Results 23,781-23,800 of 27,019 for speaker:Michael Noonan

Written Answers — Credit Availability: Credit Availability (5 Oct 2011)

Michael Noonan: As the Deputy may be aware, my Department published an invitation to tender for a telephone survey to ascertain the situation in relation to the demand for credit within the SME sector in Ireland on the "etenders" website on 21 September last. The closing date for receipt of tenders was noon today. The successful tenderer will conduct a survey, securing completed responses from 1,500 SMEs,...

Written Answers — Departmental Reports: Departmental Reports (5 Oct 2011)

Michael Noonan: The reports by Ernst & Young and McCann FitzGerald concerning Irish Nationwide Building Society have been furnished to my Department are at this point of an interim nature, are confidential, and subject to legal privilege. These reports have been provided to the Central Bank of Ireland, as well as to the Department of Finance, and the work in relation to them is continuing. . In view of...

Written Answers — Tax Code: Tax Code (5 Oct 2011)

Michael Noonan: The Programme for Government states that as part of the Government's fiscal strategy we will maintain the current rates of income tax together with bands and credits. As the Deputy is aware, the Government has initiated a Comprehensive Review of Expenditure (CRE) to provide the Government with a set of decision options to meet the overall fiscal consolidation objectives and re-align spending...

Written Answers — Credit Union Regulation: Credit Union Regulation (5 Oct 2011)

Michael Noonan: In recognition of the unique nature of credit unions, a statutory position of Registrar of Credit Unions was explicitly created within the Central Bank of Ireland to assume responsibility for the regulation of credit unions. The Registry of Credit Unions is responsible for the registration, regulation and supervision of credit unions. This will continue to be the position. In the Programme...

Written Answers — Credit Union Regulation: Credit Union Regulation (5 Oct 2011)

Michael Noonan: I propose to take Questions Nos. 19, 20 and 41 together. I am aware that the Registrar of Credit Unions has imposed lending restrictions on a number of credit unions in recent months. The imposition of lending restrictions is the responsibility of the Registrar of Credit Unions, who is the independent regulator for the sector. The Registrar is responsible for administering the system of...

Written Answers — Tax Code: Tax Code (5 Oct 2011)

Michael Noonan: Section 848A of the Taxes Consolidation Act 1997 allows tax relief at the marginal rate on donations made by either individuals or corporate bodies to eligible charities and other approved bodies. In order to qualify for the tax relief currently, a minimum donation of €250 must be made to the body concerned. The number of donors in respect of whom tax relief was claimed was approximately...

Written Answers — Tax Reliefs: Tax Reliefs (5 Oct 2011)

Michael Noonan: The Office of the Revenue Commissioners is the main source of statistics and data on tax incentives and expenditure. They provide costs of tax credits, allowances and reliefs in their Annual Statistical Reports. The most recent figures related to tax expenditures appear in the 2009 report, which sets out the total identifiable costs to the Exchequer of all income tax and corporation tax...

Written Answers — Fiscal Policy: Fiscal Policy (5 Oct 2011)

Michael Noonan: The relationship between the Central Bank of Ireland and the European Central Bank is governed by the Treaty of Rome and the Statute of the European System of Central Banks (ESCB). The independence of the Governor and the Central Bank of Ireland in carrying out their ESCB related functions is guaranteed in statute. Section 6A (3) of the Central Bank Act 1942 provides that the Minister for...

Written Answers — Banking Sector Remuneration: Banking Sector Remuneration (5 Oct 2011)

Michael Noonan: As the Deputy is aware the Board of the bank is responsible for the day to day operations of the bank including the remuneration of staff other than senior management of the bank. The Bank has informed me that their Legal advice dictates that the bank can respond to this question in general terms only and is not in a position to provide any personal information or information that would lead...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (5 Oct 2011)

Michael Noonan: As the Deputy is aware, the Central Bank of Ireland's Prudential Capital Assessment Review (PCAR), which was published in March 2011 and formed part of the Financial Measures Programme, provides for an annual stress test of the capital resources of the domestic banks under a given stress scenario. The loan loss exercise in the Financial Measures Programme, which includes estimated losses on...

