Results 22,701-22,720 of 27,019 for speaker:Michael Noonan

Written Answers — Tax Collection: Tax Collection (24 Jan 2012)

Michael Noonan: I am advised by the Revenue Commissioners that a letter regarding his DSP Invalidity Pension was issued to the person concerned because the information available to them indicated that he was also in employment and therefore possibly liable to pay additional tax. It is now clear that he is receiving no income from his employer as he is on sick leave, and therefore his tax credits will be...

Written Answers — Departmental Staff: Departmental Staff (24 Jan 2012)

Michael Noonan: The Revenue Commissioners is an integrated tax and customs administration. Officials are engaged on activities across a range of taxes and duties, including customs. There are currently six serving Revenue officers who are based outside Ireland – 3 Assistant Principal Officers and 3 Higher Executive Officers – details as follows: Grade Function Location Assistant Principal Seconded...

Written Answers — Financial Services Regulation: Financial Services Regulation (24 Jan 2012)

Michael Noonan: I understand that there are no particular requirements in place regarding the clearing of social welfare cheques. The Irish Paper Clearing Company Limited (IPCC) is responsible for the clearing and settlement of cheques in Ireland. The IPCC system provides the mechanism through which the participating banks exchange funds to honour cheques written by their customers, both corporate and...

Written Answers — Financial Services Regulation: Financial Services Regulation (24 Jan 2012)

Michael Noonan: The lending institutions in Ireland 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 profitability, particularly where the cost of funding to each lending...

Written Answers — State Banking Sector: State Banking Sector (24 Jan 2012)

Michael Noonan: There is no standard approach by financial institutions which involves debt forgiveness. Where debt forgiveness has occurred the particular circumstances are stated to be exceptional and each such situation is addressed on an individual basis. In general terms the approach, across financial institutions is to proactively work with the customer to find a solution which is practical for both...

Written Answers — Tax Code: Tax Code (24 Jan 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 — Bank Guarantee Scheme: Bank Guarantee Scheme (24 Jan 2012)

Michael Noonan: As the Deputy is aware there is on-going and detailed engagement between my Department and the covered institutions. The current and projected capital requirements of the institutions form part of this engagement these and are monitored and assessed on an on-going basis. The Prudential Capital Assessment Review (PCAR) carried out in 2011 by the Central Bank independently assessed the...

Written Answers — Tax Code: Tax Code (24 Jan 2012)

Michael Noonan: The matter of the proceeds of a family home depends on the circumstances of the case. However, I understand the Deputy is concerned about the tax treatment of capital in the case where a family home is sold. I have been informed by the Revenue Commissioners that under the Fair Deal Scheme the recipient of nursing home care is treated as accepting a loan from the HSE. He /she undertakes...

Written Answers — Financial Services Regulation: Financial Services Regulation (24 Jan 2012)

Michael Noonan: I have no role in the provision of liquidity funding by the Central Bank. However, the Central Bank advises me that, similar to other central banks, it may provide Exceptional Liquidity Assistance and Eurosystem liquidity. These amounts are published monthly. The Central Bank does not disclose the financial institutions that avail of such support although it is open to all eligible...

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (24 Jan 2012)

Michael Noonan: The Department is currently finalising new Relationship Framework documents for each financial institution in which the State has a shareholding. The framework documents, which generally formed part of the recapitalisation agreements, will define the relationship between the Minister and the relevant institutions. These documents will be drafted and structured to ensure that the...

Written Answers — Consultancy Contracts: Consultancy Contracts (24 Jan 2012)

Michael Noonan: The legal services firm referred to by the Deputy have been engaged by my Department since September 2008 to provide advice in relation to general banking matters including those referred to in the Deputy's Question. In March 2010 certain banking system functions of the Minister for Finance were delegated by Government Order to the National Treasury Management Agency. The delegation of...

Written Answers — Fiscal Policy: Fiscal Policy (24 Jan 2012)

Michael Noonan: In aggregate, the covered Irish banks have generated €15.5bn of capital from Liability Management Exercises (LMEs) over the last four years. The breakdown per year is as follows: €bn 2008 2009 2010 2011 Total PTSB - - - 1.0 1.0 BoI - 1.0 1.3 1.5 3.8 AIB - 1.1 0.4 3.6 5.1 EBS - 0.0 0.1 0.2 0.3 INBS 0.0 0.1 - 0.1 0.3 Anglo - 1.8 1.6 - 3.3 Total cash gains from Sub-debt burden...

Written Answers — Fiscal Policy: Fiscal Policy (24 Jan 2012)

Michael Noonan: As the Deputy will be aware the covered banks are required to deleverage circa €70bn of assets by 31 December 2013. To date significant progress has been made in that regard: The two pillar banks met the 2011 deleveraging targets with almost €15 billion of these assets sold at significantly better pricing than anticipated in the PCAR/PLAR 2011 exercise. Total deleveraging achieved...

Written Answers — Departmental Bodies: Departmental Bodies (24 Jan 2012)

Michael Noonan: In response to the Deputy's question details in respect of boards of bodies under the aegis of my Department. State agency Funded by the Exchequer: National Treasury Management Agency (NTMA) There are 5 Boards coming under the NMTA as outlined in the table. Please note that, in line with paragraph 3.8 of the Code of Practice for the Governance of State Bodies, attendance at meetings of the...

Written Answers — Motor Industry: Motor Industry (19 Jan 2012)

Michael Noonan: I have no proposal at this stage for an alternative number to be put on next year's registration plates. However, any proposals that are brought forward will be examined by my Department in advance of Budget 2013.

Written Answers — Tax Code: Tax Code (19 Jan 2012)

Michael Noonan: Sections 472A and 88A of the Taxes Consolidation Act 1997 provide tax incentives for both employers and employees, to help the long-term unemployed to return to employment. The relief under Section 472A, known as the Revenue Job Assist scheme, allows qualifying employees, in addition to their normal tax credits, to claim certain income deductions, including additional deductions for...

Written Answers — Financial Services Regulation: Financial Services Regulation (19 Jan 2012)

Michael Noonan: I have outlined my position on this matter when replying to previous parliamentary questions on the same subject most recently on 11 January 2012 (refs: 41045/12, 41077/12 and 41429/11).

Written Answers — Tax Collection: Tax Collection (19 Jan 2012)

Michael Noonan: I propose to take Questions Nos. 63 and 64 together. I am informed by the Revenue Commissioners that for the tax year 2009, the latest year for which the necessary detailed data is available, the number of income earners earning in excess of €100,000 was 109,109 and paid €4.9 billion in income tax. It should be noted that a married couple who has elected or has been deemed to have...

Written Answers — Financial Services Regulation: Financial Services Regulation (19 Jan 2012)

Michael Noonan: The imposition of lending restrictions is the responsibility of the Registrar of Credit Unions, who is the independent regulator for credit unions. Within his independent regulatory discretion, the Registrar acts to support the prudential soundness of individual credit unions, to maintain sector stability and to protect the savings of credit union members. This is part of normal regulation...

Written Answers — Tax Code: Tax Code (19 Jan 2012)

Michael Noonan: Irish VAT law is subject to the provisions of the EU VAT Directive with which it must comply. Article 110 of that Directive provides that Member States may continue to apply reduced rates, including the zero rate and exemptions from VAT, where such reduced rates or exemptions were in place at 1 January 1991. As Ireland was not applying a zero- rate to admissions to pet farms at that date...