Results 20,881-20,900 of 27,019 for speaker:Michael Noonan

Written Answers — VAT Rates: VAT Rates (21 Jun 2012)

Michael Noonan: I am assuming that the Deputy's Question is focusing on the challenges for businesses in paying the VAT that is due to the Revenue Commissioners arising from their trading activities. Collection of the taxes and duties payable by individuals and businesses to the Exchequer is a matter in the first instance for the Revenue Commissioners. I am advised by Revenue that they are not in a position...

Written Answers — Currency Exchange: Currency Exchange (21 Jun 2012)

Michael Noonan: The information requested by the Deputy is not available on an individual transaction basis. The Central Bank has provided the attached spreadsheet showing the Euro and Irish Pound value of Irish Pound notes and coins exchanged at the Central Bank for each working day in 2011. A total of IR£2.15m was exchanged for €2.74m. Irish pound notes and coins exchanged at Central Bank 2011...

Written Answers — Currency Exchange: Currency Exchange (21 Jun 2012)

Michael Noonan: I refer the Deputy to the reply I provided yesterday to his question on the policy of exchanging Irish pound banknotes and coin for euro since the Irish pound ceased to be legal tender on 9 February 2002. That reply sets out the background to the policy and how the redemption of Irish pound banknotes and coin has been accounted for by the Central Bank. With regard to the total value of Irish...

Written Answers — Bank Charges: Bank Charges (21 Jun 2012)

Michael Noonan: The Deputy will be aware that the Bank's policy in relation to interest rates is a matter for the management and board of the institution. I have no role in the day-to-day commercial and operational decisions of the banks, which include these matters. These decisions are taken by the board and management of the institution. Notwithstanding the fact that the State is a significant shareholder...

Written Answers — Budget Timetable: Budget Timetable (21 Jun 2012)

Michael Noonan: The "Two Pack" regulations being discussed in Europe propose a common budgetary timeline that includes the presentation of a draft budget by 15 October each year. However, trilogue negotiations between the European Commission, the European Parliament and the Council only commenced recently and it appears that it is extremely unlikely that the regulations will be adopted in time for this...

Written Answers — Irish Bank Resolution Corporation: Irish Bank Resolution Corporation (21 Jun 2012)

Michael Noonan: As the Deputy is aware the Board of the bank is responsible for the day to day operations of the bank including matters relation to the recovery of debts and consequential matters. The bank has informed me that it would not be appropriate for the bank to comment on matters which may be the subject of investigation or litigation.

Written Answers — National Asset Management Agency: National Asset Management Agency (21 Jun 2012)

Michael Noonan: I propose to take Questions Nos. 41 and 43 together. I am advised by NAMA that it did not pay any consideration to participating institutions for personal guarantees attached to acquired loans. This is because it did not consider that such guarantees had any residual value in the vast majority of cases as the amounts potentially recoverable were limited to the value of secured assets. The...

Written Answers — National Asset Management Agency: National Asset Management Agency (21 Jun 2012)

Michael Noonan: I am advised by NAMA that the information sought is currently being collated and validated and that it is expected to be available for inclusion in the Agency's Annual Report which is due for publication in July.

Written Answers — National Asset Management Agency: National Asset Management Agency (21 Jun 2012)

Michael Noonan: I am informed by NAMA that its 2011 impairment assessment is based on a combination of a detailed cash flow forecasting exercise for all borrower connections which are considered individually significant (corresponding to debtors managed directly by NAMA) and a collective assessment for the rest of the loan portfolio. For all individually significant debtors, in accordance with International...

Written Answers — Tax Code: Tax Code (20 Jun 2012)

Michael Noonan: I am informed by the Revenue Commissioners that as they do not capture data on the overall net cost of childcare there is, therefore, no statistical basis on which they can provide an estimate of the cost of making childcare tax deductible. In these circumstances, it is not possible to extrapolate the potential net cost to the Exchequer of the proposal. I would have some concerns about the...

