Results 21,701-21,720 of 27,019 for speaker:Michael Noonan
- Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (18 Apr 2012)
Michael Noonan: I am advised that the process of issuing new bonds is normally through underwriting, where one or more securities firms or banks form a syndicate buying the entire bond issue from the issuer and then re-selling to investors. Primary issuance is arranged by these syndicates who contact potential investors and advise the bond issuer in terms of timing, tenor and pricing of the bond issue. The...
- Written Answers — State Banking Sector: State Banking Sector (18 Apr 2012)
Michael Noonan: The 2009 Relationship Framework recognises the separation of Anglo Irish Bank from the Minister and limits intervention by the Minister in the conduct of Anglo Irish Bank's business to that necessary to protect the public interest. The Board is responsible for achieving the Business Plan and the Minister will play no role in day-to-day operational and commercial matters relating to its...
- Written Answers — State Banking Sector: State Banking Sector (18 Apr 2012)
Michael Noonan: The Board of the bank is responsible for the day to day operation of the bank including the management of the loan book of the bank and related commercial matters. As Minister for Finance I have no function in the matters referred to in the question.
- Written Answers — Tax Reliefs: Tax Reliefs (18 Apr 2012)
Michael Noonan: The position is as I stated in my Budget day speech, that the new measure fulfils the Government's commitment contained in its Programme for Government to increase the rate of Mortgage Interest Relief to 30 per cent for first-time buyers who took out their first mortgage in the period 2004 to 2008. I have sought to be as flexible as possible within the constraints pertaining. Under the...
- Written Answers — Promissory Notes: Promissory Notes (18 Apr 2012)
Michael Noonan: The Company referred to in the Question did not advise my Department. As was previously advised, the company was retained by IBRC in December 2011 to advise on a range of strategic matters including, but not limited to, the structure of the bank's balance sheet, including the Promissory Note.
- Written Answers — State Banking Sector: State Banking Sector (18 Apr 2012)
Michael Noonan: As the Deputy is aware the Board of the bank is responsible for the day to day operation of the bank, including as a general rule matters related to procurement. I have been informed by IBRC that the bank operates a procurement policy which has been set by the Board. There have been and will continue to be specific instances in which IBRC will not be able to tender publicly for a particular...
- Written Answers — State Banking Sector: State Banking Sector (18 Apr 2012)
Michael Noonan: As the Deputy is aware the Board of the bank is responsible for the day to day operation of the bank including, as a general rule, issues relation to procurement. I have been informed by IBRC that the bank operates a procurement policy which has been set by the Board. An integral aspect of procurement is a governance process to monitor adherence to policy. The Bank's procurement policy is...
- Written Answers — Consultancy Contracts: Consultancy Contracts (18 Apr 2012)
Michael Noonan: The table details the information requested by the Deputy in relation to my Department. Date Value Service provider June 2011 â¬24,657 Niamh Hyland June 2011 â¬36,402 David Barniville Sept 2011 â¬50,000 Charles River Associates Oct 2011 â¬100,000 ARAM International Partners Oct â Nov 2011 â¬52,454 Mazars My Department also has an ongoing contract with Arthur Cox for the...
- Written Answers — National Asset Management Agency: National Asset Management Agency (18 Apr 2012)
Michael Noonan: My Department received 6 applications by post and 18 applications via e-mail. The closing date for expressions of interest was 6 March 2012. John Mulcahy was appointed to the NAMA Board on 7 March 2012.
- Written Answers — Tax Reliefs: Tax Reliefs (18 Apr 2012)
Michael Noonan: This is a matter for the Revenue Commissioners who are responsible for the administration of mortgage interest relief through the tax relief at source (TRS) system. I am informed by Revenue that they have established that the loan in question was drawn down within the qualifying period 1 January 2004 to 31 December 2008 and that the individual is entitled to the increased 30% rate. Revenue...
