Results 25,121-25,140 of 27,019 for speaker:Michael Noonan

Written Answers — Banking Sector Regulation: Banking Sector Regulation (1 Jun 2011)

Michael Noonan: I propose to take Questions Nos. 82 to 85, inclusive, together. As Minister for Finance, I have no direct role in the day-to-day operations of the Central Bank. I have been informed by the Central Bank that on 2 February 2011, the Bank announced appointments to the Consumer Advisory Group (CAG). The members of the CAG are Mr. Michael Culloty, Mr. Dermott Jewell, Ms Elaine Kempson, Mr. Bill...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (1 Jun 2011)

Michael Noonan: I wholeheartedly concur with the Deputy that failure at a board and individual director level of corporate governance standards played a major factor in the banking crisis. This is supported by the findings of the various reports commissioned on the subject. To strengthen oversight in this area, the Central Bank of Ireland has issued a mandatory Corporate Governance Code for Credit...

Written Answers — Tax Code: Tax Code (1 Jun 2011)

Michael Noonan: The previous Minister for Finance, Deputy Lenihan, indicated in his Budget Statement on 7 December 2010 that a review would be undertaken of the excise duty payable for licences for on-trade and off-licence sales of alcohol products during 2011. In that context, it has to be recognised that the main Exchequer receipts for the sale of alcohol arise from excise on alcohol products, which for...

Written Answers — Banking Sector: Banking Sector (1 Jun 2011)

Michael Noonan: I do not have the details requested by the Deputy. It is a matter for the respective individual boards and management to determine and implement operational policy in their organizations including membership of representative organisations such as the Irish Bankers Federation.

Written Answers — Pension Provisions: Pension Provisions (1 Jun 2011)

Michael Noonan: I assume the Deputy's question arises in the context of the pension scheme levy which is being legislated for in the Finance (No. 2) Bill 2011. Section 4(9) of the Finance (No. 2) Bill 2011, as initiated, contains provisions allowing pension scheme trustees or administrators the option of adjusting the benefits payable under a pension scheme on foot of payment of the duty. My Department is...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (1 Jun 2011)

Michael Noonan: As the Deputy will be aware, the results of the stress test exercise in respect of Anglo Irish Bank and Irish Nationwide Building Society were published yesterday and can be accessed at www.centralbank.ie. The overall conclusion is that the previous analytical results were reasonable and that no new capital will be required as a result of these tests. The two institutions have been...

Written Answers — Tax Code: Tax Code (1 Jun 2011)

Michael Noonan: The Deputy's question is hypothetical on a number of fronts. First, while a draft legislative proposal has been tabled by the European Commission, what might emerge for final consideration by the Council of Ministers could be very different. Second, the Government's position on the CCCTB is very clear - we are very sceptical of it. Finally, the Government's position on our corporate tax...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (1 Jun 2011)

Michael Noonan: In answer to the Deputy's question, the Central Bank of Ireland has provided me with the following details: Unguaranteed Senior Secured. Unguaranteed Senior Unsecured. Amount repaid since 29 September 2008 €1,298 million €6,029 million Amount outstanding as at 30 May 2011 €19,632 million €16,306 million The above amounts are at current foreign exchange rates and the Deputy will...

Written Answers — Pension Provisions: Pension Provisions (1 Jun 2011)

Michael Noonan: The purpose of approved pension schemes is to provide for an income in retirement. I am advised by the Revenue Commissioners that in some cases, a member's entitlements under a scheme may be too small to justify the pension set-up costs (e.g. purchase of an annuity). The Revenue Commissioners recognise the difficulty this can cause and will allow full commutation of the pension (the payment...

Written Answers — Pension Provisions: Pension Provisions (1 Jun 2011)

Michael Noonan: It is a legal requirement for all construction workers to be a member of a pension scheme that satisfies the Construction Industry Pensions Assurance and Sick Pay Registered Employment Agreement under the Industrial Relations Acts 1946 to 2004. Clause 5 of the Public Works contracts, which were developed by my Department as part of the Construction Procurement Reform Initiative, requires...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (1 Jun 2011)

Michael Noonan: The Deputy will be aware that the Central Bank of Ireland published its Financial Measures Programme Report in March 2011, which included an independent loan loss assessment exercise performed by BlackRock Solutions. The information requested by the Deputy can be found in that Report which is available on the Central Bank's website, www.centralbank.ie. As I said in my Statement on Banking...

