Results 23,601-23,620 of 27,019 for speaker:Michael Noonan

Written Answers — Tax Code: Tax Code (19 Oct 2011)

Michael Noonan: I propose to take Questions Nos. 31 to 34, inclusive, together. I am advised by the Revenue Commissioners that the estimated full year costs to the Exchequer, estimated by reference to 2012 incomes, of increasing the existing exemption threshold of €4,004 for the universal social charge to €15,000, €20,000, €25,000 and €30,000 would be €120 million, €185 million, €465 million...

Written Answers — National Asset Management Agency: National Asset Management Agency (19 Oct 2011)

Michael Noonan: At a recent meeting of the Joint Committee on Finance, Public Expenditure and Reform, the Chairman of NAMA stated that NAMA remains as focused as ever on pursuing each developer for the full amount owed. He also explained that NAMA's minimum target is to recover what it has paid for the loans, plus any other moneys advanced as working capital or for development, plus interest on these moneys....

Written Answers — Betting Regulation: Betting Regulation (19 Oct 2011)

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 extension of the opening hours of retail betting shops over the winter period is being considered in that context. ...

Written Answers — National Asset Management Agency: National Asset Management Agency (19 Oct 2011)

Michael Noonan: The property concerned is listed on the NAMA website among the properties enforced. I understand from NAMA that the property has been offered for sale by a receiver appointed by NAMA. I also understand that the receiver has received offers from potential purchasers and that additional expressions of interest can be directed towards the receiver, RSM Farrell Grant Sparks, at...

Written Answers — Tax Code: Tax Code (19 Oct 2011)

Michael Noonan: The basis for the current tax treatment of married couples derives from the Supreme Court decision in Murphy vs. the Attorney General (1980), which held that it was contrary to the Constitution for a married couple, both of whom are working, to pay more tax than two single people living together and having the same income. Where a couple is cohabiting rather than married or in a civil...

Seanad: Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011: Committee and Remaining Stages (19 Oct 2011)

Michael Noonan: I thank Senator Mullen for his good wishes and for raising these relevant points so that we can discuss them in some detail. To put matters in context I will, first, set out how the modified liquidation provisions will apply. The insolvency of any body corporate will normally result in that body being wound up in accordance with the Companies Acts. Winding up, or liquidation, will continue...

Seanad: Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011: Committee and Remaining Stages (19 Oct 2011)

Michael Noonan: Recovery and resolution plans allow the Central Bank and authorised credit institutions to identify possible actions that could be taken where an institution is experiencing difficulties. Such plans are prepared in advance of any difficulties and facilitate contingency planning by the institution and the Central Bank. The recovery plan is prepared by the institution and submitted to the...

Seanad: Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011: Committee and Remaining Stages (19 Oct 2011)

Michael Noonan: The interim report, which was published last Friday, set out the governance of the credit unions. This matter will require legislation. Under our memorandum of understanding with the European authorities, we are committed to publishing the legislation before or just after Christmas. This will be processed in the normal way. The restructuring of the credit union movement will not require...

Seanad: Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011: Committee and Remaining Stages (19 Oct 2011)

Michael Noonan: Every Bill approved by the Government must be signed off by the Attorney General. By definition, a Bill cannot be published if the opinion of the Office of the Attorney General is that it is unconstitutional. Constitutional proofing of this Bill has been done and the Attorney General has advised that the powers of special managers are constitutional. As to the special manager's...

Seanad: Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011: Committee and Remaining Stages (19 Oct 2011)

Michael Noonan: I would not envisage a special manager of a credit union being anywhere near that cap.

Seanad: Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011: Committee and Remaining Stages (19 Oct 2011)

Michael Noonan: We have not considered that, but the general rule applies and the cap is the cap.

Seanad: Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011: Committee and Remaining Stages (19 Oct 2011)

Michael Noonan: The right to appeal is contained in this section and it is an important right. It is important to balance the challenge with the need to ensure that the resolution of an institution in difficulty can take place efficiently and effectively. A delay in implementation could undermine the usefulness of the resolution. Therefore, the Bill provides definite lines of challenge within the...

Seanad: Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011: Committee and Remaining Stages (19 Oct 2011)

Michael Noonan: While the restriction is to 14 days for making the appeal, once the appeal is made it is in the hands of the courts. It does not have to be out in 14 days, once the court takes possession of the appeal, then the court owns the process.

Seanad: Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011: Committee and Remaining Stages (19 Oct 2011)

Michael Noonan: It is section 106 that the Senator is addressing. That section states "The Bank may, after consultation with the Minister, issue a code of practice ...". It is the bank that issues the code of practice, not the Minister, but there is consultation with the Minister. Normally I find in legislation such as this when one is dealing with the bank or the regulator that while the policy is being...

Seanad: Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011: Committee and Remaining Stages (19 Oct 2011)

Michael Noonan: The code of practice, I understand, would have the force of law. We are enacting the section here, so the section has the force of law. It is the section which empowers the bank to issue the code of practice, so the code of practice has the force of law as well. There is legislation which defines that; I am informed it is the 1971 Act that gives the force of law to codes of practice that...

Seanad: Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011: Committee and Remaining Stages (19 Oct 2011)

Michael Noonan: Senators will be familiar with legislation going through. The primary legislation sets out the main principles but often matters of detail are dealt with by empowering the Minister to issue statutory regulations or, in this case, codes of practice. The reason is that there are issues of detail not appropriate to primary legislation, but also there are unforeseen circumstances which are...

Seanad: Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011: Committee and Remaining Stages (19 Oct 2011)

Michael Noonan: Seemingly, the section, to which Senator Sheahan refers, refers to non-residents. It is the common bond between two credit unions and it is an appropriate mechanism for that situation. In reply to Senator Sheahan, I have been reminded that there is a Bill on Second Stage, the Central Bank (Supervision and Enforcement) Bill 2011, which we will be debating here shortly and which will protect...

Seanad: Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011: Committee and Remaining Stages (19 Oct 2011)

Michael Noonan: I do not. There is a commitment in the programme for Government to introduce legislation to deal with the protection of whistleblowers but this would not be an appropriate vehicle for it.

Seanad: Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011: Committee and Remaining Stages (19 Oct 2011)

Michael Noonan: I thank the Seanad for co-operating so effectively in getting this Bill through all Stages today. In particular, I thank the Acting Chairman, Senator Leyden, and all the Senators who contributed to the short debate. All the salient points were touched on and I appreciate that very much.

Written Answers — Departmental Appointments: Departmental Appointments (18 Oct 2011)

Michael Noonan: Having taken all relevant factors into account, the Government has nominated Mr. Kevin Cardiff, Secretary General at the Department of Finance, for appointment to the European Court of Auditors. Mr. Cardiff will attend a hearing of the European Parliament's Budgetary Control Committee before his nomination goes to the Council for approval. As the Taoiseach said in the Dáil last week, "Mr....