Results 23,901-23,920 of 27,019 for speaker:Michael Noonan

EU-IMF Programme (5 Oct 2011)

Michael Noonan: The fourth quarterly review of the EU-IMF Programme of Financial Support for Ireland takes place from 11 to 21 October 2011. The review will comprise a series of meetings to evaluate all the elements of the programme covering fiscal developments, including the comprehensive spending review and potential asset disposal, the macroeconomic outlook, progress on commitments in restructuring the...

Written Answers — Balance of Payments Statistics: Balance of Payments Statistics (4 Oct 2011)

Michael Noonan: The Central Statistics Office is responsible for the production of statistics relating to the Balance of Payments. It should be noted that there are discontinuities in the balance of payments series and that the data from 1998 onwards are not comparable with the old series because of greater enterprise coverage and a radically different compilation methodology. From 1998 onwards a financial...

Written Answers — Flood Insurance: Flood Insurance (4 Oct 2011)

Michael Noonan: There are no plans to introduce the type of Government backed insurance scheme outlined by the Deputy. The possible introduction of a scheme to protect householders who cannot obtain flood insurance from regular insurance companies was examined in 2010. However, the Government concluded at that time that such an approach was not financially viable. In particular there were concerns that,...

Written Answers — Banking Sector Remuneration: Banking Sector Remuneration (4 Oct 2011)

Michael Noonan: I propose to take Questions Nos. 127 and 191 together. I have explained to the Deputy in my reply to his questions of 22 September 2011 (Refs. 25523/11 & 25550/11) the current position on the remuneration review and severance arrangements. The object of the review, which is presently being conducted by my Department, is to thoroughly review all remuneration practices at the covered...

Written Answers — Tax Code: Tax Code (4 Oct 2011)

Michael Noonan: It has not proved possible to provide a detailed reply on this matter within the timeframe for answering Parliamentary Questions. Accordingly, the Deputy will be contacted directly on this issue at an early date.

Written Answers — Financial Institutions Recapitalisation: Financial Institutions Recapitalisation (4 Oct 2011)

Michael Noonan: There are promissory notes in Anglo (€25.3 billion ) and INBS (€5.3 billion) and in EBS (€0.25 billion). As Anglo and INBS have similar terms I will provide the information for them together and separately deal with EBS. The promissory notes were issued in various tranches with different interest rates (four tranches for Anglo and 2 tranches for INBS). The total interest cost for the...

Written Answers — Financial Institutions Regulation: Financial Institutions Regulation (4 Oct 2011)

Michael Noonan: The loan to deposit ratios for AIB, Bank of Ireland and Irish Life & Permanent are 143%, 172% and 227% respectively at 30 June 2011. These figures are sourced from the interim reports for each of the banks, all of which are available on the companies' websites, and which include information on any assumptions made in calculating the ratios, including line items specific to each institution....

Written Answers — Banking Sector: Banking Sector (4 Oct 2011)

Michael Noonan: The issue the Deputy refers to is a commercial decision for each of the Irish banks. The Government operates at arm's length from the institutions and does not consider it appropriate to direct a bank on this matter. The covered institutions are however engaging in cost cutting plans. These are plans arising out of the restructuring and recapitalization programme announced in March 2011....

Written Answers — Legislative Programme: Legislative Programme (4 Oct 2011)

Michael Noonan: This is a matter for the Minister for Public Expenditure and Reform. However, I am informed that the position is that Mr. Brian Hayes TD, Minister of State at the Department of Public Expenditure and Reform recently published the Regulatory Impact Analysis (RIA) of the Construction Contracts Bill. The Regulatory Impact Analysis examined issues relating to payment practices in the...

Written Answers — National Asset Management Agency: National Asset Management Agency (4 Oct 2011)

Michael Noonan: NAMA advises me that it does not own any properties. Clearly there are NAMA debtors who own properties which are leased to state agencies and who derive income from them. The properties are leased to the State by these debtors on an arms-length basis. NAMA's primary concern is whether a property is generating cash flow that allows debt to be repaid by a debtor. NAMA informs me that once...

