Results 22,081-22,100 of 27,019 for speaker:Michael Noonan

Written Answers — Banks Recapitalisation: Banks Recapitalisation (6 Mar 2012)

Michael Noonan: As set out in Bank of Ireland's (the "Bank") preliminary statement of its financial results for the year ended 31 December 2011, released on 17 February 2012, the Bank's outstanding unguaranteed subordinated debt at 31 December 2011 was €370m. This excludes the €1bn contingent capital instrument investment subscribed by the State. As the deputy is aware, I noted on 23 November 2011 that...

Written Answers — Tax Reliefs: Tax Reliefs (6 Mar 2012)

Michael Noonan: Tax relief for mortgage interest on a home loan is tax relief given to mortgage holders based on the interest paid on a qualifying mortgage on a home i.e. a new mortgage for a home, a top up loan used for the purposes of developing or improving a home, a separate home improvement loan, a re-mortgage or a consolidation of existing qualifying loans, secured on the deeds of the home. The relief...

Written Answers — Freedom of Information: Freedom of Information (6 Mar 2012)

Michael Noonan: I propose to take Questions Nos. 135 and 136 together. I have set out below the statistics for Freedom of Information requests received by my Department since 2002. These statistics include fees, the number of requests received and the type of requests. My Department has a record of the number of FOI requests for which search and retrieval fees were paid for separately from 2005 to 2011...

Written Answers — Sovereign Debt: Sovereign Debt (6 Mar 2012)

Michael Noonan: The NRA is within general government. Any loans and some other financial liabilities such as bonds of NRA therefore form part of general government debt. According to the NRA Annual Report the liabilities of the agency amounted to €17.6m in 2010. However, most of these liabilities are accounts payable and do not contribute to government debt. Neither do liabilities to private partners...

Written Answers — Sovereign Debt: Sovereign Debt (6 Mar 2012)

Michael Noonan: In relation to the ranking of debt obligations between Government bonds, promissory note repayments and State guaranteed bank bonds, section 48 of the Finance Act 1978 provides the following: "To remove doubt, it is hereby declared that any liabilities of the Minister for Finance, or of any other Minister of the Government with the consent of the Minister for Finance, of the due repayment of...

Written Answers — Appointments to State Boards: Appointments to State Boards (6 Mar 2012)

Michael Noonan: In response to the Deputy's question the Chief Executive Officer of Rehab is not a member of any board that comes under the aegis of my Department.

Euro Area Loan Facility (Amendment) Bill 2012: Order for Second Stage (6 Mar 2012)

Michael Noonan: I move: "That Second Stage be taken now."

Euro Area Loan Facility (Amendment) Bill 2012: Second Stage (6 Mar 2012)

Michael Noonan: I move: "That the Bill be now read a Second Time." I thank the House for agreeing to discuss the Euro Area Loan Facility (Amendment) Bill 2012. The Bill is needed urgently to allow Ireland to ratify the changes to the Greek loan facility to implement the new programme of assistance for Greece as agreed by the euro group Finance Ministers on 20 February 2012. The purpose of this Bill is to...

Written Answers — Tax Reliefs: Tax Reliefs (1 Mar 2012)

Michael Noonan: I am informed by the Revenue Commissioners that under existing arrangements lenders are required to report details of mortgage arrears to Revenue where cumulative arrears of 18 months or more exist. In such cases, Revenue requires lenders to provide information regarding the precise nature of the arrear such as whether the customer is making interest payments and if so, the amount. Based on...

Written Answers — National Asset Management Agency: National Asset Management Agency (1 Mar 2012)

Michael Noonan: NAMA is not a State authority for the purposes of the Statute of Limitations Act, 1957. A state authority means any authority being a Minister of State or the Commissioner of Public Works in Ireland or the Irish Land Commission or the Revenue Commissioners or the Attorney General. The primary consequence of being a state authority is that it removes time limits on bringing a legal action...

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

Michael Noonan: I am informed by the Revenue Commissioners that, following a thorough search they are unable to locate details of Pay & Tax deducted for the years 1982/83 and 1983/84 in respect of the person in question.

Written Answers — Tax Reliefs: Tax Reliefs (1 Mar 2012)

Michael Noonan: On the basis of information provided in tax returns for the income tax year 2009, the latest year for which the most recent detailed information is available, the cost to the Exchequer of income tax relief for the rent-a-room scheme is estimated at approximately €5.6 million. On this basis the full year yield to the Exchequer of abolishing the tax relief would be of the same order.

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

Michael Noonan: Section 48 of the Credit Union Act 1997 provides that a credit union may offer additional services to its members subject to these services appearing to the Central Bank of Ireland to be of mutual benefit to its members. Each credit union is required to apply to the Registrar of Credit Unions for permission to provide the service. However, in cases where a service appears to the Central...

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

Michael Noonan: The Final Report on the Strategy for Financial Inclusion which was published on my Department's website in March 2011 identified that the credit unions have the potential to play a key role in the provision of the basic payment account and in the promotion of financial inclusion in the future. It is planned that there will be a pilot stage for the basic payment account which is expected to...

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

Michael Noonan: I am informed by the Revenue Commissioners that an individual's income from all sources, including income from employment, self-employment, pensions and investments, is taken into account in determining his or her annual income tax liability. The individual is entitled to tax credits which reduce this liability. An individual's civil status determines the level of tax credits available to...

Written Answers — Pension Provisions: Pension Provisions (1 Mar 2012)

Michael Noonan: My officials inform me that the Deputy has clarified that the "private managed pension fund" referred to is to be taken as a reference to an occupational pension from a private sector employment. As the Deputy will be aware, an occupational pension scheme is generally managed by a pension provider or by an administrator appointed by that pension provider. In addition, given the tax benefits...

Written Answers — Industrial Relations: Industrial Relations (1 Mar 2012)

Michael Noonan: I addressed the issue raised by the Deputy in his question when contributing to a Topical Issues debate on the matter of the EBS "13 Month" payment on 15 December 2011. The record of the House shows I indicated that "I have the utmost sympathy for EBS staff regarding the timing of the announcement of the decision that this so-called 13th month payment would not be made. This does not reflect...

Written Answers — Mortgage Arrears: Mortgage Arrears (1 Mar 2012)

Michael Noonan: Bank of Ireland is an independent commercial entity and, subject to compliance with relevant legal, regulatory and accounting requirements, it is a matter for the institution's Board and management to manage and report on its mortgage book and other lending activities. However, from a public policy perspective, a number of steps have been taken to protect all homeowners experiencing...

Written Answers — Mortgage Interest Rates: Mortgage Interest Rates (1 Mar 2012)

Michael Noonan: The lending institutions in Ireland, including those in which the State has a significant shareholding, 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 customers and the impact on...

Written Answers — National Asset Management Agency: National Asset Management Agency (1 Mar 2012)

Michael Noonan: In July 2010 NAMA published its Business Plan which incorporated three different scenarios and their associated net present value (NPV) outcomes over its expected life time. These included a scenario where there was a recovery of long term economic value which suggested that there was a positive NPV of €1bn; a scenario of long term economic value plus 10 per cent suggesting a positive NPV...