Results 22,381-22,400 of 27,019 for speaker:Michael Noonan

Written Answers — Tax Clearance Certificates: Tax Clearance Certificates (9 Feb 2012)

Michael Noonan: The person concerned retired in 2006 but it is unclear from records held by Revenue when he made a payment in respect of superannuation contributions to his former employer. He should contact Mr. Diarmuid O'Connor, Revenue Commissioners, Blackpool, Cork (Tel 021-6027506) to clarify this matter as it has a bearing on his entitlement to relief in respect of the superannuation contributions...

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

Michael Noonan: I propose to take Questions Nos. 57 to 59, inclusive, together. The debt correction requirement in the new intergovernmental treaty, which will apply to Ireland, as our General Government debt/GDP ratio is currently above 60%, is the same as is already required under the reforms of the Stability and Growth Pact as part of the so-called 'six pack' of legislative reforms. Specifically, we will...

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

Michael Noonan: I note that the Central Bank, in its January 2012 Quarterly Bulletin, published a paper by economists in the Bank on "The Irish Mortgage Market: Stylised Facts, negative Equity and Arrears". This paper, which is based on research material previously released by the Bank at a Conference it held on the Irish mortgage market last October, provides very useful and detailed data on the Irish...

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

Michael Noonan: The ESM treaty was signed by euro area member states on 2 February 2012. The ESM will be an international financial institution based in Luxembourg. Its purpose will be to provide financial assistance to its members (euro area member states), experiencing or being threatened by severe financing problems, if indispensable for safeguarding financial stability in the Euro Area as a whole. The...

Written Answers — Financial Services Regulation: Financial Services Regulation (9 Feb 2012)

Michael Noonan: I have been advised by the Central Bank that the number of registered moneylenders with the Central Bank at the end of 2011 was 48. Any firm wishing to operate in the State as a moneylender has to apply to the Central Bank for a moneylender's licence and must have their licence renewed annually. Section 93 of the Consumer Credit Act 1995 (as amended) sets out the Central Bank's powers in...

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

Michael Noonan: The information requested, as at 31 January 2012, has been supplied by the covered institutions as follows: AIB BoI IBRC ILP Total €bn €bn €bn €bn €bn Senior Unsecured (Unguaranteed) 4.64 2.60 1.40 0.80 Senior Unsecured (Guaranteed) 6.47 2.68 4.53 Senior Secured 4.60 15.20 2.71 Total Senior bonds outstanding 15.71 17.80 4.08 8.04 45.63 Dated Subordinated Debt 0.12 0.30...

Written Answers — Exchequer Savings: Exchequer Savings (9 Feb 2012)

Michael Noonan: Retired public servants in receipt of a pension in excess of €50,000 per annum are currently subject to income tax at 41% and Universal Social Charge at 7% or 4% if they are 70 years old or over. A new temporary charge of 75% on income in excess of €50,000 could bring their tax liability on this income to 123%. I assume that this is not the Deputy's intention. Furthermore, I am of...

Written Answers — Disabled Drivers: Disabled Drivers (9 Feb 2012)

Michael Noonan: I wish to inform the Deputy that a person with a disability, driving a vehicle with an engine size over two litres is not entitled to relief under the Disabled Drivers and Disabled Passengers (Tax Concessions) Regulations, 1994. I am not aware of any law that would prevent a person with a disability from driving a vehicle with an engine size over two litres.

Written Answers — Departmental Expenditure: Departmental Expenditure (9 Feb 2012)

Michael Noonan: I can advise the Deputy that the following payments were paid in respect of professional services as referred to in the Deputy's question. The Department of Finance has made the payments outlined below in relation to professional services on the banking crisis. Consultant 2008 2010 2011 Description of advice provided Mercer (Ireland) Ltd. - €3,308 - - Advice to CIROC Watson (Wyatt)...

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

Michael Noonan: In response to the Deputy's question the following bodies under the aegis of my Department have been set up or abolished since February 2011: New Economy and Recovery Authority (NewERA) was established within the National Treasury Management Agency (NTMA). The Fiscal Advisory Council has been established as an independent non–statutory body. It will be put on a statutory basis underpinned...

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

Michael Noonan: 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 legislation is included in the Finance Bill which I...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (8 Feb 2012)

Michael Noonan: I propose to take Questions Nos. 39 and 43 to 45, inclusive, together. If a bank makes a mortgage, the bank may, if the mortgage contract allows, use that legal mortgage as security for funding their balance sheet. It does not alter the nature of the relationship between the bank and its customer. There are two possible routes. If the mortgage is securitised in a Residential Mortgage Backed...

Written Answers — EU-IMF Programme: EU-IMF Programme (8 Feb 2012)

Michael Noonan: The drawdowns Ireland received to date from European sources under the EU-IMF Programme for Support, have come from the European Financial Stability Mechanism (EFSM), the European Financial Stability Facility (EFSF) and the bilateral loan agreement with the UK. The European Financial Stability Facility is a company which was established in 2010 by the countries that share the euro and was...

Written Answers — Financial Measures Programme: Financial Measures Programme (8 Feb 2012)

Michael Noonan: The solvency stress test applied by the Central Bank of Ireland (CBI) in 2011 was used to recapitalise the Irish guaranteed institutions. The stress test scenarios were designed to represent extreme but plausible events, but they were not forecasts. The macroeconomic environment deteriorated in 2011 and as a result, arrears levels and loan loss provisioning has increased. As the realised...

Written Answers — Consumer Protection: Consumer Protection (8 Feb 2012)

Michael Noonan: The Central Bank have advised me that Chapter 11 of their Consumer Protection Code details the records that are to be held by each lender in respect of people classified as 'consumers' under the Code. The Central Bank would consider it reasonable for a consumer to see these records if the originals cannot be located by the person. A copy of the Code is available on the Central Bank's...

Written Answers — Tax Collection: Tax Collection (8 Feb 2012)

Michael Noonan: I am advised by Revenue that the business concerned has a very significant tax debt. Revenue worked with the business during 2011 to alleviate the impact of cash flow pressures. The company failed persistently to meet the terms of the arrangements entered into with Revenue and in more recent times despite warnings about the consequences of continued non-compliance failed to engage in a...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (8 Feb 2012)

Michael Noonan: As the Deputy will be aware, notwithstanding the fact that the State is a significant shareholder in the institutions in question, the banks are run on a commercial basis and the Government does not interfere in the day-to-day commercial decisions taken by the board and management of the banks. The matter referred to in the Deputy's question is an operational matter for the banks in which I,...

Written Answers — Consultancy Contracts: Consultancy Contracts (8 Feb 2012)

Michael Noonan: As the Deputy will be aware, notwithstanding the fact that the State is a significant shareholder in the institute in question, the bank is run on a commercial basis and I do not have a role in the day to day commercial decisions taken by the board and management of the bank, including in respect of the employment of external consultants and advisors. The management and board of the bank...

Written Answers — International Agreements: International Agreements (7 Feb 2012)

Michael Noonan: The Fiscal Compact is a key part of the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union agreed at the end of January. The Compact requires that fiscal rules – covering targets for the structural balance, automatic correction mechanisms, etc – take effect in national law. This is an important provision as it encompasses greater ownership in ensuring...