Written Answers — Tax Code: Tax Code (4 Oct 2011)

Michael Noonan: A breakdown of the cost of tax relief on employee contributions to occupational pension schemes is not available by income tax rate or by reference to occupational categories, as tax returns by employers to the Revenue Commissioners of employee contributions to such schemes are provided on an aggregated basis. An historical breakdown is available by tax rate of the tax relief claimed on...

Written Answers — Jobs Initiative: Jobs Initiative (4 Oct 2011)

Michael Noonan: I am informed by the Revenue Commissioners that receipts from the temporary 0.6% stamp duty levy on pension fund assets introduced in the Finance (No 2) Act, 2011 amounted to €460.5 million by the end of September. This compares to a projected annual yield from the levy of €470 million. Revenue will initiate enquiries to establish if any amounts of the levy for 2011 remain unpaid and...

Written Answers — Banking Sector Remuneration: Banking Sector Remuneration (4 Oct 2011)

Michael Noonan: I propose to take Questions Nos. 136 and 137 together. The salary cap that the Deputy refers to was introduced following the report of the Covered Institutions Remuneration Oversight Committee of February 2009. The then Government decided to implement a base salary cap of €500,000 to be applied to the Chief Executive Officer (CEO) position at some of the Covered Institutions. This cap...

Written Answers — Tax Compliance: Tax Compliance (4 Oct 2011)

Michael Noonan: A risk to tax collection arises where businesses are linked due to the involvement of the principals in a business to a failed business where the protection of limited liability might have been deliberately used to evade the payment of taxes, especially fiduciary taxes, in that failed business (Phoenix Syndrome). To address this risk, Revenue has procedures in place to identify entities with...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (4 Oct 2011)

Michael Noonan: As Minister for Finance, I have no statutory role in the setting of interest rates charged by financial institutions regulated by the Central Bank. The Central Bank has responsibility for the regulation and supervision of financial institutions in terms of consumer protection and prudential requirements and for ensuring ongoing compliance with applicable statutory obligations. Each...

Written Answers — EU-IMF Support Programmes: EU-IMF Support Programmes (4 Oct 2011)

Michael Noonan: There are no EU, IMF or ECB staff located in my Department. However, a representative from both the EU and the IMF have recently taken up duty in Dublin, located respectively in the EU Commission's Dublin office and the Central Bank of Ireland. These resident representatives are a normal feature of support programmes. The IMF has resident representatives in almost all countries where it...

Written Answers — Mortgage Interest Rates: Mortgage Interest Rates (4 Oct 2011)

Michael Noonan: The implementation of the goals as set out in the Programme for Government which the Deputy refers to will be introduced in a measured way and in accordance with the Government's priorities over the period of the Programme. The Deputy will be aware that as part of the restructuring and recapitalising plans announced last March as part of the PCAR and PLAR exercise, the banks are engaging in...

Written Answers — Banks Restructuring: Banks Restructuring (4 Oct 2011)

Michael Noonan: As I have stated previously, the Deputy will appreciate that it is an inevitable, but unfortunate, consequence of the necessary restructuring of the banking system that job losses will arise. Essentially the banks will be smaller operations than previously with the focus being on the creation of the two universal full-service pillar banks with a more domestic remit and a restructured Irish...

Written Answers — Banking Sector Remuneration: Banking Sector Remuneration (4 Oct 2011)

Michael Noonan: 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 decision.

Written Answers — Mortgage Arrears: Mortgage Arrears (4 Oct 2011)

Michael Noonan: The Central Bank has informed me that they do not publish data from lenders on arrears of less than 90 days. Details of loan accounts in arrears, including loans greater than 90 days in arrears and loans less than 90 days in arrears are reported to the Central Bank on a quarterly basis. The Central Bank publishes figures on arrears greater than 90 days as this gives a more accurate...