Results 2,021-2,040 of 27,019 for speaker:Michael Noonan

Written Answers — Banking Sector: Banking Sector (7 Jun 2011)

Michael Noonan: As the Deputy will be aware, restoring the funding position of the Irish banks to health is a major priority of the programme agreement concluded with the IMF and EU. Significant elements of the programme are intended to contribute to this objective. This includes the right-sizing of the Irish banking system through the implementation of the bank deleverage plans to ensure that in the...

Written Answers — Banking Sector: Banking Sector (7 Jun 2011)

Michael Noonan: Both AIB and Bank of Ireland provide my Department with monthly figures on balance sheet volumes, sanctioned facilities and geographic and sectoral breakdowns of their SME lending. In addition, under the terms of the government recapitalisation, both banks also produce a quarterly report which incorporates figures for sanctions and drawdowns by SMEs. The data contained in these reports will...

Written Answers — Banking Sector: Banking Sector (7 Jun 2011)

Michael Noonan: I propose to take Questions Nos. 123 and 125 together. On 23 May last, the CSO published data in "Access to Finance" which showed that 74% of firms were successful or partially successful in applying for bank loans in the twelve-month period to September 2010. Clearly, it is important that the banks continue to make credit available to support economic recovery. However, it is not in the...

Written Answers — Tax Yield: Tax Yield (7 Jun 2011)

Michael Noonan: As the Deputy will be aware, my Department publishes the Exchequer statement on its website two working days following the end of the month. The most recent Exchequer statement was published last Thursday, 2 June, and this contains details of the tax revenue performance in the first five months of the year. During this period, €12.8 billion in tax revenue was collected, an increase of...

Written Answers — Economic Competitiveness: Economic Competitiveness (7 Jun 2011)

Michael Noonan: The Deputy will be aware that the CSO produces detailed sub-indices of the CPI and HICP components and it is relatively easy to identify particular sectors where the rate of inflation is significant. Most recently, these include increases in energy-related, insurance and mortgage interest components. With regard to energy, given that Ireland is a price taker in the international energy...

Written Answers — Fiscal Policy: Fiscal Policy (7 Jun 2011)

Michael Noonan: I am not aware of any such reference that the Governor may have made on national television. In principle, the Government is in favour of burden-sharing with bondholders in banks and there are strong arguments for doing so, particularly in circumstances in which a bank has been provided with significant taxpayer support. The question of burden-sharing with senior unguaranteed bondholders of...

Written Answers — Cycle to Work Scheme: Cycle to Work Scheme (8 Jun 2011)

Michael Noonan: The cycle-to-work scheme continues to operate following its introduction in Finance (No. 2) Act 2008. At present there are no plans for its amendment. Similar to the travel pass scheme, an employer and employee may enter into a salary sacrifice arrangement whereby the employee agrees to forego part of his or her salary to cover the costs associated with the purchase of the bicycle/safety...

Written Answers — Tax Code: Tax Code (8 Jun 2011)

Michael Noonan: The tax affairs of a particular company are a matter for the Revenue Commissioners and the company concerned. I am informed by the Revenue Commissioners that their obligation to observe confidentiality in relation to the tax affairs of individual taxpayers or companies precludes them from providing the information requested by the Deputy.

Written Answers — Tax Code: Tax Code (8 Jun 2011)

Michael Noonan: There is a commitment in the Programme for Government to help homeowners in distress. The Government will examine a number of proposals in relation to this commitment. One of these proposals relates to increasing mortgage interest relief to 30% for First Time Buyers who bought between 2004 and 2008 and to finance this in part by abolishing mortgage interest relief for new buyers. When this...

Written Answers — Banking Sector: Banking Sector (8 Jun 2011)

Michael Noonan: I can confirm that formal comfort was provided to the Central Bank that any shortfall on the liquidation of collateral would be made good, as reported in the Central Bank Annual Report 2010. The Deputy will understand, however, that the details of correspondence on this issue between the Minister and the Governor are market-sensitive and must remain confidential.

Written Answers — Freedom of Information: Freedom of Information (8 Jun 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, Deputy Brendan Howlin, will bring proposals to the Government. The proposals will include consideration of the...

Written Answers — Tax Code: Tax Code (8 Jun 2011)

Michael Noonan: I have received the representations referred to in the Deputy's question and I will be responding directly to those representations shortly.

Written Answers — Tax Reliefs: Tax Reliefs (8 Jun 2011)

Michael Noonan: Section 13 of Finance Act 2011 provided for income tax relief at the standard rate for expenditure incurred by individuals on a range of works carried out to improve the energy efficiency of residential premises situated in the State. The maximum amount of expenditure that could qualify for relief in any one tax year under the scheme was €150 million. The section is subject to a Ministerial...

Written Answers — Banking Sector: Banking Sector (8 Jun 2011)

Michael Noonan: The Central Bank of Ireland has advised me that the latest information they have in relation to the value of bonds held by the six covered institutions is as follows: Senior Bonds Guaranteed: €20,808 m Senior Bonds Unguaranteed secured: €19,632 m Senior Bonds Unguaranteed unsecured: €16,306 m Subordinated bonds: €6,250 m TOTAL €62,996 m The Deputy may wish to note...

Written Answers — Banking Sector: Banking Sector (8 Jun 2011)

Michael Noonan: The position set out in my Banking Statement at the end of March last regarding possible burden sharing with senior bondholders in Anglo Irish Bank and Irish Nationwide Building Society is unchanged notwithstanding the developments highlighted in the Deputy's question. Last week the Central Bank of Ireland published an addendum to the Financial Measures Programme Report detailing the...

Written Answers — Tax Collection: Tax Collection (8 Jun 2011)

Michael Noonan: I know that Revenue has a strong focus on maintaining and indeed improving the rates of timely compliance by businesses with the tax return and payment obligations. Notwithstanding the more difficult economic circumstances in which businesses are operating at present, it is very important that businesses organise their financial affairs in such a fashion as to ensure that tax debts are paid...

Finance (No. 2) Bill 2011: Financial Resolution (9 Jun 2011)

Michael Noonan: I move THAT Part 9, which provides for levies, of the Stamp Duties Consolidation Act 1999 (No. 31 of 1999) and Chapters 1, 2 and 2A, which provide for occupational pension schemes, retirement annuities and personal retirement savings accounts, respectively, of Part 30 of the Taxes Consolidation Act 1997 (No. 39 of 1997), be amended in the manner and to the extent specified in the Acts giving...

Finance (No. 2) Bill 2011: Committee and Remaining Stages (9 Jun 2011)

Michael Noonan: I thank Deputy Michael McGrath for tabling this amendment, which makes an interesting suggestion. Unfortunately, however, it is not possible for me to implement it owing to the limitations in data available to the Department of Finance. The Central Statistics Office produces employment data four times a year in the quarterly national household survey. While this data set provides employment...

Finance (No. 2) Bill 2011: Committee and Remaining Stages (9 Jun 2011)

Michael Noonan: While I do not disagree with much of what has been said, the CSO does not have the data to enable me to accept the amendment and to give two-monthly progress reports on job creation. Modern, open economies such as Ireland's are very intricate in the way they interact. It is very difficult to say what particular policy instrument either created or cost jobs because everything is so...

Finance (No. 2) Bill 2011: Committee and Remaining Stages (9 Jun 2011)

Michael Noonan: I make a general point. The national finances are in a fraught situation. A fiscal correction of €6 billion is underway in 2011 and so far we are on target. We are slightly under profile on tax collection but are also under profile on expenditure. As we go through June, facing the end of the first half year ,we are on target to achieve the fiscal correction of €6 billion. Next year...