Results 20,641-20,660 of 27,019 for speaker:Michael Noonan

Written Answers — Banking Sector Regulation: Banking Sector Regulation (12 Jul 2012)

Michael Noonan: I have been informed by the Central Bank that it has not received any formal application to change the regulatory or legal status of Ulster Bank Ireland Ltd from that of a subsidiary of Royal Bank of Scotland Group. However, there are some informal indications that Ulster Bank Ireland Ltd may change its regulatory status and be subject to regulation by the Bank of England and the UK Financial...

Written Answers — Bank Charges: Bank Charges (12 Jul 2012)

Michael Noonan: I do not intend to meet the banks to discuss their plans in relation to the recent interest rate reduction. The lending institutions in Ireland are independent commercial entities. Ultimately the pricing of financial products, including standard variable mortgage interest rates, is a commercial decision for the management team and board of each lending institution, having due regard to their...

Written Answers — Revenue Commissioners Investigations: Revenue Commissioners Investigations (12 Jul 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the following tables represent the amounts of cash seized by Revenue at Dublin Airport and Port, and the amounts of cash that have been forfeited to the Exchequer under criminal justice legislation. There can often be a significant gap between the date of seizure and the date of forfeiture as detailed investigations are required. Some...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (11 Jul 2012)

Michael Noonan: I have been advised by Permanent TSB that the scheduled maturities of its wholesale debt are set out in note 22 of its 2011 annual report. Permanent TSB's future funding requirements are impacted by these scheduled maturities and the liquidity available over time from market sources, systemic funding and deposit funding. I have been informed by PTSB that, at the present time, it is unlikely...

Written Answers — Mortgage Interest Rates: Mortgage Interest Rates (11 Jul 2012)

Michael Noonan: I have been advised that the reduction in interest income on annual basis from the 0.25% reduction would be in the order of €40 million, which would reduce the net interest income of PTSB by circa €12 million assuming the current level of ECB funding remained in place and the cost of other funding to PTSB remained static. In order to mitigate the impact of the interest income reduction,...

Written Answers — Mortgage Interest Rates: Mortgage Interest Rates (11 Jul 2012)

Michael Noonan: As the Deputy can appreciate, officials from the Irish Authorities are in constant on-going dialogue with all of the covered institutions with a view to considering and implementing structures and solutions which would seek to advance the overall financial system. As and when further measures are agreed/solutions emerge I will inform the Houses as appropriate. The Government's aim is to...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (11 Jul 2012)

Michael Noonan: The bank recapitalisation commitments made by the State to date are set out in the following table: €bn AIB/EBS BoI IL&P IBRC (Anglo/INBS) Total Government preference Shares (2009) - NPRF 3.5 3.5* - - 7.0 Capital contributions (with Promissory Notes as consideration) /Special Investment Shares (2010) – Exchequer ** 0.9 - - 30.7 31.6 Ordinary Share Capital (2009) – Exchequer - - -...

Written Answers — Tax Code: Tax Code (11 Jul 2012)

Michael Noonan: I am informed by the Revenue Commissioners that the available information with regard to the yield from 2001 to 2011 from stamp duty on residential properties is set out in the following table. Year €m 2001 265 2002 349 2003 528 2004 752 2005 945 2006 1,311 2007 1,018 2008 445 2009 150 2010 107 2011 50 For the years 2001 to 2009 inclusive, Stamp Duty data on residential...

Written Answers — Haulage Industry: Haulage Industry (11 Jul 2012)

Michael Noonan: I propose to take Questions Nos. 66 and 68 together. As the Deputy is aware a working group was set up between officials of my Department, the IRHA and members of the Oireachtas. This working group had a series of meetings to discuss issues of concern to the haulage industry. I have recently received a submission from the group and I am considering the matters raised. I note the recent...

Written Answers — Fuel Laundering: Fuel Laundering (11 Jul 2012)

Michael Noonan: I am informed by the Revenue Commissioners, who have responsibility for the collection of mineral oil tax and for tackling the illicit trade in mineral oil products, that they are acutely aware of the threat to the Exchequer posed by laundered fuel. The predominant illicit activity in the mineral oil area in this State and in Northern Ireland is the laundering of marked diesel and its sale...

