Results 22,421-22,440 of 27,019 for speaker:Michael Noonan

Written Answers — Tax Yield: Tax Yield (7 Feb 2012)

Michael Noonan: The Jobs Initiative publication from May of last year clearly outlined the expected revenue yields to be generated from the pension levy over the 2011 – 2014 period. In addition, the publication also included details of the proposed current and capital expenditure and other revenue measures. This information was most recently included in the response to PQ 4718/12 & PQ 4719/12 on January...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (7 Feb 2012)

Michael Noonan: The Promissory Note acts as collateral under emergency liquidity assistance (ELA) loan (repo) agreements with the Central bank of Ireland (CBI). This ELA is itself funded by the CBI through Intra-Eurosystem liabilities and any repayments of ELA are used to reduce this liability on the Central Bank's balance sheet. Other than that there is no link between the Promissory Note and ELA.

Written Answers — Banks Recapitalisation: Banks Recapitalisation (7 Feb 2012)

Michael Noonan: One of the functions of the Central Bank of Ireland, similar to other central banks, is to grant Exceptional Liquidity Assistance to a credit institution when this is deemed necessary for financial stability purposes. These amounts are published monthly. The Central Bank cannot disclose the financial institutions that avail of such support although it is open to all eligible counterparties to...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (7 Feb 2012)

Michael Noonan: The Central Bank has informed me that one of their functions, similar to other central banks, is to grant Exceptional Liquidity Assistance to a credit institution when this is deemed necessary for financial stability purposes. These amounts are published monthly. My Department, in addition, continues to monitor details of historical levels and trends in respect of the use of Central Bank...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (7 Feb 2012)

Michael Noonan: Emergency Liquidity Assistance, or ELA, is funded by the Central Bank of Ireland through the Eurosystem, and any repayments are used to reduce this liability on the Central Bank's balance sheet. The government is currently in technical discussions with European authorities in relation to the promissory notes held by the Irish Banking Resolution Corporation that are currently funded by ELA....

Written Answers — Banks Recapitalisation: Banks Recapitalisation (7 Feb 2012)

Michael Noonan: The most recent published information detailing the resources of IBRC are contained in the interim accounts of the bank. The attached link is provided for the Deputy's convenience. The information requested in relation to projected cash flows are commercially sensitive and as such, the Deputy will appreciate, cannot be properly disclosed. ...

Written Answers — Tax Code: Tax Code (7 Feb 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the person in question is exempt from the Universal Social Charge (USC), based on the most recent figures available to Revenue. A revised Tax Credit/USC Certificate has recently issued to this person and their pension provider. This person's pension provider will refund any USC deducted since January.End of Take

Written Answers — Official Engagements: Official Engagements (7 Feb 2012)

Michael Noonan: I am informed that the meeting referred to by the Deputy did take place and that it was at the request of Mr. O'Mahony. I understand that it was a listening exercise from the Department's perspective and that Government policy deliberations were not discussed. It would not be unusual for the Department to agree to such requests for a meeting.

Written Answers — Disabled Drivers: Disabled Drivers (7 Feb 2012)

Michael Noonan: I propose to take Questions Nos. 144 to 146, inclusive, together. I am informed by the Revenue Commissioners that Section 134(3) of the Finance Act 1992 (as amended) and Statutory Instrument No. 353 of 1994 (Disabled Drivers and Disabled Passengers (Tax Concessions) Regulations, 1994) (as amended) provide for permanent relief from the payment of specified maximum amounts of VAT and VRT for...

Bretton Woods Agreements (Amendment) (No. 2) Bill 2011: Order for Report Stage (7 Feb 2012)

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

Bretton Woods Agreements (Amendment) (No. 2) Bill 2011: Report and Final Stages (7 Feb 2012)

Michael Noonan: I thank all Deputies who contributed to this debate. I would like to reply in the first instance to Deputy Boyd Barrett on the points he has just made. The context for this Bill is the decision by the IMF governors in 2010 to propose wide-ranging governance reforms including increased representation for emerging markets and developing countries. The reforms are also designed to protect the...

Tax Reliefs (7 Feb 2012)

Michael Noonan: Mortgage interest relief is available in respect of qualifying interest on a qualifying loan in respect of a qualifying residence. A qualifying loan is a loan used for the purchase, repair, development or improvement of an individual's principal private residence. The relief is provided at source through financial institutions. This means that the mortgage holders get the benefit of the...

Tax Reliefs (7 Feb 2012)

Michael Noonan: The Topical Issues debate notified to the Department of Finance was entitled: "To raise the issue of mortgage holders unable to avail of mortgage interest relief." I replied to that. However, the Deputy raised questions about matters we did not anticipate. I will get the Deputy a full reply to the questions she raised today.

Tax Reliefs (7 Feb 2012)

Michael Noonan: There was obviously a mismatch between what the Department interpreted the Deputy's intentions to be and what she actually asked in the debate. I will provide her with a full reply.

Written Answers — Tax Code: Tax Code (2 Feb 2012)

Michael Noonan: The position is that in Budget 2011, the previous Government reduced the value of the age tax credits by approximately 25 per cent from €325/€650 to €245/€490 for single and married respectively with a view to them being abolished over four years. As the Deputy is aware, in line with the commitment in the Programme for Government, there have been no changes in tax rates, tax bands or...

Written Answers — Tax Code: Tax Code (2 Feb 2012)

Michael Noonan: The increase in the standard rate of VAT from 21% to 23% applies with effect from 1 January 2012. In the case of continuous supplies of telecommunications services, electricity or gas, for which a bill is issued at least every three months, the rate of VAT that should be charged is the rate in force at the date of issue of the bill. In all other cases of services to private individuals, the...

Written Answers — Social Welfare Benefits: Social Welfare Benefits (2 Feb 2012)

Michael Noonan: I assume that the Deputy is referring to the Mortgage Interest Supplement Scheme which is administered by the Department of Social Protection. I have been advised by that Department that the purpose of the Mortgage Interest Supplement Scheme is to provide short term income to eligible persons who are unable to meet their mortgage interest repayments in respect of a house which is their sole...

Written Answers — Public Sector Remuneration: Public Sector Remuneration (2 Feb 2012)

Michael Noonan: I am assuming that the Deputy is referring to Semi-State Bodies other than commercial State entities such as the ESB, Bord Gáis, etc. There are no such bodies under the aegis of my Department.

Written Answers — Financial Services Regulation: Financial Services Regulation (2 Feb 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 — Personal Debt: Personal Debt (2 Feb 2012)

Michael Noonan: I am advised by the Central Bank that the outstanding indebtedness on credit cards at end November 2011 was €2.730 billion. This figure is comprised of €2.587 billion debt on personal cards and €143 billion on business cards. The Bank has also advised me that the overall level of indebtedness has been decreasing steadily since August 2010. I have no plans to propose to Government to...