Results 21,981-22,000 of 27,019 for speaker:Michael Noonan

Written Answers — Pension Provisions: Pension Provisions (14 Mar 2012)

Michael Noonan: I propose to take Questions Nos. 39 and 43 together. The Deputy will be aware that AIB, as part of its announcement of 8th March 2012 of a voluntary severance programme, stated "as required under the bank's partnership principles with IBOA, a consultation process will begin immediately with trade union representatives." It went on to state that "AIB will not be making any further public...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (14 Mar 2012)

Michael Noonan: Each credit institution wishing to impose a new non-interest charge or increase an existing charge is required to notify this charge to the Central Bank under section 149 of the Consumer Credit Act 1995 (as amended). Each notification is assessed in accordance with the criteria laid down in the legislation as follows: · promotion of fair competition; · the commercial justification submitted...

Written Answers — Departmental Properties: Departmental Properties (14 Mar 2012)

Michael Noonan: The Office of Public Works is involved in most purchases and leasing of buildings by the State including buildings leased by my Department. In relation to any property occupied by the Department of Finance, this Department would always consult with the OPW before any agreements are entered into with landlords. This question has been put down to all Departments, so the reply from the OPW will...

Written Answers — Tax Code: Tax Code (14 Mar 2012)

Michael Noonan: It was announced in Budget 2011 that the necessary arrangements are being made to ensure that bets placed on the internet by domestic punters are subject to the same level of betting duty as applies to high street betting shops. This will serve to broaden the tax base and increase betting duty receipts. The Finance Act 2011 provides for the taxation of bets that remote bookmakers enter into...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (14 Mar 2012)

Michael Noonan: I propose to take Questions Nos. 46 and 47 together. As the Deputy is aware, the Government has imposed lending targets on the two domestic pillar banks for the three calendar years, 2011 to 2013. Both banks were required to sanction lending of at least €3 billion in 2011, €3.5 billion this year and €4 billion in 2013 for new or increased credit facilities to SMEs. I can confirm to the...

Written Answers — Pension Provisions: Pension Provisions (14 Mar 2012)

Michael Noonan: A number of proposals have been made that individuals should be allowed access to their pension savings prior to retirement. Various rationales have been advanced to justify these proposals including that such access would allow those individuals to pay down mortgage and other debt and would otherwise provide a boost to economic activity. This is not a simple matter. During 2011, at the...

Written Answers — Tax Code: Tax Code (13 Mar 2012)

Michael Noonan: The Finance (No. 2) Act 2011 provided for a second reduced VAT rate, of 9%, on a temporary basis in respect of certain tourism-related services and goods for the period 1 July 2011 to 31 December 2013. In reducing the VAT burden on activities related to the tourism industry, the introduction of the 9% VAT rate is aimed at contributing towards boosting tourism and the creation of additional...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (13 Mar 2012)

Michael Noonan: I am not aware of any specific new proposals at EU level in terms of measures under discussion for European banks to provide credit for new business across Europe, although measures to support the small and medium enterprise sector are regularly discussed. In relation to the matter of the half billion euro injection for a three year period, I assume that the Deputy is referring to the...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (13 Mar 2012)

Michael Noonan: As the Deputy is aware the Government is committed to reviewing the approach to the Promissory notes with a view to reducing the overall cost to the State. The Troika have agreed to engage in a process with Irish Officials to produce a common paper which will consider all options for restructuring the notes in terms of the source of funding, the duration of the notes, the interest rate etc....

Written Answers — Appointments to State Boards: Appointments to State Boards (13 Mar 2012)

Michael Noonan: The information requested by the Deputy in relation to semi-state companies and statutory agencies under the remit of my Department is contained in the following tables: National Treasury Management Agency (NTMA) Advisory Committee From 01/01/2007 Name Profession or Occupation Term Mr Kevin Cardiff Secretary General Department of Finance From 1 February 2010 to 3 February 2012 Mr...

