Results 23,801-23,820 of 27,019 for speaker:Michael Noonan

Written Answers — EU Funding: EU Funding (5 Oct 2011)

Michael Noonan: As the Deputy will be aware, the European Stability Mechanism (ESM) will replace the temporary mechanisms of the European Financial Stability Facility (EFSF) and the European Financial Stabilisation Mechanism (EFSM) which will remain in force until June 2013. The function of the ESM will be to mobilise funding and provide financial assistance, under strict conditionality, to the benefit of...

Written Answers — Global Economic Forecasts: Global Economic Forecasts (5 Oct 2011)

Michael Noonan: Like other reports that have been published in recent times, both reports consider that the recovery of the global economy has weakened considerably and downside risks have increased sharply. The International Monetary Fund's World Economic Outlook (WEO) was published on 20 September 2011. The IMF forecasts world growth of about 4% in both 2011 and 2012 (revised down from 4.5% for both years...

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

Michael Noonan: I wish to confirm to the Deputy that the Government is examining a number of proposals in relation to the commitment in the Programme for Government to help those persons who are experiencing difficulty with the repayment of mortgages. With regard to the proposal relating to increasing mortgage interest relief to 30% for first time buyers who bought during the period 2004 to 2008, the...

Written Answers — Rent Reviews: Rent Reviews (5 Oct 2011)

Michael Noonan: In the context of the Government's consideration of Upward Only Rent Reviews, my Department prepared a short economic assessment of the potential effects of removing the ban on upward only rent reviews, with a view to informing the policy response being developed by the Minister for Justice and Equality. I sent this assessment to the Minister for Justice and Equality in July. A ban on...

Written Answers — Pension Provisions: Pension Provisions (5 Oct 2011)

Michael Noonan: The gradual reduction from marginal to standard rate tax relief on pension contributions commencing in 2012 forms part of the fiscal consolidation measures in the agreement with the EU, IMF and the ECB over the period 2011 to 2014. When introducing the temporary pension scheme levy to pay for the Jobs Initiative on 10 May last, I gave a commitment to examine the issue of reducing the tax...

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

Michael Noonan: As the Deputy notes Finance Act 2011 provided a legislative basis for initially restricting the use of legacy property reliefs and ultimately 'guillotining' all outstanding reliefs subject to a commencement order. The Act required that an economic impact assessment be undertaken in advance of the commencement of the measures. In the Programme for Government we committed to reducing, capping...

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

Michael Noonan: As I have informed this House previously as part of the restructuring and recapitalising plans announced last March as part of the PCAR and PLAR exercise, the banks are engaging in cost cutting plans, which are already underway. The effects of these cost-cutting plans will be to enable costs saving through shared services and economies of scale. They are also expected to bring about cost...

Written Answers — Financial Services Regulation: Financial Services Regulation (5 Oct 2011)

Michael Noonan: The Government is committed to having in place an effective regulatory/supervisory system for those firms providing a household budgeting and bill payment service, a debt management service and/or a debt advice service. The Central Bank has informed me that it is undertaking a review of all firms in the State which appear to offer consumers debt advice and/or debt management type services....

Written Answers — Illicit Trade in Tobacco Products: Illicit Trade in Tobacco Products (5 Oct 2011)

Michael Noonan: I propose to take Questions Nos. 54 and 60 together. I am informed by the Revenue Commissioners who are responsible for the collection of tobacco products tax, and for tackling the illicit trade in cigarettes and tobacco products, that the tackling of this illicit trade is a key objective. The strategies employed by Revenue to tackle this illicit trade are multi-faceted. They include ongoing...

Written Answers — Illicit Trade in Tobacco Products: Illicit Trade in Tobacco Products (5 Oct 2011)

Michael Noonan: I propose to take Questions Nos. 55 and 67 together. I am informed by the Revenue Commissioners, who are responsible for the collection of tobacco products tax, that the use of detection technologies, including scanning machines, is just one part of a multi-faceted strategy employed by Revenue to tackle the illicit trade in tobacco products. This strategy includes ongoing analysis of the...

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

Michael Noonan: I am informed by the Revenue Commissioners that the supply of personal protective equipment (PPE) clothing for children up to 10 years of age is liable to VAT at the zero rate in accordance with paragraph 10(1) of Schedule 2 of the Value-Added Tax Consolidation Act 2010. The supply of PPE clothing for children older than 10 years and adults is liable to VAT at the standard rate of 21% as...

Written Answers — Illicit Trade In Tobacco Products: Illicit Trade In Tobacco Products (5 Oct 2011)

Michael Noonan: I am informed by the Revenue Commissioners that it is an offence, under section 78 (as amended) of the Finance Act 2005, to offer cigarettes for sale other than in packs to which the appropriate tax stamp is affixed in the prescribed manner. Where a person is convicted of such an offence, the Courts may impose a fine or a term of imprisonment, or both. Where a conviction occurs following a...

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

Michael Noonan: I have been informed by the Revenue Commissioners that they are a fully integrated tax and customs administration. Revenue currently has over 2,000 staff engaged on activities that are dedicated to target and confront non-compliance. These front-line activities include audit, assurance checks, anti-smuggling, investigations, prosecutions and anti-avoidance. Revenue, in tackling the illicit...

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

Michael Noonan: As you are aware, the Government is considering burden sharing with senior bondholders in both Anglo and INBS in consultation with our EU partners. In the current circumstances, the State is not in a position or minded to act unilaterally in this regard. I had the opportunity to meet with President Trichet on the margins of the Ecofin meeting in Poland on Saturday, 17th September. I raised...

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

Michael Noonan: The EU/IMF Programme of Financial Assistance for Ireland documentation dated 16 December 2010 sets out the policy conditions for the provision of financial support to Ireland by EU Member States and the International Monetary Fund. These documents underpin the three year Programme of banking and economic measures that have been agreed with the European Commission, the European Central Bank...

Written Answers — National Asset Management Agency: National Asset Management Agency (5 Oct 2011)

Michael Noonan: The deferred consideration initiative was recently approved by the NAMA Board and the agency has written to me seeking my agreement to the initiative commencing. The proposal as submitted to me does not foresee any amendment to the National Asset Management Agency Act 2009. The details of the initiative are currently being reviewed within my Department and I will respond to NAMA when that...

Written Answers — Financial Services Regulation: Financial Services Regulation (5 Oct 2011)

Michael Noonan: The Central Bank's revised Code of Conduct on Mortgage Arrears (the Code) applies to mortgage lending activities with borrowers in respect of their principal private residence in the State. Compliance with the Code is mandatory on all mortgage lenders registered with the Central Bank. The Code came into effect on 1 January 2011. With effect from 30 June 2011, lenders must have in place the...

Written Answers — Financial Services Regulation: Financial Services Regulation (5 Oct 2011)

Michael Noonan: There is no specific provision for an offence of reckless management of a financial institution in the statute book . However, most incorporated financial institutions are subject to potential liability for reckless or fraudulent trading under the Companies Acts and to the supervision requirements of the Central Bank. On the broader question of enforcement action and sanctions applicable...

Written Answers — State Banking Sector: State Banking Sector (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 recruitment and remuneration of staff, including payments to contract staff. The Bank has indicated 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...

Written Answers — Financial Services Regulation: Financial Services Regulation (5 Oct 2011)

Michael Noonan: I assume that the Deputy is referring to financial advisers who provide advice to consumers in relation to investment products. The main regulations governing financial advice in relation to the sale of investment products are set out below. 1. Markets in Financial Instruments Directive (MIFID), 2007 This EU Directive provides harmonised regulation for the provision of investment services...