Stamp Duty against inheritance tax. If the person concerned wants further information on inheritance tax he should contact: Capital Acquisitions Tax Unit, South West Region, Revenue House, Blackpool, Cork. Phone: 021-6027069. Email: corkcatqueries@revenue.ie.

Written Answers — Tax Rebates: Tax Rebates (18 Jul 2012)

Michael Noonan: I am advised by the Revenue Commissioners that there are no arrangements in place for VAT rebates for multi-nationals who are involved in the drinks industry. However, under the VAT system, as governed by the EU VAT Directive, all traders who are registered for VAT collect VAT on the goods and services that they sell. In turn such traders are entitled to recover the VAT they incur on their...

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (18 Jul 2012)

Michael Noonan: I assume the Deputy's question relates to the Credit Institutions Financial Support Scheme 2008 (CIFS Scheme) which was in operation between 30 September, 2008 and 29 September, 2010, and the Eligible Liabilities Guarantee Scheme (ELG Scheme) which came into operation on 9 December, 2009 and has a current issuance end-date of 31 December, 2012. The total fees received to date for the years...

Written Answers — Tax Yield: Tax Yield (18 Jul 2012)

Michael Noonan: The Taoiseach, I and other members of the Government have repeatedly expressed the Government's commitment to the retention of the 12.5% rate. In that context, I see no point in undertaking the hypothetical exercise suggested by the Deputy. It is possible to provide an estimate on a straight line basis assuming that the proposed levy would apply to the same taxable income of all companies to...

Written Answers — National Asset Management Agency: National Asset Management Agency (18 Jul 2012)

Michael Noonan: I propose to take Questions Nos. 76 to 83, inclusive, together. I am advised by NAMA that a list of all tenders run by it and the results of the tenders are available on its website, www.nama.ie. NAMA operates three legal panels from which it procures services as and when required: Legal Due Diligence Panel (Issue date: 31st of July 2009) Enforcement and Refinancing Panel (Issue date:...

Written Answers — Fiscal Policy: Fiscal Policy (18 Jul 2012)

Michael Noonan: Generally speaking all revenues of the State, including tax revenues are paid into the Central Fund. They are not assigned to specific areas of expenditure but rather form part of the pot from which overall Exchequer expenditure is funded. However, it is the case that receipts from both the Household Charge and Motor Tax are directed to the Local Government Fund, rather than the Central...

Written Answers — Ministerial Advisers: Ministerial Advisers (18 Jul 2012)

Michael Noonan: I propose to take Questions Nos. 85 and 86 together. In my Department, I have appointed Mary Kenny and Eoin Dorgan as special advisers. The salary for both special advisers has been €83,337 per annum since their appointment. My predecessor, the late Brian Lenihan, TD appointed two special advisers as follows: Ms Cathy Herbert (appointed in May 2008): Salary €107,485. Ms Herbert was not...

Written Answers — Public Sector Pay: Public Sector Pay (18 Jul 2012)

Michael Noonan: I propose to take Questions Nos. 87 and 88 together. Any matters relating to remuneration for public service employees is a matter for my colleague, the Minister for Public Expenditure and Reform.

Written Answers — Pension Provisions: Pension Provisions (18 Jul 2012)

Michael Noonan: Under the regime of flexible options on retirement first introduced in 1999, the options to invest in an ARF or to receive the balance of a pension fund in cash (after payment of the "tax-free" lump sum and subject to tax, as appropriate) are subject to conditions. The conditions include the requirements that the individual be over 75 years of age or, if younger, that the individual has...