Written Answers — Tax Code: Tax Code (1 Jun 2011)

Michael Noonan: Section 825B of the Taxes Consolidation Act 1997 (which has effect for the 2009 tax year onwards) provides relief to certain individuals who are not Irish domiciled and who, before they came to the State, had been living and working in a country with which the State has a double taxation agreement. This is sometimes referred to as the Special Assignment Relief Programme. The provision...

Written Answers — Tax Code: Tax Code (1 Jun 2011)

Michael Noonan: As announced under the Jobs Initiative, a second reduced VAT rate of 9% is to be introduced on a temporary basis in respect of certain services and goods mainly related to tourism for the period 1 July 2011 to the end of 2013. Specifically, the 9% rate will apply to restaurant and catering services; hotel and holiday accommodation; various entertainment services such as admissions to...

Written Answers — Tax Reliefs: Tax Reliefs (1 Jun 2011)

Michael Noonan: Section 8 of Finance Act 2009 terminated, with effect from 31 December 2009, the scheme of capital allowances in respect of capital expenditure on registered nursing homes together with certain other health-related capital allowances schemes, subject to transitional arrangements for pipeline projects. Termination dates beyond 31 December 2009 apply for pipeline projects in the case of...

Written Answers — Proposed Legislation: Proposed Legislation (1 Jun 2011)

Michael Noonan: The Finance (No. 3) Bill 2011 will be brought before the House shortly to provide for the necessary taxation changes to the various Taxation Acts arising from the Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010. I expect publication of the Bill in the coming weeks and the Bill to be enacted before the summer.

Written Answers — Illicit Trade in Tobacco: Illicit Trade in Tobacco (31 May 2011)

Michael Noonan: The Europol EU Organised Crime Threat Assessment (OCTA 2011) reported that preferred destinations for cigarette smuggling within the EU are countries with comparatively high taxes on tobacco such as the Scandinavian countries, Germany, Spain, the UK and Ireland. It has been the policy of successive governments to maintain comparatively high excise rates and thereby high prices for...

Written Answers — Illicit Trade in Tobacco: Illicit Trade in Tobacco (31 May 2011)

Michael Noonan: I am informed by the Revenue Commissioners that the penalties for tobacco smuggling are contained in Section 119 of the Finance Act 2001. That Section sets out the various actions that constitute offences of evasion or attempted evasion of excise duty. The court penalties when this provision was introduced in 2001 were, on summary conviction a fine of £1,500 or, at the discretion of the...

Written Answers — National Statistics: National Statistics (31 May 2011)

Michael Noonan: The data requested by the Deputy for the period 1980-2015 is set out in the table. The current forecast horizon is out to 2015 and so forecasts post 2015 are not available at present. For consistency, the figures are presented in billions of euro, rounded to one decimal place. The national debt and national debt interest figures for the years 1980-2009 are set out in the 2010 and earlier...

Written Answers — Freedom of Information: Freedom of Information (31 May 2011)

Michael Noonan: The Department of Public Expenditure and Reform is currently carrying out preparatory work to implement the commitments in the Programme for Government in relation to the Freedom of Information Acts. When this work is completed the Minister for Public Expenditure and Reform, Brendan Howlin T.D. will bring proposals to the Government.

Written Answers — State Savings Products: State Savings Products (31 May 2011)

Michael Noonan: The National Solidarity Bond is one product in the range of National Treasury Management Agency (NTMA) State Savings products offered by the NTMA to personal savers through the post office network. The suite of NTMA State Savings products also includes Savings Certificates, Savings Bonds, Prize Bonds, Instalment Savings and Deposit Accounts such as the Ordinary Deposit Account and the Deposit...