Written Answers — Liquor Licensing Laws: Liquor Licensing Laws (13 Mar 2012)

Michael Noonan: I am advised by the Revenue Commissioners that they may only facilitate the issue of a Publican's licence where the appropriate certificate has been issued by a District or Circuit Court, and certain conditions, as set down in legislation, are met. These include: · Valid Original Court Certificate · Valid Tax Clearance Certificate · Short Certificate of Incorporation (if Licensee is...

Written Answers — Tax Collection: Tax Collection (13 Mar 2012)

Michael Noonan: I am informed by the Revenue Commissioners that this provision is being introduced to address those businesses that deliberately build up significant arrears of tax with no intention whatsoever of ever clearing their tax debts. The types of persons in question are what are commonly known as phoenix companies and similar type operators. They typically run up large Revenue tax liabilities with...

Written Answers — National Asset Management Agency: National Asset Management Agency (13 Mar 2012)

Michael Noonan: The IMF has indicated a specific sales target for NAMA of €3.1bn in its March 2012 staff report. NAMA does not have specific annual targets for approved sales for each year up to 2013. However, NAMA advises that it has developed expected levels of cumulative approved sales as broad internal guidelines to ensure that it can reach its target of repaying €7.5bn of debt by 2013. These...

Written Answers — National Asset Management Agency: National Asset Management Agency (13 Mar 2012)

Michael Noonan: The NAMA Board initially set itself the target of repaying €7.5bn of its debt by end 2013. By agreement, the May 2011 Memorandum of Understanding with the European Central Bank, European Commission and International Monetary Fund included a target for the disposal of assets equating to approximately €7.5bn in cash by end 2013. As a consequence this target is now a commitment under the...

Written Answers — Proposed Legislation: Proposed Legislation (13 Mar 2012)

Michael Noonan: The proposed betting (Amendment) Bill, which is being drafted at present, will amend the 1931 Betting Act to inter alia establish the regulatory framework for the licensing of remote bookmakers and betting exchanges, including measures to enforce the regulatory framework. The drafting of the Bill, which is fairly complex, is well advanced. The Finance Act 2011 contained measures to allow for...

Written Answers — State Banking Sector: State Banking Sector (13 Mar 2012)

Michael Noonan: The cost to the Central Bank of exchanging Irish pound notes and coins for euro notes and coins for each year since 2004 are set out below. Information for the years 2002 and 2003 is not available. The Central Bank keeps the provision of this service under review. The Central Bank has advised that 60% of the cost relates to direct costs including staff costs. The remaining 40% covers indirect...

Written Answers — National Asset Management Agency: National Asset Management Agency (13 Mar 2012)

Michael Noonan: NAMA has provided the property valuation fees below by year, together with the top 10 recipients of these fees in each year. The analysis is based on fees invoiced to and paid by NAMA in the period from inception to 31 January 2012. Amounts are inclusive of VAT. A total of €13.3m has been paid by NAMA for property valuations. €12.4m of the valuation fees paid relate to once-off property...

Written Answers — Tax Code: Tax Code (13 Mar 2012)

Michael Noonan: I have been advised by the Revenue Commissioners, that based on the information available to them, the person concerned is exempt from the Universal Social Charge (USC) for 2012. A revised tax credit and USC certificate will issue to the person concerned and to his employer over the next few days. The amount of the charge deducted since 1 January 2012 should be refunded by his employer on...

Written Answers — Commission on Credit Unions: Commission on Credit Unions (13 Mar 2012)

Michael Noonan: In May 2011 the Government established the Commission on Credit Unions as an independent commission to review the future of the credit union movement and make recommendations in relation to the most effective regulatory structure for credit unions. In July 2011, the Commission announced a public consultation process and invited views and the question of their publication is a matter for the...

Written Answers — Proposed Legislation: Proposed Legislation (13 Mar 2012)

Michael Noonan: It was announced in Budget 2011 that the necessary arrangements are being made to ensure that bets placed on the internet by domestic punters are subject to the same level of betting duty as applies to high street betting shops. This will serve to broaden the tax base and increase betting duty receipts. The Finance Act 2011 provides for the taxation of bets that remote bookmakers enter into...