Results 24,461-24,480 of 27,019 for speaker:Michael Noonan

Written Answers — Banking Sector: Banking Sector (14 Jul 2011)

Michael Noonan: Some 480 expressions of interest were received by the closing date specified in response to the advertisement to the commitment in the Programme for Government to construct a pool of experienced directors to be inserted into non-executive positions in banks receiving State support. The shortlisting and evaluation work on this large volume of applications is at an advanced stage. The Deputy...

Written Answers — Banking Sector: Banking Sector (14 Jul 2011)

Michael Noonan: At the outset, I should state that the relationship between Anglo and the Quinn Group is a commercial one. Under the Relationship Framework put in place under the Anglo Irish Corporation Act 2009, which governs the relationship between the bank and its shareholder the State, issues relating to commercial activities at the bank are a matter for the board in respect of which, as Minister for...

Written Answers — Banking Sector: Banking Sector (14 Jul 2011)

Michael Noonan: At the outset, I should state that the relationship between Anglo and the Quinn Group is a commercial one. Under the Relationship Framework put in place under the Anglo Irish Corporation Act 2009, which governs the relationship between the bank and its shareholder the State, issues relating to commercial activities at the bank are a matter for the board in respect of which, as Minister for...

Written Answers — Company Administration: Company Administration (14 Jul 2011)

Michael Noonan: The Deputy should note that the Joint Administrators have indicated to my Department that no proposal was received from the Quinn family until the 5/4/2011 nearly 6 months after the deadline for expressions of interest. The Joint Administrators responded to the family on the 11/4/2011 setting out their concerns surrounding their proposal. They say that the proposal was highly conditional in...

Written Answers — Banking Sector: Banking Sector (14 Jul 2011)

Michael Noonan: The information supplied by the Deputy is not precise enough to allow for his question to be addressed. If he wishes to be more specific in his request I will see what data can be procured for him. Whilst it is difficult to address this question precisely, it can be say that, as agreed with the Trokia, steps have been taken by the Department to reduce the cost to the State through burden...

Written Answers — Company Administration: Company Administration (14 Jul 2011)

Michael Noonan: At the outset, it should be noted that the Joint Administrators were appointed by the High Court at the request of the Central Bank because of concerns about the solvency position of the company under the 1983 Insurance No.2 Act. These concerns have proved to be valid based on the recently published financial results for QIL for 2009 which indicated very serious losses much of which was...

Written Answers — Banking Sector Staff: Banking Sector Staff (14 Jul 2011)

Michael Noonan: The Deputy will be aware that the individual in question was nominated to be a public interest director by my predecessor under the provisions of the Credit Institutions (Financial Support) 2008 legislation and was subsequently appointed by AIB to their board in accordance with the rules and regulations for such appointments with effect from 22 January 2009. Eleven other public interest...

Written Answers — EU-IMF Programme: EU-IMF Programme (14 Jul 2011)

Michael Noonan: Quarterly reviews such as the one which started last week are a standard feature of financial support programmes. The purpose of the reviews is to assess the progress of the programme to date, and in particular to determine if the targets for the relevant quarter had been met. It also considered progress on targets which are due in subsequent quarters, to ensure sufficient progress is being...

Written Answers — Departmental Expenditure: Departmental Expenditure (14 Jul 2011)

Michael Noonan: The Department of Finance makes no payment directly to any trade union. Any funding or contribution made prior to the establishment of the Department of Public Expenditure and Reform will be covered in the response being provided by that Department. The Office of the Revenue Commissioners does not pay or supply funding directly or indirectly to trade unions or related bodies or causes....

Written Answers — Social Insurance: Social Insurance (13 Jul 2011)

Michael Noonan: I have been advised by the Revenue Commissioners that they have noted the matter raised by the Deputy. For reasons of taxpayer confidentiality, they are unable to comment further on the individual case.

