Results 22,281-22,300 of 27,019 for speaker:Michael Noonan

Written Answers — Banks Recapitalisation: Banks Recapitalisation (21 Feb 2012)

Michael Noonan: The information requested by the Deputy is commercially sensitive and is not specifically disclosed by the Central Bank. However, details of Anglo Irish Bank's primary sources of funding are disclosed in the former bank's interim report for the six months ended 30 June 2011which are accessible at the attached link. These accounts will be updated in the IBRC Annual Report & Accounts for 2011...

Written Answers — Consultancy Contracts: Consultancy Contracts (21 Feb 2012)

Michael Noonan: I have been assured by the bank that no conflict of interest arises from the retention by IBRC of the advisors referred to in the Deputy's question. I can confirm that FTI Consulting provided independent advice to the Bank in relation to the appointment of the strategic advisory arm of the company referred to in the question. Specifically FTI advised the bank in relation to the absence of...

Written Answers — Customs and Excise Seizures: Customs and Excise Seizures (21 Feb 2012)

Michael Noonan: The Revenue Commissioners are the State agency with primary responsibility for the control of imports and exports. They are also responsible for the collection of all taxes and duties, including tobacco products tax, and for tackling the illicit trade in cigarettes and tobacco products and for prosecuting those involved. The Commissioners also enforce import and export prohibitions and...

Written Answers — Ministerial Appointments: Ministerial Appointments (21 Feb 2012)

Michael Noonan: I have appointed Mr Michael Geoghegan to chair a small group of advisors to advise me on the future strategic direction of NAMA. Mr Geoghegan has agreed to carry out his role on a pro bono basis. I am currently considering the names of potential candidates who have the appropriate experience and background to work effectively on the group of advisors with Mr Geoghegan. I expect to announce...

Written Answers — Departmental Agencies: Departmental Agencies (21 Feb 2012)

Michael Noonan: The names of the 16 firms on the Loan Sale Advisory Services Panels are set out as follows: Panel 1 – Europe Brookland PartnersCantor FitzgeraldCB Richard EllisCushman & WakefieldThe Debt ExchangeEastdil SecuredErnst & YoungGoldman SachsJones Lang LaSalleKPMGLazardSavillsUBS Panel 2 – USA CB Richard EllisCredit SuisseThe Debt ExchangeEastdil SecuredErnst & YoungHolliday Fenoglio...

Written Answers — Ministerial Transport: Ministerial Transport (21 Feb 2012)

Michael Noonan: Since 1 May 2011 Cabinet Ministers with the exception of An Taoiseach, An Tánaiste and the Minister for Justice & Law Reform now use their own cars on official business. All Ministers are now paid for official mileage up to 96,540 kilometres [or 60,000 miles] per annum. Ministers of State have used their own cars on official business since 1984. The travel rates payable depend on the car...

Written Answers — Tax Reliefs: Tax Reliefs (21 Feb 2012)

Michael Noonan: The Local Government (Charges) Act 2009, as amended, provides the legislative basis for the charge on non-principal private residences. Policy relating to this charge is a matter for the Minister for the Environment, Community and Local Government. A person in receipt of rental income is assessed to income tax on the net amount of the rents received, i.e. the gross rents less allowable...

Written Answers — Mortgage Interest Rates: Mortgage Interest Rates (21 Feb 2012)

Michael Noonan: Neither the Central Bank nor I have any responsibility for the variable mortgage interest rate charged by financial institutions. I have no powers to compel mortgage lenders to reduce to reduce their variable mortgage interest rates. However the Central Bank has advised me that within its existing powers it will continue to engage with specific lenders which appear to have standard variable...

Written Answers — Social Welfare Code: Social Welfare Code (21 Feb 2012)

Michael Noonan: The position is that the Universal Social Charge, which came into effect on 1 January 2011, is a tax payable on all gross income. However, there are a number of exemptions and reliefs from the USC. There is a lower exemption limit, which from 1 January 2012 is €10,036 per annum, €193 per week. In addition, individuals aged 70 years and over are not liable to the top rates of USC....