- Written Answers — Fiscal Policy: Fiscal Policy (18 Apr 2012)
Michael Noonan: Employment data are presented in net terms and information on gross flows into and out of employment is not available, making it difficult to assess the number of jobs created by any policy initiative. Having said that, I think it's fair to say that there are tentative signs of an improvement in labour market conditions. For instance, the latest data show that employment increased by 0.6...
- Written Answers — Promissory Notes: Promissory Notes (18 Apr 2012)
Michael Noonan: As the Deputy is aware the Government has been committed to reviewing the arrangements that were put in place to capitalise IBRC - formerly Anglo Irish Bank and Irish Nationwide. The purpose of this review is to determine if there was a way to reduce the overall cost to the State. Part of the capitalisation of IBRC was provided using promissory notes as consideration. While the development...
- Written Answers — Promissory Notes: Promissory Notes (18 Apr 2012)
Michael Noonan: As Minister for Finance, I do not attend these meetings. The Governor of the Central Bank of Ireland, Mr Patrick Honohan attended the recent ECB meeting of Central Bank Governors. The Governor of the Central Bank of Ireland has since appeared before the Oireachtas Joint Committee on Finance, Public Expenditure and Reform on Tuesday 27 March 2012. Pursuant to Section 19A (2) of the Central...
- Written Answers — Illicit Trade in Tobacco: Illicit Trade in Tobacco (18 Apr 2012)
Michael Noonan: I am informed by the Revenue Commissioners, who are responsible for the collection of tobacco products tax, and for tackling the illicit trade in cigarettes and tobacco products, that the further survey referred to by the Deputy has now been completed and the results will be published shortly. This survey is the latest of three surveys jointly commissioned by Revenue and the Office of...
- Written Answers — Fiscal Policy: Fiscal Policy (18 Apr 2012)
Michael Noonan: The Deputy 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 Deputy will understand that I cannot pre-empt the outcome of those discussions which are ongoing. I should point out that a fuel rebate system, as sought...
- Written Answers — Tax Code: Tax Code (18 Apr 2012)
Michael Noonan: I am informed by the Revenue Commissioners that profits from the selective laying of bets on betting exchanges by persons other than licensed bookmakers would not be subject to income tax, nor would stamp duties, VAT or capital gains tax apply. In the case of a betting exchange established in the State, the commission charged to customers is chargeable to VAT at the standard rate of 23 per...
- Written Answers — Tax Code: Tax Code (18 Apr 2012)
Michael Noonan: As the Deputy is aware, the Programme for Government states that as part of the Government's fiscal strategy we will maintain the current rates of income tax together with bands and credits. This commitment was delivered in Budget 2012. As I have stated many times before in the House, the Programme for Government sets out our strategy in this matter and, subject to agreement with the...
- Written Answers — Tax Code: Tax Code (18 Apr 2012)
Michael Noonan: I am informed by the Revenue Commissioners that the full year costs to the Exchequer, estimated by reference to 2012 incomes, of reducing the standard and higher rates of income tax by 1 percentage point would be approximately â¬470 million and â¬205 million respectively. The estimated cost of increasing the standard rate tax bands by 10% would be approximately â¬540 million in a full...
- Written Answers — Tax Code: Tax Code (18 Apr 2012)
Michael Noonan: I propose to take Questions Nos. 242 and 246 together. I am advised by the Revenue Commissioners that the information requested by the Deputy is as follows, in respect of the income tax year 2012. Projected Distribution of Income Earners for 2012 Tax year Exempt(Standard rate liability fully covered by credits or age exemption limits) Standard rate (including those whose liability at the...
- Written Answers — Tax Yield: Tax Yield (18 Apr 2012)
Michael Noonan: I am informed by the Revenue Commissioners that on the basis of income tax returns for the income tax year 2009, the latest year for which the necessary detailed historical information is available, the breakdown of the total income tax liability between taxpayers at the lower and higher rates of tax for that year is 29% and 71% respectively. Further details are provided in Table IDS 17 of...