Written Answers — Price Inflation: Price Inflation (13 Jul 2011)

Michael Noonan: The policy interest rate is a key tool for controlling inflation in many regions. In the euro area, the independent European Central Bank (ECB) is responsible for monetary policy and has sole discretion for policy interest rate movements. The ECB's requirement is to maintain price inflation in the euro area as a whole, close to but below 2%. The latest estimate for the Harmonised Index of...

Written Answers — Tax Code: Tax Code (13 Jul 2011)

Michael Noonan: I am informed by the Revenue Commissioners that Section 132(3)(d) of the Finance Act 1992, as amended, provides that category D vehicles are charged at a rate of 0% of the value of the vehicles. These vehicles are defined in Section 130 of that Act as "namely, an invalid carriage, a refuse cart, a sweeping machine, a watering machine used exclusively for cleansing public streets and roads,...

Written Answers — Financial Services Regulation: Financial Services Regulation (13 Jul 2011)

Michael Noonan: Since 1 June 2008, the provision of all equity release products have been subject to the Central Bank's Consumer Protection Code (the Code). As defined in the Code, an equity release product means a lifetime mortgage or a home reversion agreement. The Central Bank Act 1997, as amended by the Markets in Financial Instruments and Miscellaneous Provisions Act 2007, provided that, with effect...

Written Answers — Consultancy Contracts: Consultancy Contracts (13 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 74 and 75 together. I am informed by NAMA that the contractual details of all contracts between the agency and individual service providers are negotiated on a case-by-case basis, are commercially sensitive and are confidential. I am advised by NAMA that legal and consultancy fees incurred in 2009 in setting up NAMA were €1.63 million and relate to legal...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (13 Jul 2011)

Michael Noonan: The outgoing board of Irish Nationwide Building Society made many efforts to recoup the bonus paid to the former CEO of the Society in 2008. Now that the INBS has merged with Anglo Irish Bank, I regard the commitment of the former CEO to return the bonus to the society as one that remains outstanding to the new merged entity. Therefore, I have asked the Board of the new merged entity to...

Written Answers — Consumer Protection: Consumer Protection (13 Jul 2011)

Michael Noonan: The Financial Services Ombudsman's Bureau has confirmed that, under current legislation - the Central Bank and Financial Services Authority of Ireland Act, 2004 and S.I. 190 of 2005 - sole traders as natural persons acting in the course of, or in connection with, the carrying on of a business are excluded from the definition of "consumer" (and accordingly "eligible consumer") for the purposes...

Written Answers — Departmental Staff: Departmental Staff (13 Jul 2011)

Michael Noonan: At present, there are 30 staff at various grade levels working in my Department who are assigned full-time to monitor EU policy developments. In some cases, the officer's role encompasses both EU and domestic policy developments. I have set out below details of those roles which are most heavily engaged in monitoring EU Policy. A Second Secretary attends Eurogroup and ECOFIN with the...

Written Answers — Tax Code: Tax Code (12 Jul 2011)

Michael Noonan: Section 117 of the Finance Act 2010 included provision to make public bodies subject to VAT with effect from 1 July 2010 in accordance with the European Court of Justice ruling against Ireland of 16 July 2009 in Case C-554/07. In summary, the VAT Act 1972 was amended to provide that public bodies, including local authorities, are made subject to VAT. More specifically, they are subject to...

Written Answers — Tax Reliefs: Tax Reliefs (12 Jul 2011)

Michael Noonan: The Programme for Government states that property tax reliefs and other tax shelters which benefit very high income earners will be reduced, capped or abolished and to this end I have directed that a process be initiated to assess the possible impacts of such changes on the "legacy" property-based tax relief schemes. The first stage of this assessment process is currently underway in the...

Written Answers — Tax Code: Tax Code (12 Jul 2011)

Michael Noonan: I am informed by the Revenue Commissioners that their valuation officers do not provide an indicative estimate of the vehicle registration tax (VRT) that might be levied on a vehicle in advance of that vehicle being presented for registration. Instead, a number of tools have been made available, through which an individual should be able to estimate an approximate liability. Revenue...