Results 24,501-24,520 of 27,019 for speaker:Michael Noonan

Written Answers — EU-IMF Programme: EU-IMF Programme (12 Jul 2011)

Michael Noonan: The IMF loans to Ireland under the EU/IMF Programme come from the quota subscriptions of its member countries and a new arrangement whereby certain countries and institutions provide a back-stop facility. This is in sharp contrast to the EFSF/EFSM which access the general capital markets for funds through the sale of marketable bonds when funding opportunities present themselves. Under the...

Written Answers — EU-IMF Programme: EU-IMF Programme (12 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 116 and 117 together. In November, the EU Commission agreed that the methodology used to calculate the cost of funds from the EFSM would be designed so as to generate a cost of funds from the EFSM at a rate similar to the cost of IMF funds. At the time it was calculated that the IMF floating rate translated to a Euro fixed 7.5 year rate of 5.7%. This 5.7%...

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

Michael Noonan: The Universal Social Charge (USC) is a tax which replaces the income and health levies. It is intended to broaden the tax base in an equitable manner. It has a wider base and a lower rate when compared to the combined impact of the income and health levies. USC receipts are collected by the Revenue Commissioners as a component of income tax. I am informed by the Revenue Commissioners that...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (12 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 119 to 121, inclusive, together. The Deputy will be aware that the radical restructuring of the Irish banking system which I announced on March 31 and the very fundamental recapitalisation of the Irish banks involves many complicated capital markets and legal decisions. We have embarked on perhaps the most complicated systemwide banking restructuring ever and...

Written Answers — Banking Sector Staff: Banking Sector Staff (12 Jul 2011)

Michael Noonan: I will ask the institutions to write to the Deputy to provide the information on the numbers employed in each over the past five years. Regarding the outsourcing of business, outsourcing of services is a normal part of commercial business life. Details on the amount of financial business which has been outsourced by these institutions is not an issue on which this Department has compiled data.

Written Answers — State Savings Products: State Savings Products (12 Jul 2011)

Michael Noonan: There are possibilities already in place for people interested in investing in government bonds. Irish sovereign bonds are available for purchase through sixteen Primary Dealers recognised by the National Treasury Management Agency (NTMA). The NTMA has published information on their website (www.ntma.ie) which gives the names and contact details for institutions which sell bonds to the...

Written Answers — Banking Sector Staff: Banking Sector Staff (12 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 124 to 147, inclusive, together. The Deputy has asked a number of specific questions in relation to particular aspects of the remuneration of staff members in various financial institutions. These institutions continue to be managed at arm's length basis, notwithstanding the large shareholding the Government holds. This is important from the point of view of...

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

Michael Noonan: The Universal Social Charge (USC) has replaced the Income Levy and the Health Levy. The USC is designed to apply across income levels in a smoother progression. It was a necessary measure to widen the tax base, remove poverty traps and raise revenue to reduce the budget deficit. It is a more sustainable charge than those it replaced. It should be noted that there are certain exemptions...

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

Michael Noonan: VAT is charged on the supply of goods and services, and the rate applying is subject to the requirements of EU VAT law with which Irish VAT law must comply. While many tourist related services were made subject to a new temporary lower reduced VAT rate of 9% from 1 July, it is not possible to extend this treatment to all goods and services that had been subject to the 13.5% rate. While...

Written Answers — Credit Availability: Credit Availability (12 Jul 2011)

Michael Noonan: The Deputy will be aware that the banking system restructuring plan creates capacity for the two Pillar Banks, Bank of Ireland and AIB, to provide lending in excess of €30 billion in the next three years. SME and new mortgage lending for these banks is expected to be in the range of €16-20bn over this period. In each bank, a team of senior managers will be dedicated to the task of...

