Results 22,361-22,380 of 27,019 for speaker:Michael Noonan

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (14 Feb 2012)

Michael Noonan: I refer the Deputy to my reply (ref: 41005/11 of 11 January 2012) on this subject when he last raised this issue. The respective operating agreements with the covered institutions, which underpin the State's investments, contain prohibitions on the payment of bonuses save in exceptional circumstances such as meeting obligations on foot of a court order. As has been the practice to date with...

Written Answers — State Savings Products: State Savings Products (14 Feb 2012)

Michael Noonan: I am advised by the National Treasury Management Agency (NTMA) that at end-2011 the amount of State Savings was €14 billion which represented 12% of the national debt of €119 billion. The breakdown of State Savings by product at end-December 2011 was as follows: € billions 3 year Savings Bonds 4.8 51⁄2 year Savings Certificates 4.2 6 year Instalment Savings 0.5 4-10 year...

Finance Bill 2012: Second Stage (14 Feb 2012)

Michael Noonan: A TD from Dún Laoghaire.

Finance Bill 2012: Second Stage (14 Feb 2012)

Michael Noonan: Are you for anything?

Finance Bill 2012: Second Stage (14 Feb 2012)

Michael Noonan: I move: "That the Bill be now read a Second Time." An empty House when the Finance Bill is being introduced must mean the crisis is over. Ireland is recovering from the most severe downturn in the history of the State with crises in both the public finances and the banking system. However, we have tackled those challenges head on and the country is now making substantial progress. We are on...

Finance Bill 2012: Second Stage (14 Feb 2012)

Michael Noonan: I will do my best. Sections 57 and 58 modify CGT retirement relief to encourage timely transfers of farms and businesses. Sections 59 and 61 provide for CGT exemptions for State bodies, namely Teagasc, local government corporate service bodies, the Grangegorman Development Agency, and disposals by the Dublin Institute of Technology to the Grangegorman Development Agency. Section 60 provides...

Finance Bill 2012: Order for Second Stage (14 Feb 2012)

Michael Noonan: I move: "That Second Stage be taken now." Question put and agreed to.

Written Answers — State Banking Sector: State Banking Sector (9 Feb 2012)

Michael Noonan: I am informed by the respective covered institutions that no Chief Executive Officers' position at these institutions have been made redundant since September 2008. Details on the terms of the departure of certain incumbent Chief Executive Officers at the covered institutions have been fully disclosed in the published respective Annual Reports of the institutions concerned.

Written Answers — Tax Reliefs: Tax Reliefs (9 Feb 2012)

Michael Noonan: I have been advised by the Revenue Commissioners that based on the information available the taxpayer currently has the tax credits to which she is entitled. As a new certificate of tax credits issued on the 4th February 2012 she will receive a refund, through her payroll, of any tax overpaid in 2012 to that date. Her liability for 2011 will be reviewed and any refund due will issue shortly.

Written Answers — Tax Code: Tax Code (9 Feb 2012)

Michael Noonan: I am informed by the Revenue Commissioners that officers in the Cork South West Revenue District are in ongoing correspondence with the person concerned in respect of a number of matters he has raised. Revenue appreciates the importance of the issues raised and is addressing them. It is of course impossible for Revenue to report back to the person on any enquiries they may deem necessary,...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (9 Feb 2012)

Michael Noonan: I assume the Deputy's concern is about mortgage lenders not passing on European Central Bank interest rate cuts. Neither the Central Bank nor I have any responsibility for the variable mortgage interest rates charged by mortgage providers. I have no power to compel mortgage providers to pass on European Central Bank interest rate cuts. Ultimately the pricing of financial products,...

Written Answers — Tax Code: Tax Code (9 Feb 2012)

Michael Noonan: VAT is governed by the EU VAT Directive, with which Irish VAT law must comply. The VAT Directive provides that the supply of goods and services by taxable persons is subject to VAT, unless specifically exempted under its terms. The terms of the Directive do not provide for the non-application of VAT to supplies for specific periods and as such it is not possible to provide for a scheme of...

Written Answers — Banking Sector Remuneration: Banking Sector Remuneration (9 Feb 2012)

Michael Noonan: I have indicated to the Deputy, in response to his previous questions on the subject (ref. 3222/12 of 19 January 2012 in particular referred to above) the position on the remuneration review. I would not consider it appropriate to publish incomplete interim data at this stage as suggested. I am currently examining how best to progress the review and am considering utilising outside expertise...

Written Answers — Tax Collection: Tax Collection (9 Feb 2012)

Michael Noonan: I have been informed by the Revenue Commissioners that any person over the age of 65 whose total income (including the gross deposit interest) is less than the relevant exemption limit can claim a repayment of Deposit Interest Retention Tax (DIRT) paid by submitting a Form 54D. The relevant exemption limits for 2008, 2009 and 2010 were €20,000 for a single person and €40,000 for a...

Written Answers — Tax Collection: Tax Collection (9 Feb 2012)

Michael Noonan: I have been advised by the Revenue Commissioners that based on the information available the taxpayer currently has the tax credits to which he is entitled. He is in receipt of a Department of Social Protection State Contributory Pension (DSP) in addition to a pension from his previous employer. The tax credits and rate bands available against the latter pension have been restricted to...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (9 Feb 2012)

Michael Noonan: The application of the stress tests of Irish Banks is not a function of the Department of Finance but the Central Bank has informed me that it is preparing for the 2012 Financial Measures Programme, including the application of an updated bank solvency stress test. The Irish PCAR stress test shall be run in the second half of 2012, in order to align with any EU-wide bank solvency stress test...

Written Answers — International Agreements: International Agreements (9 Feb 2012)

Michael Noonan: The European Stability Mechanism (ESM) treaty was signed by euro area member states on 2 February 2012. Its purpose will be to provide financial assistance to its members that are experiencing or being threatened by financing problems. The ESM will take over the tasks currently fulfilled by the European Financial Stability Facility (EFSF) and the European Financial Stabilisation Mechanism...

Written Answers — International Agreements: International Agreements (9 Feb 2012)

Michael Noonan: The 2008 financial crisis and the ensuing turmoil in sovereign debt markets highlighted the need to introduce reforms designed to address the weaknesses that had become evident in the European Union's economic governance. In September 2010 the EU Commission published six pieces of draft legislation designed to enshrine many of these reforms in the form of an economic governance package...

Written Answers — National Debt: National Debt (9 Feb 2012)

Michael Noonan: The cost of servicing the national debt, as estimated by the National Treasury Management Agency (NTMA), in each of the years 2012-2015 is set out in the table below. These estimates are consistent with those forming part of the Budget 2012 fiscal forecasts. € billions 2012 2013 2014 2015 Estimated National Debt Servicing 7.4 8.1 8.9 9.2

Written Answers — Tax Reliefs: Tax Reliefs (9 Feb 2012)

Michael Noonan: I propose to take Questions Nos. 55, 61 and 66 together. As I announced in the Budget, the proposed new 30% rate of tax relief in respect of interest paid on qualifying home loans for first time buyers who took out their first qualifying home loan in the period between 2004 and 2008 (both dates inclusive) comes into effect as regards the 2012 tax year and subsequent tax years. The necessary...