Written Answers — Currency Circulation: Currency Circulation (20 Jun 2012)

Michael Noonan: I am informed by the Central Bank that the Bank continues to redeem Irish pound banknotes, which ceased to be legal tender on 9 February 2002. As of 31 December 2002, notes to the value of €299.7 million were outstanding. With the approval of the Board of the Bank, a provision of €60 million was created in respect of future redemptions. The balance of €239.7 million, which it was...

Written Answers — National Asset Management Agency: National Asset Management Agency (20 Jun 2012)

Michael Noonan: As the deputy is aware NAMA has acquired loans from the five participating institutions and is not the owner/operator of properties. The Agency's role is that of a secured lender. Other than properties that have been enforced, all of which are listed on NAMA's website and which are managed by the appointed receivers/administrators, properties continue to be managed by their existing owners...

Written Answers — Betting Regulations: Betting Regulations (20 Jun 2012)

Michael Noonan: The Finance Act 2011 provides for the taxation of bets that remote bookmakers enter into with persons in the State. This means, for example, that a business which engages in online bookmaking and which accepts bets from people in this country will be liable for betting duty on those bets, irrespective of where that business is based. The existing betting duty (1%) will be applied to such...

Written Answers — Mortgage Interest Relief: Mortgage Interest Relief (20 Jun 2012)

Michael Noonan: The position is that mortgage interest relief is only available in respect of interest paid by an individual on a loan used by that individual for the purchase, repair, development or improvement of his/her sole or main residence. However, it should be noted that an individual who rents out their residential property may be allowed a deduction, subject to certain conditions, in computing the...

Written Answers — Dormant Accounts Fund: Dormant Accounts Fund (20 Jun 2012)

Michael Noonan: I have been informed by the Central Bank of Ireland that a review of all Dormant Account Holders, under the remit of the Bank, is currently ongoing. The Bank has to date received a number of completed reviews covering specific institutions and a further number of reviews are scheduled to be completed later in the year. The Bank will submit a report to both me and my colleague, the Minister...

Written Answers — General Government Deficit Adjudication: General Government Deficit Adjudication (20 Jun 2012)

Michael Noonan: In July 2011, a net amount of €16.5 billion was injected into Irish financial institutions. Following an examination of the nature of the transactions by the Central Statistics Office and Eurostat, €5.8 billion of the €16.5 billion injected was classified as a deficit-increasing capital transfer in the Maastricht Returns in March 2012. However, the recapitalisation of July 2011 was...

Written Answers — Irish Fiscal Advisory Council: Irish Fiscal Advisory Council (20 Jun 2012)

Michael Noonan: Additional resources will be available to the Irish Fiscal Advisory Council when it is put on a statutory footing. The Council was allocated a grant-in-aid of €650,000 in the Revised Estimates Volume for 2012. The General Scheme of a Bill to be called the Fiscal Responsibility Bill 2012, which I published on the 26th of April 2012 in the context of providing information for the referendum...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (20 Jun 2012)

Michael Noonan: As you will be aware, a key component of the Financial Measures Programme (FMP) is the establishment of transparent deleveraging plans to reduce the Irish banking system to a manageable size and to stabilise its funding base. The Central Bank has agreed with the External Partners that a sustainable Loan to Deposit Ratio for the aggregate domestic banking system is 122.5%. Total deleveraging...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (20 Jun 2012)

Michael Noonan: I have been informed by the covered banks that their wholesale funding maturity needs should be met as follows in the next two years: IBRC: IBRC is a non-pillar bank that had the majority of its deposits transferred to AIB in 2011 by Ministerial order. As a result, IBRC is heavily reliant on official sources for its funding. Any wholesale maturities that come due are met from either the...

Written Answers — Banking Sector Redundancies: Banking Sector Redundancies (20 Jun 2012)

Michael Noonan: The state owned banks have supplied the relevant information as follows: PTSB: PTSB have informed me that they are not in a position to answer this question as they have not finalised their redundancy plans. IBRC: IBRC have informed me that as part of IBRC's progress towards wind down, the Bank is currently operating redundancy schemes in its Irish, UK and US operations. The redundancy...