Written Answers — Tax Code: Tax Code (7 Jul 2011)

Michael Noonan: The Finance (No. 2) Act 2011 provided for a second reduced VAT rate, of 9%, on a temporary basis in respect of certain services and goods mainly related to tourism for the period 1 July 2011 to end 2013. The services subject to the 9% rate include restaurant and catering services (excluding alcohol and soft drinks), lettings of rooms and accommodation provided by a hotel. Hotels must...

Written Answers — Tax Collection: Tax Collection (7 Jul 2011)

Michael Noonan: I am informed by the Revenue Commissioners that the Universal Social Charge payable monthly by the person concerned is as follows: the first €837 of income per month at 2%; the balance of the income per month at 4%. Based on enquiries made by Revenue Commissioners to the relevant pension provider the correct charge is being levied on the person concerned.

Written Answers — Tax Code: Tax Code (7 Jul 2011)

Michael Noonan: I am advised by the Revenue Commissioners that the total identifiable costs to the Exchequer of all income tax and corporation tax allowances, reliefs, exemptions and tax credits available are set out in the following tables for 2007 and 2008, the most recent year for which the necessary detailed historical information is available. Relevant notes relating to items in the tables are also...

Written Answers — Tax Code: Tax Code (7 Jul 2011)

Michael Noonan: VAT is charged on the supply of goods and services, and the rate applying is subject to the requirements of EU VAT law with which Irish VAT law must comply. While many tourist related services were made subject to a new temporary lower reduced VAT rate of 9% from 1 July, it is not possible to extend this treatment to the goods and services that remain subject to the 13.5% rate. While...

Written Answers — Tax Code: Tax Code (7 Jul 2011)

Michael Noonan: VAT is charged on the supply of goods and services, and the rate applying is subject to the requirements of EU VAT law with which Irish VAT law must comply. While many tourist related services were made subject to a new temporary lower reduced VAT rate of 9% from 1 July, it is not possible to extend this treatment to the goods and services that remain subject to the 13.5% rate. This arises...

Written Answers — Tax Code: Tax Code (7 Jul 2011)

Michael Noonan: The hire of a mobile home or caravan in a caravan park, camping site or other similar establishment is regarded as the provision of self-catering holiday accommodation and is subject to VAT at the new 9% rate, as provided for in the Finance (No. 2) Act 2011. Similarly, the hire of a site in a caravan park, camping site or other similar establishment is also liable to VAT at the new 9% rate....

Written Answers — National Asset Management Agency: National Asset Management Agency (7 Jul 2011)

Michael Noonan: Ireland follows the international norm in that losses incurred in the course of a business are taken into account in arriving at the appropriate amount of tax that a company should bear. Under existing legislation, companies are entitled to carry forward unrelieved trading losses for offset against trading profits of the same trade in future accounting periods until the losses are fully...

Written Answers — Financial Services Regulation: Financial Services Regulation (7 Jul 2011)

Michael Noonan: The Deputy will be aware that the Commission on Credit Unions was established by Government on 31 May 2011 and has begun its programme of work. The Commission will review the future of the credit union movement and make recommendations in relation to the most effective regulatory structure for credit unions. Included in the terms of reference for the Commission is the requirement to examine...

Written Answers — National Asset Management Agency: National Asset Management Agency (7 Jul 2011)

Michael Noonan: NAMA has a commercial remit to manage its portfolio of acquired loans and property to generate the best achievable financial return for the State. To date NAMA, has only acquired loans not properties or companies. Following the transfer of a debtor's loans to NAMA, each debtor is requested to complete a realistic and concise business plan. The viability of the business plan of each major...

Written Answers — Banks Restructuring: Banks Restructuring (7 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 71 and 73 together. Allied Irish Banks (AIB) and Bank of Ireland (BoI) submitted detailed deleveraging plans for the three years to the 31 December 2013 to the Central Bank of Ireland (CBI) as part of the Financial Measures Programme, which was announced on 31 March 2011. These plans outlined how the institutions would achieve a loan-to-deposit ratio of...