Written Answers — Banking Sector Remuneration: Banking Sector Remuneration (5 Oct 2011)

Michael Noonan: I propose to take Questions Nos. 26 to 28, inclusive, and 47 together. As I stated in a reply to a question on this matter yesterday (ref. 27136/11 of 4 October 2011), no decision has been made on the matter. As the Taoiseach, indicated in the Dáil last week, I, as Minister for Finance, will consider the matter having regard to the existing policy and bring any proposal to Government for...

Written Answers — European Investment Bank: European Investment Bank (5 Oct 2011)

Michael Noonan: My Department has no direct role in relation to capital investment projects. The Department of Public Expenditure & Reform has a role in terms of setting the overall capital investment framework and the basic principles to be observed for the appraisal, assessment, procurement and evaluation of projects. Individual Ministers are responsible for projects and programmes in their areas, within...

Written Answers — Universal Social Charge: Universal Social Charge (5 Oct 2011)

Michael Noonan: The Review of the Universal Social Charge is currently underway. The Terms of Reference of the Review are broad and wide-ranging and include, but are not limited to, the following areas: · Low paid income earners; · Persons over 65; · Medical Card Holders; · Widows/Widowers; · Self-employed; · Public Service Pensioners; · Employer contributions to PRSAs; and · Any other issues...

Written Answers — Mortgage Arrears: Mortgage Arrears (5 Oct 2011)

Michael Noonan: I propose to take Questions Nos. 31, 33 and 40 together. There are a number of measures in place to assist people who are having genuine difficulties in meeting their mortgage repayments. The Central Bank's revised Code of Conduct for Mortgage Arrears (the Code) applies to mortgage lending activities with borrowers in respect of their principal private residence in the State. Compliance...

Written Answers — EU-IMF Programme: EU-IMF Programme (5 Oct 2011)

Michael Noonan: As the Deputy implies, recent data indicate a slowing in activity in the US and EU economies. However, the extent of this slowdown is not yet clear and policy-makers are considering a number of measures to support growth. While some commentators are saying that the global economy is headed for recession, this is not the view of the lead international forecasting institutions. Indeed, while...

Written Answers — Tax Yield: Tax Yield (5 Oct 2011)

Michael Noonan: The information sought by the Deputy is not readily available within either my Department or the Central Bank. Based on information received from the Revenue Commissioners and the Irish Insurance Federation, however I have been able to establish that about 2.5 million policies were issued in 2010, including renewals of existing policies. While it is acknowledged that this figure does not...

Written Answers — Credit Availability: Credit Availability (5 Oct 2011)

Michael Noonan: Both pillar banks provide my Department with monthly figures on balance sheet volumes, sanctioned facilities and geographic and industrial breakdowns of their SME lending. The Deputy may also be aware that under the terms of the Government recapitalisation, both banks also produce a quarterly report which incorporates figures for sanctions and drawdowns by SMEs. The data contained in these...

Written Answers — Personal Debt: Personal Debt (5 Oct 2011)

Michael Noonan: Figures on household debt are taken from the Central Bank's Quarterly Financial Accounts – Table 8.1b - total loans outstanding of households and non-profit institutions serving households. Figures for disposable household income are taken from the quarterly Institutional Sector Accounts produced by the CSO. This represents all income earned by the household in a particular quarter. This...

Written Answers — Public Service Pay: Public Service Pay (5 Oct 2011)

Michael Noonan: The issue of remuneration, which includes the granting of Performance Related Awards Schemes for senior public servants and county managers, is a matter for the Minister for Public Expenditure and Reform in the first instance. I am informed by my colleague, Mr. Brendan Howlin, T.D., Minister for Public Expenditure and Reform that Performance Related Award Schemes were available to certain...

Written Answers — Fiscal Policy: Fiscal Policy (5 Oct 2011)

Michael Noonan: I propose to take Questions Nos. 38 and 44 together. Under the EU/IMF Programme of Financial Support, Ireland has access to sufficient funding for its requirements until late 2013. The National Treasury Management Agency (NTMA) has maintained a low-level presence in the markets in recent months, borrowing for very short durations. The Agency would hope to be in a position to expand its...