Results 24,101-24,120 of 27,019 for speaker:Michael Noonan

Written Answers — European Central Bank: European Central Bank (22 Sep 2011)

Michael Noonan: The determination of interest rate policy is solely a matter for the Governing Council of the European Central Bank, which is independent in these matters. It would not, therefore, be appropriate for me to intervene in that process.

Written Answers — National Asset Management Agency: National Asset Management Agency (22 Sep 2011)

Michael Noonan: At a recent meeting of the Joint Committee on Finance, Public Expenditure and Reform, the Chief Executive of NAMA pointed out that, having been through the business plans of debtors which account for close to 75% of NAMA debt, he does not consider that there is a 'huge pot of gold' that can be recovered through legal proceedings to reverse asset transfers by NAMA debtors. I am informed by...

Written Answers — National Asset Management Agency: National Asset Management Agency (22 Sep 2011)

Michael Noonan: The NAMA Quarterly Report for Q1 of 2011 states that 23% of loans (by value) are performing. Performing loans are defined in the Report as loans which are not in arrears because interest and principal is being received in line with contractual obligations or where, if there are arrears, they are outstanding for less than 30 days. The NAMA Quarterly Report for Q2 is scheduled to be delivered...

Written Answers — National Asset Management Agency: National Asset Management Agency (22 Sep 2011)

Michael Noonan: NAMA has confirmed to me that it is engaged in a number of such proceedings but is constrained from commenting in specific detail as these matters are before the courts.

Written Answers — National Asset Management Agency: National Asset Management Agency (22 Sep 2011)

Michael Noonan: The overall remuneration of NTMA senior management has been reduced very substantially this year due to their waiving of the performance-related element of their remuneration in respect of 2010. The public sector pension deduction provided for in the Financial Emergency Measures in the Public Interest Act 2009 applies to all NTMA staff. While the NTMA was not subject to the general...

Written Answers — State Banking Sector: State Banking Sector (22 Sep 2011)

Michael Noonan: I propose to take Questions Nos. 87 and 95 together. As alluded to by the Deputy in his questions, a review of remuneration policies and practices by each of the covered institutions is underway. As part of that review, the institutions were asked to consider measures that could be taken to realign staff expectations with regard to remuneration and benefits in the current economic...

Written Answers — National Asset Management Agency: National Asset Management Agency (22 Sep 2011)

Michael Noonan: I propose to take Questions Nos. 88 and 89 together. I understand from NAMA that, as part of its business plan agreements with debtors, it normally looks for and obtains a reduction of 50%-75% in overhead costs and that any remuneration paid to debtors is payable from this much-reduced budget. The Chairman of NAMA has recently stated that the majority of debtor remuneration packages fall...

Written Answers — National Recovery Plan: National Recovery Plan (22 Sep 2011)

Michael Noonan: As the Deputy is aware, the National Recovery Plan was published at the end of November of last year. It set out the previous Government's plan for a return to sustainable economic growth and the restoration of order to the public finances. It also formed the basis of the previous Government's negotiations with the EU/IMF/ECB Troika. The National Recovery Plan 2011-2014 is not a policy...

Written Answers — Employment Action Plan: Employment Action Plan (22 Sep 2011)

Michael Noonan: The latest Quarterly National Household Survey data revealed that employment recorded its lowest quarter of contraction since the crisis began in Q2, as it continued to move towards stabilisation. Furthermore, 8 of the 14 economic sectors were net job creators over the second quarter, including the private sector as a whole. However, the data also confirmed that unemployment remains...

Written Answers — Tax Yield: Tax Yield (22 Sep 2011)

Michael Noonan: The yield of stamp duty to the Exchequer at the end of August from the levy on pension schemes introduced in section 4 of the Finance (No.2) Act 2011 was €140 million. This amount represents early payments of the total yield of €470 million expected for 2011 for which the due date for payment is 25 September.

Written Answers — Consumer Protection: Consumer Protection (22 Sep 2011)

Michael Noonan: Last year, the Central Bank published a consultation paper on the 'Review of the Consumer Protection Code' (the Code). The paper outlined new and amended requirements for regulated financial institutions when dealing with consumers, the purpose being to strengthen the existing consumer protection framework. A second consultation paper was issued in June 2011. In addition to the receipt of...

Written Answers — State Banking Sector: State Banking Sector (22 Sep 2011)

Michael Noonan: I am informed by the respective covered institutions that the information sought by the Deputy is as follows: Allied Irish Banks, Bank of Ireland, Irish Life & Permanent, Anglo Irish and Educational Building Society: In response to the Deputy's enquiry their respective searches have not revealed any evidence of a gift with a value in excess of €5,000 being made to a retiring executive over...

Written Answers — Tax Code: Tax Code (22 Sep 2011)

Michael Noonan: I am informed by the Revenue Commissioners that two separate tax treatments can apply depending on the nature of the lump sums paid to a retiring individual. (These rules apply equally to all employees – public and private sectors). Retirement lump sums paid under pension arrangements The following arrangements apply to retirement lump sums paid under Revenue approved pension arrangements:...

Written Answers — Tax Code: Tax Code (21 Sep 2011)

Michael Noonan: It is assumed that the threshold for the proposed new tax bands mentioned by the Deputy would not alter the existing standard rate band structure applying to single and widowed persons, to lone parents and married couples. I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer, estimated by reference to 2012 incomes, of the introduction of each of the...

Written Answers — International Agreements: International Agreements (21 Sep 2011)

Michael Noonan: I am not privy to the full details of the agreement to which the Deputy has referred and accordingly it would be inappropriate for me to comment on it. Initial reports would suggest that any such agreement may provide for a one-off deduction from funds on deposit to settle past liabilities and a withholding tax from 2013 in place of the actual liability due in respect of investment income...

Written Answers — Tax Code: Tax Code (21 Sep 2011)

Michael Noonan: The VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. Under the VAT Directive Member States may only apply the reduced VAT rate to those goods and services which are listed under Annex III of the VAT Directive. I understand that the major sectors within the Irish craft industry are pottery, glass, jewellery, textiles and...

Written Answers — Tax Collection: Tax Collection (21 Sep 2011)

Michael Noonan: I am advised by the Revenue Commissioners that this matter is currently undergoing an Internal Review. The issue in question is the PAYE tax credit. The taxpayer was not allowed this credit because it was deemed that she belonged to a category excluded by Section 472 of the Taxes Consolidation Act, being the child of her employer. The taxpayer has however claimed that her circumstances...

Written Answers — Financial Products: Financial Products (21 Sep 2011)

Michael Noonan: The Central Bank does not regulate financial products, rather it regulates financial institutions. The Central Bank's Consumer Protection Code requires regulated financial institutions to act honestly, fairly and professionally in the best interests of their customers. In addition, a regulated institution must ensure that all information it provides to the customer is clear and...

Written Answers — Banking Sector: Banking Sector (21 Sep 2011)

Michael Noonan: The restructuring of the domestic banking sector creates capacity for the pillar banks to lend in excess of €30 billion over the next three years to the SME and to other important sectors. This is in excess of the Central Bank's estimates of the likely demand for SME and mortgage credit over this period. Both pillar banks are concentrating on the Irish economy and need to issue credit to...

Written Answers — Credit Unions: Credit Unions (21 Sep 2011)

Michael Noonan: To date, my attention has not been drawn to any direction by the Financial Regulator to preclude credit unions from freezing interest on loans. The Registrar of Credit Unions at the Central Bank of Ireland, who is responsible for the regulation of credit unions, has informed me that he has made no such direction and that he has no role in this matter. Credit unions are independent financial...