Written Answers — State Banking Sector: State Banking Sector (21 Feb 2012)

Michael Noonan: I am advised by the Central Bank that when credit institutions provide fixed rate mortgages to customers, they utilise wholesale funding at a fixed rate to match the fixed credit they provide to customers. If interest rates fall, credit providers may be locked into accessing wholesale market credit at a higher rate than they can charge customers in the current retail market. As a result, a...

Written Answers — State Banking Sector: State Banking Sector (21 Feb 2012)

Michael Noonan: 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. The details for each individual bank in relation to new credit sanctioned...

Written Answers — Tax Code: Tax Code (21 Feb 2012)

Michael Noonan: The Health Levy was abolished in Budget 2011 along with the Income Levy. They were replaced by the Universal Social Charge which has few, if any, special exemptions.

Written Answers — Tax Yield: Tax Yield (21 Feb 2012)

Michael Noonan: Separate figures are not available for input VAT on goods that were subsequently sold at a discount because traders' VAT returns show only the total input VAT and the total output VAT for the period covered by the return. VAT is a tax on the value added to a supply and the collection and recovery of VAT takes place at each stage of the chain of supply from manufacturing to retailer. Under...

Written Answers — Economic Growth: Economic Growth (21 Feb 2012)

Michael Noonan: The Budget forecast is for real GDP growth of 1.3 per cent in 2012. Given the highly uncertain environment, the Budget documentation also pointed to a number of risks to this forecast – some to the downside and some to the upside. These risks are all still valid. The Budget forecast was prepared on the basis of economic information (domestic and international) available up to end-November...

Written Answers — Tax Code: Tax Code (21 Feb 2012)

Michael Noonan: I assume the Deputy is referring to the Universal Social Charge (USC) treatment of employer contributions to PRSAs and occupational pension schemes. The position is that the amount contributed by an employer to a PRSA is treated as a benefit-in-kind (BIK) in the income tax system and, therefore, is seen as the employee's own contribution and is subject to the USC in the same way as any other...

Written Answers — State Aid: State Aid (21 Feb 2012)

Michael Noonan: As indicated in my response to Parliamentary Question No. 70 of 9 November 2011, Peter Spratt is part of the AIB executive management team and Head of the Non-Core Unit at AIB. The Board of AIB have ultimate responsibility for AIB's de-leveraging.

Written Answers — Job Creation: Job Creation (21 Feb 2012)

Michael Noonan: Finance Bill 2012 contains a number of measures designed to support investment, stimulate research and, ultimately, create jobs. As I said in my Second Stage speech last Tuesday, the Bill should be viewed as one element of a wider strategy to support economic activity. In relation to the Special Assignee Relief Programme and the Foreign Earnings Deduction, it is not possible to estimate the...

Written Answers — Sovereign Debt Markets: Sovereign Debt Markets (21 Feb 2012)

Michael Noonan: It has been stated repeatedly that the intention of the National Treasury Management Agency (NTMA) is to return to sovereign debt markets as soon as market conditions permit. On 25th January 2012 it re-engaged with the bond market and extended the maturity of some €3.5 billion of debt which was due for repayment just after the end of the EU/IMF Programme. This is a significant first step in...

Written Answers — EU Treaties: EU Treaties (21 Feb 2012)

Michael Noonan: I am conscious of recent economic developments in Spain and, in particular, the recent announcement that the deficit target for last year was missed. I note, however, that the new government has been proactive in addressing this shortfall, which is a positive development. In terms of the EU Treaty rules, it is also worthwhile noting that the latest European Commission figures (November...

Written Answers — EU-IMF Programme: EU-IMF Programme (21 Feb 2012)

Michael Noonan: The Stability and Growth Pact consists of two regulations (two "arms"), a corrective arm and a preventive arm, both of which have been recently amended as part of the 'six pack' of legislative reforms. Ireland is currently subject to the corrective arm of the Pact – we are required to correct our excessive (i.e. greater than 3 per cent of GDP) headline deficit by end-2015. The fiscal...