Results 21,421-21,440 of 27,019 for speaker:Michael Noonan

Written Answers — Tribunals of Inquiry: Tribunals of Inquiry (1 May 2012)

Michael Noonan: 3. The future vigilance of the regulator can best be ensured by the heightened vigilance of public representatives. These findings are consistent with those of others, such as Professor Honohan in his report on financial regulation and the Comptroller and Auditor General. Reforms of the Central Bank: Significant changes have recently been made to the structure governing financial regulation...

Written Answers — Tribunals of Inquiry: Tribunals of Inquiry (1 May 2012)

Michael Noonan: · The Irish Financial Services Regulatory Authority, which was a constituent part of the CBFSAI, was dissolved, the posts of Chief Executive of the Regulatory Authority and Consumer Director were abolished. Two new posts – Head of Financial Regulation and Head of Central Banking - were created.

Written Answers — Tribunals of Inquiry: Tribunals of Inquiry (1 May 2012)

Michael Noonan: · The Bank is now a single fully-integrated structure with a unitary Board, the Central Bank of Ireland is responsible for the stability of the financial system overall, for prudential regulation of financial institutions and for the protection of consumer interests. The Governor remains solely responsible for European System of Central Banks (ESCB) related functions.

Written Answers — Tribunals of Inquiry: Tribunals of Inquiry (1 May 2012)

Michael Noonan: · The Bank's statutory function of promoting the development within the State of the financial services industry was removed.

Written Answers — Tribunals of Inquiry: Tribunals of Inquiry (1 May 2012)

Michael Noonan: · Annual Performance Statements on regulatory performance prepared by the Bank, presented to the Minister for Finance and laid before the Houses of the Oireachtas. (Note: this will be in addition to the Bank's Strategy Statement which is to be prepared at least every three years and its Annual Report and Accounts). A committee of the Oireachtas may call the Governor and/or the Heads of...

Written Answers — Tribunals of Inquiry: Tribunals of Inquiry (1 May 2012)

Michael Noonan: · Regular international peer reviews of regulatory performance with the report of same forming part of the Performance Statement for the relevant year. In addition, the appointment of Professor Honohan as Governor and Mr. Elderfield as Head of Financial Regulation marked a significant change in attitude and approach. Mr. Elderfield is undertaking a very significant programme to enhance the...

Written Answers — Excessive Deficit Notifications: Excessive Deficit Notifications (1 May 2012)

Michael Noonan: The Excessive Deficit Procedure Notification Tables (Maastricht Returns) were published by the Department of Finance and Eurostat on 23rd April 2012. Eurostat has attached two reservations to Ireland's return. The first reservation refers to the statistical treatment of the July 2011 banking recapitalisation when a net amount of €16.5 billion was injected into Irish financial institutions....

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (1 May 2012)

Michael Noonan: I am advised by the covered institutions below that the information the Deputy seeks in his question is as follows: Currently Number of employees with basic salaries AIB PTSB* IBRC >€100k€200k€300k 12 2 8 For comparison purposes the information at end 2008 is as follows: 2008 Number of employees with basic salaries AIB PTSB* IBRC >€100k€200k€300k 16 1 9 * not including life...

Written Answers — Financial Services Regulation: Financial Services Regulation (1 May 2012)

Michael Noonan: While Bill payment companies are not currently regulated by the Central Bank, the Government is committed to having in place an effective regulatory/supervisory system for those firms which provide a household budgeting, a debt management and/or a debt advice service. I have asked my officials to bring forward proposals for an appropriate amendment at the Committee Stage of the Central Bank...

Written Answers — Motor Fuels: Motor Fuels (1 May 2012)

Michael Noonan: I propose to take Questions Nos. 174 and 175 together. The Deputies may be aware that a working group was set up between officials of my Department, the IRHA and some members of the Oireachtas. This working group is discussing a number of issues of concern to the haulage industry. I am sure the Deputies will understand that I cannot pre-empt the outcome of those discussions which are...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (1 May 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 Collection: Tax Collection (1 May 2012)

Michael Noonan: I have been advised by the Revenue Commissioners that PAYE Balancing Statements (P21s) will issue shortly to the person concerned and the tax overpaid will be refunded.

Written Answers — Tax Collection: Tax Collection (1 May 2012)

Michael Noonan: I have been advised by the Revenue Commissioners that based on the information available, the person concerned is in receipt of the correct tax credits and there are no overpayments arising for the years 2008 to 2011 inclusive.

Written Answers — Banks Recapitalisation: Banks Recapitalisation (1 May 2012)

Michael Noonan: The Deputy will be aware that the March 2012 instalment of the promissory note was settled using a long term Government bond. The settlement of the instalment with a Government bond means that the State did not have to make a cash payment in respect of the 2012 Promissory Note payment to IBRC. In relation to the scheduled liabilities of the bank, the Deputy will also be aware that the Board...

Written Answers — Departmental Staff: Departmental Staff (1 May 2012)

Michael Noonan: The information requested by the Deputy is detailed in the Appropriation Accounts for the relevant years. The Appropriation Accounts are available online at www.audgen.gov.ie The 2011 Appropriation Accounts have not yet been finalised by the Office of the Comptroller and Auditor General.

Written Answers — Tax Code: Tax Code (1 May 2012)

Michael Noonan: Notwithstanding a month-on-month increase in both February and March of this year, it is clear that retail sales remain weak. As discussed in the 2012 Stability Programme Update, there are a number of factors holding back consumer spending, including declining real disposables incomes and an elevated savings rate (reflecting inter alia balance-sheet repair, uncertainty and high unemployment)....

Written Answers — Banking Sector Regulation: Banking Sector Regulation (1 May 2012)

Michael Noonan: I have asked the Board of the bank to consider the remuneration packages at the bank. The Board has considered reductions in pay levels for individual staff in IBRC but has however, recommended to me its view that pay cuts should not be implemented at this time. The decision not to pursue pay cuts is on the basis that staff retention is a critical issue for IBRC. There has been considerable...

Written Answers — Departmental Bodies: Departmental Bodies (1 May 2012)

Michael Noonan: I propose to take Questions Nos. 185 and 188 together. The following table lists bodies which fall under the aegis of my Department. Bodies under the aegis Department of Finance Name of Body Financial Services Ombudsman Council Irish Financial Services Appeals Tribunal National Development Finance Agency (NDFA) National Pensions Reserve Fund Commission National Treasury Management...

Written Answers — Tax Code: Tax Code (1 May 2012)

Michael Noonan: Section 7 of Finance (No. 2) Act, 2008 introduced a change to the benefit-in-kind (BIK) taxation regime in respect of bicycles. The scheme enabled an employer to purchase a bicycle and certain bicycle-related (safety) accessories for an employee, without the employee being liable for BIK. The scheme complemented the existing TaxSaver commuter scheme and was intended to encourage more...

Written Answers — Tax Yield: Tax Yield (1 May 2012)

Michael Noonan: I am informed by the Revenue Commissioners that the revenue yield from the air travel tax in each month since June 2011 is as follows: €m Jun-11 3.1 Jul-11 3.5 Aug-11 4.1 Sep-11 3.7 Oct-11 3.2 Nov-11 2.8 Dec-11 2.4 Jan-12 2.3 Feb-12 2.1 Mar-12 2.1 Apr-12 2.6