Written Answers — Mortgage Arrears: Mortgage Arrears (11 Jul 2012)

Michael Noonan: I wish to draw the Deputy's attention to the application of the Central Bank's 'Code of Conduct on Mortgage Arrears' which applies to the mortgage loan of a borrower or borrowers which is secured by the primary residence. Lenders must apply the Code to borrowers who are in arrears or in pre-arrears. In the case of joint borrowers, who notify the lender in writing, that they have separated or...

Written Answers — Bank IT Systems: Bank IT Systems (11 Jul 2012)

Michael Noonan: I propose to take Questions Nos. 70 to 72, inclusive, together. I have been informed by the Central Bank that they review the operational risk framework and the assessment processes in place to assess and to test the proper functioning of processes and controls in all the banks licenced in Ireland. This ongoing supervision and assessment of operational risk includes an assessment of banks...

Written Answers — Tax Code: Tax Code (11 Jul 2012)

Michael Noonan: I am informed by the Revenue Commissioners that section 30 of the Capital Acquisitions Tax Consolidation Act 2003 (CATCA) sets down the rules for ascertaining the Valuation Date, which is the date on which property, taken as a gift or an inheritance, is to be valued for tax purposes, and also the date by reference to which inheritance tax becomes payable. The Valuation Date for the majority...

Written Answers — Legislative Programme: Legislative Programme (11 Jul 2012)

Michael Noonan: I propose to take Questions Nos. 74 and 75 together. In response to the Deputy's questions the Department of Finance undertakes Regulatory Impact Analyses (RIA) and Poverty Impact Assessments (PIA) in accordance with the relevant guidelines. A RIA is carried out in accordance with the latest guidelines published by the Department of the Taoiseach. A PIA is carried out in accordance with...

Leaders' Questions (11 Jul 2012)

Michael Noonan: Who made those arrangements?

Written Answers — Legislative Programme: Legislative Programme (10 Jul 2012)

Michael Noonan: The European Stability Bill 2012 passed all stages in the Dáil on 20 June and all stages in the Seanad on the 27 June 2012. The European Stability Mechanism Act 2012 (No. 20 of 2012) was signed into law by President Higgins on the 3rd day of July, 2012.

Written Answers — Customs and Excise: Customs and Excise (10 Jul 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the terms and conditions of approval of airports by the Revenue Commissioners, as a place for the arrival of aircraft from outside the State, requires the operator/proprietor/licensee of each airport to notify Customs of all arrivals and to maintain a record of all such arrivals. In general, customs controls at small airports are risk-based and...

Written Answers — Customs and Excise: Customs and Excise (10 Jul 2012)

Michael Noonan: I am advised by the Revenue Commissioners that arrangements have been in place for some time, between the operators/ proprietors/licensees at the airports in question and the Revenue Customs Service, to ensure that all unscheduled flights arriving into these airports are notified to Customs. These arrangements are working well and the Commissioners are satisfied, insofar as possible, that all...

Written Answers — Disabled Drivers: Disabled Drivers (10 Jul 2012)

Michael Noonan: I propose to take Questions Nos. 103 to 105, inclusive, together. I am advised by the Revenue Commissioners that Statutory Instrument (S.I.) 353/1994 Disabled Driver and Disabled Passenger Regulations outline the provisions under which certain vehicles may qualify for relief from VRT and VAT when used for the transportation of disabled passengers. Regulation 2 of the above mentioned S.I....

Written Answers — VAT Rates: VAT Rates (10 Jul 2012)

Michael Noonan: All fruit juices, soft drinks, bottled water and smoothies are subject to the standard VAT rate, currently 23%. The standard rate is the VAT rate applied to such products in the majority of EU Member States. Prior to 1992 bottled waters and fruit juices had applied at the zero rate, but were made subject to the standard rate from 1 November 1992 in order to correct a competitive anomaly, as...